advice sought from here

philnicandamy

RichOneday wrote: »

Well the first thing is that the chance of pigs flying is actually very low compared to the chance of getting a credit card company to make you bankrupt. They won't. The only creditor that will is HMRC.

Now, the house. Am I right in thinking there's some equity? Or is it doubtful? Is it a case of there was but maybe not soon?

Your house could be stuck for a while and all indications are looking at a further 30% drop over the next 3 years so it could be tricky. You might consider letting it out to cover a big part of your mortgage payments and then marketing the property with a sitting tenant. This would then aim the property at a different part of the market which isn't tied up in chains.

If you could argue there was no equity, you could go bankrupt and your wife could buy the beneficial interest in the property for £1.

A lot depends on value of property and outstanding mortgage.

Not just HMRC that could petition for your bankruptcy AMEX (american express) have also been known to do this

alastairq

and a in recent development it seems councils are jumping into it for council tax arrears. This seems to be because of reaching targets etc.

far be it for me to suggest simply 'not paying Council tax'' to get them to pay for the Bankruptcy proceedings?


Have booked 2nd interview with CAB.....hopefully they will be able to suggest what to do......??

BTW...in my first interview,it was agreed, off the record....that avoiding telephone communication with the big finance/credit institutions....using letters instead...was definately a ''good plan''.....I have to admit, having ''caller display''and an answering machine [not TOO rude!!], along with being out of the house for long periods,does reduce the amount of pressure that can be exerted.....I read herein of people under stress,etc...

am I unusual in this respect?

RichOneday_2

No, there's no reason to talk to creditors or any purpose in doing so.

With written communication you can always back up what you're claiming has happened.

alastairq

For years now I have been chasing my own tail, finally getting locked-into using credit cards all the time, simply to live.

I note, absolutely NO discouragement from banks, BS or Credit card co's.

Enough was enough.....I came on this site, did the budget, very honestly.....and also realised that the credit was simply not a priority.

sadly, fear of the unknown kept me in their pockets for years....that, and a Government who renagued on salary promises.

After all, if they DON'T get much return for their money[and I suspect they've done very well out of me in the past??]....are the Mafia going to come knocking?

Not any more!

I mainly have you lot to thank , for the advice to others, as well as myself.....