Bankruptcy woes and pro's

johannamse

Great. Getting there. Every journey starts with the first step (is that it?). Anyway, well done!

Entrepreneur_en_faillite

Thanks Johanna mse

The phrase is that even a journey of a thousand miles starts with a single step, and I think that now I understand what that means

Thanks to everyone on MSE who has offered support during my ordeal, your support has been very wecome and helped me keep going through some very trying times.

kevker

Well if it makes you feel better, mine last 2 1/2 hours, and mine was fairly straight forward, although it was a high level of debt. Much of the time was spent chatting to be honest and I never felt rushed, even though I was asking loads of questions. The prospect of the meeting is very daunting, but I'm sure you found liek I did, that the actual event was quite painless.

Entrepreneur_en_faillite

I have just had some great news from the FSA. They have said that they have no objection to me acting as an IFA. Apparenty bcause of my track record in the indutry they can see no reason that i should resign my FSA status.

This is terrific news as it means that i don't have to go job hunting!

On the downside, my next appointment with the OR has been put back to 18th Jan

oriana

that is excellent news about the FSA! :j

thanks for giving an update, this was one of the first threads i read when i discovered MSE, it was so good to read a first-hand account of some of the ups and downs of BR.

hope you get it all sorted on 18th jan!

bingbong_3

Dear EeF

I have been reading your updates with interest over the past couple of months. I wish you all the best with this. I wondered whether you could tell me what if any equity you have in your house and whether or not they are going to sell it to pay your debts. I have a house worth approx £155,000 with a mortgage of £130,000.

I have business debts of £25,000 and a personal loan of £10,000 with First Direct. I have an excellent credit rating and have never missed a payment. I am however struggling. I earn £20k my wife £25k and we have about a £200 deficit per month against all the loans. Its getting me down a bit but I have been told that HSBC who the £25,000 debt is with may negoatiate this with me. I desperately do not want to lose my house or kill my relationship with FD - They have simply been fab over the years.

The ironic thing is that HSBC which is ultimately where all of my debt is also hold my mortgage!!

I think the phrase is that they have me by the B***'s.

Any advice you or anyone can give would be great!

Entrepreneur_en_faillite

Hi there,

sorry about the delay in replying, I've been 'unavailable' for a while due to some personal problems.

Bingbong - Unfortunately (or fortunately depending on how you view life) I have no equity in my home, this enables my wife to buy my share of the equity for £1 plus solicitors costs thus taking the property out of the bankruptcy completely. If you have equity in your home then someone can buy this equity from the OR to take the houe out of the bankruptcy. I understand that this is preferred by the OR as it is easier, cheaper and quicker than snatching your home from you and then trying to sell it.

To ease your cashflow have you put your mortgage onto an interest only basis, this will reduce the monthly repayemnt, although this is only a temporary fix until your circumstances improve as you will not be repaying any of your mortgage off whilst it is interest only. Another option is to ask HSBC and/or FNB for payment holidays on your loans and mortgage.

Good luck and keep us posted.

Entrepreneur_en_faillite

Ok

Went to the OR again yesterday, another 2 hours of quizzing.

She says now that I have now have to wait for a manager to review my case to see if they will impose a bankruptcy restriction order.

AAAAAGGGGGHHHHH

STRESSSSSSSSS!!!!!!

kevker

Wow, never rains but it pours eh! Well just hang in there. Remember a BRO does not put any additional restrictions on you, it will just prolong SOME of the current restrictions, so you are no worse off. It may not even come to it. Keep your chin up, it will all look better in a few days.

Addicted2Chocolate

what conduct are they looking into for a BRO?