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Seeking Advice on BR

I was self employed but unfortunately the business was wound up in April of this year. I could not afford to go on and had incurred a lot of debts fortunately i found a job fairly quckly and entered into a dmp with the cccs to pay all my creditors which will take approx 7 years. The company vehicle was on lease purchase and was returned and i have now received the figure for the outstanding amount due. This is quite substantial and will add significantly to the length of time required to pay off all my debts. We have a mortage and a secured loan on the property but given the level of debt and the current house prices we would be in negative equity. All other debts are in my name only. I have spoken today to the cccs and updated them on my situation i personally feel i should go BR but they are going to review my dmp and adjust accordingly i am i a quandry as what to do.

Comments

  • skylight
    skylight Posts: 10,716 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Home Insurance Hacker!
    BR does not mean that you will automatically lose your home - but there are no guarantees you will keep it either. In BR, if you are able to keep your home (no equity and no arrears on mortgage or secured loans) then as long as you can keep up with the repayments on the mortgage and secured loans you can normally keep the property - your beneficial interest in the property will have to be purchased by someone though. If you do not keep the property, then all property debts will fall to the joint party.

    What do you want to do?? CCCS are only an advisory service and any decisions need to be yours. They do have a specialist bankruptcy team and perhaps a call to them may help clear things a bit.

    Do you want to post your figures up here? Debts, secured, mortgage, property value etc????? Just so we can take a peek.

    And you could also try another debt service - Payplan or the CAB perhaps. The more info you have, the better.
  • Skylight just off to work now will post up figures 2 morrow, cheers ranger24
  • Rylynn
    Rylynn Posts: 1,387 Forumite
    Also try phoning National Debt Line, they are great, and normally can deal with your call there and then and you not have to wait.

    The decision is yours ultimately not CCCSs.

    Will look for your SOA tomorrow and make some comments for you.

    Rylynn
    Some Days are Diamonds Some Days are Stones,
    Sometimes the hard times won't leave me
    BSC 162:beer:
    Banktupt 22 Oct 2008 at 10am!
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