Possible Bankruptcy But Have Property Portfolio??

deedee_3

Dannyboy I notice that you haven't posted on the IVA sub board yet. Please ask if anyone else has had any experiance of this firm. Get some information from people who are in IVA's. You haven't indicated whether you knew that your property could still be at risk. This is a big financial descicion why wouldn't you want to get information from people who are dealing with IVA's at the moment?

dalip

I am curious as to why you are holding back on the DMP.

Talking as a bc(discharged like max:D )my OH has just set up a DMP with cccs. Ok its going to take 13 yrs to pay off,we have no assets to protect ect. But having been through bc once there i no way i am going through it again,even with OH:rolleyes: . I would much rather spend 13 years paying his debts this way, back than go down that road again.Dx

dannyboyracer

I cant answer that question as im not part of the CCCS... perhaps once the CCCS have gone through a persons circumstances and can see that they have nothing to give, no assets, nothing of value that can be sold and are in a job which after reasonable living expenses they cant give anything then whats the point of trying to string something along with a DMP or trying to push an IVA through that wont work - its just throwing good money and time at something bad.... its almost like sales in a way, sometimes a salesmen can !!!!! foot around a situation for ages trying to get the best sales outcome for himself but ultimately if hes not going to sell something he needs to cut his losses and move on as its only draining on his resources more. If CCCS arent going to be getting any money back for the creditors then why not suggest BR, you pay the £500 or so quid which because of their recommendation saves the creditors from paying this and there is a chase that within 3 years something miraculous might happen i.e. you win the lottery or perhaps something on the complete opposite side of the scale i.e. a family member dies leaving you x amount - they will be there with their cap in hand under the BR laws to reclaim what is still owed...

Im no expert and far from it with regards debts but ask your self this.... why do the creditors give money to the CCCS?? if you gave money to anyone wouldnt you want the best possible outcome for you?? If i was a creditor giving money to the CCCS I wouldnt want them advising a load of my clients to do something that would in the long run be more detrimental to me, at the end of the day im a business and its bad business to lend a load of money to someone who battles to pay in the first place but then to give more money to a company only to advise those people not pay me anything back is ludicrous!!! Like i said everyone and everything looks after itself in this life to a certain extent, hidden agendas will always exist.

dannyboyracer

Im not holding back on the DMP, its there income / expenditure done, originally i went through the whole rigmorol with Bainst & Ernst but after doing a little research didnt go through with it and selected CCCS as i could see them being the better of the 2 to go with. I am trying for an IVA first as I have heard that the main point of an IVA is you get to keep your assets despite it being the same as BR in the long run. With these assets being protected the last project whether they like it or not may have to adhere to the terms of the IVA and i can be out of all this mess after 60 months. The DMP is there as a backup so that if the IVA fails im not going another couple of weeks trying to find the best DMP to go with before i start to make repayments back to my creditors. This forum has shown me the BR is a last resort so thats the order in which im going to try and tackle this problem.

peachyprice

Dan, is the last project your largest creditor?

Waspeze

dannyboyracer wrote: »

I cant answer that question as im not part of the CCCS... perhaps once the CCCS have gone through a persons circumstances and can see that they have nothing to give, no assets, nothing of value that can be sold and are in a job which after reasonable living expenses they cant give anything then whats the point of trying to string something along with a DMP or trying to push an IVA through that wont work - its just throwing good money and time at something bad.... its almost like sales in a way, sometimes a salesmen can !!!!! foot around a situation for ages trying to get the best sales outcome for himself but ultimately if hes not going to sell something he needs to cut his losses and move on as its only draining on his resources more. If CCCS arent going to be getting any money back for the creditors then why not suggest BR, you pay the £500 or so quid which because of their recommendation saves the creditors from paying this and there is a chase that within 3 years something miraculous might happen i.e. you win the lottery or perhaps something on the complete opposite side of the scale i.e. a family member dies leaving you x amount - they will be there with their cap in hand under the BR laws to reclaim what is still owed...

Im no expert and far from it with regards debts but ask your self this.... why do the creditors give money to the CCCS?? if you gave money to anyone wouldnt you want the best possible outcome for you?? If i was a creditor giving money to the CCCS I wouldnt want them advising a load of my clients to do something that would in the long run be more detrimental to me, at the end of the day im a business and its bad business to lend a load of money to someone who battles to pay in the first place but then to give more money to a company only to advise those people not pay me anything back is ludicrous!!! Like i said everyone and everything looks after itself in this life to a certain extent, hidden agendas will always exist.

You've made an awful lot of assumptions there which are not relevant to my situation ... I pay into an IPA as my income exceeds my expenditure, if I was to go on a DMP I would be paying a lot more each month as the thresholds are much lower for each type of expenditure, therefore I would be paying more over a longer period of time, therefore beneficial to my creditors.

Anyway, this discussion is for another thread, like the one I linked to

Good luck with what you decide to do!

deedee_3

Dannyboy your assests are not necessarily safe with an IVA though. Talk to the guys on the IVA board about it. Also I am not sure if you will get much joy from your creditors if you fail an IVA and then go to a DMP, tbh I am not even ssure if that is possible. You may be better off doing a DMP, then IVA if needs be.

Arm yourself with as many facts as possible and get over to the IVA board and start asking questions.

blind-as-a-bat_2

Dont even bother with a DMP, it will offer you no protection whatsoever, you will just get slapped with CCJ,s Charging orders or even a BR petition by your creditors, at least an IVA would protect you from that, if you can get it accepted, but as stated that could bring more problems in itself

neas

*hugs*

There i got the hugginess over with now.

Now onto realism:

I find your posts a tad arrogant, with comments you will win in the end. Your in trouble so at least be humble right? And really your not in real trouble yet to be honest, business i getting harder and slower for you but if you cut back to the bare essentials you'd survive.

I gotta give you a wake up call:

Your houses have no equity.. you own nothing of them, your debts are larger than your assets.

You do get money to 'maintain and service' the debts each month (or did before the bridging loan) so figured everything was alright. Problem is your assets are dpreciating, if you can confidently say the tenants will pay the mortgage for 25 years then it wont matter if the properties are worth 1 quid or 2 million quid at the end of it you wont have lost anything (BTL dream eh?). Problem occurs when markets change, when rents fall even HMO rents, or you cant get tenants anymore.

I think you bit off more than you could chew with the last one outta greed and now its going to earn.

You have lived a good lifestyle for the last few years, so thanjk god you can go BR and wipe the slate .

Richard_S

maxmycardagain wrote: »

im putting my christmas lights up

Up where Max?:D