Possible Bankruptcy But Have Property Portfolio??

Ewarwoowar2

dannyboyracer wrote: »

P.S Ive tried the debt line for most of yesterday and today, its rings and rings but cuts you off after a few minutes every time... anyone else experience this?

I only read up to here.

DBR - do you think a business that held over a million quids worth of assests would take advice about how to restructure their finances from a govt. helpline staffed by telephone operators with little commercial experience that owe you no duty of care if they give the wrong advice?

No, they wouldn't.

You need professional help from a solicitor or accountant. A few hundred pounds spent now on proper financial advice could save you thousands in the long run. Potentially it could save you millions, as it could avoid you losing the lot.

Bite the bullet, sell the car and use the money to finance some proper, professional financial help.

dannyboyracer

Very good advice in post above, your completely right re talking to some spotty kid on the end of a helpline who is trained to lead you down certain paths which might not necessarily be the right move.

Only thing with professional advice is again the pros will try lead you down the path which is most profitable for them... I went to see an IP he suggested BR - why cos if i went BR there is a chance he may end up being the IP appointed to me case and therefore would make money. I telephoned Bainst & Ernst initally they recommended DMP again cos they made more money from it in the long run. Even Begbies who Ive send my IVA application to recommended IVA above all others as that is what they will prob make the most out of. Like i said a crystal ball will be nice :-)

Richard_S has made it very clear from his own personal experience that going BR is more difficult in the long run than fighting it be it with an IVA, DMP what ever. I have realised that BR is truely the last resort from talking to you guys on here, if I can get the IVA pushed through then great if not at least i can say i tried, cross it off the list and try something else before deciding to throw the towel in...

dannyboyracer

Incidentally peachypie the last project is not my biggest creditor, i think HSBC is... the last project is a secured creditor, only once they dispose of the house will the become an unsecured creditor but still will be less than HSBC overall me thinks....

peachyprice

Im my experience HSBC aren't actually too bad as banks go, there are far worse, with them controlling the majority vote you may stand a better chance of your IVA being accepted, if they agree, the others will have to toe the line.

delboypass

My god, this guy is an arrogant !!!! that sums up the UK for the last 10 years.

Throwing ridiculous amounts of bad debt and credit onto unsustainable individuals and business models.

Hope you end up with nothing as your attitude stinks and you have done well to deprive 11 decent families of a family home long enough.

And all the bragging about how much money you make a week off other peoples hard work make me sick.

BTL is the deathtoll of the UK.

Once BTL removed from the market once and for all, legislation should be brought into place that a house is for living in.

DON79

delboypass wrote: »

legislation should be brought into place that a house is for living in.

:rotfl: they are lived in, just rented instead:rotfl:

I am not saying the DBR is in the right but neither is he in the wrong.

He may be a BTL landlord but that does not mean he is scum. from his posts he sounds like a good landlord, doing needed repairs etc and taking care of the properties.

Ok he may be in a debt mess but at least he is seeking advice and trying to do something about it. And by doing something now, he may actually be saving the 11 families renting his properties from having the upheaval of being told to move by the OR if he did eventually go BR.

He has recognised there is a problem and is trying to sort it. I think that is important regardless of any other apparent "attitude" he seems to display. He is being responsible in trying to sort this out now rather than just taking the view that he can walk away and leave this mess to someone else for them to pick up the pieces.

Your post sounds very bitter and I guess you have had bad experiences of a BTL landlord. Well so have I (twice) but thats a long story and I don't blame all BTL landlords for it. But everyone has to make a living one way or the other and you each do what you can to survive.

All I can say DBR is get advice, advice and more advice and think twice before you take each step to make sure it is the right decision for you and for your tenants.

Best of luck in sorting things out.

maxmycardagain

Richard_S wrote: »

Up where Max?:D

anywhere that cast some light on this can of worms...

(are worms Troll bait).....:D:D:D:D:D:D

dannyboyracer

Don79 thank you very much for you post, previous comments from user are more than a little harsh and you took the words from my mouth by saying "obviously bitter" before i did. Ive done nothing wrong, ive turned 11 otherwise delapidated properties into respectful places and actually provided 11 families with homes, i have a great relationship with my tenants and despite my debt worries i continue to do so. So what if ive made money along the way and have enjoyed a good lifestyle for the last few years, i could have become one of the social parasites that sit on the doll calling disability, incapacity, kids allowance and every other benefit under the sun but i havent... i went to uni, got a degree and took the biggest gamble of going on my own AND WITH NO HELP MAY I ADD. so what that i accumulated 11 properties along the way, have you any idea how hard and how much work goes into keeping them that way?

I suggest that everyone open their eyes for once and put your personal jealoucies to one side, im on here seeking advice from people who want to give it... my financial suscess of recent years shouldnt have me treated better or worse than anyone else.

Cheers delboypass for hoping that i loose the lot, obviously quite clearly you have and it couldnt have happened to a nicer person now go back to what ever pathetic life you were leaving before and let those looking for a good decent debate talk amoungst adults.

maxmycardagain

delboypass wrote: »

My god, this guy is an arrogant !!!! that sums up the UK for the last 10 years.

Throwing ridiculous amounts of bad debt and credit onto unsustainable individuals and business models.

Hope you end up with nothing as your attitude stinks and you have done well to deprive 11 decent families of a family home long enough.

And all the bragging about how much money you make a week off other peoples hard work make me sick.

BTL is the deathtoll of the UK.

Once BTL removed from the market once and for all, legislation should be brought into place that a house is for living in.

hear hear....well said that man

weve had private lets

1st. The !!!!!!! nearly killed us all with carbon monoxide poisoning
2nd. LL Had it valued "for insurance purposes" except the agent told us it was for the purpose of selling it
3rd. Told us 1 day to expect a small rent rise after our 1st year was up, 3 days later told us to get out
4th. Signed up up/took deposit/bond then informed us she was keeping her stuff in the garage and loft and they were locked up, and robbed £250 out the bond when we left

Also one of our children rented a place off one a very rich well known guy, he returned a new signed lease a week before it was due, was then offered a HA flat, and the LL robbed all of the £500 deposit as he has signed and returned the new lease! (and this guy is a IOM resident and races aston martins and mclarens), our lad was earning just £11,000 a year, i hope the guy enjoyed the extra cash

Most (if not all of em) couldnt lie straight in bed if they tried....

chelseabun_3

Speaking as a private landlord, I do find your comments a bit harsh, Max. Although we only let the house cos we moved area and can't afford to sell it! And it's the only house I own.