Possible Bankruptcy But Have Property Portfolio??

peachyprice

o99 wrote: »

The point is he came here for support.

Very true, but he wasn't told what he wanted to hear.

betterlatethannever

o99 wrote: »

What he takes per week is not the problem. The point is he came here for support.

I'd say it matters a lot what he takes per week.
BR is about being insolvent..having no way of paying back your debts.
The OP has had a lot of sensible advice yet thinks he's the next Richard Branson.
Fine, and good luck to him, but its only a special few who have the luck, tenacity and gumption of the likes of Richard etc, but i doubt Richard, Mr F.W Woolworth, Mr Max Speilman etc etc would come on a forum like this and expect help. They would have there own ideas as to how to ride the storm.

willsandolly

Hi Danny

I thought i would just drop you a line. I myself was renovating property for the past 5 yrs or so. unfortunately although i done a great job and was proud of the results i always struggled financially. I would refurb one, sell it, pay back cards, loans overdrat etc and start again.

I think i was hit with the credit crunch about 6 months prior to it being in the news. I would often re finance a property to keep me afloat until it was sold. not usually in a house more than 6 months.

My credit commitments were and are still huge and until around July this year i had a clean credit history (robbing peter to pay paul mostly), but i had been struggling to keep myself clean to be able to continue.

The last 16 months have been hell in every way but i wont bore you. Deep down last October i was realising that i couldnt continue. I was trying to sell a property i had refurbed (knowing that i had missed the boat as property goes quiet october onwards even in a good market)

Anyway since last august time i lost 3 potential buyers (one got scared with news items re economy etc), i had to find other work again (and got stitched up for wages on one of them!). waited to start work for another company then to be told "sorry we can no longer take you on because business has slowed". I then had to have my dog put to sleep (who i loved like a baby).

All in all a completely !!!! year and i cant wait for 2009 so i can try and erase most from memory. I felt so very depressed also with a feeling that life was just to unbearable.

Anyway, sorry i am rambling.... I felt and still do like a failure, ashamed and like my world that i knew,is no longer. i was passionate about my renovations and i feel gutted when i look at photo albums of my achievements that i cant do it anymore because i wouldnt be able to get a mortgage.

Since i have been reading this forum i feel so much better. i realise that bankruptcy will give me my life back, although a different one.

what is the saying....better to have tried and failed than never to have tried at all.

We are victims of the credit crunch along with millions of ordinary people and businesses.

Good luck and i will be following you case.

x

So_Sad_Angel

willsandolly wrote: »

what is the saying....better to have tried and failed than never to have tried at all.

We are victims of the credit crunch along with millions of ordinary people and businesses.

Good luck and i will be following you case.

x

Hi Willsandolly

From reading your post it is clear that you have struggled for so long & scraped your way through a difficult few years....& I admire you for battling through & I know how heart wrenching it is to admit when you know that it is impossible to continue. I too have renovated property & will lose it all.

I think most of us here are saying to the OP that there is still hope that he/she can ride through this without taking that ultimate step...for the OP the battle is not yet lost!!

Angexx (sorry to hear about your loss....mine are like babies too)

fiveyearplan

betterlatethannever wrote: »

I'd say it matters a lot what he takes per week.
BR is about being insolvent..having no way of paying back your debts.
The OP has had a lot of sensible advice yet thinks he's the next Richard Branson.
Fine, and good luck to him, but its only a special few who have the luck, tenacity and gumption of the likes of Richard etc, but i doubt Richard, Mr F.W Woolworth, Mr Max Speilman etc etc would come on a forum like this and expect help. They would have there own ideas as to how to ride the storm.

Hi BLTN - What he makes per month is relevant though to his outgoings. His income may seem a lot but look what he has to pay out.

blind-as-a-bat_2

o99 wrote: »

What he takes per week is not the problem. The point is he came here for support.

Are you sure?

I rent the house for 1750 a month but the interest alone on the bridging finance is 4000

actually make in excess of 3k profit a month, the 2 that loose money combined only loose £300 a month between them

dalip

Do you think he is a friend of hadits:rotfl:

maxmycardagain

dannyboyracer wrote: »

cos i love the colour of money my cyber friend :-)

anyways why comment when you clearly dont know my circumstances... ergo your a k n o b. never once did i say 2 or 3 break even?? the 9 actually make in excess of 3k profit a month, the 2 that loose money combined only loose £300 a month between them... ergo i still prob make more than you in a month.

what a sad little man you must be trying to get up the skin of people on a BR forum at half 9 on a monday night, bet your moms proud. he he - jokes

so !!!!!! are you whinging about then?

the OR will LURVE you, and i think i can see why your "partner" is your biggest worry, he must be worthy of a medal putting up with your ways...

hope you lose the lot lad....:T:T:T:T:T:T:T:T:T

maxmycardagain

dannyboyracer wrote: »

cos i love the colour of money my cyber friend :-)

SO LONG AS ITS SOMEONE ELSES?

what a sad little man you must be trying to get up the skin of people on a BR forum at half 9 on a monday night, bet your moms proud. he he - jokes

i come in at 9pm from work, sometimes i go out at 3am, just cos your in bed means nothing

i think this thread has real potential....:cool:

LilyBart

Not to worry, Max. We all know you're a happy little man!