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Possible Bankruptcy But Have Property Portfolio??
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again circumstances aren't fully known so ill explain... the £1750 taken against the £4000 lost at present is not a debt as it stands as its being offset against the profit i made in the project, interest is accumulated on a rolling basis so no payments are necessary... ergo i do still make £3k a month less the £300 loss from the other 2. my prob is i cant get rid of the rolling interest one cos i a) cant sell it as no1 is looking for HMO's at the minute and b) cant get a mortgage on it... ive got a few months left of profit still in it before it becomes a real prob, once there is no equity left the company will no doubt stop the rolling interest and seek that i start making payments towards it.
seems like a slight bit of jealousy from a few of you especially you there max re i hope you loose the lot, sorry that you had to mate but im different, i came on here for advice... i will win in the end, im one of the annoying people that always do.
incidentally i met richard branson a few years back at twickenham, a family member of mine used to play for the rugby team and i met him whilst having drinks with the players after the game - top bloke is richard, he took a gamble taking on virgin atlantic... showed me at the time that sometimes you gotta take chances in life otherwise youll never distinguish yourself from everyone else in the street.
comments re how much you make is irrelevant as already posted by other users, the £2700 may seem like a lot but my car alone costs me in excess of £1k a month.... house food entertainment etc you can see where its going.
again though were going from the path... does anyone know of anyone or has personal experience with going BR and the after effects with investment property - how much you guys wana bet max gets another 2 cents worth in here :-)0 -
Whats entertainmentFree impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D0 -
dannyboyracer wrote: »comments re how much you make is irrelevant as already posted by other users, the £2700 may seem like a lot but my car alone costs me in excess of £1k a month.... house food entertainment etc you can see where its going.
If you do ever end up in bankrupy your car will be the 1st thing to go, Have you done a full budget of what you spend and looked where you can cut. The idea isn't actualy that you get to go on exactly the same way you di before you hit a problem.The truth may be out there, but the lies are inside your head. Terry Pratchett
http.thisisnotalink.cöm0 -
You need to start looking at what you are spending a month on living expenses imo to have a car that costs a grand a month is bloody ludercrous (sp?) in your situation, time to get rid and get a cheap runa bout. If you are in difficulties then no entertainment fund, you certainly won't get one in bankruptcy. How much are you spending on food? clothes? etc. If you want to keep your properties then you need to be making savings so you can start making payments when needed. You WILL loose your portfolio if you go bankrupt that is a certainty. If you want help on cuuting back and money making ideas post on the Debtfreewanabee with your SOA and they will help you make savings so you can start paying your debts.
Have you spoken to Business Debtline yet? If not, why not?Namaste DeeDee x0 -
hello dannyboy i think youve missed the point abit you came on here asking for advice, and advice you got whever you liked what the op have said or not
you said that in a few months it will start to be a problem but if you will be willing to cut back abit ie the 1k a month car and entertainment then maybe you will sail through it. i admire the confidence you have got but you do seem abit arrogant or ignorant in some ways that you still want to be living the high life when its obvious you cant. a property is worthless unless you can sell it so it doesnt matter how many houses you own at the moment
dont count your chickens springs to mindIf you want to see the rainbow ,you gotta put up with some rain0 -
Ditto. Cut back on all non-essentials, work out a budget and stick to it. If, after a few months of being properly frugal, you are still in trouble, then get some proper advice. But you have to be prepared for the fact that that advice may not be what you want to hear.0
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Everything has a value.
Your properties are no longer worth what you think they are.Living Sober.
Some methods A.A. members have used for not drinking.
"A simple book for complicated people"0 -
Perhaps we should leave this thread here and give dannyboy some time to research the implications of bankruptcy, then if he wants to post up a realistic SOA I'm sure we will be able to help. Just a thought...0
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dannyboyracer wrote: »
again though were going from the path... does anyone know of anyone or has personal experience with going BR and the after effects with investment property - how much you guys wana bet max gets another 2 cents worth in here :-)
To be honest Danny, once people with BTL properties realise they stand to lose the lot through bankrputcy they don't usually stick around, and do their best to find alternatives.
Hence, you won't get much advice here from BR's in your situation.Accept your past without regret, handle your present with confidence and face your future without fear0
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