Possible Bankruptcy But Have Property Portfolio??

dannyboyracer

cheers custardy, seems someone else on here has an IQ good enough to actually read through all these posts, understand the situation amd then not ask the question "WHY DID YOU ASK ABOUT BANKRUPTCY"? - sorry max im picking on you again, now im becoming the school yard bully ;-)

It does at first glance seem like BR is a little extreme, it may be the case... im just trying to set the feelers out early. The last project is the deciding factor really... the company from which the money has been lent is very aggressive and i feel and have heard that they will issue stat demands as soon as the money is owed i.e. when the house eventually gets repossesed if i cant sell or mortgage in the meantime. If the company would be glad to accept a DMP i would happy repay until the last penny was paid - i always took on the debt with the full intention of repaying... now is no different.

If i was made BR and allowed to keep the portfolio i would have more to offer my creditors in the 3 years to come, i may even be able to sell a few closer to the 3 year mark and repay either all or some of what is owed. Without the portolio if im made BR i will have no income and hence nothing to offer my creditors but scraps - im a student for the next 4 years at least so a salary whilst working a few part time jobs will be hardly anything to offer them.

dannyboyracer

RecoveringAlcoholic the party is well and truely over and the hangover is the mother of all ;-)

dannyboyracer

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?

PixiePie

Danny, if you truly are here for advice, then surely it is best for you to ignore comments that feel are 'having a go at you' (not a quote before I am targeted - just a sum up) and discuss the matter like an adult, as you do yourself no favours by entering into school yard pushing and pulling, not to mention doing the forum & advice and help contained within a disservice. You surely can see things from the other side of the coin in that from a brief flick through the thread you seem to be a) young b) have HUGE assets (whether these are profitable at the moment or not, bricks and mortar always go up in value in the end, as well as your other assets) c) seem to do very little to bring in cash in terms of hours actually working and therefore not available for other work d) do come across as a little arrogant with regards to saying things along the lines of 'I'm not working for anyone else - I wasn't made for it etc' (again, not a direct quote, the way it comes over as very much though, if not hell of a lot worse) e) seem to want to drop your debt, but not actually suffer because of it - this is vs people whom have NO assets, no car, no house, no gadgets or clothes or jewellery or anything else they could possibly sell on Ebay, already work 3 jobs so have no available hours to work any more to bring in more income however are still taking time out to give you advice from their experience. You do seem to just keep throwing it back in people's faces which is not wonderfully humble of you, something you generally have to learn to be in such times (your heroes such as Branson and Sugar certainly know when to swallow their pride).

The National Debt line is horribly over used at the moment (it always has been more demand than supply, with the current economic climate it has probably gone into meltdown). The only thing to do is keep trying or try the other agencies - CCCS/CAB. And try and either ignore those comments that don't fit with your outlook on life or try a little bit harder to not bring these forums into street brawl level lest it scare off others desperate for advice.

peachyprice

One question Danny, do your assets, as you percieve them to be, fogetting the declining market, outweigh your debts?
Sorry, it isn't that clear as you've not mentioned many firm figures.

maxmycardagain

DBR, as my mother used to say to me

"you got yourself into the mess, dont expect anyone to come and wipe your !!!"

you seem to have all the answers already

maxmycardagain

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?

they may know whose ringing........:money::money::money::money::money:

try the samaritans but dial 141 first

skylight

Stern voice here.

"Max......Behave.....Please....."

hanvic

hi dannyboy

soz you got a bit of a trashing. i know how helpful this site is to think through your options and get a clearer idea of what is the best to do in your circumstances

i have a mortgaged property still just about in equity and a kind relative left me an ex council house last year which has no mortgage but virtally unsaleable in the current market so i suppose i have a property portfolio too.

after first thinking about br and then an iva i have now settled a dmp through payplan and have bought some time thanks to gordon's middle class benefit for the housing market to pick up

just to say chucks that when there is so much going on and you feel threatened at the very foundation of existence, roof over head, food in belly etc the higher cognitivie functions seem to go out the window.

just keep getting as much info as you can, sifting and sorting and do what seems right for you

best of luck

hanvic

maxmycardagain

meant to ask what the status if of property when they are the stock of your business.

if i had a £20K van as a haulier the OR couldnt touch it as a "tool of the trade", but if i owned a house which was let out and i earned my living as a "lettings landlord" it seems the OR could take it and put me out of work....