Negative equity problem

Adebisi

The bankruptcy thing does not seem as good option as I thought. I thought I could get unsecured loans and credit cards and then withdraw the money store it 'under my bed' until I had sufficient debt so I was unable to pay my mortgage to a point where there was no way to pay anyone back. Have the house repossessed (making sure I have put my nice things in my parents garage, I don't have much) then use the storred money to but a repo flat (maybe even the same one) for cash. If I bought a house for cash I would not need credit and I have never needed credit for anything (apart from the house and the credit card I bought to use as back up on a holiday 10 years ago) as never buy on credit or loan. I have only ever had one creditcard before I got this mass of cards. I won't do the store the cash from the credit card/loans/my savings thing as it is fraud but hyperthetically how would they know that I had squirreled away this cash and what other problems apart from credit problems, that I would have no use for, would I face?(hyperthetically speaking). I know this is sounds a silly post and a most unethical way of thinking but it did get me thinking last night about my cash drain.

I think I will just over pay or save up and buy a 30k flat and rent to students at an easy 10% yield. Or I supose I could by the upstairs flat if it gets so low and make the place into a full house.

Graham_Devon

Ahh right. Well in that case I believe you are just a sad little person posting to stir up reaction.

You've gone from putting accross ideas for possible fraud, to putting across your plans for absolute fraud.

Nice. Love it though. You say you have a cash drain, and then say "well I'll just buy another place on top of the one I have if I can't steal from others".

Adebisi

I am meaning it seems so easy to get into this possision, the guy upstairs who was repossessed bought his flat for 90k and was out every night for a year until strangly sold everything (even the fireplace, kitchen, flooring) then was repossessed after a year. I am really not posting for a reaction for reactions sake like a troll I am just seeing that this (apart from the storing the cash part) seems and has been a convenient way out of years of not being able to sell or move and years of debt. Years you can't get back, years that would according to this board take us into 2035.

Conrad

Adebisi

I've been a broker since 1991, and have come accross people that did what you have in mind.
None that I no off ever suffered later. One that got repo'd but didnt go bankcrupt had an out of the blue letter 10 years later demanding £52000, but they settled on a mere £2500 even though he had a new home with lots of equity and an employed well paid job.

Squirreling money from cards is nothing new either. I think people say things like they blew it casinos in France or betting shops / daaan the dogs.

Bankcruptcy is not what it used to be. You can be clear in a year and in my experience people see not being able to borrow as a blessing. Some internet warriors might say you wont be able to keep a Bank account but thats again not my real world experience. Barclays / Woolwich have been known to allow people to continue to operate current accounts, though I have a feeling this is because they never get to find out someone is bankcrupt.

A big decision for you, and not something anyone is likely to endorse.

kai666

Adebisi wrote: »

I seems and has been a convenient way out of years of not being able to sell or move and years of debt. Years you can't get back, years that would according to this board take us into 2035.

Thats the problem with the world today, everyone looking for the easy way out. House prices will go up long long long before 2035.

30K for a property? where do you live?

iolanthe07

The whole idea is criminally barmy. Official Receivers are wise to this sort of thing and would see exactly what you had done and you would go to prison for fraud.

This thread has to be a wind-up.

Conrad

Graham_Devon wrote: »

You've gone from putting accross ideas for possible fraud, to putting across your plans for absolute fraud.

.

People that get into dire straits even though they've worked hard and tired thier best, look around themselves and see Labour Lords being paid £100s of thousands per year from fiddling the system, they hear Kirsty Walk of Newsnight (you know, the Socialist one) made £400k of Tax payers money for a few days consulting on the design of the Parliament building.

To many these people are above the law, and dress up thier earnings as legal endeavours, but those earnings bare no relation to the work expended. They are just lucky to be able to 'abuse' thier position and fill there burgeoning coffers.

They hear of people with slight bad backs, or that were bullied at work walking away with millions in Tax payers money.

There can come a point where ordinary hard working people sudenly come to see themselves as law abiding mugs, getting no where whilst those at the trough feed thier guts.

Adebisi

kai666 wrote: »

Thats the problem with the world today, everyone looking for the easy way out. House prices will go up long long long before 2035.

30K for a property? where do you live?

A 3 bedroom flat goes for 30 to 40k in the lowest rent student area. Think people see the easy way out given to the banks and then think they can get their own easy way out. I am really thinking the buying a cheap flat and renting it out to students a good option.

Conrad

BBC Celebs 'steal' Tax payers money. Imagine what good could be done with £6m.
The old boy network is alive and kicking.

Graham_Devon

Conrad wrote: »

People that get into dire straits even though they've worked hard and tired thier best, look around themselves and see Labour Lords being paid £100s of thousands per year from fiddling the system, they hear Kirsty Walk of Newsnight (you know, the Socialist one) made £400k of Tax payers money for a few days consulting on the design of the Parliament building.

To many these people are above the law, and dress up thier earnings as legal endeavours, but those earnings bare no relation to the work expended. They are just lucky to be able to 'abuse' thier position and fill there burgeoning coffers.

They hear of people with slight bad backs, or that were bullied at work walking away with millions in Tax payers money.

There can come a point where ordinary hard working people sudenly come to see themselves as law abiding mugs, getting no where whilst those at the trough feed thier guts.

I wouldnt say ordinary hard working people.

Most hard working people take pride in working their way out of a mess. Not using lax laws to blame everyone and their dog and saying "well that person did something, therefore I can too" while planning to steal to better themselves.

What you have written is just excuses to blame everyone else.