Head Messed Up

debtman_3

Debt_Free_Chick

Filing bankruptcy as rafter said or asking for government benefits or asking for any other handouts is a "bailout" for someone that is fit enough to work, if that's your only option that's fine, but I have other options it's called hard graft something I'm not afraid of :j

Rafter

Debtman,

Although you have managed to get a self-cert mortgage a self-cert secured loan may be harder.

Your lack of income, high risk business plan and existing debt will not give a lender much confidence in your ability to repay. Any survey on the house is likely to highlight its current state of build too.

If you do get a loan you are likely to get horrible fees and survey charges and a nasty rate of interest, giving you an even bigger mountain to climb.

Please, please, please go and get some professional advice about your options.

R.

Bestthingsinlifearefree

HI Debtman,

I respect your work ethic and it seems you have already taken positive steps to cut back in many areas and get in control of your finances.

I have asked the mods to move this thread to the debt free forum (as that is your ultimate aimie to be debt free) and I am sure you will get more advice there.

Is it possible to post acomplete statement of affairs ? (even do a new thread in the debt forum, its a hazzle but well worth it because you will get the best advice...and its free).

ie
1)all income -salary / benefits.
2)outgoings e.g rent / mortgage,car, electric, food
3)and debts (amount, interest rate, length of debt)

with as much detail as possible. Once all the detail is there people can give you the best specific advice to your situation.

Good luck. Keep posting.

debtman_3

Rafter

Thanks for your reply & for thinking about my situation, I'm going to take your advice & seek a Professional opinion or two I still have about 2 months before everything goes belly up I'll definately keep you posted as to the outcome.
Bestthingsinlifearefree
I appreciate the kind words & thank you for arranging for this thread to be moved to the debt free forum, you are so right that in the long term I definately want to be Debt Free & to that end I've been lurking on the mse site for about 4 years, & it's been my guiding light & has given me hope all that time, as soon as I can & it might be a little while I'll put together my SOA for the world to see (SCARY THOUGHT) but sharing something like this can only help me & perhaps scare some readers into straightening their finances out before it's too late