In a pickle

monsterface

Hi to all,

I have been lurking around the forum for a while, drumming up the courage to write something, I have a rather complicated problem and am interested in any advice.

I suffer from manic depression, and for the past year have been advised to stop work, the problem, I am self employed so I can not, I work in the mortgage industry which has died, so the only income I have is DLA working/family tax crdit I have a wife and 2 kids. Our home was repossessed last year but we each own buy to lets, my wife 4, and myself 1, which I bought in trust for someone else, our problems started when the crdit crunch hit and at the same time my daughters were born early and very sick, meaning my wife had to give up work, we were then in no position to remortgage and the mortgage company were not interested we came to the end of our fixed rate and on to the SVR our payments doubled overnight,, were were forced to rob peter to pay paul as such and got heavily indebt, the tax credit managed to lose our forms so we received nothing for the first year of our childs lives when we should have. anyhow we find ourselves in a position where I have been ill for a long time, our buy to lets have been left derelict and unpaid because I can not manage them, I owe a tax bill and have outstanding tax returns that I just can not face doing and we are soon to be homeless, to cap it all Capquest have just sent me a statutory demand by post to my previous address. I have phoned all the sevices but because we own property we are not entitled to free help the local CAB made matters worse and I am at a loss. Just to make matters even more complicated I want to make a fresh start and have applied to university this september, however I am worried that if I am made bankrupt the ip will take my maintenance grant and other grants I am entitled to.

Any advice or help or anyone in the same situation, that understands, obviously we are very frightened

thanks

maxmycardagain

well you and your wife could both go BR and SAY you have had advice, you will lose all 5 properties but the debts will go too.

your health comes first

your benefits and grants for education should be safe

you could move into one of the BTL, maybe the best one, hopefully in negative equity...

antarctica

Hi

I don't have any advice but I am sure someone will come along with some soon.

Just wanted to say Hi and welcome to the forum, they give great advice here.
:j
A
x

monsterface

maxmycardagain wrote: »

well you and your wife could both go BR and SAY you have had advice, you will lose all 5 properties but the debts will go too.

your health comes first

your benefits and grants for education should be safe

you could move into one of the BTL, maybe the best one, hopefully in negative equity...

Thanks for the response. All the properties are in negative equity, we can not move into them because 3 are derelict, one is tenanted and too small, the other is a flat with no lift above a bar, not good for young babies.

I am terrified of bankruptcy and what they will they will do to me because I am self-employed and I am still trying to work as we are not entitled to any benefits because of the houses. vicious circle

@antartica thanks for the kind words

wurzella

Just chill out monsterface. Remember, nobody wants to make you homeless or ruin your life, bankruptcy is about putting the past behind you and getting a clean slate to rebuild your life. The first thing you need to do is talk to one of the charities out there, they will work through everything with you and help bring it into perspective.

I'm in a similar position with the tax, it's no bigger or worse than any other debt, and assuming that BR is your best option, it will take care of it. Also, assuming you can't keep up the payments on any of your properties any shortfall after selling would be included in your bankruptcy.

OK, so this means you lose the properties and have to start again but isn't that a fair price for your health and happiness?

Chin up mate, you've already done the hardest part which is facing up to your problems and looking into how to sort things out, it's gets better from here on in.

monsterface

wurzella wrote: »

Just chill out monsterface. Remember, nobody wants to make you homeless or ruin your life, bankruptcy is about putting the past behind you and getting a clean slate to rebuild your life. The first thing you need to do is talk to one of the charities out there, they will work through everything with you and help bring it into perspective.

I'm in a similar position with the tax, it's no bigger or worse than any other debt, and assuming that BR is your best option, it will take care of it. Also, assuming you can't keep up the payments on any of your properties any shortfall after selling would be included in your bankruptcy.

OK, so this means you lose the properties and have to start again but isn't that a fair price for your health and happiness?

Chin up mate, you've already done the hardest part which is facing up to your problems and looking into how to sort things out, it's gets better from here on in.

Thank you for the response. I now I am on the right track, as already Capquest have served me a SD, what frightens me is the OR and dealing with them, as while I have been ill I have done some crazy things that I just dont remember doing, I have also earned nothing in my business this year but have still ploughed on investing in scheme after scheme, the whole thing makes me feel like I will end up in prison, I know that may sound crazy but, I have to admit I feel a little bit crazy

wurzella

Been there a few times mate, last week I was convinced I was going to be locked up with rapists and murderers, it's not going to happen though, we're just too damned imaginative really :rotfl:

I am still frightened of speaking to the OR (Thursday) but she sounded lovely on the phone and really understanding. Everyone who's been through this says it's not at all scary once you get there, it's the build up that is the scariest. Remember, they do this all day every day, they see some of the worst people around, cheats and frauds, they are not going to judge us so harshly in comparison eh?

maxmycardagain

If it was me....

Id go BR, sign on, seek welfare housing and inform your tenant of the situation, they are out on a limb too

if you and you OH have to go joint BR, so be it.

once in the benefits sytem you wll be better off

monsterface

wurzella wrote: »

Been there a few times mate, last week I was convinced I was going to be locked up with rapists and murderers, it's not going to happen though, we're just too damned imaginative really :rotfl:

I am still frightened of speaking to the OR (Thursday) but she sounded lovely on the phone and really understanding. Everyone who's been through this says it's not at all scary once you get there, it's the build up that is the scariest. Remember, they do this all day every day, they see some of the worst people around, cheats and frauds, they are not going to judge us so harshly in comparison eh?

Thanks, I know what you mean, I have nightmares of being locked up, and split from my family, and them left destitute, we have been treated very badly by the government, even though I am ill, with Bi polar and have doctors, psychiatrists and social workers writng letters, we just seem to fall between the cracks and be ignored, which in turn makes matters even worse. You are right we have very furtive imaginations and they are wreaking havoc, but nonetheless I simply cant shake the feeling.

debtinfo

Rest assured that if you do go bankrupt your illnes will be taken into consideration. You will probably find and im sure others will back me up on this, that the first question the OR will ask is if you have any special needs or considerations, so tell them how it affects you. The OR will ask you for a doctors letter so prepare for this and will adjust their decision based ipon the doctors letter. It's the people that do crazy things for no good reason that have reason to worry, not the ones that have a true illness.

oh and try and smile at least once when you read my post

curly09

Just read your post mosterface and wanted to say, don't feel alone... when I first started my BR journey, someone said to me, 'you're not on your own', remember that...;)

It is, almost impossible to shake that feeling of dread, but I can promise you, it's all far worse than you imagine.

There is masses of support, in all areas, don't give up, because you will get the help to a fresh start.

Just wanted to wish you luck