In a pickle

tigerfeet2006

Hi and welcome.

First things first you will NOT be sent to prison. As Debtinfo says tell them about your situation and they will be understanding.

Give Business Debtline a ring, number and link in my sig. and go through it all with them and they will help you. Post on here and we will try and help and support you all we can.

nervousmother

Hi Monster, like so many have said, welcome the the forum. I had to write something as I can relate to some of what you have said. Nearly 3 years ago me on OH split up, turned out only to be for a few months but at the time I thought it was for ever. At that time I suffered badly from depression, we had 4 properties and I got no income from anywhere due to the capital. Our debts built up more over that period of time, we did get back together and I had my depression treated (i had lost 2 stone due to not digesting food because of stress) we sold our only BTL that had equity and paid off some debts. We were lucky and able to move into one of our BTL properties while we tried to sell the main family home as the mortgage on that had doubled. In the end the property got re-possessed with a massive shortfall we knew we were heading for BR.
We went BR in January this year. My OH who was and still is self employed had his debts to the tax man and vat man wiped out. We were allowed to keep the remaining BTL property (after careful consideration on our part) My OH was able to carry on trading & we no longer have the letters or phone calls from creditors.
Today we are discharged, we have no IPA/O and I have no sign of depression (although my stomach problems will never go away and are playing up this morning due to the impending dentist trip) I am in good health. I do know if I had not found this board my depression may have been alot worse.
I worried about so much at the start of it all, the fact we had blown £1000's from the BTL property, well not blown as we had paid so much off, but worried about prefferential payments. I knew some of the decisions we had made were stupid (should have stayed at the other house) but things happen for a reason.
This is your chance to start again. Can you move into rented? maybe get a guarantor? Start looking for suitable properties. Check to make sure you are getting all the benefits you are entitled to, speak to your other half as it may be better for you both to go BR.
How much do these debt charities cost? You are better off getting advice to see if its the best thing for you, think long and hard if need be you will have to lie on your forms and say you have had advice..

You have entered the tunnel.. but the light is at the end and we will walk with you.

monsterface

nervousmother wrote: »

Hi Monster, like so many have said, welcome the the forum. I had to write something as I can relate to some of what you have said. Nearly 3 years ago me on OH split up, turned out only to be for a few months but at the time I thought it was for ever. At that time I suffered badly from depression, we had 4 properties and I got no income from anywhere due to the capital. Our debts built up more over that period of time, we did get back together and I had my depression treated (i had lost 2 stone due to not digesting food because of stress) we sold our only BTL that had equity and paid off some debts. We were lucky and able to move into one of our BTL properties while we tried to sell the main family home as the mortgage on that had doubled. In the end the property got re-possessed with a massive shortfall we knew we were heading for BR.
We went BR in January this year. My OH who was and still is self employed had his debts to the tax man and vat man wiped out. We were allowed to keep the remaining BTL property (after careful consideration on our part) My OH was able to carry on trading & we no longer have the letters or phone calls from creditors.
Today we are discharged, we have no IPA/O and I have no sign of depression (although my stomach problems will never go away and are playing up this morning due to the impending dentist trip) I am in good health. I do know if I had not found this board my depression may have been alot worse.
I worried about so much at the start of it all, the fact we had blown £1000's from the BTL property, well not blown as we had paid so much off, but worried about prefferential payments. I knew some of the decisions we had made were stupid (should have stayed at the other house) but things happen for a reason.
This is your chance to start again. Can you move into rented? maybe get a guarantor? Start looking for suitable properties. Check to make sure you are getting all the benefits you are entitled to, speak to your other half as it may be better for you both to go BR.
How much do these debt charities cost? You are better off getting advice to see if its the best thing for you, think long and hard if need be you will have to lie on your forms and say you have had advice..

You have entered the tunnel.. but the light is at the end and we will walk with you.

Firstly , thanks to everyone for the support, this is indeed a very traumatic time, and the support is appreciated.

Nervous mother, yes it sounds like you were in our position, I have indeed over the years ploughed thousands into buy to lets, with tenants not paying etc etc, I do not actually want to continue trading after september, as I think the job I do is not conducive with my illness, it is after all high pressure sales,which to be honest I am looking forward too.

We are looking at renting but that is increasingly becoming a problem as checks are being requested and we keep failing them, after already having a house repossessed. My wife kee ps smiling though and she refuses to be disheartened, so she makes sure I am alright.

Once again thanks for the support, I have been told to contact tax-aid by my O|H, to sort out those returns I cant face doing, I will keep all posted of the impending adventure.

Once again thank you for the welcome and the support

monsterface

Just spoken to tax aid they are going to talk to the IR on my behalf, because of my illness. I will still be bankrupted as I can not pay but there wont be all the harassment I have been getting, they have also made me an appointment for one of their accountants to help with my tax returns which is great. I have had some nasty nasty people from HMRC contact me and to be honest talk to me like crap, even though I have explained my circumstances, this is a bit of welcome news, as there are guidelines for how they are meant to treat people with mental illness and they have not been sticking to them. Now just awaiting them to SD me and off we go

Drea2904

monsterface wrote: »

Just spoken to tax aid they are going to talk to the IR on my behalf, because of my illness. I will still be bankrupted as I can not pay but there wont be all the harassment I have been getting, they have also made me an appointment for one of their accountants to help with my tax returns which is great. I have had some nasty nasty people from HMRC contact me and to be honest talk to me like crap, even though I have explained my circumstances, this is a bit of welcome news, as there are guidelines for how they are meant to treat people with mental illness and they have not been sticking to them. Now just awaiting them to SD me and off we go

Well done on starting to solve everything, it will be like a breath of fresh air when you can stop worrying and sleep at night!. I wish you and your family luck during this.;x