Bankruptcy 2nd time around?????

mollygrub

Hello I wonder if anyone can help me?

I went bankrupt in 1998 and was discharged in 2001 and since then I have had a mortgage - then I purchased a new house (shared ownership) about 2 yrs ago and had a relationship breakdown and got into financial difficulties again.

I can post my info if required but I have taken advice from CCCS - I currently have a DMP with them which has been in place for about 9 months now but I have foolishly taken out 3 payday loans which are not on the DMP and I am now aware that if I declare this to my DMP it will be cancelled and I do not know what I would do it that was the case....

My query is if the option is to go bankrupt again - last straw and how it would affect my shared ownership - I do not have any equity in it - it is in negative equity actually.....

I owe approx 15k plus the payday loans which would be another 1k on top of that debt.....

Oh dear what to do......

Please any advise greatly appreciated!
Moll

debtinfo

are you sure that the property is in negative equity, there are several different shared ownership schemes and the equity is worked out diferently in each of them

mollygrub

Hi there,yes I am definately in negative equity! I purchased the property 2 years ago and it was valued at 135k and now is valued at 117 - my share of the mortgage (50%) is currently at 64k outstanding on my mortgage balance.

Thank you for taking the time to reply to my post!

Moll

tigerfeet2006

Yes you can go BR again. You will have to take proper advice on BR from someone like CCCS. If you don't fancy talking to them then give National Debtline a ring.

BR shouldn't affect your shared ownership, the OR will probably allow you to buy his interest in the property for £1 plus £211 plus fees.

mollygrub

Hello thank you so much for replying! I am definately going to be contacting them in the new year but just wanted some thoughts on this prior to the call....

Thanks again!

Happy new year to all... Moll

philnicandamy

Do as others suggested and get some advice asap....one thing to bear in mind as well seeing as its your 2nd bankruptcy expect a face to face OR's interview and them being more indepth with questions than the 1st time although...seeing as discharge was a while ago they should be fine with it all

mollygrub

Hi Philicandamy thanks very much and quite rightly so!

The first time I went bankrupt it was purely due to a house purchase and the 90's house price values dropping! I purchased a house at 34k and moved in and was looking forward to providing a home for myself and my son who was 6 at the time but within a month we had been burgled and had my car stolen and set alight then when I managed to get myself all sorted following that we were burgled again, with so many issues I cannot begin to explain - the police were lovely but suggested I was being watched and as I had a company car and worked at the time it was a very worriesome time all in all and as I lived alone I was a wreck every time I was in the house as the first burglary was whilst we were asleep and they came in to my bedroom and my son's and tried to set fire to the carpets as they left so as you can understand I could not remain there. In the space of only a few months the price of the house dropped so I could not sell and besides who would buy it after all my woes.... so, I rented but it didnt cover the m'gage and I had to rent a flat where I felt safe and pay the difference so I was juggling peter to pay paul and eventually after years of really awful tenants who threatened to burn me and my son in our beds (see how lovely they were!) after I had them evicted as they had not paid me for 8 months! I had to give in and sold the house for 19k - then i had a tremendous shortfall in the mortgage and the sale price - hence the bankruptcy - there, my tale of woe!!!

fiveyearplan

Molly - sorry to hear your news! No wonder you didn't want to live in that place.

I think the BR forms ask if you have been bankrupt in the last 5 years (or maybe 10) but either way you can honestly say no as you were made bankrupt over 10 years ago first time round. Of course if you are asked by the OR if you've been bankrupt you should tell him but only if specifically asked.

Best of luck!

curly04

Molly

I can't give you advice

But I can give you a cyber hug *** HUG***

stay around
good luck

Curly

philnicandamy

Molly...it sounds like a totally crappy time i'll keep fingers crossed for you!

mollygrub

Hello thank you so much for your hugs and kind messages but the burglaries etc were in my previous house and thank goodness I am well away from that now and safe more importantly but it was a long time ago - i just wanted to sort of explain how i got into the original bruptcy as i dont want people to think i got myself into the mess financially because of mis-use of credit etc - but I have to admit this time around it is not a house - it is a broken relationship and me being gullible and believing that love conquers all - what a fool but valuable lesson learnt!!! Finally!!! Thanks again for your thoughts - SOA to be posted in a sec....... Moll xx