Is Bankruptcy the way to go?

watcher27

Thanks Cavalady.
I personally think that bankruptsy is the only really viable option, but its a decision i cant make on my own, so i was hoping the CCCS would recommend it, which would make me feel better and that i was doing the right thing.

And to be honest, i dont really know all that much so i would never enter into it unless it was recommended to me

Maizy

Hi Watcher

Took us over a year to come to the decision to go BR as it is a wrench of course when you have to face facts. Its ok staying in a house with negative equity, but realistically you have to ask yourselves how you going to pay the repairs, upkeep etc etc when the unexpected happens. The final straw for us came when a further repair was needed. I agree that interest only is about as equal as going into rented but the 'cloud' of the house is still there sitting on your shoulder. For us we found a clean slate was the only true way we could rid the debt and learn to live to our means and value money for what it is. We owed around £150k mortgage with lots of negative equity on similar salary but other debts too.

I suppose you have to weigh up ALL options available and see what you come up with. We couldn't cope with going BR and still having a pile of negative equity and house to maintain and found that a clean slate was the only option. Its been tough, its still tough but bit by bit we are getting there, are in rented and almost at the repossession point after a year long battle, failing the dmp and working like dogs to service the debts. On the up side the house is lovely and feels like home and the kids love it too so that ticks a few boxes and makes things more bearable. Deep down I know we will turns things around too and things will improve as time heals. BR next.

Only you can make the decision and I hope it helps hearing different experiences. Good luck.