Writing off mortgage debt?

ILW

GMS wrote: »

How can bankruptcy be advised with no idea of OP's circumstances? They may have other assets which would be lost.

It's no dafter than the OP expecting his bank to write of a load of his mortgage because he is not making a profit on his investment.

Peelerfart

BazV wrote: »

Thanks GMS - yes you're right - in the final analysis, it was my decision.

However, I was helped along by a property club and their helpful mortgage advisor who secured a whacking mortgage from a company who should've checked the maths more closely.

Perhaps you should go for compensation too ?

jamesd

Maybe. There could be fraud in there somewhere by the property club. Worth considering getmore4les's question.

With property clubs involved it may not just be a simple case of a bad BTL investment but instead one on the basis of fraudulent valuations or other unpleasantness.

shortchanged_2

jamesd wrote: »

Maybe. There could be fraud in there somewhere by the property club. Worth considering getmore4les's question.

With property clubs involved it may not just be a simple case of a bad BTL investment but instead one on the basis of fraudulent valuations or other unpleasantness.

When are some people going to take responsibility for their actions.

The OP took this risk to make money. It hasn't worked out so he should face the consequences not expect a bail out.

jamesd

If there was fraud or misrepresentation he's a possible crime victim, not simply a person who made an investment decision that went wrong. I'm not inclined to blame victims of fraud for losing money.

If it was simply a bad decision with all facts accurately presented then it's a different matter.

shortchanged_2

jamesd wrote: »

If there was fraud or misrepresentation he's a possible crime victim, not simply a person who made an investment decision that went wrong. I'm not inclined to blame victims of fraud for losing money.

If it was simply a bad decision with all facts accurately presented then it's a different matter.

Depends really what you class as fraud and at what point does personal responsibilty come into it.
The OP has made a financial gamble to make money out of property. They have been stung now he is looking for a bail out.

As I and others have stated when are people going to realise that almost any investment comes with a risk attached to it. Some people are unfortunately to blinded by the pound signs in their eyes.

And while I agree that many of these companies are dodgy to say the least it's got to be up to individuals not to invest in them in the first place.

Burridge60

BazV wrote: »

I have a buy to let mortgage with Northern Rock. The property value is now 30k below mortgage, and costs are almost twice the rental income!

You don't say so but I am guessing this was a new build too? With a special "investors club" price to buy before completion and with a rent back deal alongside it.