What would you do ?

cathy57

Hello everyone,

Here is my story.I have just over £50000 worth of debts with 6 creditors.I have been sending £315.00 a month to Payplan for the last 3 years and this goes to the creditors.It was all going okay until I received my tax bill for the amount of almost £5000.I have also other outstanding bills which I find very difficult to pay at the moment because business is a bit slow.
I have 2 morgtages : one for £156000 interest only for a flat I let and one for £184000 interest only for the house I live in.It is interest only because I can't afford a repayment mortgage.
I also have lots of expenses with running the business such as advertising,car,insurance etc.
I started to get into trouble when I lost part of the business a few years ago and when my son and partner who lived with me until recently didn't give me a penny for years towards food and house bills.Stupidly,I thought I would cope financially.
Also,the flat is an ex council property and work is being carried out on the building.I know I soon will be liable for a huge bill.
Therefore,I can't see any way out of this mess and can't take the pressure for much longer.I am considering taking 2 lodgers in my house but I doubt that will be sufficient.
Would you seriously consider bankrupcy in my situation ? Please advise.Thanks.

dojoman

Hi and welcome to theforum:)



Please contact one of the charities below, they will offer free and impartial advice.

https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
https://www.cccs.co.uk/



Below is a link you may found helpful about going BR?

https://forums.moneysavingexpert.com/discussion/1056083

Also this link to the Insolvency Service is useful!

http://www.insolvency.gov.uk/

cathy57

I'll contact the above charities today today and see what they have to say.Many thanks.

IF

Hi cathy57 I'm glad you are contacting them, they will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two for your own piece of mind. Here's a few more links too.

Please don’t do anything rash take your time and weigh up your options and read everything you can.

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

BR friendly home insurance thread.

BR Friendly bank accounts sticky.

BR Abbreviations.

If you are new/old to this board and receive/see a comment that is not helpful or insensitive please don’t let it put you off posting, often these comments are made by people who don’t normally contribute to this board and don’t speak for us.

What to do if you get an insensitive or hurtful comment.


And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.


Best wishes
If...x

out_of_cash

Thats great info above from if wisheswerehorses.

cathy57

Thank you for the advice everyone.Best wishes.