Sell or bankrupcy? all advice welcome!

toplass5

My Dentist Bill Is £85.00 And I Have To Keep Cancelling With A Temp Filling In, Nightmare!

toplass5

I Could Take A Lodger But It Is Finding One, I Advertised About Six Months And Got Know Where. My House Is A 2 Bedroom.

toplass5

It's Because It Is In The Middle Of Knowhere

Jennie_2

Your food seems high.... I can feed our family of 4 and two cats for that. Is there any way you can cut back a bit.

Also pet insurance my 2 cats are with Tesco for about £9.00 a month. Would it be worth yours switching? You would also get clubcard points...

toplass5

Mine Is With Tesco Also, Might Have Something To Do With The Fact That They Are Pedigree's Brought Them From The U.s.a I Will Take Any Advice, I Think The Cat Litter Is Expensive More Than Anything, They Are Indoor Cats. X

Jennie_2

toplass5 wrote: »

Mine Is With Tesco Also, Might Have Something To Do With The Fact That They Are Pedigree's Brought Them From The U.s.a I Will Take Any Advice, I Think The Cat Litter Is Expensive More Than Anything, They Are Indoor Cats. X

I get cat litter too! Yes the cost of the insurance is probably higher because they are pedigree.

Could you have a word with the dentist to see if they would accept a payment plan? Lots of dentists do this now. Better that than your tooth getting worse and needing even more treatment.

toplass5

Also In My Food That Covers All My Cleaning Materials And Washing Powders Etc... I Do Use Alot Of Cleaning Materials Because Of The Cats, I Don't Buy Expensive Brands.

toplass5

I Could Ask, Yep Will Do I Will Ring Them Tomorrow. My Cats Use The Wood Chippings I But It From Pets At Home But I Buy The Really Large Bag And It Cost £14 This Last Them About 1-2 Weeks Max. But They Do Not Have Any Claws So They Cannot Use Stone, Gravel Etc... Gish What We Do For Them Hey!

Lucifer

Just a thought when insuring your dogs, I too am with Tesco. I was quoted £14.88 a month for my cavalier king charles. I then put in the value as £0 instead of the £600 i paid for her and the premium went down to £8.57 per month.

My dog is irreplacable and I do not care about the £600 should she die, but it still covers her for accidents (3rd party) and vet fees.

Good luck tho x

Eager_Elephant

Hi toplass5,

I agree with you that you only have 2 main options which are the ones you have mentioned.

If you declare yourself bankrupt which incidentally will cost £485, secured loans are still enforceable unless the Official Receiver decides to include the house in bankruptcy and sell it. Once the property is sold and your mortgage paid then any secured debt not covered by the money from the sale of the house become unenforecable as long as you took it our prior to bankruptcy.

The only problem I can see with this is if the Official Receiver decides not to include the house because of the negative equity and then you have paid all the money to go bankrupt but still won't be able to afford your home.

I think your best option is to sell the house yourself, pay the mortgage and part of the 2 nd charge. The rest of the secured debts then become unsecured and you will have to make an arrangement to pay - but then you can go bankrupt and include the previous secured loans as they are now unsecured and bingo you are free of debt.

The downside with this is that you will need to find somewhere to live but at least you won't be paying out for secured loans.

Please also remember that if and when you get the house valued you keep the quotes because when you go bankrupt if the Official Receiver thinks you have sold a house for less than it's true value he can reverse the transaction.

Also once bankrupt because your outgoings will be lower you shoudl have some spare money which means you will be subject to an Income Payment Arrangement where you pay approx. 50-60% of your excess cash to the OR for 3 years and this makes up part of the dividend that your creditors will receive.

Any more questions fire away (i expect loads of people have posted while I have been typing)

EE