Time for a fresh start...

smiales

We own a property

TheWaltons_3

smiales wrote: »

We own a property

Your property will be sold to pay as much of the debt as can be with the funds... are you aware of this?!

Red1708

Hi smailes, welcome to the board. Can I also suggest that you ring your local court and find out what appointment system they run if any. Some courts run a turn up on the day approach whilst other have a set appointment system and appointments can sometimes be months ahead.

It's important to remember that although you can fill your form in online as and when you are able you should not to submit your form until a day or so before you attend court. This will enable you to make any changes necessary.

I know exactly where you are coming from with regards to a DMP, mine was estimated to last approx 45 years and there is no way I could continue to live under a constant threat anymore. That's why I decided BR was best for me.

AlanD_3

TheWaltons wrote: »

Your property will be sold to pay as much of the debt as can be with the funds... are you aware of this?!

Correction. Your property MAY be sold. It depends on a number of factors and isn't as cut and dry as all that.

Please be careful with "facts" such as this. Your post reads as if you are simply coming in to scare the OP, I'm sure it wasn't meant like that. We are here to help with information that is as accurate as possible, not to judge or scare.

Others who are property experts will post an appropriate link to the information on properties and bankcruptcy.

TheWaltons_3

AlanD wrote: »

Correction. Your property MAY be sold. It depends on a number of factors and isn't as cut and dry as all that.

Please be careful with "facts" such as this. Your post reads as if you are simply coming in to scare the OP, I'm sure it wasn't meant like that. We are here to help with information that is as accurate as possible, not to judge or scare.

Others who are property experts will post an appropriate link to the information on properties and bankcruptcy.

Nooo I didn't mean to scare the original poster.... this is what we were told by an insolvency practitioner.. so are now still struggling on paying out hundreds a month we can't afford... we didn't want to lose our home, as most of the debt is thanks to repairs on it!

This is why we didn't go bankrupt. Plus we would lose a business we spent alot on.

So we were wrongly informed.

I do agree with you here though, definitely seek expert advice and I would also say... don't just take it from one person.

Thanks for correcting me here, I really appreciate it.

Mike_St_Helens

AlanD wrote: »

Correction. Your property MAY be sold. It depends on a number of factors and isn't as cut and dry as all that.

Please be careful with "facts" such as this. Your post reads as if you are simply coming in to scare the OP, I'm sure it wasn't meant like that. We are here to help with information that is as accurate as possible, not to judge or scare.

Others who are property experts will post an appropriate link to the information on properties and bankcruptcy.

Oy Mr D... You havent responded to the job offer I gave yet

Alan is right, there are lots and lots of factors that rare involved. My understanding is that the op is in 'neg eq' then there is no issue.

AlanD_3

TheWaltons wrote: »

Nooo I didn't mean to scare the original poster.... this is what we were told by an insolvency practitioner.. so are now still struggling on paying out hundreds a month we can't afford... we didn't want to lose our home, as most of the debt is thanks to repairs on it!

This is why we didn't go bankrupt. Plus we would lose a business we spent alot on.

So we were wrongly informed.

I do agree with you here though, definitely seek expert advice and I would also say... don't just take it from one person.

Thanks for correcting me here, I really appreciate it.

No problem. Didn't want to accuse you just wanted to make you aware of the tone, sorry.

In many cases it is true but not always, as I said I'll let the experts pitch in, it is all to do with equity and things like that, I know nothing of such things being a mere tenant, lol.

smiales

Hi there,

The house thing is a worry but at this point if we lose it we lose it, the fact is that we can not carry on like this. We have to accept that we may lose the house, but at least we will be getting our debt sorted.

Luckily we have no equity in the house so there is sod all to release, only bonus of buying when the market is ridiculous! Want to stay put but literally 'beggars can't be choosers' (thats aimed at me and no-one else by the way!)