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Help with Bankruptcy
Sammyboy78_2
Posts: 2 Newbie
Wondered if anyone can offer any advice here. I have a total of £46k unsecured debt and feel like it is consuming me. We very little disposable income and are considering bankruptcy. The main worry is that we will lose our home. Our combined income is approximately £45k. I don't know anything about bankruptcy i.e. how much we would have to pay, what happens to our car etc. We have no savings or investments and only a small amount of equity in our house, possibly £20k. Any advice that could be given would be a great help, we need to find a way out of this horrible mess.
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Comments
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Have you seek advice with cccs and/or payplan?
There are other alternative to Bankruptcy.
I think your income is good enough to arrange an IVA, you'll see how other members of this forum will help you and give you more details, just hang on there....Best of luck0 -
You DO risk losing your beneficial interest in the house, if you chose bankruptcy, this COULD mean losing the house altogether.
As previously suggested, you need to speak to one of the Debt Counselling Charities, such as CCCS, PAYPLAN or CAB, in order to get advice on the many ways of tackling your debt problems.
They may well reccomend bankruptcy, but you should explore all possible alternatives.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
I will make contact with these companies and have a look into it. one thing though, my mortgage is one of those together mortgages where you have the mortgage and then an unsecured loan. In total the amount outstanding is £132k the house is probably worth £135k if I went down the IVA or Bankruptcy route would I still loose the house?0
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Sammyboy look in the other threads on Bankruptcu onthis forum, don't know if I can post this link but check it out it's very good and have lots of information
http://www.debtquestions.co.uk/debt_forum/
You may get replies if you add your concerns.0 -
Papito it is perfectly fine to add that link, it is one of the places we recommend.
Sammy your first port of call should definatly be the Debt charities.
http://www.cccs.co.uk/
http://www.nationaldebtline.co.uk/
http://www.adviceguide.org.uk/BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0
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