Is there nothing I can do

badmark

Living beyond my means ? something always comes up, car, son, wife etc etc to throw me out, be it £10 £50 that is a very perceptive question, one thing ive learned from everyone is not to go bankrupt,
Because my father told me my flat (in the large Victorian house thats 4 sale)was mine ive always told creditors i'm a home owner they never asked me to prove it so.....

Debt_Free_Chick

badmark wrote: »

whoops, whats a charging order ? all the debts are unsecured can they put some kind of attachment on any prop I buy?

Yes they can. Firstly they send you a default notice - you ignore it. Then they send you a County Court Summons - either you ignore it or defend it, it doesn't matter.

When it goes to Court, they ask the Judge for "payment forthwith", which means that you must repay the full amount within 28 days. You fail to do so, so the lender goes back to Court with a Charging Order. Job done! An increasing number of lenders are going this route. In many cases, it's debatable that the Judge should agree to "payment forthwith", but an alarming number slip through.

I was going to try and buy a house (wreck) for £160000 and pay off as many as possible. good advice re f and fs though, cant they alter them after they make an offer and are they negotiable?

The trick is to get the F&F agreed by the lender in writing - the specific amount. However, I think you'll still end up with a blot on your credit record (if you having got them already).

I hate to say this, but why not simply pay off your debts and buy a house outright? I know you are tempted by the opportunity to make a profit by doing up a house, but it's not that simple and why give yourself more work and the prospect of more debt if the refurb doesn't go to budget. Afterall, you don't have a good track record in managing money Sorry.

Debt_Free_Chick

badmark wrote: »

Living beyond my means ? something always comes up, car, son, wife etc etc to throw me out, be it £10 £50

That's why you have a budget and then a "rainy day" fund - some savings that enable you to meet unexpected bills.

that is a very perceptive question, one thing ive learned from everyone is not to go bankrupt,
Because my father told me my flat (in the large Victorian house thats 4 sale)was mine ive always told creditors i'm a home owner they never asked me to prove it so.....

Either you own the flat or you don't - is ownership (title) of the flat registered to you at the Land Registry? Or do you have the deeds to the flat? If you own the flat, how come father is selling the house - surely you would need to be selling the flat too.

Is the flat actually a separate title at the Land Registry? Or is this just an informal arrangement that you have with your father?

badmark

The flat is part of a large house, all of which is being sold, father, whos name is on the deeds of the whole house has told me that I will be getting £200k (because thats what my flat is worth) when its sold. it is an informal arrangement which is another reason i'm worried as theres nothing in writing.By the by thanks for all the sound advice.

badmark

Thanks for that, I think thats the best route to get the f&fs done by all the creditors ( the largest single amount being about £ 10000) is there anything i can do about interest that has built up?thanks M