To buy or not to buy?

Penny_Racer

I'm actually on Prozac yes, as I suffer with depression.
What the hell is this site?
I have come on here, have been honest. I feel terribly ashamed of the situation that I am in but I am trying to sort it out. OK maybe I haven't got a clue, but I've got to start to ask for help from somewhere.

Penny_Racer

Thank you Rambo.
I am sat here in floods of tears feeling so ashamed.

PayPeanuts_2

SquatNow wrote: »

What the OP is proposing is simply fraud and could land him in jail.

The deal he is trying to do on the debts is effectively an IVA. He obviously hasn't told the lenders about the £26k and has instead told them he is broke, hoping they will beleive him and write off half the money. In fact, from what he says, he has £26k plus enough (£24k) to pay half the debts... so he could pay them off entirely.

He's basically just a con artist.

PennyRacer: You are legally obliged to pay the lenders their money. If you deliberately take actions to defray them you can go to PRISON. In this sort of situation the judge will look on you with distain as the offence would be both willful and with mallice. Pay off your debts. The money lent to you ultimately comes from honest savers. STOP TRYING TO DEFRAUD HONEST MSEers.

Mods: As an offence has quite clearly taken place, surely you are legaly (and morally as the victims will ultimately be the kind of saver who is on here trying to find ways to save a bit of money) obliged to report it to the police and supply the OPs IP Address???

Kick, Ban, Report.

Umm, no.

This is hysterical fear mongering. You wont go to prison. They could make you bankrupt if they want to get to the money without accepting full and final settlements but you have not committed fraud and you cannot go to prison.

southernscouser

SquatNow wrote: »

The deal he is trying to do on the debts is effectively an IVA.

No it's not. It's a reduced full and final settlement. IVA's are a totally different kettle of fish.

If you don't know what you are talking about you shouldn't be misleading people with misinformed information.

Leave personal prejudices and opinions out of it. It's bang out of order.

tru

SquatNow wrote: »

What the OP is proposing is simply fraud and could land him in jail.

The deal he is trying to do on the debts is effectively an IVA. He obviously hasn't told the lenders about the £26k and has instead told them he is broke, hoping they will beleive him and write off half the money. In fact, from what he says, he has £26k plus enough (£24k) to pay half the debts... so he could pay them off entirely.

He's basically just a con artist.

PennyRacer: You are legally obliged to pay the lenders their money. If you deliberately take actions to defray them you can go to PRISON. In this sort of situation the judge will look on you with distain as the offence would be both willful and with mallice. Pay off your debts. The money lent to you ultimately comes from honest savers. STOP TRYING TO DEFRAUD HONEST MSEers.

Mods: As an offence has quite clearly taken place, surely you are legaly (and morally as the victims will ultimately be the kind of saver who is on here trying to find ways to save a bit of money) obliged to report it to the police and supply the OPs IP Address???

Kick, Ban, Report.

:rotfl: :rotfl: :rotfl:

What a load of toss :rolleyes:

yellowmonkey

southernscouser wrote: »

No it's not. It's a reduced full and final settlement. IVA's are a totally different kettle of fish.

If you don't know what you are talking about you shouldn't be misleading people with misinformed information.

Leave personal prejudices and opinions out of it. It's bang out of order.

Hear, Hear and well said sir :T

ym

In_Search_Of_Me

wow! What can I say but no wonder people rarely wander from the debt free wanabee boards if they're going to receive that kind of abuse! Seriously hope that the sanctimonious and vindictive among you are never in the same place as we are but I can guarantee you that if you were, no matter how you had got there, we wouldnt kick you when you were down. You should be ashamed of yourselves.

floss2

Wouldn't be so bad if there was less of the codswallop!

At least get your info right before correcting posters asking for advice.

Lavendyr

Actually, most of the responses I can see are very constructive - just one that's not, and that one makes a lot of unconstructive posts on these forums, sadly.

To the OP - I have posted in your DFW thread as well (yes, some of us do read both ), but to reiterate what others are saying, please do not rely on equity in the house to get you out of debt, in the current market it is by no means a guaranteed thing. If you cannot cover the interest on mortgage payments with the rent, most BTL mortgage lenders will not touch you in any case. I would invest that £26k in a high-interest savings account, or throw it at your debts, and make the most from it that you can, because right now, investing in property is not the best use for it and could leave you in even more financial trouble.

Nenen

SquatNow wrote: »

What the OP is proposing is simply fraud and could land him in jail.

Kick, Ban, Report.

Squat now I usually find your posts mildly amusing with some interesting ideas and have previously assumed they were 'tongue in cheek'. However this post of yours makes me doubt your motives very much.

I agree that the situation re Penny Racer's debts and windfall seems rather strange (personally I think I would handle the situation very differently and have some concerns about what is going on) but IMHO, before you get on your high horse, it would be better to read through carefully and ask a few questions before making such frightening and threatening assumptions. For example, Penny Racer clearly states several times that SHE has a husband e.g. "this is all my idea, not my husbands" and yet you write about her being male. I realise you are dyslexic and may find reading a challenge at times (as does my severely dyslexic daughter) so all the more reason to read (and reread if necessary) all the FACTS before worrying people.

Penny Racer, I think the reference to Prozac was probably aimed at Squatnow, not you. Have you tried asking Citizens Advice for some help negotiating with your creditors? Creditors often seem to accept reduced settlements when dealt with through CAB.