House May Be Repossessed If Something Isn't Done Soon

PinkGrapefruit_2

How you/your father could have gained so much credit (legitimally) on such low incomes is beyond me. Sounds like you have been living the high life and well beyond your means and now things have caught up with you, you either want the council to look after you or run away. Nice! Well sorry I have no advice, and as a law abiding person any advice I have would probably be of no use to you anyway.

nimbo

if she is under 16 then you really don't want her to go into care, if that is what you are talking about...

it's hell.

and to be honest i thoght DFW was about facing up to your debts, not trying to balg your way out of them through immoral actions.

all you have to do is look a some of the diaries of really courageous people on here who have worked really hard to get themselves out of debt, or have had to make rellay hard decisions/and live off pennies in order to survive, to know that you're posting in the wrong place.

southernscouser

OK I dunno about anyone else but I'm totally bloody confused. :rolleyes:

Gnomemeister, are you posting as yourself and Remy LeBeau? Is anything here written by your father or is it just you?

And lets clarify what exactly the scenario is. £400,000 of debt. Assets of £450,000. Correct?

And is your task to ask whether you should sell the house, pay off the debt, and hopefully walk away with £50,000? Or is it to find a way of avoiding paying the debts and walking away with as much as possible?

If the latter you are in the wrong place. But can I just add that should you try it you could end up with nothing.

If the former then this is by far your best option. If you decalre bankruptcy and are forced to sell the home/assets then you aren't likely to walk away with a bean.

Edit: Oh and even if you do pay off all these debts and walk away with £50,000 you won't be able to sustain the current lifestyle you have. Credit won't be available to you.

Remy_LeBeau

nimbo wrote: »

if she is under 16 then you really don't want her to go into care, if that is what you are talking about...

it's hell.

Quite right, that's not what I was referring to at all.

nimbo wrote: »

and to be honest i thoght DFW was about facing up to your debts, not trying to balg your way out of them through immoral actions.

all you have to do is look a some of the diaries of really courageous people on here who have worked really hard to get themselves out of debt, or have had to make rellay hard decisions/and live off pennies in order to survive.

TBH, I don't think my Dad is trying to find some way not to pay the debts, it's me entirely trying to do so. We haven't "lived the high life" as you put it, my Dad has paid for his four children's upbringing over the past 30 years or so, and has not earnt anywhere near enough to cover that cost (and no, we didn't have £500 Christmas's etc like I lot of people I knew when I was younger, and we didn't go on holidays to Florida etc). I've already agreed with my 2 sisters that we will financially support our parents from now on, since they have been left with very little, but by golly, if we can hold onto the family home and screw the creditors, without legal repercussions, then that's exactly what we're going to do, sod morals, pride etc.

PinkGrapefruit_2

"We haven't "lived the high life" as you put it"

Just to clear it up it was actually me that said that, I didn't mean to be harsh but I still stand by what I said.

southernscouser

Remy_LeBeau wrote: »

but by golly, if we can hold onto the family home and screw the creditors, without legal repercussions, then that's exactly what we're going to do, sod morals, pride etc.

OK so this is your priority. We are getting some where.

Screwing them legally. Basically you don't have much choice. The money was borrowed, it needs to be paid back. There are only a few instances where it isn't.

1) Statute barred debts. If you have debts older than 6 years, in which you have had no correspondence with the creditors (eg making a payment, entering into dialogue) then these can be written off (other than crown debts ie council tax and I believe mortgages).

2) Bankruptcy. I'm no expert but there are plenty on the BR board. However it's almost inevitable the house will be sold.


Asking for imoral options probably won't get you much response on this board. Certainly not from me anyway. But some people may wish to answer.


Your other options.

Perhaps an IVA or a DMP. Both require monthly funding but are totally different options. However if your dad is running a failing business then an IVA is the last thing you want. He needs a steady and regular income.

http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

nimbo

i didn't say you'd lived the high life, but the £120'000 would point to that...

my mother also bought up 4 children, alone, and never had anything close to that amount of debt on cards or anywhere else (apart from the mortgage). and she supported two of us through uni.

i have no idea how £120'000 could be considered normal living costs. and what you are suggesting has nothing to do with pride, it really is all about dishonesty, morals, and more importantly the law.

rather than trying to convince yourself that you are trying to stop creditors getting what you feel isn't due to them (when it sounds like it probably is), you should be giving your parents the numbers for CCCS and other similar charities.

mummytofour

120k in debts would be normal if they had been used to pay the 3k pcm mortgage.

Remy_LeBeau

nimbo wrote: »

you should be giving your parents the numbers for CCCS and other similar charities.

Already have done (as have CAB).

Remy_LeBeau

mummytofour wrote: »

120k in debts would be normal if they had been used to pay the 3k pcm mortgage.

It wasn't always that expensive, the length he could negotiate kept being shortened every time it was remortgaged to incorporate more debts (and all the interest that debt would have accrued over the last ~15 years); it started as a £40k mortgage.