Wipetheslate
Registered User
- Messages
- 51
Age:
41
Spouse’s/Partner's age:
34
Annual gross income from employment or profession:
E12000
Annual gross income spouse:
E30,000
Type of employment:
Me: INCOME FROM RENT -A-ROOM IN HOME AND DIFFERENCE BETWEEN RENT RECIEVED AND INTEREST ONLY PAYMENT ON INVESTMENT PROPERTY (HOUSE)
Expenditure pattern:
We try to pay debts and support kids and family home ,no frills.
Rough estimate of value of home
E350,000
Mortgage on home
E520,000 -
Mortgage provider:
ICS
Type of mortgage: Tracker, interest only, fixed rate
Tracker /INTEREST ONLY
Interest rate
1% ABOVE ECB
Other borrowings – car loans/personal loans etc
HALIFAX CREDIT CARD 12K
MBNA 2K
TESCO VISA 3K
FAILED SOLE TRADER LEASING LOANS
FRIENDS FIRST 12K
AIB 5K
CREDIT UNION 15K
Do you pay off your full credit card balance each month?
NO
Savings and investments:
E5800 savings IN CREDIT UNION / HELD FOR LOAN
Do you have a pension scheme?
NO FOR BOTH
Do you own any investment or other property?
RETAIL SHOP MORTGAGE 288,000
WORTH 150,000
RENT 15K
INTEREST ONLY PAYMENT NOW 21,200
PTSB 7.35%
NPPR HOUSE MORTGAGE 300,000
WORTH 220,000
RENT 14400
Interest only payment 690 pm
ICS Tracker 1.25 above ECB (10 YR INTEREST ONLY) 4 YEARS LEFT ON INTEREST ONLY.
Ages of children:
6 & 3
Life insurance:
MORTGAGE PROTECTION INSURANCE ON ALL PROPERTIES ONLY.
What specific question do you have or what issues are of concern to you?
As you can see things are not looking good
I had to close my business Aug 2010 and things have gone from bad to worse ever since .A Lot of the credit card debt and unsecured debt was built up trying to sustain the failing business and 4 families livelihood's ,but in hindsight I should have closed in 2009.
Having a young family and a working partner I'm beginning to consider declaring bankruptcy in England or wales. Would you ? I don't know too much about the procedure but as I can see you need to wait until the banks repossess all my properties and when the shortfall is registered as a judgment against me that is the time to go bankrupt and wipe the slate.
the investment shop and investment house are in my sole name and mortgages too, our home is in both our names and mortgage in both names too, all unsecured debt is in my name only.
WE ARE NOT MARRIED
IS THERE ANY WAY OF STILL BEING ALOWED TO LIVE IN OUR FAMILY HOME IF I DECLARE BANKRUPTCY ?
BANKS OWN HALF AND PARTNER OWNS HALF ?
ANY ADVICE WELCOME
THANKS
41
Spouse’s/Partner's age:
34
Annual gross income from employment or profession:
E12000
Annual gross income spouse:
E30,000
Type of employment:
Me: INCOME FROM RENT -A-ROOM IN HOME AND DIFFERENCE BETWEEN RENT RECIEVED AND INTEREST ONLY PAYMENT ON INVESTMENT PROPERTY (HOUSE)
Expenditure pattern:
We try to pay debts and support kids and family home ,no frills.
Rough estimate of value of home
E350,000
Mortgage on home
E520,000 -
Mortgage provider:
ICS
Type of mortgage: Tracker, interest only, fixed rate
Tracker /INTEREST ONLY
Interest rate
1% ABOVE ECB
Other borrowings – car loans/personal loans etc
HALIFAX CREDIT CARD 12K
MBNA 2K
TESCO VISA 3K
FAILED SOLE TRADER LEASING LOANS
FRIENDS FIRST 12K
AIB 5K
CREDIT UNION 15K
Do you pay off your full credit card balance each month?
NO
Savings and investments:
E5800 savings IN CREDIT UNION / HELD FOR LOAN
Do you have a pension scheme?
NO FOR BOTH
Do you own any investment or other property?
RETAIL SHOP MORTGAGE 288,000
WORTH 150,000
RENT 15K
INTEREST ONLY PAYMENT NOW 21,200
PTSB 7.35%
NPPR HOUSE MORTGAGE 300,000
WORTH 220,000
RENT 14400
Interest only payment 690 pm
ICS Tracker 1.25 above ECB (10 YR INTEREST ONLY) 4 YEARS LEFT ON INTEREST ONLY.
Ages of children:
6 & 3
Life insurance:
MORTGAGE PROTECTION INSURANCE ON ALL PROPERTIES ONLY.
What specific question do you have or what issues are of concern to you?
As you can see things are not looking good
I had to close my business Aug 2010 and things have gone from bad to worse ever since .A Lot of the credit card debt and unsecured debt was built up trying to sustain the failing business and 4 families livelihood's ,but in hindsight I should have closed in 2009.
Having a young family and a working partner I'm beginning to consider declaring bankruptcy in England or wales. Would you ? I don't know too much about the procedure but as I can see you need to wait until the banks repossess all my properties and when the shortfall is registered as a judgment against me that is the time to go bankrupt and wipe the slate.
the investment shop and investment house are in my sole name and mortgages too, our home is in both our names and mortgage in both names too, all unsecured debt is in my name only.
WE ARE NOT MARRIED
IS THERE ANY WAY OF STILL BEING ALOWED TO LIVE IN OUR FAMILY HOME IF I DECLARE BANKRUPTCY ?
BANKS OWN HALF AND PARTNER OWNS HALF ?
ANY ADVICE WELCOME
THANKS