# Advice needed for Money Makeover



## DeepRiverock (27 Mar 2012)

Hi there,

I am a separated male aged 36 and ran a very profitable haulage company during the good years. I actually sold the company for €2.6m in 2008. Things were good at the time and i was happily married. However in late 2008 we started having problems and eventually my wife left me and this is where things went south. She took half of the €2.6m money and half of my €200k in savings at the time. 

To make things worse I got caught up in the property bubble as i was advised to do so with my remaining half of the money and my savings used it as leverage to borrow another €1.2m and bought 2 commercial units and 2 houses  for €2.6m in total. This was ok for about a year and a half, they were covering the loan and the property was increasing in value. However the tenants went into liquidation and now the commercial units are not rented as i cannot find a tennt and the houses are only rented for €600 each per month. I have a loan payment of approx €10k per month. This loan is in arrears for the past two years and the bank are afer me. I cannot pay this as i am currently unemployed. 

I still have my S class merc from the good days and cant even sell it as no one will buy it as its a 4.0L petrol. The price of fuel is crippling me aswell. Im back living with my parents rent free at the moment. The wife is now living in our old house with a new fella. To make things worse she didnt spend her half and is sitting pretty...

I have lost all my money and dont know what options are open to me... Someone told me to go to the uk to go bankrupt, could this work for me? Thanks, Mike


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## 44brendan (27 Mar 2012)

I don't see the bankruptcy option as being of any benefit to you. All your assets are held by banks as security and you have no income source other than SW. The banks can do little other than to reposess the secured properties. Why not write to them, detail your financial position and offer to settle with them by voluntary assisting in selling the properties. They have little option given your financial position.


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## Bronte (27 Mar 2012)

The advantage of going to the UK is that you'll  be done and dusted in little over a year.  The sooner you go the sooner the nightmare starts to end.  If you stay it will be no dragged out by the banks as they continue to dither on what to do with people like you.  And I see no sign of their being any urgency by the government bringing in the much needed and long long awaited insolvency regime and even when they bring it to law it doesn't look like they know what system to actually put in place for it.

And forget focusing on your ex.  Lucky for her she didn't invest in property.  Just lucky, that's all.  Leave it in the past.  Otherwise these things can fester and drive you mad.


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## PaddyW (30 Mar 2012)

Bronte said:


> And forget focusing on your ex. Lucky for her she didn't invest in property. Just lucky, that's all. Leave it in the past. Otherwise these things can fester and drive you mad.


 
Top class advice, forget the ex, forget the past. Focus on the future and how to rid yourself of the complications as soon as is possible.


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