Can I get insolvency advice

Hello,

I am currently servicing a mortgage of 1,200 PM
Unsecured loans of the same amout 1,200pm
Creche fees of 1,460 pm
earnings are 50k pa
my unsecured loans and mortgage if fully serviced are 60% of my income..


I am insolvent at this point..Current advice is to default on unsecured
loans and renegotiate in 'take it or leave it' mode...This is a Hobbesian [Eddie] solution !


I have agricultural land that is leased to a farmer...Is there an institution in the country that would give me money based on the value of this land ? Or am I insane looking to borrow again? This is a critical time and just need a year or 2 til small kids start school etc...

Any advice would be greatly appreciated...Thank you

You could more accurately refer to this position as being illiquid rater than insolvent. Not that this would improve the position!
No institution will lend you money based on the value of your land. However, you should be aware that if you default on your loans, the likely consequences are that the lending institutions will take action for judgement against you and register this against all asssets owned by you (including the farmlands).
If the land is reasonable quality it should currently be worth 20/25K per hct (depending on location). You need to consider selling this land. The only alternative I can suggest is that you look to family to purchase an interest in the land. Given your asset position I would not advise you to default on your loans.

Brendan,

Thank's for your prompt reply.

I was wondering how an asset(s) would figure. That is a vital piece of information you have given me: If it is up for grabs in the case of a judgement against me, I'll have to find a safer alternative.

Thanks again

Would selling the land provide the funds that you need to supplement your income?

At the currrent market rate: Yes.

But if you sold the land you would be able to pay back some debt. Would you not then be able to service your loans?

You have a house and land. If you default first they will go after the house, if that is in negative equity then they will go after the land.

have you thought about or do you have room for an aupair,
it would only cost you about 450 a month to have a live in aupair to look after the kids.
you would have to provide heat and food for the aupair and maybe transport but it would be cheaper than the creche fees.