mortgage/revenue arrears

[matt murphy]

Hi,

I am self employed, 3 tracker mortgages with Boi total 1 million. 3 propertys worth maybe 950k. married 2 kids wife not on mge wife has income of net 7k a month through own company my self employed income varies maybe 5k a month including 1,500 rent. apartment worth 150k mge 220k ppr and cottage probably value=mge. repayments 5.5k a month maybe 10-15k in arrears. owe revenue 80k .wife has been subsidising mge, revenue putting on pressure trying to pay 1k a month but mge suffering and would take 8 plus years.

Thinking of bankruptcy to clear decks if reduced to one year, hoping to clear apartment debt and revenue. does wife have any equity in house though she is not on the mge, could she take over the ppr mge and cancel the others after bankruptcy.

 

[Gerry Canning]

looks very probable bankruptcy will be 1year from 2016.

Go to a good debt manager and run the figures.
You do not want this staggering on for 8 more years.

Some posters here are excellent and if you posted full particulars you will be pleastantly surprised at the advice.

 

[Bronte]

Matt is there any hope you could try and give us all the figures, all properties, values, mortgages etc. do the money makeover thread.

Also I don't understand how you are inflating your salary to 5 k with 1.5k being rent when your wife us paying your mortgages.

Also if you are going bankrupt it would be foolish of her to pay anything towards your debts. But as usual on here we only hear 1/3 of the real situation which makes advice a nonsense in most cases.

 

[matt murphy]

Will do but away till monday. Income self employed varies was higher now 3-4 k a month plus 1.5k rent. Mges paid through my account. She has lent various sums, some of which were paid back. She is owed 10-15 k. I take the point but options are limited