J
Hello Steve,Ive been reading your posts Re Bankruptcy in Uk,I had a small business here in Ireland,not huge debts by any means,€25,000 to bank,€7,000 to a supplier,but im on dole here at moment,so def no chance of making payments,Im singe,no kids,no mortgage,no van,this was repossessed,€5000 owed on that,the bank loan was signed by meself my brother in law,because he had his own house,I have a brother in Uk,running his own small company,do you think its possible for me to just up/leave here,sign on dole there,find work,and go into bankruptcy
Regards Jamesy
Hi Newlife,
I am a self-employed female and single parent in a very similar situation to you, and am also considering the UK Bankruptcy route.
I worked hard all through my life (or so i think!!). I am 39 with wife and 2 kids. I bought first house in 2005 for 305000 and after one year decided to move to a bigger city so put that house on sale and bought another for 500000 with a condition from bank that i'll sell my previous house asap. However, things took a nasty (or realistic) turn by late 2006 and house prices plummeted fast as we all know.
Now, after so many years, i have 2 mortgages with 280000 due on first one and 490000 on second one ( i paid a bit on both). for last 6 months, I am unemployed and due to small kids, my wife doesn't work either. I couldn't afford hefty mortgage so moved out of my second house to rural Ireland in a cheaper house, down graded my car to old Micra, no holidays for last 2 years, no shopping from January sales, keeping my outgoings to the best minimum.
Currently, first house is i negative equity of almost 75000 and second one of 250000...i've rented out both of them but still there is deficit of almost 1100/pm. and on top of it, there is 1700 management charge on my second house.
By no means, i am able to pay that much deficit per month and have spoken to banks but there is no way the'll accept even interest only option as i had those houses on interest only for first 2 years..
i just dont know what to do....Any help/suggestion/way out....please
Thanks..
P.S. I know i am responsible for all this mess and as i am morally some what lower than all those builders/develops/NAMA dry cleaned people, so please advice as to get out of these mortgages rather than moral bull @#$t...sorry for being blunt but i am at breaking point especially when i read news of those a#$ holes living in English mansions while we are been told to be morally upright...my a@#e...
Given your financial position as presented the banks have little option but to agree to a reduced payment schedule. With no income (assumed other than SW payments) the Banks will have to deal with you in accordance with your financial circumstance. If you have'nt done so already, make an appointment with MABs. Pay the Banks what you can afford from the rental income on the properties in the interim & cancel any direct debits to your loan accounts, pending reaching a formal agreement. Ultimately both propertis will need to be sold.
No you wont end up in jail. I don't believe they will want to bankrupt you either. It's not in their interest to do so. Not being able to rent out your house is a standard line, also not being able to run a business from your home.
I m seriously thinking of stopping all payments to those banks (both banks are major lenders in markets), spend thousands on my credit cards, get a hefty car loan (if I can!), wine and dine in style and once they go to the court, will run away to overseas !!!
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I have been in Court 50-60 times during this period (representing myself), .
Bloody hell! Talk about abuse of process. Most judges would not tolerate such carry on.I have been in Court 50-60 times during this period (representing myself), attempted to deal with my situation through the existing legal system which has brought me no closer to any kind of resolution, and has served only to line the pockets of the various Legal 'Professionals' who in the absence of easy money from Conveyancing have to rely on drawing out the legal process by requests for irrelevant 'particulars' & repeated adjournments to maximise their Fees.
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