debt advice

[Clog II The Avenger]

If you have no assets I would advise you to go for bankruptcy after you have bough you one way tickets. I believe that there is only one year now that you need to remain bankrupt before you are discharges. Doing it this way means you do not have the burden of debt over you.

PS. When my last parent died my portion of the Will was worth £25,000. The legal fees in defending the Will against predators cost me £28,000.

[lORD lUCAN]

If you have no assets I would advise you to go for bankruptcy after you have bough you one way tickets. I believe that there is only one year now that you need to remain bankrupt before you are discharges. Doing it this way means you do not have the burden of debt over you.

PS. When my last parent died my portion of the Will was worth £25,000. The legal fees in defending the Will against predators cost me £28,000.

I helped my other half thru bankruptcy a year ago, it was so easy i couldn't beleive it, they wrote 25k off without any problem, they also only make you bankrupt for 6 months now, of course, there are complications when trying to get a bank account, which she has now achieved (without credit facilities though).

My advice would be to go for bankruptcy, this is not the populist view i know. However, if you are away for sometime, chances of you keeping up repayments will be slim. And to reiterate someone elses note, make sure you pay any outstanding government bs, council tax, whatever it is. They're the only ones who can lock you up, especially if you only have unsecured loans.

[ASB]

I helped my other half thru bankruptcy a year ago, it was so easy i couldn't beleive it, they wrote 25k off without any problem, they also only make you bankrupt for 6 months now, of course, there are complications when trying to get a bank account, which she has now achieved (without credit facilities though).

My advice would be to go for bankruptcy, this is not the populist view i know. However, if you are away for sometime, chances of you keeping up repayments will be slim. And to reiterate someone elses note, make sure you pay any outstanding government bs, council tax, whatever it is. They're the only ones who can lock you up, especially if you only have unsecured loans.

Although the bankruptcy rules have been relaxed it's what happens for the rest of your life that is also important. Most normal institutions won't touch a previous bankrupt with a long pole. This may or may not pose problems.

An IVA is generally likely to be a better option.

[BankingContractor]

I have a friend in a similiar situation - he has a mortgage with his wife which together they can just about cope with. On top of that he still has an outstanding unsecured loan, which he can't pay as well.

I've asked him to go to CAB and see what they can advice as I reckon they should be able to do work out a deal with the loan firm at 25%-40% of the overall settlement price. Question is, can the loan firm make a claim on the shared house, even if he is likely to default on that loan, and the loan is unsecured?

Thanks

[Dawn]

I have a similar problem too. I am second in command of a business that is losing several billion pounds every month. Luckily we have a money tree so it doesn't matter. My advice is to get a money tree.

[Perhentian]

Hold on. I think you are 150 years late. Wasn't it a long time that people went to Australia when they were naughty?

Think you should look at the current trends and aim for Brazil.

Not that I know or anything.

[Clog II The Avenger]

I have a friend in a similiar situation - he has a mortgage with his wife which together they can just about cope with. On top of that he still has an outstanding unsecured loan, which he can't pay as well.

I've asked him to go to CAB and see what they can advice as I reckon they should be able to do work out a deal with the loan firm at 25%-40% of the overall settlement price. Question is, can the loan firm make a claim on the shared house, even if he is likely to default on that loan, and the loan is unsecured?

Thanks

Even if the loan is unsecured they can put a charge on the house and ask the Court to force a sale.

[ASB]

Even if the loan is unsecured they can put a charge on the house and ask the Court to force a sale.

They can't put a charge on the house.

First they have to sue. Then assuming they win they have to wait for the lender to default on the court order before they can do anything else.

The court can force a sale of assets to cover the debt.

[meridian]

I have a similar problem too. I am second in command of a business that is losing several billion pounds every month. Luckily we have a money tree so it doesn't matter. My advice is to get a money tree.

Your last name isn't Primarolo, is it?

[Bitbucket]

I have a friend in a similiar situation - he has a mortgage with his wife which together they can just about cope with. On top of that he still has an outstanding unsecured loan, which he can't pay as well.

I've asked him to go to CAB and see what they can advice as I reckon they should be able to do work out a deal with the loan firm at 25%-40% of the overall settlement price. Question is, can the loan firm make a claim on the shared house, even if he is likely to default on that loan, and the loan is unsecured?

Thanks

Anyone you owe money to can make you bankrupt , if you owe over 750 quid to them. The process is expensive but the creditor can claim these costs against you so its you that ends up paying.

If your friend owns the house with his wife then the IP can get an eviction order even tho the wife does not owe anything to the company.

If your friend can only just cope with the mortgage then how is he going to offer 25-40 % to the loan company?