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Hi debbie, just setting this thread up for you with the basic info you have given me so far.
Credit Councelling Service have recommended that you go bankrupt after discussing your financial difficulties with them.
I am assuming so please correct me that you have some arrears owing on your mortgage/secured loan and that is why you have started thinking about selling in negative equity or being repossessed which led you to speak to the debt advisory services ?
Before going into the whys and wherefores of bankruptcy i think it would be wise to look at your circumstances and see if there is another way to sort things out. You don't want/need to sell your property to move jobs etc or anything and would like to retain it if you can.
Once you have sent over your IE form things will be a lot clearer but for the moment;
Monthly income £1600.
Property current value - £130k
Mortgage - interest only over 25 years - £112k with early settlement fee of £6k - payments £950 pcmonth
Secured Loan - 27k
Unsecured Debt - credit cards etc - 15k
On your IE if you can list who the cards/unsecured debts are with and who the secured loan is with - the term etc.
and welcome to beagles
Credit Councelling Service have recommended that you go bankrupt after discussing your financial difficulties with them.
I am assuming so please correct me that you have some arrears owing on your mortgage/secured loan and that is why you have started thinking about selling in negative equity or being repossessed which led you to speak to the debt advisory services ?
Before going into the whys and wherefores of bankruptcy i think it would be wise to look at your circumstances and see if there is another way to sort things out. You don't want/need to sell your property to move jobs etc or anything and would like to retain it if you can.
Once you have sent over your IE form things will be a lot clearer but for the moment;
Monthly income £1600.
Property current value - £130k
Mortgage - interest only over 25 years - £112k with early settlement fee of £6k - payments £950 pcmonth
Secured Loan - 27k
Unsecured Debt - credit cards etc - 15k
On your IE if you can list who the cards/unsecured debts are with and who the secured loan is with - the term etc.
and welcome to beagles
