Note: You must be registered in order to post a reply. To register, click here. Registration is FREE!
T O P I C R E V I E W
james.k
Posted - 04 July 2008 : 11:17:14 hello i own a flat which is on the brink of being repossed i also have an unseured loan of 20,000 tied in with this. credit card bills to 3,500 consumer goods to the value 3,000 on a buy now pay later bases.i have just got ajob as a casual postman,one week i work 25hours,the next maybe 15.the debts which i have compiled i have no hope of repaying.i need to know what the solutions are. i am not married no kids and am 25year old male using my parents computer.
2 L A T E S T R E P L I E S (Newest First)
JulianDonnelly
Posted - 04 July 2008 : 16:37:58 Hi James and welcome to the forum.
I would suggest (from the information you have provided) BR is appropriate for you. When your flat is reposessed, the lender has to try and sell it on the open market for a couple of months. If unsucessful, it will go to auction and only realise 75% (on average) of it's market value. Any shortfall in what is received and what is owed will become a new unsecured debt to yourself which will then be written off in your BR.
The best advice you could get would be from an Insolvency professional. Most will provide their time free of charge for an informal discussion. There are number of them on this forum and you can get their contact details on here too.
