I am considering the option of declaring myself bankrupt. I am at present unemployed, but hopefully will have another job soon. I am approx £8,000 in debt and cannot afford paying the loan off and owning a home. The mortgage and ground rent are becoming higher and higher every year and so are the cost of living. Is there other options for me, or would bankrupt be the bext option? Thank you
As your level of debt is very low, I would suggest that thoughts of BR are a little premature at this point. I would suggest entering into a DMP (debt management plan) where your payments are based on affordability. This will buy you enough time to get yourself back on your feet.
I agree with Julian - and perhaps you ought to be thinking of selling the property if you are finding the costs too high. If you were to go to cheaper rented accomodation, you might even be able to pay the debts off over time in full.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
would bankrupt be the bext option?
Posted - 04 July 2008 : 14:16:01
