The Dark Clouds Are Gathering

[Admax]

Re: The Dark Clouds Are Gathering

Admax,

I mentioned this to you ages ago, but you may have forgotten (as I had about telling you about Law Centres lol), if you're able to scan your lease and e-mail it to me, I can get a barrister to go through it at no cost to you.

Damn you're right, you did mention it. I told you my head's a shed.

I'll make the effort to sort it out this weekend.

Thanks

[Admax]

Re: The Dark Clouds Are Gathering

News just in...

My landlord and I happen to share a mutual friend, though my landlord isn't aware this guy is a mutual friend. Anyway, this 'friend' has just been to see me to tell me my landlord is flying back from Tenerife on Monday and has an appointment with his solicitor on Tuesday.

So on a positive note, at least now I know my landlord is aware that I'm intending to shut down the business. On a slightly less positive note, this would suggest sometime next week I'll have an idea of how far up my ass they intend to stick their collective boots.

[lookingforward]

Re: The Dark Clouds Are Gathering

Just to add to my woes (now there's a suprise). It now transpires that as the tenant of the property, I will also be responsible for the business rates until such time as I'm no longer the tenant.

Now that wouldn't be such a bad thing if there were no rates to pay on an empty commercial property. Unfortunately, the self serving pigs that call themselves our Government, decide a short while ago that rates would only be rated at 0% for the first three months and then would revert to 100% after three months.

So if anyone out there has a shit load of debts they would like to get rid of, just stick them in my name. I seem to acquire at least one new debt a day, so a few thousand more 'aint gonna make any difference now.

The fight hasn't even begun and I've lost the stomach for it.

Can't offer any advice, but just read your latest blog post and can feel your pain.

Would just say to try and stay strong and face each issue as it arrises. My OH half always says to me regarding worrying that if there's something you can do about the situation, then do it. If you can't then what's the point in worrying about it, because it's beyond your control.

Wise words that don't always work for me unfortunately, but you get the giste.

I've had the vultures circling around me for a good couple of years now since my business failed, so far I've managed to bat them away mostly when they swoop down for a chunk of me (thanks to the help on here), and thankfully they now seem to be taking longer between swoops.

[Admax]

Re: The Dark Clouds Are Gathering

Can't offer any advice, but just read your latest blog post and can feel your pain.

Would just say to try and stay strong and face each issue as it arrises. My OH half always says to me regarding worrying that if there's something you can do about the situation, then do it. If you can't then what's the point in worrying about it, because it's beyond your control.

Wise words that don't always work for me unfortunately, but you get the giste.

I've had the vultures circling around me for a good couple of years now since my business failed, so far I've managed to bat them away mostly when they swoop down for a chunk of me (thanks to the help on here), and thankfully they now seem to be taking longer between swoops.

Thanks for your kind words and support...

As well as being physically and mentally tired at this moment in time, I guess I'm also a little frustrated and angry at getting myself and my wife into this situation in the first place.

[lookingforward]

Re: The Dark Clouds Are Gathering

Thanks for your kind words and support...

As well as being physically and mentally tired at this moment in time, I guess I'm also a little frustrated and angry at getting myself and my wife into this situation in the first place.

I felt the same, the business idea was mine and virtually our whole debt now is down to it. I also feel guilty about our kids who were young at the time having to spend all their time at the shop too when they should have been out with their friends.

Still you live and learn, I certainly have. The business idea was good, however I have learnt that location is so important, and of course the financial downturn couldn't have come at a worse time for a fledgling business, still too late now and we had a good 4 out of the 5 years we were trading. Plus as my OH said if it had working we'd be sitting in clover now, and you never know unless you take a chance.

Stick with it, you'll come though in the end.

[Admax]

Re: The Dark Clouds Are Gathering

Quick question...

Am I right to assume that if a debtor has a charge on my house, that debt would not be included in any future bankruptcy?

[BBoo]

Re: The Dark Clouds Are Gathering

CCJ's are included in bankruptcy. Second charges against a house are usually the result of having a CCJ against you, so common sense would dictate the CCJ would be included, and thus the charge against your house would be removed.

I AM NOT SURE OF THIS! Please wait for solid advice from someone who knows a definitive answer, but that would seem sensible to me.

In any case, your house is up for grabs in the case of BK, so again it would seem logical a charge against it must be included too.

[Admax]

Re: The Dark Clouds Are Gathering

Here's my twisted thinking BBoo...

If somehow one could contrive for one or more debtors to get a charge on your house, then in effect it no longer has any equity, which in effect would mean the OR would not benefit from selling it.

Of course this cunning 'baldrick' type plan would only work if the debtors with the charge were included in the bankruptcy. Otherwise no point in going bankrupt.

[Admax]

Re: The Dark Clouds Are Gathering

Continuing with my diary of the 'Journey', here's the latest update...

http://debtfreethejourney.blogspot.c...all-steps.html

If the mods would rather I didn't use threads just to promote my Blog, then please let me know and I will stop. I don't want annoy anyone or breach forum rules in any way...

[swanfan]

Re: The Dark Clouds Are Gathering

Maybe this link will help?

Bankrupt's home | Personal | BIS

[Admax]

Re: The Dark Clouds Are Gathering

Thanks Swanfan, having a read of it now...

[Never-In-Doubt]

Re: The Dark Clouds Are Gathering

If the mods would rather I didn't use threads just to promote my Blog, then please let me know and I will stop. I don't want annoy anyone or breach forum rules in any way...

You have had my permission to post links to your blog thus it is fine. If I felt it wasn't then we'd ask you to stop.

It's fine, interesting reading

[Admax]

Re: The Dark Clouds Are Gathering

You have had my permission to post links to your blog thus it is fine. If I felt it wasn't then we'd ask you to stop.

It's fine, interesting reading

Thank You!

[SXGuy]

Re: The Dark Clouds Are Gathering

Im not sure if they base equity on the charges as well, or just the mortgaged value and the sale value.

because if the mortgaged value was 180,000 and the sale value was 200,000, there would technically be 20k equity, to split between the secured debtors. get my drift?

[Admax]

Re: The Dark Clouds Are Gathering

Im not sure if they base equity on the charges as well, or just the mortgaged value and the sale value.

because if the mortgaged value was 180,000 and the sale value was 200,000, there would technically be 20k equity, to split between the secured debtors. get my drift?

I understand what you mean, but I do know if I have a mortgage for £120,000 and a value of £130,000 but I also have a secured loan of £10,000 then there would be no equity in the home.

So I guess the simple question is whether a charge on the house is the same as a secured loan and if it is then there would be no equity to release. However and this was my original query. Would the debts that had charges on my house be included in the bankruptcy?

I can't think for one minute this would work, because if it did then I'm sure I would have come across it somewhere already.