Like other posters I have been contemplating filing for bankruptcy in the UK. I have been considering this option for well over a year.
I had struggled to renegotiate all my personal debt and had to go overseas to engage with a debt management company. Within days the non secured debt was negotiated and I was put on a payment plan. Happy days I thought . . . Wrong!
I had to try and renegotiate my mortgage, which I was finding almost impossible to do; this was pre MARPs. My provider never offered me the option of a mortgage payment break and I continued paying interest and part capital each month. I was financially wiped out.
When MARPs was introduced in 2011 my provider agreed to allow me access to it. My situation has disapproved further and the bank are somewhat distancing themselves from my case. The inevitable repossession I am assuming is around the corner.
I have now broken my MARP agreement as I am trying to save what I can in the event I am put out of my home. There is no family I can turn too so I will be virtually homeless.
The debt management company is proposing I go bankrupt. I am aware of the positives of taking such action but am wary of the negatives.
All my life I have worked in the construction sector. My education is limited, apart from my trade. I am also in my late fifties. Does any of this make me a good candidate for bankruptcy?
I have been researching a business concept and have looked at obtaining a grant from EU funding. Did you know you are unable to do so if you are bankrupt?
I suppose I need convincing that bankruptcy is the answer. I am still unconvinced that declaring myself bankrupt and starting a fresh is as easy as we are lead to believe.
I had struggled to renegotiate all my personal debt and had to go overseas to engage with a debt management company. Within days the non secured debt was negotiated and I was put on a payment plan. Happy days I thought . . . Wrong!
I had to try and renegotiate my mortgage, which I was finding almost impossible to do; this was pre MARPs. My provider never offered me the option of a mortgage payment break and I continued paying interest and part capital each month. I was financially wiped out.
When MARPs was introduced in 2011 my provider agreed to allow me access to it. My situation has disapproved further and the bank are somewhat distancing themselves from my case. The inevitable repossession I am assuming is around the corner.
I have now broken my MARP agreement as I am trying to save what I can in the event I am put out of my home. There is no family I can turn too so I will be virtually homeless.
The debt management company is proposing I go bankrupt. I am aware of the positives of taking such action but am wary of the negatives.
All my life I have worked in the construction sector. My education is limited, apart from my trade. I am also in my late fifties. Does any of this make me a good candidate for bankruptcy?
I have been researching a business concept and have looked at obtaining a grant from EU funding. Did you know you are unable to do so if you are bankrupt?
I suppose I need convincing that bankruptcy is the answer. I am still unconvinced that declaring myself bankrupt and starting a fresh is as easy as we are lead to believe.