I currently have 3 unsecured debts; 2 credit cards and a personal loan totalling to just under £14000. I haven't made any payments since round about March this year. I also have 2 properties; one almost in negative equity and the other with a little equity left if I manage to sell soon.
I am in arrears on both mortgages, have what I believe to be suspended repossession orders on them also. I had buyers lined up over the summer, which allowed the lenders to give me more time, but they both fell through.
The property with a little equity is worth approx. £580k and I owe approx £467k on the mortgage including the arrears, £60k for the bridging loan and £20k to a friend who is insisting that I secure the £20k on the property in order for them to not pursue legal proceedings against me.
The property almost in negative equity is worth roughly £235k but I owe that with the mortgage and the arrears.
To make matters worse, I rented out the property with equity because I couldn't keep up with the mortgage payments. The tenants owe me approx £9000 in rent arrears and are not willing to leave. (My solicitor is currently arranging eviction proceedings against them) I need them out in order to complete on any sale which may arise. I have the property on the open market but do not have much time.
I am being called about 6 times a day from HSBC & Lloyds, who I have to loan and credit cards with.
I am considering filing for bankruptcy...please let me know if there is anything that I can do. I have contacted PayPlan and took their advise by writing to the banks and making a token payment of £1 per month until I get all the information relating to the unsecured debts.
The really annoying thing is that I can clear everything if I could just sell the property with some equity.
Can anyone make any suggestions |