Is bankruptcy really the only way out?
Ordinary people often don’t understand the language used in insolvency or bankruptcy matters. People are afraid of the letters and are put off by the fact that they don’t actually think they can do anything about it.
We are expert Insolvency problem solvers and the first task conducted by us to to ensure that the person grasps the meaning of what is exactly happening and the implications if they fail to respond properly to action that is being taken against them.
Here is one example of the questions we receive. Please be sure to look through our other bankruptcy questions.
My husband has divorced me from his finances. I have been dependant on him for the last 3 years as I am a live at home mother. When I met him I had a £50,000 liability to Northern Rock for a 120% mortgaged property that was repossessed and I have been repaying the shortfall for the past 4 years. I have two other debts which are credit cards totalling £7,000.00. I am just wondering if there is any other option.
We could try a full and final settlement with Northern Rock and then obtain a payment holiday with the possibility of freezing the interest payments and reducing the payment down to £1.00 per month for a period of 6 months.
This would give you the opportunity to get yourself repositioned and placed where you have an income and can manage your debts independently without 3rd party assistance. In many instances we are able to negotiate positive solutions with lenders that people generally are not aware of.
However, this will require you coming up with some money and if this is not possible bankruptcy is without doubt the best solution, as the amounts involved are sizeable. A plus point is that you will not have to attend court as everything is processed online and over the phone.
Bankruptcy UK has been helping people with bankruptcy since 1998 and will guide you through the process step by step. We will avoid jargon and confirm all discussions by email within 30 minutes. Call us for a chat about your circumstances on 01425 600129.