Bankruptcy expert needed

[harrisonford]

just a thought here and need someone who has experience... so no guess work please

in the current climate im sure a lot of forces people have come under a lot of pressure.

here is my dilemma

on posting 6 years ago from an outer london area i was unable to sell my house due to the current market at the time, so i rented the house out and it made about even each month.

2 years down the line i married and due to the mortgage offers at the time secured a great new property.

we had 2 great incomes and life was sweet

a few more years down the line after yet another posting at the time off the crash and a wife not working i have 2 properties now in negative equity...

so half an income and two houses that cannot be sold...

with mortgage payments being impossible to meet..

how would the RAF look on the fact that i may go bankrupt? not due to my own stupidity but due to a series of very unlucky events?

thanks

 

[ForgottenName]

You would not be the first airmen to go bankrupt (I got involved one when I was WO PSF in Germany in the early part of this decade and he remained in the RAF); however, you do need to seek professional help and urgently.

I hope that I am not teaching you to such eggs, but your first ports of call should be interviews with your mortgage lender(s) and the Citizen's Advice Bureau.

Following your meetings you will be able to explore the full range of options open to you, such as such as, but not restricted to, moving into Service Families Accommodation and letting your houses be repossessed by the mortgage lenders and then discussing options over the remaining debt. That is at one end of the scale, the other end is that your mortgage lenders may discuss your repayment options.

 

[harrisonford]

thanks

thanks

yes i plan to move into service accom asap, and let the second property.

only one property will be the problem i guess as the first covers the mortgage by the current tenant.

i think the second property will leave me some 50k neg equity as shortfall, not a nice amount and may take some 10 years or longer to clear, but better than drag on paying interest only for ever.

unless house prices go up by 40% lol

i wont mention it to the raf as im sure they will just jump on the negative side of this, as actually im a very responsible person

 

[ForgottenName]

You don't need to mention it to the RAF and their regulations quite clearly state (ex Chf Clk with 34 yrs experience) that your financial status is your responsibility. Although if if got to the point where the bailiff's were going to barge through your door and make your family homeless whilst you were OOA, it might be worthwhile mentioning it before you proceeded.

On a positive note, the actions as you have stated demonstrate your integrity - so no worries on that part.

I wish you luck.

 

[grumpyoldb]

Have you taken both mortgages in your own name????

I would have thought that one of them would be in your wife/partners name, and as such is no concern to the RAF, unless of course she is also serving.

Good luck with the outcome. Been there, done it, etc............... DT_Xtremez_42:

 

[TDJ]

Harrison - if you declare bankruptcy just make sure you do your homework with regards to your mil pension & pay - I read recently that your pension, or elements of it could be affected (in terms of paying money back) - will try to find the area that I looked at and re-post. Also depending on your bank then your bank account details could change etc. Hence checking every avenue (which I am sure you are).

With regards to notifying the RAF - that is a matter for you to decide. Nevertheless, if you are declared bankrupt and need to go to court as a result (this could happen) then you will need to tell your chain of command/PSF (court appearances are notifiable). The rules do state that if you declare bankruptcy then you could recieve admin action (Formal Warning). However, in a situation like yours I doubt that would ever happen (as your actions have not been irresponsible); even more so in todays tough financial climate.

My advice to you is to play this one with a straight bat. Dont try to hide too much as it will tend to bite you when you least expect it and the undoubted pressure/stress that will occur during this period could have an affect on your work output. If you have a good chain of command I would advise you to tell them. Similarly if your Stn PMS/Chf Clk are good then you may wish to discuss it with them as well (happy mto advise by PM on the latter bit).

Good Luck

 

[fed_up_scribbly]

I'd just like to echo TBJs advice to seek advice on any possible repurcussions bankruptcy would have on your pay and pension/gratuity - I have known of individuals who have fallen into this trap due to circumstances similar to your own who have then been financially penalised further.

I too would be extremely surprised if the Service took any formal action against you as no rational person could claim you are in the least bit irresponsible. Take advantage of all the help and advice you can get from CAB etc. Good luck fella - hope things turn around for you.

 

[Boomerang]

Take a look at Trust Deeds or the English equivalent. My brother has just done exactly the same, has 2 properties, financial climate poor in his line of work. Entered into a trust deed and within 3 yrs all debt paid off. All he pays is 1 monthly payment to his creditor who is an insolvency practicioner. They do all the hard work for you. His monthly outgoings dropped almost a grand and a half.

Have a look at that first before bankruptcy.

Regards

BoomerangDT_Xtremez_25: