As a former bankrupt, I know what it is owe money to the Banks and be unable to pay it back. In 2001 I decided to go bankrupt because it was the only way I could take control of my situation after I lost a business. It was not any easy decision, in fact it was the only decision that made sense, otherwise I'd have been receiving endless letters and phone calls reminding me how much I owed and asking when was I going to pay it.
Bankruptcy is a serious business and not to be entered to lightly, however it does establish a ground zero. Banking facilities can be awkward, but they still can be arranged, you'll have no capacity to borrow and any surplus money you earn above living expenses will proportionately go (through the official receiver) to your creditors. More importantly you'll have no assets as the official receiver will take charge and dispose of them to pay creditors (this will include your car if it's of marketable value). Bankruptcy lasts for twelve months, providing you stick to the rules. Should you not stick to the rules, then it could last longer. Equally some people have come out of bankruptcy earlier because their circumstances were not of their making (customer's not paying bills and forcing the closure of a business, as an example). Obviously people's circumstances will vary and the rules may vary from case to case. There are many resources on the web to further inform you about bankruptcy in the UK.
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Why this opening paragraph about bankruptcy? Simple, you know where you are. Unfortunately this can't be said about the behaviour of the Banks when you owe them money that you are struggling to pay back. Banks (through a worrying trend of almost blood thirsty fee driven lawyers) are using existing procedures, albeit seldom used until recently, to force people into house loss situations.
Charging orders are becoming rampant where people cannot pay back their unsecured debt such as credit card loans, store card loans and other forms of financing that was not secured on property, land or a business. Other debt recovery instruments include attachment of earning orders, where you pay packet is automatically deducted by an amount each month to the creditor. A charging order enables a creditor (in this case the Bank) to secure an interest on your main asset (normally your home). When your home is sold, part of the proceeds goes to pay the creditor out of the sales proceeds.
It gets worse. The creditor can actually force the sale of your home. What will happen to all these house repossessions and forced sales? Why they'll go under the hammer at auction to cash ready buyers. What all of us need to be reminded is that Banks are a commercial business. They will do what is best for them, which is not always what is best for you. Seizing assets (peoples homes) is a sure fire way of getting either money from you in cash or money from you in assets. Of course, at all times we should pay back what we owe, or do our utmost when our circumstances are reduced. Whatever your circumstances, find out where you are and what is the worst thing that can happen to you. In some cases, it is possible to challenge the validity of a mortgage or loan.
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