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  • Debt & Negative Equity

    Scary stuff - underwater with MX!

    It seems to me that the write offs being allegedly successfully  achieved are far mire than that.

    So do you let things run in the hope that one of these companies can get you out of jail or do you plan for bankruptcy!

    Personally I planned and got rid of my major asset before creditors could get their hands on the considerable equity I had.

    This I planned for years before knowing the inevitable.

    LL  in negative equity  with no chance of remortgaging and terms ending have  to plan for bankruptcy

    Getting rid of the family home is the mist effective way to defeat bankruptcy

    At least when they take away all your BTL  properties you will still be able to live in the home that no longer belongs to you.

    You just have to find a way to achieve that.

    It is not beyond  the wit of man to succeed in this.

    If I can do it anyone can!!

    There is simply no way I could risk one of these companies succeeding in debt writeoffs.

    A LL  needs to protect his home from creditors

    It not being owned by him is one way of doing so

    Something  I have already planned and succeeded in doing.

    I have another 5 years to go before it all blows up

    But at least I will have a home to live in albeit it  no longer owned by me! !

    LL  in similar positions need to accept the reality of their circumstances and plan their defences accordingly. .

    Gaming the system is the only way.

    You just have to start years before

    Few LL  are capable of planning 5 months ahead let alone 5 years!

    But that is the only way unless you fancy risking all on one of these companies being able to achieve massive debt writeoffs.