Can My Father-in-Law Make Me Bankrupt?

houses

Question Jon, My father-in-law gave me a loan of £10,000 as a deposit on a property 5 years ago. He is now saying he wants to be paid back, and if I do not pay him back, he will force the sale of the property to get his money. I am unsure what to do? […]

How Can I Buy My Mum’s House?

Question Hi Jon, My question is related to my mother’s house, which she has owned for over 50 years. There is no mortgage, she owns is outright. She wants to sell it to me and my partner, and I am unsure how we go about this. Thank you, Frankie Answer Frankie, I understand wanting to […]

Is Bankruptcy Right For Me?

Question Hi Jon, I need some advice on what to do with £100,000 worth of debt. I owe £10,000 on credit cards, £5,000 on a car note, £3,000 on a personal loan, £5,000 to a friend who loaned me money, and the rest which is about £75,000 on a property that has a mortgage. I […]

I Need To Go Bankrupt But Have Equity In My Property

Question Jon, I am going bankrupt due to owing in excess of £150,000 for loans I guaranteed for a company. The company has ceased trading and entered into Administration, but I am liable for the loans as guarantor. My wife and I own a property together that is valued at £200,000, but we still have […]

I Need To Avoid Bankruptcy

Question Jon I am a serious situation and need some advice. My business has been down in part due to the pandemic and lock downs, but it also slowed prior to this. I am at the point I am not trading at all. I have a lot of debt, near £50,000, much of it was […]

Investing 101: What Should I Invest My Money In?

You probably have heard it all before, be smart, make your money work for you. And if you have money to invest, you can make your money work for you. But therein lies the rub, you need money to invest. Investment money is money outside of what you require to live on, it is a […]

What is Negative Equity?

Negative equity, or it is sometimes referred to as being “upside down”, is where an asset’s value depreciates, or goes down in value, and becomes worth less than the balance of the loan that may be against the asset. Here are two (2) examples: You buy a property for £150,000, and have a 10% deposit, […]

Should I Take Out a Loan to Improve My Property?

Buying a property is a huge responsibility, and also a huge joy! No more Mr. or Mrs./Miss Landlord, you are the owner of all you can survey….in your own property. But again, with this joy and freedom, comes a big responsibility. If something needs to be repaired or you want to update some aspect of […]