Please help me - I'm absolutely desperate

124»

Comments

  • Sofa_Sogood
    Sofa_Sogood Posts: 5,258 Forumite
    If nothing else Jumanji at least you know where you stand.

    I imagine it's not a nice place to be at the moment :( but maybe you can look at today as the first day of your 'financial life'? :)

    More to the point, what do you think?
  • Malestrom
    Malestrom Posts: 983 Forumite
    To be honest Jumanji, I think this really IS a breakthrough for you. I'm glad that you have finally been given the good advice by professionals that Accuma didn't have the decency to offer you. Too much profiteering in the industry and not enough honest advice.

    I hope that this news and its eventual outcome might have some positive effect on your medical condition. Stress is not good for anyones health. Try not to worry too much about your job and your accomodation, you're going to come out of this just fine. Please do continue to post as things progress, everyone here is rooting for you.

    Good Luck!
    He huihuinga taangata he pukenga whakaaro – A meeting of people; a wellspring of ideas (Maori proverb)
  • westernpromise
    westernpromise Posts: 4,833 Forumite
    Jumanji,

    You have £36,000 of debt and net monthly income between you of ~£2,250, which is about to fall by 40% if you do indeed lose your job.

    Even if you don't, you have a combined gross income roughly equal to your outstanding debts, which is an exceedingly heavy burden.

    I'm afraid it is highly unlikely you will manage to pay this off. Cutting back and shopping around is going to have an absolutely minimal impact, although it's a habit you do need to be in.

    So you are going to have to come to some sort of arrangement with your creditors.

    ** edited out - overtaken by events **
  • Becles
    Becles Posts: 13,164 Forumite
    Name Dropper First Post First Anniversary Photogenic
    As long as you are happy with bankruptcy, then go ahead with it.

    I know it's not ideal, but I'm sure it will feel like a weight has been lifted. You can breathe a big sigh of relief and move on. Just think of this as the end of one chapter and the start of a new one.

    Take care :)
    Here I go again on my own....
  • ceegee
    ceegee Posts: 856 Forumite
    Jumanji:

    I do hope that this works out for you and that having the burden of debt lifted from you will help to speed your recovery.

    It seems that a brand new start may be coming your way........grab it with both hands and make the most of the opportunities that it gives you both.

    I wish you both every success and happiness.
    :snow_grin"Let it snow, let it snow, let it snow........":snow_grin
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    Combo Breaker First Post
    Bankruptcy is not too bad, if you have little to lose - especially if you have no house or other valuables. The Official Receiver is not interested in your tv & hi-fi (little resale value) and will leave you with enough money to live on. They even let you have a budget for new clothes, provided it's reasonable.

    Also, under the new rules (Enterprise Act 2004) you can be discharged in a matter of months, though the new "norm" seems to be about 9-12 months.

    After that you still can't get credit for 6 years, but you probably won't want it. You'll be able to get a Basic Bank Account - no overdraft, no cheque guarantee card, no switch card. But you do get a cash card, can manage it online and can set up DDs & SOs.

    It's not ssssoooo bad - and in this case, it seems like just thing to do. This couple need a break and bankruptcy will wipe the slate clean allowing them a new start.

    Good luck, I say.
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • Fran
    Fran Posts: 11,281 Forumite
    First Post First Anniversary Combo Breaker
    Jumanji wrote:
    With regards to renting, our landlady is selling the house so we have to be out by May 10th. Therefore we are hoping to rent a property with the same letting agents as then we don't have to find a deposit. I have told the letting agent that we are looking at going bankrupt. They have no problem with it, but it depends on the actual landlord as to whether they will let us rent their propert. So just in case, I have spoken to the Council and am going in to see them this week to talk to them and see if there is anything they can do to help us.
    Get on the Council Housing waiting list and also Housing Associations in your area. You will be paying less for rent that you do through letting agents. (I expect they will tell you this when you go to see them, but just in case.) Make sure you put down that you want to be considered for Council & HA's. You can sometimes apply seperately for HA's too, check your area. Is there a housing help centre or advise line in your area?
    Torgwen.......... :) ...........
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.9K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards