Desparately worried-this could be the end

teddy54

As the title says I am in a state. OH and I have very large unsecured debts -over 80k. I have spent most of this year working away, having changed my job to increase the income. As a consequence I am guilty of sticking my head in the sand. Unfortunately now my wife has a ccj against her for around 7k for her hsbc credit card debt. I missed the original letter through being away, and she does not knoew anything about it. My wifes health has not been good in the last year, due to family problems, part of which has caused us to be in this state. I have always dealt with the finances, obviously badly, and I think this might just push us over the edge.
I have done the soa on cccs, and the recommendation was either a IVA or low start debt management plan, but I admit I did nothing about it. Does anybody know what will happen now that she has this judgement to pay the full amount, which we obviously cannot do. Is it worth my while talking to the solicitors acting on behalf of hsbc to see if they would accept a fixed monthly payment to clear the debt, or is it unlikely that they would agree, mow that the judgement is in force? Or, do we have to make an offer through the courts?
Please help.

rog2

Hi ted - Welcome to DFW.

The first thing to say, and I know that it is easier to say than to do, is to try and stop worrying.
You are in debt - that happens and, surprisingly as it may seem, is not a criminal offence. It is a problem, I agree, but for every problem, there will be a solution - sometimes it takes a bit longer to find that solution, but it is out there, and you have come to the right place to start looking for it.

I am pleased to see that you have looked at the CCCS website, and filled in the on-line soa. You now need to actually talk to someone. It could be someone at CCCS - 0800 138 1111, National Debtline - 0808 808 4000 or your local CAB. They are all charities, they are used to dealing with debt, and their advice is impartial, free and professional.

The website has given you two options, but there are several. The best solution for you will depend, as well as on your soa, on all of your other circumstances - whether you have assetts (house), whether you are in full-time employment, etcetera, etcetera.

Those 'solutions' could well include a Debt Management Plan, IVA or even bankruptcy, but you now need to talk to an adviser to see which one best suits you.

And stay on this forum - most of us have, or have had, debts similar to yours and are dealing with them, or have dealt with them. We are more than happy to share our experiences, some of which may help you in choosing how to deal with your own situation.

And take heart in the knowledge that, whatever the solution, you are not going to be sent to 'debtors prison', you will get through it and, before long, you will be helping others by sharing your own experiences.

fiveyearplan

Hi Teddy54 and welcome. On the bright side you have no secured debt! Is your home mortgaged? One thing I would advise is whatever action you are going to take, you take it before anything else goes to court.

teddy54

Thanks for your replies. Yes, we do have a high mortgage, therefore re-mortgaging to help would not be an option, however the mortgage is not in trouble, although I admit we have had a few problems in the past.I think I should ring the solicitors acting on behalf of HSBc tomorrow, and put an offer to them based on our soa, however I have the feeling they will not talk to me as the debt is in my wifes name.

rog2

teddy54 wrote: »

I think I should ring the solicitors acting on behalf of HSBc tomorrow, and put an offer to them based on our soa, however I have the feeling they will not talk to me as the debt is in my wifes name.

Ring one of the Debt Counselling Charities BEFORE you communicate with HSBC solicitors. You need to know your rights, before they get you to comit yourself to something that you might later regret.
Also, it will be a good idea to communicat with your creditors, or their representatives, in writing only.
They should talk to you, if your wife nominates, in writing, you as her representative.

Debt_Robot

Hi teddy,

I am so sorry that you are feeling and worried. I do not know much about the situation but I hope the situation can get worked out.

Whatever decision you make, you are doing the right thing by seeking help and support on this support. You will get through this.

Debt Robot

LilacPixie

Teddy - please consult one of the FREE debt charities listed in Rog's post above before you do anything. It is quite common to hear of people being bullied into things by solicitors/creditors and DCA's. Alway worth getting proffesional advice first.

fermi

Debt_Robot wrote: »

Hi teddy,

I am so sorry that you are feeling and worried. I do not know much about the situation but I hope the situation can get worked out.

Whatever decision you make, you are doing the right thing by seeking help and support on this support. You will get through this.

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piglet39

teddy54 wrote: »

I think I should ring the solicitors acting on behalf of HSBc tomorrow, and put an offer to them based on our soa, however I have the feeling they will not talk to me as the debt is in my wifes name.

Hi and welcome from another newbie.

I think you are right about solicitor not willing to discuss this with anyone other than your wife.

I know it's going to be hard but maybe this is the time to speak to your wife about the situation. I didn't tell my DH about the huge financial mess we were in. It wasn't until we were just about to lose our house that I was forced to and boy do I wish I could have turned the clock back. Circs diff to yours but the emotional anxiety is, I am sure, the same.

Don't know much about tax I am afraid but re: the CCJ I think you have little chance of getting it set aside unless you can prove that your wife hasn't received/seen it. Sorry not the Q you are asking.

Just want to let you know that thinking of you. Peeps on the forum have such good advice and you will get through this.

Piglet

fiveyearplan

BTW I wasn't for a minute suggesting you remortgage to put the debt on - that is the absolute last thing I would advise. Sorry if it came across that way!

What I meant was take action before any charging orders are made against your home.

teddy54

Thank you all so very, very much. I feel a little better, and will ring one of the charities tomorrow.
Its wonderful how complete strangers can help, thank you all.