Decided to go bankrupt, really scared!

redfraggle76

Me & OH have decided that br is our only option. We have various debt's both secure & unsecured aswell as a mortgage with the worst company ever - Capstone.
Hopefully today i will speak to cccs, need to put credit on my phone as house phone has been cut off, in coming only.
We have a fixed mortgage which is due to end 1st December. We are paying £780 pcm & Capstone wont tell us how much it will be going up.
We have had to go on to a pre payment meter for gas & electric as we have arreers of £800.
We have doorstep collections which are £60 a week & a secured loan which is £86 a week.
We changed bank account at the start of the year to Think Banking, best thing ive ever done in my life. They sort out the money for us each week so all dd's have been paid this year.
Once everything has been paid i have roughly £70 a week for food & bits for the week. That is for 2 adults & 5 children!!
I received a letter from the CSA last week telling me that from 30th this month my ex husband doesn't have to pay maintenance for my oldest dd as he has had a change in curcumstances!! He works 6 days a week & his wife works full time!!
Iam on a break from work at the min but i am due back in October. The kids are off school & trying to get some one to look after 1 child is hard work so with 5 i have no chance!!
Our car was repossed in April by renault finance, we missed 3 payments over 2 years. On OH creit file it says 8 have been missed. We are still waiting to hear from them with regards to how much they want paying.
We have been swamped with debt & misery & feel that this is are only way out.
We did try for an iva with Clearstart but only had surplus of £16 a month so they advised br in March. We thought we would try & carry on with fingers crossed that some how things would improve!!
If anything money has been reduced & payments have gone up!
I was threatened with br in Jan by BOS, they sent papers then nothing happened!! A few weeks ago the wrote me again offering a reduced balance & if i didn't respond a doorstep collection!!!
We have seen a house to rent that is close to the kids school & have made enquires.
Im so scared at the min, read scarlets diary yesterday then made oh read it last night.
I dont know what to do 1st, my head is so mashed!!
Pleas help, sorry for the length of this post & my ramblings xx

Merry_Gentry

First thing, calm down. You are not alone, and we are here for you.

Second thing, get some proper free advice - we went through CCCS online, then spoke to them, but other people have used National Debtline or the CAB. One step at a time, any questions just ask, and remember there is light at the end of the tunnel :grouphug:

dalip

Welcome to this forum. The best place you will ever find for support,advice,to vent ect.

If you are thinking about renting check with the agents/LL to see if they have a bc clause.You could try ringing NDL to get some advice their number is in my sig.

Try ringing your local court to see what system they operate for bc. Some are drop in,others are by appointment and there can sometimes be many wks wait. Also ask them how many copies of your SOA they need as this too can vary from 1-3.


Just take one thing at a time and in small steps. If you try to do everything at once it will more than likely overwhelm you.

Any questions fire away.D

MammaCas

Hello and welcome

My mortgage was with Capstone/SPML. It went from £660 in 2005 to £1000 in 2007. The broker that arranged it said at the time 'don't worry, we'll sort you out another deal in 2007'. Then said he couldn't when it came to the crunch...

Anyway, 12 months ago I was in a similar position. Glad you've read Scarlett's Diary because we basically were the same but about 2 months behind.

Have you spoken to CCCS or CAB or National Debtline? If not, you need to do this asap. They will give you excellent free advice.

It is time now to concentrate on you and your family. Once you put the wheels in motion you will be amazed at what you can get through AND how happy you will be......this comes from someone on the other side, so to speak.

Good luck x

redfraggle76

Thankyou for your replies.
I have emailed CCCS (as house phone is on incoming only) asking for them to call me, if i dont hear from them by this evening i will ring on OH work mobile (he doesn't pay the bill)
I have also contacted my local court, very helpful man there, app only but there not busy at minute!! He is sending out packs for both of us.
Feeling a bit calmer now i have made a start with things, still scared to death!!
My mortgage is due out on the 1st Sept, should i cancel the dd now or let this payment go out then cancel dd? I dont want to jump in to deep & get things wrong.

rog2

I would just like to agree with what has already been said.

Ditch 'Clearstart' and have a chat (that's all it will be, initially) with one of the Debt Conselling Charities:

National Debtline www.nationaldebtline.co.uk 0808 808 4000

CCCS www.cccs.co.uk 0800 138 1111

or your local CAB.

You will be surprised just how much better the future looks when you are able to take a detached look at the present situation, and until you talk with someone, then you are going to be so wrapped up in your problems that the 'way out' seems to get ever further away.

It may well be that one of the debt charities also reccomends bankruptcy, as a solution for you, in which case, not only will they be happy to point you in the right direction, but so will we be happy to help you.

Good luck

redfraggle76

Also, i have been trying for 2 weeks to speak to someone at CAB, only get answer phone & cant leave messages. The nearest one to me is only open on Tues & Thurs!!

redfraggle76

well now im in a flap again!!!!
i had a "live chat" with a councillor from cccs, at the end he sent me my remedy. He has given me 2 options
1) do an IVA or
2) go on a DMP.
When ive looked at the I & E again, he has changed some of the amounts!!
He has given me an extra £207 a month income!!! I wouldn't mind but i filled it all in before i had the chat with him.
Ive looked in to doing IVA before but dont have enough money left at the end of the month.
The extra money that he has "found" would be what i would pay the CCCs for the DMP!!
I dont know what to do now?
Shall i ring them this afternoon & speak to some one else or shall i ring NDL instead?

rog2

redfraggle76 wrote: »

Shall i ring them this afternoon & speak to some one else or shall i ring NDL instead?

Do both rf - there may have been very good reasons for changing those figures.
Also - there certainly is no harm in getting a second opinion.

Have you mentioned the possibility of bankruptcy, and discussed its implications with CCCS?

RichOneday_2

Hi Red,

We can point you in the right direction if you post a SOA. You sound as though you already have the figures so it shouldn't be too hard. Someone will post a link to the SOA template or do a search on the forum search facility.

CCCS are good, but they can't tell you what to do, only advise of options.

On here, we can't tell you what to do either but what we will do is tell you what we would do in your circumstances. Once you've got 5 or 6 such views you will start to see things more clearly.

My first thoughts are alarm bells about an IVA - rarely the correct course of action. You will pay £8,000 to the IVA company for their 'services' over the 5 year period.

We really need information on assets and your income & expenditure and then will be able to get stuck in.

Good luck.

redfraggle76

Hi, ok ive calmed down and logged back on to the cccs web page. Ive gone back to my I & E pages & corrected the amendments. They have now advised bankrupcty as an option along with a low DMP which would take 55 years to clear!!
I dont want an IVA, heard to many horror stories, also i dont have enough money left over at the end of the month to go into one.
Im going to ring NDL when OH gets home from work.