can anyone help?

vjw1986

Im 22 and have almost £13k debt between me & my partner which is managed by the cccs, we also have a £14k secured loan which is now £17k with fees and an £84k mortgage which we have struggled to pay since march 2008 making either no payment or reduced payment. the arrears are now £1100.
The cccs have reduced our monthly payment from £85 to £35 but this doesnt seem to help.
I have looked at voluntary repossession or bankruptcy but i am unsure of how these work or what my options are.
These debts dont sound alot but working in a poor paid job and huge outgoings seems to be a dead end.
any help or advice would be appreciated

get_me_out

Welcome..... someone will be along shortly who has more experience. I didn't have house or secured loan, but went BR with approx 14,000 of debt. Like you with little coming in was never going to get better for a long time.

vjw1986

forgot to add OH doesnt like the idea of either. he would rather struggle on in what is turning into an unhappy relationship. he is more worried about losing his beloved car when i have the privelidge or walking to work or using public transport? i would like to move on from this whole situation asap and start mylife again. he shouldnt take all the blame but i saw this from the beginning and should never have taken any of it on

RichOneday_2

First question - what's the house worth?

vjw1986

i would say no more than £95k in the current market could be even less. had it valued at xmas 07 @ £99950 but the house and the value is slowly deteriorating.

deedee_3

Hi and welcome to the board.

How much is the car worth? Is it completly owned or on HP?

vjw1986

the car is on HP he has another 4 years on it. it cost £10000, he purchased it while he still had another car on HP. we managed to get the company to take the old car but have been issued with a bill for almost £1k which is the shortfall as he wasnt out of his agreement with them.
I would rather go bankrupt because we have tried so hard to pay off our debts but they appear to be ever increasing yet he wants nothing to do with it. He refuses to apply for council housing and join the register as he feels it is beneath him. so i feel very alone at the minute and am now unsure of whether this is even the right relationship after 5 years.

RichOneday_2

Realistically, you've got £10-15k negative equity. But that is not so important at this stage. What we need to do is have a look at the monthly income and expenditure first. Someone will post a link for the SOA.

First thoughts are you must be about £200 pm short so bankruptcy would be a bit drastic.

But lets have a look at an SOA first....

vjw1986

iv just done an updated soa with the cccs which is why they have reduced my monthly payments from £85 to £35 as im struggling to make even the minimum. my food & shopping allowance is the minimum i could have there is nothing in there for emergencies as it wasnt possible. also just been issued with a CCJ..GE money passed the debt to link financial very quickly and they went straight for CCJ they want £311 a month till the debt is repaid? even tho iv sent all the paperwork from the cccs as requested and i have only a surplus of £35. this is probably the worst part of my life..iv been on this website for a few moths now reading peples post and i know there is someone out there who can help and i am very grateful x

RichOneday_2

This will take some thinking about. The way is looks is:

1. Repossession Only. Could leave a shortfall of as much as £25-£30k by the time they get round to it, but realistically £20k. This on top of the £13k with CCCS will leave you with a sizeable debt with no asset. So looks like a bad option.

2. Bankruptcy, no repossession - This, in effect would only free you from the £35 pm you're currently paying to CCCS now, so doesn't really improve anything.

3. Bankruptcy + Repossession - As it sounds, no debts and probably no payment into the bankruptcy from what you've said about your income. But really think this one through - what would your monthly income & expenditure look like with a realistic rent, but no mortgage or cccs payment?

I'll have a bit more of a think about it, because the obvious solution, 3, looks too drastic for your circumstances.

deedee_3

What is the breakdown of debts? Your debts? His debts? Joint debts?

Would it be possible for you to go bankrupt and not your OH.