Think I am going bankrupt

Debtomaniak

:eek: Hi everyone,
MY CR.CARDS -£73.000
MY MORTGAGE -£70.000
And all that I have only found out from my husband few days ago. Long story... Got hold of National Debtline telephone, hope my hubby is going to call them tomorrow. I think both of us might end up on the street. I am so scared... Has anyone ever been in simular situation? Oh yeah, if that was not bad enough my husband is currently unemployed. He is trying hard to get in the city, but it is not easy, he is 49 years old, even tonns of experience does not count. Please do kill me slowly, as I am on the edge at the moment.
Thank you very much.
Debtomaniak. :mad:

southernscouser

Hi debt,

I'm afraid I don't know much about bankruptcy but someone will be on here soon who does.

What I would say is try not to worry about losing your house. Are you up to date with all you mortgage payments? If so it doesn't really matter if the credit cards haven't been paid. Your mortgage is your priority debt. Keep that paid and the house won't be touched.

Debtomaniak

Thank you Southernscouser,
We do pay mortgage every month, so hope we are up to date on that.

southernscouser

Debtomaniak wrote:

Thank you Southernscouser,
We do pay mortgage every month, so hope we are up to date on that.

Your house will be safe then. Credit card debt is unsecured, whereas your mortgage is secured (the house being the security).

Make sure your OH does phone either the National Debt Line or the CCCS https://www.cccs.co.uk

They are both registered charities so you won't have to pay them anything unlike other debt management companies that charge.

jenevieve

Dear Debtomaniak

Welcome to MSE! There will be a lot of people on here who will identify with how you are feeling and there are a lot of experts who can help and advise you. Please call National Debtline or the CCCS sooner rather than later; they will be able to listen and offer the best advice.
I'm sorry you are going through this but hang in there; you have found lots of support here.

Jen
x

rbelcham

Hello Debtomaniak

Can't offer any advice, 'cos I'm in a bit of a debt hole myself and only faced up to it this week. I just thought I would let you know I was thinking of you. Since joining this site, I have found all the advice fantastic and am working through my stuff with the CCCS.

Just hang on in there - everyone here will help all they can.

Addicted2Chocolate

but if you go bankrupt the trustee wil reaise any equity in jointly or solely owned property. see the insolvency service website and look for their leaflet 'what will happen to my home' at https://www.insolvency.gov.uk

Eager_Elephant

Can you give us a few more details about your mortgage?

Such as how much is the house worth, any secured loans?

What is you household made up of - how many children and their ages?

All these credit cards, are they just credit cards or loans as well?

Whose name are they in?

How long has it taken your husband to run up these debts? What has the money gone on?

The day to day bills such as utility how are these paid? Are you up to date?

How long has he been unemployed?

What is his profession? (don't want to be nosey but this may affect the consequences of bankruptcy)

Sorry that's quite a lot of questions but all will help me decide what advice to give.

Addicted2Chocolate

the original post said MY credit cards and MY mortgage so i read that they are her debts, be it in her sole name or joint...how has she only now realised the financial position? i have dealt with cases where wife got all credit in her name, but husband used the credit ran up the debt, interceted the postmas and his statements...wife did not find out untill the baliffs viststed. i hope thuis is not case here....

Eager_Elephant wrote:

Can you give us a few more details about your mortgage?

Such as how much is the house worth, any secured loans?

What is you household made up of - how many children and their ages?

All these credit cards, are they just credit cards or loans as well?

Whose name are they in?

How long has it taken your husband to run up these debts? What has the money gone on?

The day to day bills such as utility how are these paid? Are you up to date?

How long has he been unemployed?

What is his profession? (don't want to be nosey but this may affect the consequences of bankruptcy)

Sorry that's quite a lot of questions but all will help me decide what advice to give.

Debtomaniak

Eager_Elephant wrote:

Can you give us a few more details about your mortgage?

Such as how much is the house worth, any secured loans? Probably £250,000

What is you household made up of - how many children and their ages? No children yet.

All these credit cards, are they just credit cards or loans as well? Thougt they were same thing?

Whose name are they in? In my husband's name and so is the mortgage.

How long has it taken your husband to run up these debts? What has the money gone on? He said he had Debt before we met.

The day to day bills such as utility how are these paid? Are you up to date? He always paid bills himself, I only give him about £150.00 each month + I pay for shopping. I earn £1000.00 p/m

How long has he been unemployed? 6 month.

What is his profession? (don't want to be nosey but this may affect the consequences of bankruptcy) Senior banking software consultant (used to earn good money, but must've spent even more).

Sorry that's quite a lot of questions but all will help me decide what advice to give.

Please see answers right by the questions.
PS I have wrote MY CR CARDS just to cut story short, sorry for misleading message.

Debtomaniak

jenevieve wrote:

Dear Debtomaniak

Welcome to MSE! There will be a lot of people on here who will identify with how you are feeling and there are a lot of experts who can help and advise you. Please call National Debtline or the CCCS sooner rather than later; they will be able to listen and offer the best advice.
I'm sorry you are going through this but hang in there; you have found lots of support here.

Jen
x

Thank you soooo much. I will make sure he phones ND tomorrow. Do not think I will be able to sleep, work, study properly again. It is with me 24/7. Can not beleive it happened to me. Only recently I found out that people can get into such a trouble. I married my husband four years ago, he had a very good job, so I just assumed we could afford the lifestyle we were leading. I come from Russia, we have not got such thing as access to large sum of money from banks, or mortgage. Things are very different over there. And I knew nothing about life over here, so my husband always took care of everything. But now that he is out of work and struggling with the Debt, that it has all came out. :eek: