need your support and advice

smith1959

This is my first time, and I am really in a confused state. My situation is that I am in debt to the tune of £96000 on credit cards.I told my wife last week and naturally she was and is very upset. I have spoken to CCCS/Payplan and National debtline.I need advice on the best way forward. One of major problems I have is the I work in financial services so whatever I do I feel my employment will be at risk. A DMP will mean paying about £900 per month for at least eight years providing I can keep my job. I have been told an IVA is not possible becuse our mortgage payment is more than a third of our net income.I have a mortgage with Northern Rock fixed at 4.89% which is great, but in January it will revert to the SVR, and our payments will go up about £600, and we are in negative equity.My plan is to line up another job outside of financial services, tell my employer my situation, and then make myself bankrupt.
Any constructive advice would be appreciated.

saffronflowers

Hi and welcome

Have a read of this thread

http://forums.moneysavingexpert.com/showthread.html?t=107280

and work out your SOA and post it up here. many people have been in worse if not similar situations as you and have managed to haul themselves out of it.

Take your time and when you post again, we will do everything that we can to help.

SFx

Cyril

Just want to say well done for you LBM and taking action. You are speaking to the right people who will have some good advice. I would just add a note of caution in that you are obviously on a very good salary to support those outgoings so far and IME it may not be possible to get a job outside Financial services that pays aswell. I also was in the same situation and have had to accept a job at far less money.

The other thing is that being in debt doesn't necessarily mean you will be sacked. I had a friend who was a regulated advisor in your situation who came clean so to speak and her employers debited her salary to ensure the repayments on her debt plan were kept up.

Good luck, there is always a solution no matter hard things become.