Hello, a Little Embarrassed

Buttercup.x

I Am a little embarrassed here some silly questions and in need of some advice I hope you don't mind me popping in?

Ok me and my OH have about 8k Debts between us we need to sit down and really see what we owe and to whom.

we have considered bankruptcy but it all seems very scary to me. if anyone could help me with these Questions then we could discuss our options and decide what to do.

On applying for Bankruptcy do they come to your house and assess what you have and take those things away to go towards any creditors? I’m concerned that they will take our car away (its only a ford mondeo, worth about £300) but it is our life line for allot of hospital appointments with my Dd

Will they take away electrical items such as Pc's? Televisons? etc

What will happen to Things we have on HP such as Brighthouse? (I pay these monthly from my Wages)

Its all flying around my head I have looked through the Boards but it’s all confusing to me

I’m 25 and Oh is 36 we have 2 Dd aged 7 & 4 I don't want to have to worry about this for the rest of my life I know I could never pay off everything with my wage as my Oh cannot work due to a disability so we are living of my wage alone.


I feel such a failure to myself and my kids being in so much debt and not being responible enough to be able to pay it back

please help me


Thank you

Dez-Titute

Hi BC a debt of £8k in reallity is nothing to be scared of

If both you and your OH are working then I cant honestly see BR as a road forward.


Have you contacted one of the charity debtlines

Either CAB,CCCs or Nat debt line

Cheers DEz

Buttercup.x

My Oh cannot work due to a Disability i only work 20 hours due to alot of appointments with my youngest Dd at hospitals and Doctors with therapy etc. My job is Great i work weekends so i have during the week to be free for appointments as they come as and when without much notice :rolleyes:

HeadInSand_2

As above, BR sounds a bit extreme for £8k. I started at nearly £19k and now down to around £7k within 2 years - plus the more you pay back, the faster the debt decreases (less interest to pay on balance outstanding) - can either of you get a 2nd job? Can you shift debt onto any 0% deals (or cheaper apr)

wherediditallgo

Hi Buttercup, & welcome to the forum.

Buttercup.x wrote: »

I Am a little embarrassed here some silly questions and in need of some advice I hope you don't mind me popping in? We don't mind at all.

Ok me and my OH have about 8k Debts between us we need to sit down and really see what we owe and to whom.

we have considered bankruptcy but it all seems very scary to me. if anyone could help me with these Questions then we could discuss our options and decide what to do.

On applying for Bankruptcy do they come to your house and assess what you have and take those things away to go towards any creditors? I’m concerned that they will take our car away (its only a ford mondeo, worth about £300) but it is our life line for allot of hospital appointments with my Dd

No-one comes to your house. You can fill in the paperwork online, download the forms or ask for them to be posted to you. Everything you put on the forms is taken on trust, but they are legal documents, so the OR has the power to check what you put down & can impose penalties against you if you're thought to have deliberately lied to hide assets etc. A car worth only about £300 is unlikely to be of any interest to the OR, as it would cost them more to administer a sale than to let you keep it. If you put the details on your SOA & explain why you need to keep it, there shouldn't be a big issue with it.

Will they take away electrical items such as Pc's? Televisons? etc Items like those are considered to be normal household goods.

Unless you have things like a plasma tv, or a custom-built £8k computer system, those things are unlikely to be of interest to the OR & you don't have to list them as assets.

What will happen to Things we have on HP such as Brighthouse? (I pay these monthly from my Wages)

You will need to list the credit agreement on your SOA, & make sure you're at least one payment behind, so that you have arrears on the account, as bankruptcy deals with credit agreements & debts. No-one from the OR's office will come to your home to remove the items, but it's in your interest to make sure that the OR gets a copy of the credit agreement, so that he can see how the agreement has been set up. If you don't have it, don't worry, as the OR should be able to get a copy from Brighthouse themselves.

Its all flying around my head I have looked through the Boards but it’s all confusing to me

I’m 25 and Oh is 36 we have 2 Dd aged 7 & 4 I don't want to have to worry about this for the rest of my life I know I could never pay off everything with my wage as my Oh cannot work due to a disability so we are living of my wage alone.


I feel such a failure to myself and my kids being in so much debt and not being responible enough to be able to pay it back

please help me


Thank you

Don't feel a failure - debt comes to us all, & you're a success in that you've recognised your problems & are trying to do something about them. £8k of debt isn't a huge amount compared to some people, but it's huge if you haven't got the money to pay it off. You should take professional advice about going BR, because (a) the OR will want to know that you've done so & fully understand the implications of it, & (b) it's a big decision, & it's important that you feel fully informed about what lies ahead, & have explored alternative solutions before deciding to go BR. If you click on any of the links in my signature, you can get free impartial advice & you won't be judged by the people taking your details.

I hope that helps. Any other questions, please feel free to ask.

tigerfeet2006

Buttercup please don't be embarrased, there is nothing to be embarrased about.

The first thing to do in the morning is to ring one of the debt charities and get some professional advice.about your situation.

No one will come to your house and inspect your things. The forms ask you to list anything of value so you must put down that Picasso hanging on the toilet wall . We usually advise anything over £1000. Household items like computers are safe.

You are not a failiure you are taking control of your finances.

Phone some one like National Debtline in the morning, links and numbers in my sig. If you have any questions then just ask, there is usually someone here who can help or support you.

Buttercup.x

Unfortunately My Oh cannot work, as for myself getting a second job i cannot see it happening unless of course they will be willing to give me time of at the drop of a hat for hospital and doctor appointments with my Dd (4) hence the reason i work weekends total of 20 hours per week. My Oh could not Take her to Hospital appointments as he suffers from severe anxiety. so can barely leave the house.
I know it seems like im making excuses here but im really not id prefer to pay my debts back rather than going BR but at this rate im getting no where.

Im stuggling to live on what i earn now after buying essentials (food, Gas, Electric, rent, CTax etc etc)
we have given up smoking to save money but even then we wouldnt be able to pay of the debts we currently have

Buttercup.x

Thank you how come i am un able to click thanks on some of you?

Edit: Never mind i refreshed and it let me

tigerfeet2006

Sometimes the thanks buttons get a little sticky and need a bit of perserverance.

Have you checked out https://www.entitledto.co.uk to check you are recieving the right benefits.

Buttercup.x

Thanks ^ I will check that out now

Edit: will go through this with OH 2moro he has amounts of wages and what not so i best wait, he snoozing atm

So_Sad_Angel

Hi B & welcome.

Main thing is that you are dealing with the debt. Amounts are irrelevant & if it is impossible to pay then it really is IMPOSSIBLE TO PAY!!

Take advice Sweetie ( free advice - CAB, CCCS, NDL) ...take their `informed` decision & look at it as `moving on with your life`.

Good luck Hun, Angexx