Please Help Us!

mabel_green

We are in a pickle (big pickle!)

To cut it short we have a baby and I am a stayathome mum until she is weaned.My maternity ran out this May and I have tried looking for work from home but to no avail. my fiancee and I were hoping to remortgage in March when our fixed term ended but after going through two IFAs who tried to help, we couldnt remort due to the drop in the housing market - we then put our property up for sale but it didnt sell.

All this time we have been struggling to pay bills and credit card debts and were even paying credit cards with other credit cards. We now have unsecured debt of £38,000.

I have contacted CCCS but we do not qualify for an IVA as my fiancee brings home £411. basic a week and can earn more with overtime but cannot realistacally earn the amount required without working himself into the ground. I have looked at a Debt Management Plan but I'm worried that the £150.00 that i have calculated we can afford will not be accepted by our creditors as we owe so much.

I really dont want us to declare bankcrupty please please help. What can we do until I am able to work part time?

sturll

mabel_green wrote: »

We are in a pickle (big pickle!)

To cut it short we have a baby and I am a stayathome mum until she is weaned.My maternity ran out this May and I have tried looking for work from home but to no avail. my fiancee and I were hoping to remortgage in March when our fixed term ended but after going through two IFAs who tried to help, we couldnt remort due to the drop in the housing market - we then put our property up for sale but it didnt sell.

All this time we have been struggling to pay bills and credit card debts and were even paying credit cards with other credit cards. We now have unsecured debt of £38,000.

I have contacted CCCS but we do not qualify for an IVA as my fiancee brings home £411. basic a week and can earn more with overtime but cannot realistacally earn the amount required without working himself into the ground. I have looked at a Debt Management Plan but I'm worried that the £150.00 that i have calculated we can afford will not be accepted by our creditors as we owe so much.

I really dont want us to declare bankcrupty please please help. What can we do until I am able to work part time?

Your creditors will have to accept whatever you can afford no mtter how nominal. However, £38,000 is a large amount of debt, have you seriously considered bankruptcy as it may be the best option for you.

petrafyde

Have you done an SOA? I don't have the link but hopefully someone can post it and can then help you/give some advice as to options that are open for you xx

ajaney

Hi

The first thing to do is post up an SOA or Statement of Affairs. use the calculator found here:
http://www.makesenseofcards.com/soacalc.html

Once we know a bit more about your financial circumstances, we can try & help you.

Welcome to the boards.

fizz190

A few years ago my mother was in 10s of thousands of debt. She was a single parent with 2 kids and so had very little spare cash. She negotiated payments (some as small as £1) with all her creditors - most would rather have something than nothing.

If you can demonstrate that £150 is really all you can spare they should accept it. When you start earning more, you can increase the payments.

Good luck
Fizz

THE_LONE_RANGER_4

you need to do a soa, you will get plenty of advise think carefully about going bankrupt may be an easier way are all unsecured ?are you renting? mortgage etc etc

GeorgeUK

I agree with the above - if you don't have enough to do a DMP through CCCS or Payplan, it doesn't stop you trying to arrange payments with your creditors yourself. Quite a few on the board are doing that. All the information and template letters are available somewhere here - there will be plenty of people to advise you, but we really need to know what your income, expenditure and debts are first.

petrafyde

Good morning Mabel,

Don't be frightened to post your SOA, whatever you put in there - there will always have been someone who has put worse in. The best way to deal with this sort of thing is to confront it - I've found that out for myself and I'm sorting my own mess out as we speak.

Have you looked at the cashback cooperative sites? Quidco (the one in my signature below) means you can get cashback when you shop on certain websites - so you're effectively spending less. eBay and Amazon are other sites you can make money on too.

Hope you're ok