Help just found out I am in big debt!

kelie

He cant pay me back, hes still unemployed. I dont have a car, my house I jointly own with my ex boyfriend and he refuses to sell it, we're trying to rent it out but no luck at the moment.

I will make a list of outgoings and incomings and see where it went, I'm so frightened right now.

Dinah93

Your ex might become a lot more inclined to sell it when he realises a company are chasing you for a very large debt, and will go after your assets before making you bankrupt, and this will include the house.

ajaney

I presume you have some sort of contract with this company - have you checked if there is anything in there relating to incorrect payments?

If you do end up having to pay this money back, make sure you do not lose out with the exchange rates. The dollar has been almost 2 dollars to the pound but has dropped back recently.

If it is 2 dollars to the pound, then you owe £17000

If it is 1.75 dollars to the pound, you owe £19428

you really need to set an exchange rate at the beginning of the agreement for any repayment to protect yourself, ideally as close to 2 dollars to the pound as you can.

petrafyde

Hiya

What's done is done. Now stop worrying about it and click the blue link at the bottom of this post that says 'Statement of Affairs Link'.

Fill that in as honestly as you possibly can, and post it on here using the MSE format option and we'll all help you.

kelie

There is a god out there!! They have agreed to let me pay between $500 and $1000 a month back until the balance is paid off. I've asked them for proof of how much they overpaid me by... just so I have it on record and also a formal letter for the tax office, as I cant pay tax on 34k if i didn't earn it.

I'm still going to do the statement of affairs though, and i'm cancelling a few subscriptions that arent needed like weight watchers right now!

Ordinary_Joe

That's great news.

Can I make an additional suggestion? As well as putting together and SOA that you set some kind of system up in a spreadsheet that you track your commissions with your calculation of what you should be receiving. That way you can see almost immediately if something untoward comes.

Also double check on your commision just to make sure they are only asking you to repay the commission direct from your own sources and that they're are not trimming a bit off your forthcoming commisions as well (although it might help as an idea because it might make it a bit less painful each month)

I know it sounds trite but can you turn this on it's head and work out a way or ways to genuinely increase your commissions so that they cover the repayment amout. That way you won't really eat into your existing outgoings and when you have paid it all off, you'll have a way of still bringing extra in that you can hit your other debts.

Hope it helps.

Andrew

kelie

Hi Andrew, well because I work for myself and I do web design as well, I am just going to have to work a LOT harder to get more work in.. that way it will cover the extra repayments