Desparetly depressed in dept!!!!!!!!!!!

jellycat40

Hello Eli

I am new to this site too. Everyone is soooo friendly and helpful. I have huge debts and my salary is part time. My hubby, debt free person, is self employed consultant and so works all the hours, even when physically at home he is not really here, he is doing e mails, paperwork and phone calls.

I feel like you that I am working for nothing, I have an IVA which is just getting under way,(providing 75% of my debtors agree).

Have you considered bankruptcy. It is drastic but my husband (the debt free one) went bankrupt 3 years ago and apart from the fact he can't get any credit, it was not traumatic.

Speak to someone about the idea, with your income and not owning your own home you could be discharged within 9 months!!! Nothing ever to pay back.

You are allowed to keep a car providing it is less than £2,500 in value and they are not allowed to include child benefit or tax credits in your income. You may lose your mobile phone contract. (my hubby didn't though).

You could have quality time with your daughter if you could work less or closer to home if you did not have the pressure of your debts on your shoulders.

You will both have to go bankrupt separately for your separate debts and also for your joint ones.

The other thing you will need to do whatever you decide is to open a very basic bank account that you keep the details of private to use after the actions are taken. You could do that now, it may give you some feeling of doing something.

Good luck, remember all that is really important lives within the walls of your home. The cc people don't know you and they don't know what they are doing as a computer generates 98% of what comes out to you.

Louise

black-saturn

You can cut your food bill down by forward planning what you are going to eat, make a list and stick to it. You can also cook lots of things from scratch which cuts the costs.

novice_money_saver_2

IT MAKES ME SOOOOOO ANGRY that you always have to pay more to spread the cost of things. Interest on loans etc, fair enough, but things like car tax, TV licence etc. so wrong! :mad:

Eli - you've taken the first and biggest step so well done. Use this site, everyone will support you and you'll get there and then we'll all party! :beer:

Looking at others who appear to be in a better situation is soul destroying, try to concentrate on you and the situation you are in - easier said than done. Above all, remember to take time out for yourself and look after yourself, it really does make you stronger.

By the way, you've not said what car you have - I second the suggestion to get a cheaper one if you can. My hubby is v good with knowing the quality of second-hand cars and I can give you some suggestions for whatever price you can afford.

Good luck!

fatbelly

jellycat40 wrote:

my husband (the debt free one) went bankrupt 3 years ago ... You are allowed to keep a car providing it is less than £2,500 in value and they are not allowed to include child benefit or tax credits in your income. You may lose your mobile phone contract. (my hubby didn't though).

The rules changed in April 2004. There is no lower limit on the value of a car now and benefits do count as income, but that doesn't mean that you would get an income payments order.

Bankruptcy's certainly an option but I think your first priority is to stabilise your income/expenditure by making sure you are claiming all that you are entitled to. And get independent advice.

good luck

sans_2

black-saturn wrote:

You can cut your food bill down by forward planning what you are going to eat, make a list and stick to it. You can also cook lots of things from scratch which cuts the costs.

Additionally look out for the BOGOF offers, or if you have a local Asda nearby take along a leaflet adverting food etc for a price match. Things like toilet rolls buy in a 12 pack rather than 4 pack. Use money off coupons where possible. You would be amazed by how the savings all add up

Eli_2-2

Thanks for your replys guys and gals, it makes me feel a bit better.
So we wont be expecting bayliffs round yet than? (sorry cant spell)

Im a bit confused about the tax credits thing, ive updated them every time, we are getting £10.36 a week, same as what we were getting when my partner was in his well paid job, when I phoned to query it they said because its from beginning of tax year, he was on good money, which bumped our limit up, so even though we are on low wages now, it will stay the same becasue we have reached our ceiling if you understand me.
But I am going to phone them again.
Mind you when I was a single working mum, I was on £15k a year, and only getting £30 per week TC!!!

I shall look into the rent rebate as well, as you say Kelfy, you can state that they are not to contact landlord, so that would be brill.

Weve got a Beemer, 10 years old, im not going to say it does not cost alot, because i'll end up jinxing it, and I wont say she is good on petrol or reliable, just in case!!!
Its still on hP, but 95% is paid off, the company are fine about us paying them lower amounts, have not hassled us one bit, plus no one can take it from us because we dont own it!!

We dont get nuisence calls because we leave the home phone unplugged, only plug it in when we wont to make calls.
Only important people have our moby numbers.
We have basic accounts up and running.
We are headed in the right direction, its just the temp work my partner is doing that is making it hard for all involved, but hopefully something will come up in the new year.
Hes looking all over the country atm, weve agreed if he can get a good wage and live away from home during the week, so be it.

jellycat40

Sorry i did not make myself clear, the Official Receiver will take your car into consideration but if you need it and can prove it they will allow a car worth £2,500 or less. Also they do not take maintenance payments for a child into your income. If they are for you then yes, but for the child alone no they don't.

Hope that is clearer, and I don't think it effects you anyway Eli.

Louise

rubytuesday

Are you allowed to sublet? Would you be able to rent out the spare bedroom? :xmassign:

frosty

juliag wrote:

frosty, good for you but that is all eli is spending now could she really be expected to spend even less.

I was not having a go at eli,as there is only 2 adults and one child all I was pointing out was that it is possible to keep the shopping bill down, and use this money to pay for something else,and if eli was to go to the money saving old syle thread she would find a lot of help and support and menu ideas to help her family.

tomstickland

Weve got a Beemer, 10 years old, im not going to say it does not cost alot, because i'll end up jinxing it, and I wont say she is good on petrol or reliable, just in case!!

They are actually cheap to run providing that you don't pay a main dealer to do the servicing. Seek out a local BMW specialist to cut some costs there if you haven't already done so.