can someone have a look at soa please newbie

LilyBart

How much do you know about voluntary repossession? This is something you should maybe start reading up on. I don't know about the legal ins and outs of secured loan companies blocking the sale of houses but it wouldn't surprise me in the slightest. Incidentally, the secured loan was what did for us too.
Are you up to date with all your payments? Or are you in arrears with some (or all) creditors? Reason I ask is, have you asked your mortgage company for a payment holiday? Some (maybe all, now) companies do this, and I believe most lenders are under pressure to be "sympathetic" to borrowers who are experiencing difficulties. A 3 to 6 month mortgage holiday could be very useful while you consider your options and your wife looks for a new job, even if worse comes to worse and you have to divert that money to bankruptcy fees and a deposit for a rental.

hoggums

Ouch.

Go seek professional advice. I can't see anything other than BR here.

And get used to the idea that your life is going to be very different from now on.

Good luck.

philnicandamy

sadly due to the nature of this board it'll always attract the odd so called "experts" who seem to find it fun to wind people up...reported and move on best bet

neas

This thread was just a cross-over thread... from the savers or house price thread.

In summary... the house price thread is a bit peeved this 'money' will dissapear and be covered by the general public.

Doesnt help op.. just explaining why you got 'others' coming here.. instead of offering the usual 'hugs' that this board is for etc.

LilyBart

Thanks for telling us, neas, and congratulations on saving up your deposit. It really isn't all hugs here, you know, and the vast majority of first-time posters (who tend to be the ones that attract hostile strays from other threads) have already cut back on every possible expense. So many people are currently over-extended, and a job loss or divorce or illness can be all it takes to push the mat down the helter-skelter.

Kenny4315

Aytoun27 wrote: »

I was a little taken aback by such a harsh reply. Why shouldn't people have pets, especially if the got them prior to BR? I wouldn't part with my animals and thankfully the days when the OR told people to get rid of them are long past.

In my experience it's quite easy to rack up massive debts and have nothing to show for them, especially if you are using credit for ordinary living expenses and one debt to pay of another.

There's enough trouble in the world, can't we be a little nicer to one another?

I'm not saying that having a pet is bad or whatever. What I'm saying is when a person is totally and utterly in financial ruin, cuts have to be made. It is not easy to rack up the level of debts described here and have nothing to show for it.

At the end of the day these debts will probably be written off and as a result the paying customers of credit card companies, will lose out because of reckless behaviour. If you want to live on some other non-reality planet that's fine, but in the real world I suspect a complete loss of home and possessions must be on the cards fairly imminently. £5000 on vets bills when your stacked with debt get real.

Kenny4315

philnicandamy wrote: »

sadly due to the nature of this board it'll always attract the odd so called "experts" who seem to find it fun to wind people up...reported and move on best bet

I'm a qualified Management Accountant with straight A grades. I also have a degree, and am a qualified strategic management consultant. So I am a little wound up by hearing continual sob stories about banks lending recklessly, it's easy to get into debt, etc etc etc. Look at the details of the expenses mobile phones, vet bills, entertainment, Sat TV, car tax, etc etc .

If I were in that sort of trouble my expenses would be BASIC Food, Heating and Shelter.

DON79

I think that your "advice" would be better appreciated on a board suited to your obviously "expert" and "superior" skills, so unless you do have constructive advice to give rather than censure and criticism, please leave Kenny.

chelseabun_3

I'm a qualified Management Accountant with straight A grades. I also have a degree, and am a qualified strategic management consultant.

Good for you. I've got an MSc. So we're even in the intelligence stakes.

A couple of points:

* The SOA needs to show current expenditure so that we can advise on what needs to be cut back, and what is allowed in law by the OR. Don't argue with us over that - take it to the courts if you feel that strongly.

* "A complete loss of home and possessions" doesn't solve anything. BR is enough of a punishment for most people without making them destitute on top. The idea is that people learn from their mistakes and have the chance to rebuild their lives without debt. Destitution causes debt - just look at all the ridiculous companies and individuals who lend at exorbitant rates to people who can't get normal credit. And before you say "well they don't have to borrow", you've just made them destitute so when the third-hand fridge breaks down, how are they going to replace it?

Also, people have to live somewhere, so would you be happy for your local council to fund their housing? Thought not. Perhaps you'd like us to bring back the Workhouse? That was a model that worked, wasn't it.

JCS1

I'm also an accountant, but having worked at the IS I also understand bankruptcy.

The vast majority are not people going out and obtaining credit recklessly. Most people take out credit to do up their house, for a holiday, etc, and when they take out the credit they can afford the repayments.

Then life happens - people become ill, lose their job, relationship breakdowns, and they can't afford it any more. And the banks and credit card companies keep adding on the interest, so a £1k debt becomes £5k

I've also interviewed victims of domestic abuse, whose violent partners would beat them if they didn't take out credit to buy things for the abuser. When they get the courage to leave, they also leave work and end up in a refuge, they have no income and go bankrupt. Should this kind of case also be punished?