called payplan and their advice is ....

jane130

to file for bancruptcy... I can't beleive it. I thought they might be able to come up with something. but they came up with the same problem as I havebeen once the bills are paid there is just nothing left for debts ( ewhich explains why we have rent arrears and council tax problems )

I have looked for work but with 4 children the childcare bill alone would take most of my wages and we would lose the tax credits so i'd be no better off. I do do an ironing job from home 3 evenings a week but my boss doesn't have any more work to give me.

dh already works 50 hours a week if he worked any more I don't think he would be able to function .

our debts got out of control 3 years ago when dh was hit by an uninsured drunk driver on a one way street.unfortuatly at the time we only had third party insurance as we could afford fully comp and the car was written off. dh was unable to work for 8 months and we have never recovered from it .

bancruptcy seems such a huge thing ...I don't even know where we would get the money for the fee's and deposit.
also we took out another loan with a very high interest rate last week to keep the house and I am sure that wouldn't do us any favours in court. I just don't know what to do know .. i was expecting to come off the phone and know things were going to be harder than usual but see some sort of light at the end of the tunnel ... right now it all seems such a mess.

I don't know where to go from here .. I feel liek curling up into a ball and crying in a corner but i have 4 kids to look after so can't do that . Life sucks .. i wiosh I had married a man with money now instead of the one I fell in love with ... isn't hindsight wonderful !!!

anyway I don't know what the point of this post is I guess i just wanted to tell someone so if you have gotten this far thanks for reading
Jane

carolbee

can't begin to advise you, but i feel for you, you must feel desperate, feel free to pm me if you just want to unload

Biffa

Can you post a statement of your incomings and outgoings? We'll be able to help a lot more if we know exactly what position your in.

Biffa

Sorry for the short post earlier - interrupted by children not wanting to go to bed! My husband and I went bankrupt in December 2005, and it was the best decision we ever made. We live in rented accommodation though, so unlike you didn't need to worry about losing the house. It's not as bad as people think! I know at the moment you probably felt like we did - not knowing what we were going to use to pay for food that week, or worrying about having the money to put petrol in the car to get to work. Now that we're bankrupt, we can account for our money far better than before - we have to! We know what's coming in, what bills need to be paid and what's left for treats - and more to the point we have no outstanding bills now - everything is paid on time. You've taken the first step by posting on here, so well done! You could look at the old style money saving board for ideas on how to cut back, and everyone will do their best to help.

As for the marriage - you did the right thing by marrying the man you love. Money might be able to buy stuff, but it doesn't always bring you happiness.

Big hugs

jane130

thanks Biffa ... dh and i are goingt o work on a proper soa tonight. we too are renting but its a case of if we didn't payt he rent arrears we were out .

as for trying hard to save moneyi am doing as much as i can right now i am feeidng 6 of us on between £50 - £60 per week including packed lunches for the children every day . we never go out and dh is trying very hard to give up his 40 a day habit ( he's only had 2 today )

I'll pop up a soa a little later but just gettng it all out has helped a little

fatbelly

jane130 wrote:

bancruptcy seems such a huge thing ...I don't even know where we would get the money for the fee's and deposit.

There are charities that will help. Two of the most common I see are Royal British Legion and EDF (they own several electricity companies). But you have to be ex-forces or living in the right area respectively. The CAB usually know of local sources of help. Are you both going bankrupt? Or just one? Or one followed later by the second?

jane130 wrote:

also we took out another loan with a very high interest rate last week to keep the house and I am sure that wouldn't do us any favours in court. .

You're going to need to fill the forms in carefully. One question asks when you first realised you were in trouble (words to that effect). If you took out further borrowing after you knew you were going bankrupt, the official receiver can view this as irresponsible and extend the bankruptcy period. A good date to put is the date you first sought professional help.

Generally people experience huge relief when they go for bankruptcy, and if Payplan recommended it for you, I would trust they have explored any effect on present or future employment, loss of car, restricted banking.

silverfoxdude

http://forums.moneysavingexpert.com/showthread.html?p=738992#post738992


have a look at that thread jane, I went bankrupt and its the best feeling ever. I think that if your debts are less than £5k then I doubt you would be elligible. Also, my council tax arrears went in with the order. Please PM if you need any advice

jane130

thankyou you are all amking me feel so much happier about the situation. we did take out the loan before we even considered going bankrupt.

as some of our debts are in joint names then i think the best thing for us to do is both do it at the same time .
our debts are around the £26000 mark wow I hate to admit that ... its so terrible . i know there are people with worse debt but it sttill feels so embarressing to me.

jcr16

Biffa wrote:

As for the marriage - you did the right thing by marrying the man you love. Money might be able to buy stuff, but it doesn't always bring you happiness.

i'm sorry to hear also your having a bad time, i can't offer any advice tho i'm sorry. but the quote above is very very true. love is a very powerful thing. and although money is tight and you have problems. i'm sure u have 4 fantastic kids who love u no matter how much money u have.


HTH.

kevker

Hi Jane130. If payplan advise bankruptcy, then that is probably the best option for you. From your post I would say that you took out the loan in good faith and were not trying to use the system. As long as you ca\n show that the money from the loan went towards essential bills and not a holiday, then the OR should be okay with this. I agree with an earlier post, fill the forms carefully so your dates don't get mixed up.

Good luck.

Conor_3

40 a day? NO WONDER YOU'RE SKINT. That's over £250 a month or £3000 a year.