Help In Debt and Worried

miss-piggin

Hi I have been looking at other people's posts for ages but it has taken me a long time to come up with the courage to actually post myself, it wasn't until I watched a programme on Tonight about the number of people being repossed and it included one person who's house was repossed due to debt from negative equity from selling a previous house, that has really started paniking me. A bit of background I work as a assistant account (luckly I better with other peoples money than I am my own) my hubby is disabled and receives incapacity benefit we have 3 children aged 5, 3, 6 months. 3 years ago when we moved house I decided to keep our previous home on as an investment for the children, huge mistake we have had nothing but hassle and really bad tennants which did thousands of pounds of damage and left owing months of rent. I paid for repairs on my credit card and the motgage payments on months we hadn't received rent, in the end I stopped paying the mortgage when the house was up for sale as we couldn't maintain 2 mortgages. In Total we owed £96k on the house and decided to put it for auction after no interest any other way - but the value was much less than it was a few years ago when we borrowed the money. In the end it sold for £80k but the secured loan we had on it wouldn't release the deeds they said it wasn't enough and blocked the sale - instead they tried to take us to court for repossesion. - this was blocked by the judge because of the sale - in the end the sale was permitted after 5 months of battles - but in this time the sale price reduced to £76k and the money it cost extra in interest and charges to the mortgage company and increased solicitors costs ment the loan company received nothing, they then took us to court for a money judgement, they wanted £40k and I fought and got it reduced to £25k because they had blocked the sale the judge ruled in our favour, so now we owe them £25k and lots of other creditors thousands the house we live in is in negative equity but it is our home and I desperately want to hold onto it, I also can't be made bankrupt as all the yeras I have spent training to be an accountant would have been wasted I am thinking possibly about an IVA but really don't know what to do any advise would be appreciated.

marfan_not_martian

Sorry to hear about your circumstances miss-piggin. i am sure that someone will be along soon with helpful advice. It may help them if you post us your income and expenditure so that they can give you help and info as to where you can make savings.

Good luck

xx

miss-piggin

SOA

Income
Maternity Pay £507
Child Benefit £190.23
Child Tax £606.67
Working Tax £137.52
Incapacity £404.73
Total £1846.15

Outgoings
Mortgage £853.95
2nd charge £417.10
Water £19.87
Council Tax £129
Duel Fuel £120
Insurance £23
Telephone £20
TV Licence £11.95
Petrol £20
Food £160
Car Insurance £64
Total £1839

Creditors
Virgin £3267.03
Halifax CC £2705.53
Barclaycard £218.24
Asda £286.13
Littlewoods cc £5588.86
tesco £2730.60
Halifax bank joint £2000
Halifax Bank solo £250
Capital One £197
Littlewoods £1290.89
Great Universal £800
Empire Stores £683.15
Mint £395
GE Money £25,000
Total £45412.43

churchrat

hello and well done for posting, we all know how hard that can be.
You sound like you have really had enough to deal with, and could do with some help--could you post a statement of affairs?? and also-- have you taken advice from anybody else such as payplan or cccs?
good luck and keep posting
churchrat

churchrat

aahh-you have already done it!!!!--
think you may have left a few things out--cartax and expenses?? or does your oh recieve these?? also adding them up makes it easier to see
many thanks

miss-piggin

churchrat wrote: »

aahh-you have already done it!!!!--
think you may have left a few things out--cartax and expenses?? or does your oh recieve these?? also adding them up makes it easier to see
many thanks

hi, my tax is paid until Nov 09 - result of lots of ebaying I was able to pay it for 12 months, not sure what you mena by expenses. My hubby only receives Incapacity Benefit not a penny of anything else.

roomontheend

Hi and well done on posting. When are you due to return to work and what difference will this make to your income. Could your hubby do ebay sales, survey, etc to up your income?

sugarpants_2

good luck..i definatle try sell your other house hun. you are in a lot of debt. hugs x

miss-piggin

roomontheend wrote: »

Hi and well done on posting. When are you due to return to work and what difference will this make to your income. Could your hubby do ebay sales, survey, etc to up your income?

I am due to return in April but am facing redundancy (but no redundancy pay), I should have gone back in January but knowing I am being made redundant when I go back I opted to extend my maternity from 6 to 9 months as I could have 3 more months of maternity pay - also it gives me time to job hunt so hopefully can get another job before I go back. I do ebay where I can and have just signed up for a few survey companies( hubby is no use of computer).

miss-piggin

sugarpants wrote: »

good luck..i definatle try sell your other house hun. you are in a lot of debt. hugs x

no other house is sold, that's how come we owe GE Money £25k for negative equity.

cydney65

Can your hubby apply for DLA?

:hello:Big hugs BTW, you've certainly been through the mill. Hopefully someone with a lot more experience than me can help you.