No Way Out Help!!!!

malliesfinancialnightmare

I have been reading the Bankruptcy forum for ages now and have cme on to ask for help. cant go on any longer.

Basically Im fifty six thousand pounds in debt, the phones ringing at home and at work, the letters are waiting for me every morning and I just am at the end of my coping capabilities.

I have a lovley partner who knows nothing of my debts, and would dearly love to have us living together but cannot because Im sure she would be horrified at my amount of debt.

I dont own a house, I rent privately, my basic bills gas, electricity and water rates etc are all up to date.

I stopped making even the minimum payments to anyone over 9 months ago,and now there threatening court action and other forms of legal action.

I earn a good wage, and spend it too, Im frightened that my partner will finish our relationship if she found out about my debt, she had an abusive ex husband who left her in debt with her children and shes proud that she cleared the debt and brought her children up on her own and is very careful with money.

I spend nearly all my wages every month, I know that Bankruptcy is my only option,Im sure a judge would be hard on me as I earn good money and spend it on silly things, meals holidays, my partner says Im silly with money, she doesnt know the half of it and Im frightened to tell her and what the reaction would be, it would finish me, I now realise I have to face my financial demons head on. So where do I start??

jamtart6

Start with a statement of affairs list. Fill out all your details here :

http://www.makesenseofcards.com/soacalc.html

and post your incomings and outgoings to us and there will be LOTS of people along either tonight or tomorrow to help you out, show you how to painlessly save a few pennies.

Bankruptcy is not your only option as I'm sure many on here will tell you, but of course it is an option and someone more suitably qualified will be along soon to chat to you and help you out! I didn't want to just read and run!

As for telling your partner, she will most likely be happier that you have told her and been honest with her. What you need to do is sort out your finances, make some plans and then present her with the facts (the debt) and the solution, and ask for her moral support

Good luck with it all

Edit: You also should be prepared to totally change the way you live, and WANT to change it.

Ineedcash_2

What a horrible situation you are in and I am sure there are lots of people who want to help you. You need to sit down and start making a plan of what you can do as perhaps as you have no one to turn to you have been ignoring the letters that have been coming through your door. Remember that you can get help and that once you get the help and have a clear direction to follow the stress will ease. I know how difficult it is but if you have time tomorrow to open all these letters and write down how much you owe to who and what for. If you also draw up your what your outgoings are a month as well as what your income is. If you find you are spending alot on things that you don't need say £100 on going out then see if you can live without those expenses so that you have money to pay off some of your debt.
Contact CAB as well as Payplan.

I know that you are reluctant to tell your partner however I think in the long run it is best to be open with your partner. Perhaps if you got the advice and made some changes to your outgoings a month and then told your partner about everything. If they saw that you are doing your best to pay the money back and are selling things you do not need and cutting back on monthly expenses they would be proud of you.

Please please look after yourself you do have some options available. Believe me you feel at the time trapped with no way out. Just start focussing on what you can do and planning how you can pay this money back. You can do it and you will !!!! Good luck and take care.