advise please

coxsey

I have unfurtunatly found myself to be in approx £50K :eek: worth of debt and have spent the last six months going grey (I appologise in advance for the length)

it all started to fall apart three years ago, my wife (fiancee at the time) were looking to buy a house for us all to live in and my wife to work from home (Child minder), to which we did. we spotted a new development and a house that really suited us and our needs.

It took just a couple of months to sell my house (which i used the profit for the deposit) and 8 mths to sell my wifes. (profit for remainding deposit and furnish house and pay of some debt) we then secured the best plot (by pure chance :rotfl: :beer: )

It was whilst we were still in the wifes old house that she received a letter for her ex husband and opened it as it looked very official (she had balifs nocking at the door previouslyt as he didn't pay his parking fines which were in her name) to find out that he hadn't settled a previous bankruptcy (not declared at divorce) and that they wanted his half of the house (surrended at divorce to my wife!!!!!) however the court had lost all but the cover sheet to the case and only had record of two creditors. we were initially told that they only wanted approx 5K to settle the debt however, due to the un usual nature that they would have to go to court and get the guidence of a judge.

this dragged on and the bill kept rising and actually ended up taking all of the ex's equity out of the house, all £32K :mad:

this therefore ment that we had no money to settle any debt that we wanted to, or to fully carpet the house, so we sat down and went through our finances and it looked tight but easy enough to do.

it was a week before we were due to move in and we heard that the two full time children that my wife was looking after were being taken into care as their mother was in hospital (single mother, and a story in it's own right......) so she lost all of her income.

we managed for 6 months but things started to tighten up and no prospect of my wife getting more children and things started to get worse.

the debt has come from my past debt and living / wedding expenses & carpet.

and i dont know what to do now, my wife knows about our situation thankfully.

I owe £45k to five creditors and my wife just a little over £5k to four.

i have tried to use BT's and have just been rejected by Amex (first ever refusal) nad i am now slipping behind with payemnts to them (not mortgage)

I tried to re mortgage to free up cash/reduce mortge but no luck as house got devalued to £290K (bloody valuers)


Please help

magentadreamer

Given the amount of your debt you might want to talk to the likes of payplan or CCCS to look at a DMP.

I would suggest your priority at the moment is the mortgage and your council tax. If you list a SOA you'll find you'll get loads of advice. List every thing you have coming in and all your out goings.Plus APR's on loans and cards.

bank_of_slate

Lordy, that's a story and a half!!

You've got a lot on your plate! Has your wife found new work yet?
I wish you all the best, stick together and you'll get through it.
...Linda xx

brian01

yes my wife is back at work but has unfortunelty just had a stroke, lathourfh i think you may have tmissed he point here, we are not trying to do this to cut down on our out goings just what is best for us , we currently already pay £1377 per moth mortgage, then £155 per monthcouncil tax plus we thn pay £206. per month For Gas & eletricity

OberonSH

Brian - The SOA that Lathour is suggesting is to see if there's anywhere that may not be obvious we can help you save money on, so there's more to pay to your creditors. They'll ask you to do this if you want to reduce payments etc, so might as well do it at the start, and not get off on the back foot.

Don't panic. I'm really sorry to hear about your wife - was there any insurances on the loans etc that would payout in this situation?

I think you need to tell your creditors the state of play - explain that your wife is ill etc, and ask for a payment holiday, reduced interest etc. Then look at ways you can throw extra money at them. Have you claimed everything you're entitled to? Have you claimed back bank charges/PPI? any chance of overtime at work?

marfan_not_martian

Hi brian01
Sorry to read about your story. I hope things improve for your family soon.

Why dont you go online with CCCS (www.cccs.co.uk) and fill in their debt remedy plan - it doesnt cost anything and you are not signing up to any debt agreement - if you fill in your income and expenditure and also your debts it will give you the best advice suited to your needs.


Hope this helps - let us know how you get on

MFM
xx