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ADVICE please - repossession or not
fed_up_6
Posts: 1 Newbie
Hi
I need some advice - here's the very long story.....
My husband and I have managed to get ourselves into alot of debt. It has all come around by being stupid and over stretching ourselves. He is self employed and business is suffering. We are constantly chasing cheques and as soon as he gets paid from a job it's going straight on bills so we have no life to speak of. I have taken a part time job to try and help but it's not made much difference (we have 2 small children so I can't work many hours).
We currently have a debt management plan with the CCCS. We are behind 2 mths on our martgage payments and struggling to pay everything!!
Hubby wants to wrap up the business and go back to an employer so we can benefit from a regular wage but there are no jobs here for him. Which leads me to my next story - we have the chance to migrate to Australia where he WILL get work. CCCS have said we can manage our debt plan from Aus and that wont be a problem but they also advised us bankrupcy was an option. We could just go bankrupt and loose the house and go to Aus debt free but I don't want to that. I would rather make an effort to pay my debts on a DMP. My main question is the house. It is in negative equity, short fall of about £12,000. Should we just let it get repossessed??? Will the short fall be added to our DMP???? I just don't know what to do for the best....
I need some advice - here's the very long story.....
My husband and I have managed to get ourselves into alot of debt. It has all come around by being stupid and over stretching ourselves. He is self employed and business is suffering. We are constantly chasing cheques and as soon as he gets paid from a job it's going straight on bills so we have no life to speak of. I have taken a part time job to try and help but it's not made much difference (we have 2 small children so I can't work many hours).
We currently have a debt management plan with the CCCS. We are behind 2 mths on our martgage payments and struggling to pay everything!!
Hubby wants to wrap up the business and go back to an employer so we can benefit from a regular wage but there are no jobs here for him. Which leads me to my next story - we have the chance to migrate to Australia where he WILL get work. CCCS have said we can manage our debt plan from Aus and that wont be a problem but they also advised us bankrupcy was an option. We could just go bankrupt and loose the house and go to Aus debt free but I don't want to that. I would rather make an effort to pay my debts on a DMP. My main question is the house. It is in negative equity, short fall of about £12,000. Should we just let it get repossessed??? Will the short fall be added to our DMP???? I just don't know what to do for the best....
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