I need advice please.

Isitpossible_2

I wondered if anyone out there could give me some advice please.
I seem to be in pretty serious trouble as far as i am concerned.
Just to be brief.
I have a £250,000 mortgage £1,600/month- HOUSE WORTH £250,000
Credit card debts £60,000
Business overdraft £20,000 nearly at limit
Personal overdraft £5,000 nearly at limit
I'm self employed, now only earning £1,000/month was £3,000
The wife is earning £800/month.
I haven't defaulted on anything yet but might not be long.

affluenza

Hello

Someone with the knowledge will be along in a little while - but you have come to the right place because there are lots of really helpful and supportive people here and we are all going through the same thing!

shadowdragon

Hi and Welcome

You really need to get some advice from some debt charities as your first port of call. Cut and paste from the sticky for ya

• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice
• Business Debtline - Website: Business Debtline Telephone: 0800 197 6026

startagain_2

Hello and welcome,

You have come to the right place for help and support. There are two things that we all usually do when we start off on here. You should contact a debt advice agency - CCCS, National Debtline or the local CAB. They are all very busy at the moment but you have to get the ball rolling at some time, the earlier the better.

CCCS have a Debt questionnaire on their website that you can fill in and it will give you a result at the end which explains your options based on the info that you have entered.

The other thing is to fill out your statement of income and outgoings, called a SOA on here. This is a link for it. Fill it in, follow the instructions and format it for MSE and copy and paste on here, then we can have a proper look at things.
http://www.makesenseofcards.com/soacalc.html

Hope this helps

SA

Isitpossible_2

Thanks SA for your advice.
The problem I am concerned about is my wife has 14k of her fathers money in ISA's.
If we go to CAB will they press a button & freeze everything we have got?
Also, does anyone know, when you stop paying the mortgage do you have to leave immediately

LilyBart

CAB won't press any buttons. All they'll do is give an informed opinion of your situation and talk through various options. Same goes for CCCS and National Debtline. As a self-employed person, I'd strongly recommend you seek specialist advice. I spoke to Business Debtline and the CCCS self-employment bankruptcy specialist before going BR. Sometimes the advice conflicts but it's good to take as much advice as possible.
If you stop paying your mortgage, you will have a few months' grace before things start to get really hairy - some on here have stayed up to a year, the average seems to be six months to repossession. But the first thing you should do is ask your mortgage company for a payment holiday. I don't know if these are as readily available as they were last year, but we found it very helpful while we worked out what to do next.
Good luck and call the advice lines!
Lily

Bethankim

Hiya,

CAB dont press a button they will go through all the options with you so your fully aware of everything and can make an informed decision.

If its just you going bankrupt then your wife's money is hers i think as long as its not in joint names (although i could be wrong)

If your both looking at a joint bankruptcy then the 14K would be classed as hers and im not sure where you would stand on it.

Lost2

Hi Isitpossible, I went to CAB and they where very good. Lady there filled out my forms for me and even made the appointment for the courts.
My Friends OH went BR last year and he said that the CAB where very good with him. I did not have any problems getting money out of my account at the bank. Lady at CAB did all the letters and sent them out to people that I had dept with. Am not sure about your mortgage sorry but am sure someone will be able to help you.

Isitpossible_2

I am so grateful that all of you people have responded to me this quickly & you don't even know me.
I am so ashamed that I have let my family down, I have worked hard all my life. And I thank you all for your support.

Bethankim

Hi Itispossible,

your feelings are not uncommon and im sorry your feeling the way you do.
BUT you did not deliberately set out to run a business that would get into trouble, i imagine you have been loosing more sleep, worrying and generally feeling awful...

as many have said before, but i think its important to say again, Its money and is not worth losing your health over. Your health, family, friends and above all sanity is way way more important.

This is a tough time for anyone trying to run a business right now, you have not failed infact when you come out the other side you will have done something many others wont do. You have faced it all, and chosen to do something so you and your family can have a future.

good luck, everyone here has a story to tell and will offer you all the support and encouragement you need.

now be kind to yourself..:o

Isitpossible_2

Hi Bethankim,
Thank you for your thoughts. It feels a bit like going to the dentists as you keep putting it off & hoping the pain will go away.
But I will be taking advice from the debt agency & hope this nightmare can be resolved.
Thank you again.