The Horror....my SOA

Iron_Pyrite

Bankruptcy, IMHO.


As said before no house or mortgage to lose, rip the plaster off and take the quick pain, that would be a long process to DMP/IVA.

I would look at how/why though, you appear to have an overspending issue.....

Peaceful nights sleep would be nice also

The_Golden_Goose

Congratulations for getting your head out of the sand.

We have all been guilty of it at some point or another.

This forum is here to support and give advice.

Think positively, at least now you have taken the responsibility on the chin and you are doing something about it before things spiral even more out of control.

This is the start of your DF Journey - it will be hard but you'll be ever so thankful in the long run.

Also you are not alone, it may feel like you are but there are people everyday all over the country with money worries and more and more people everyday joining this forum asking for help, some with small debts and some with very large ones.

If anything, I hope by putting it down in paper, some weight has been lifted from your shoulders.

Good Luck and keep us posted.

nzmegs

I am sorry but your wife needs to get a job....it's hard but doable. She can work weekends and nights - or look into childcare for her to work full time. I know this isn't what you want for your family but neither is a life time of debt.
Even if she worked full time you would onyl be paying the minimum on your cards. This isn't enough. She needs to get a job anyway to prevent this happening again in the future - but I fear that BR might be your only option. See an expert asap.

angelflower_2

hi

I would say that Bankrupcy is not your only option. It may be the easier option but there are many people here with similar amounts of debt and who have got/are getting out of it.

If you currently have 300ish to pay to debts and you can free up another 100 - 150 a month, you are looking at a repayment time of approximately 13 years. If your children are young and when they go to school your wife can then go to work then you can increase the amount you throw at the debts and also get out of debt sooner

One of the main benefits of doing it this way is you will create a new lifestyle based on the budget you set yourself and therefore you will unlikely create a similar situation again.

It will be a slog but there are many of us here in the same position. Let us know what CCCS say.

ps. I notice you sign your posts off God Bless. You may want to try contacting Christians Against Poverty who are another free debt councilling service and although they dont only help Christians, they are able to help tap into resources such as a support worker, help with shopping, help in the home such as DIY/furnishings etc, free holidays and social events etc which are normally funded and supported by local churches. All that will be of extra help when you are in it for the longhall. Try giving them a call too. They are fab. www.capuk.org

System

angelflower wrote: »

hi

I would say that Bankrupcy is not your only option. It may be the easier option but there are many people here with similar amounts of debt and who have got/are getting out of it.

If you currently have 300ish to pay to debts and you can free up another 100 - 150 a month, you are looking at a repayment time of approximately 13 years. If your children are young and when they go to school your wife can then go to work then you can increase the amount you throw at the debts and also get out of debt sooner

One of the main benefits of doing it this way is you will create a new lifestyle based on the budget you set yourself and therefore you will unlikely create a similar situation again.

It will be a slog but there are many of us here in the same position. Let us know what CCCS say.

Thats a good point, it would address your spending habits and hopefully prevent you from doing it again. BR will get you out of it quick time and whilst Im not sure of the other implications BR, you may put yourself at a greater risk of 'offending' again. But hey, its up to you.

Colonel_Kurtz

Hello again

Firstly I'd like to say thanks to those who have already offered advice and encouragement, it's greatly appreciated.

I've taken your comments on board and am looking hard at where I can trim our budget. I must admit I did a bit of 'rounding up' when filling in the SOA so I know there are definately areas where we can save money (Groceries, TV, phone, clothing, emergency fund (ha!) etc can all be cut).

I've received a 'Debt Remedy' from the CCCS and they suggest I try to apply for an IVA. They also suggested a 'low start' DMP but at nearly 15 years duration I feel that's something of a non-starter. I need to look into the ins and outs of the IVA more before I make a decision, to be honest I was a little surprised they suggested it as I didn't think I would qualify (no assets etc). I appreciate I still may not be granted an IVA but I guess this is the route I should take.

I guess for specific advice I should post on the IVA forum?

I'm going to take the day off work tomorrow so I can start the process, I'll keep you informed.

Any advice on how to deal with my creditors in the meantime would be appreciated. When they contact me what should I tell them? Should I be making offers to make reduced payments in the meantime?

One again, thanks for the support.

God Bless

SouthCoast

I've received a 'Debt Remedy' from the CCCS and they suggest I try to apply for an IVA.

If you have no assets to protect, what is the point of an IVA?

Colonel_Kurtz

SouthCoast wrote: »

If you have no assets to protect, what is the point of an IVA?

I guess you're saying I should go bankrupt then? In my current state of mind (and I may not be thinking straight because of stress) I feel that should be the last resort. If I can come to some arrangement to pay off at least some of my debt should I not take that opportunity?

Am I being foolish?