Heading towards a dead end..

ships-cat

Hi

To cut a long story short, both my wife and myself were made unemployed on 31st March and are rapidly running out of cash to pay the bills.

To add to the story she gave birth 10 days ago so is on Maternity Allowance only. With no work in sight and having applied for lots of jobs over the last 3 months, I decided to spend a portion of my redundancy starting my own company - make my own work. However the balance has now all but vanished on household bills, mortgages etc, etc.

I'm still applying for work (to get a second job) but can't see it coming in time for the next round of bills. Have switched the mortgage to interest only, called the credit card companies, reduced the bills but the money will still run out soon with no income (biz isn't profiting yet). One CC company has given me 6 months and then they're selling the debt on, so hopefully will be back earning by then, others have given me 3 months.

Any options/experience in this situation please? Have considered sending "please write-off" letters to creditors as all other avenues seem to need an income (iva, dmp etc).

Sunny_Donny

Hi
can you do a SOA (Statement of Affairs) - the link is at the top of the forum or one of the computer whiz's will be along with a link - we can help reducing costs for you. Other clever bods will be along to answer your questions on creditor letters
In the meantime - ebay/amazon everything you can to raise some money. Visit the Old Style board for help with menus etc.
We are all friendly and will be as helpfull as we can be.

Deep_In_Debt

To be honest, if they sell the debt on, it's not necessarily a bad thing as then interest is likely to be frozen.

National Debtline website has a good template letter you can use offering reduced payments.

Good luck.