Finding it hard to cope with all this debt stress

DotNetter

hi again, yep sorry...the 75% rule IS for IVA's and not BR. Basically you shouldn't loose your home while youhave negative equity over the 3yr period is how i read it.

dancingfairy

Hi. I am just wondering whether you have done an SOA (statement of affairs yet), basically you list every income, and everything that goes out - there is one you can fill in on makesenseofcards.com and then you can post it here. You will need to have one prepared for the bankruptcy I believe and also people will advise you on what is best to pay and in what order. Normally people try and pay the bills - ie gas/electric/mortgage/food/council tax/ secured loan and see what is left over for creditors and in the mean time send all the unsecured creditors 1 pound each and state you are getting advice.
However I am not sure where you stand with regards to paying the mortgage or not at the moment (regarding potential bankruptcy) so would do you SOA and hopefully someone will be able to advise you on the best course of action.
df

Angiepange

Hi again,
Wayne thanks for sharing that info re house and equity, really wish you luck with whatever you decide to do, information is everything so its just staying strong and working thru things i guess. Know what you mean about reading so much, had a permanent headache last few days!!

Havent done SOA yet just own budget sheet on excel, will have a go at that over next couple days and get it on here, hopefully all you helpful people could have a look at it, thanks for that.

Angie

TaxAvoider

Hi Angie

Stick with this site and you will be amazed how helpful people are :-) this really is a lifeline for some, I could not have survived when I was being made BR without the great people on here.

What is truly amazing is that some of the "regulars" are still here well after their own BR is done and dusted :beer: I have not posted much in the last 18 months, but pop in here now and then.

Good Luck with it all :-)

Angiepange

Hi
Thanks for support, its really helped so far to share what we are going thru. Makes you realise you are not alone dealing with debt.

Still looking into renting, saw nice little place yesterday and emailed enquiry but was told you need to pass a credit check, have no mortgage arrears(havent yet till end of month!!) and good financial status.

Surely we are gonna fail all credit checks now we have missed payments to creditors( 1 month behind so far) and they are aware we are in difficulty? I cant see how we are ever going to be able to rent if need to get out of house? Seems like you pay to have a check done so couldnt spare money that would be wasted! Has anyone who stopped paying their mortgage and left their home to rent got any advice? I feel like if we leave it too late to decide what to do its all gonna just get so much worse!! Sorry to be all doom and gloom but pretty down with it all at the mo.

Thanks to all who have replied here, its a massive comfort :A

Cola_3

Hi Angie, I dont really have any words of wisdom as im still reading and learning and like you have a constant headache from all the info.
Me and DH are going BR in 6 weeks time are currently living with my parents and our little boy as we gave our house back due to our situation, we really want to get our place but we just cant afford to save for the BR and the rent and the deposit etc at once so we HAVE to wait until our BR has gone through, ive started asking around local agencies and all ut 1 so far have said they wont allow us to rent with them, we have applied to council for housing but thats going to be years. God its so stressful, if we hadnt taken out that blo0dy first plus loan against the house and was better informed aboiut it we wouldnt be in so much mess and maybe still have our own home! Ive found the info on this site invaluable and find my asking questions that may seem so stupid but i have always got a reply.
Good luck with it all

Angiepange

Hi
Cola im sorry to hear you are finding it difficult to rent,im just putting feelers out at mo but think its gonna be difficult. I too spoke to my local council but like you was told it will be nigh on impossible to get somewhere for a long time and to ring them back when repossession proceedings start!! i can understand how stressed you must be.

I have a friend who took out a firstplus loan over 15 yrs for 75000, they are paying back £162000 with all the interest etc!!:eek: Funny how the adverts for them have seemed to disappear off the tv lately!!

Sorry i cant give any advice to anyone at mo but im sure as things progress i will be in a position to help others too, but am always here for emotional support.
Take care Angie x

Angiepange

Hi again,

Here I am going out of my mind with worry now. Really had been relying on Debt Advice Network, charity org, who came out to home 6 wks ago , took all details of debts and said not to worry they will deal with all correspondence re creditors, they would write letters on our behalf and if we get any threatening phone calls or letters just refer it all to them.

What has really happened? They have avoided virtually all our calls and emails re our case. Last phone call from our advisor 3 wks ago was and i quote " the girl who types the letters has been off a couple of days and letters will be sent out next 2 days" My reply "can we have copies by email please as really would like to know what info is going to creditors" DAN answer " of course no problem will email to you"

That was 3 wks ago, letters to us from creditors have said they have heard nothing from them and dont recognise them anyway! I just feel so let down, i appreciate they are a charity and not charging for anything but why tell us they will help and give advice when they have done the opposite and wont return any calls we have left on their voicemail or reply to email. I feel like we are now a month behind in trying to get things sorted. We are doing our own letters to creditors using the CAB pack and i should be able to get an appt nxt wk to see someone. Sorry i am moaning about it but i am so let down. It is so hard being in this situation and dealing with all this stress. It feels like you need someone professional to tell you this is what to do, i am so scared of making wrong decisions and putting my family in a worse situation.

Huge change of circumstances beyond our control has meant trying to pay debts of £40000 and keep up with a fairly large mortgage and everything else to pay. I know loads of people are in the same boat and i am so glad for the advice i have had on here so far. There is no one else to talk too and although OH and me are trying to be strong we are crumbling with the worry.

Cant sleep so was hoping someone is out there who understands. Thanks.

fiveyearplan

Hi Angie - if you got rid of all your debt would you be able to afford to keep your house? Just because you are going BR doesn't mean you would lose it.

tigerfeet2006

On Monday pick up the phone and talk to National Debtline. You may have to sit with your finger on redial for a while but when you get through they will be able to talk through all the options and give you some advice.

NDL are open 9am to 9pm so you should be able to talk to someone tomorrow.

Mean while stop talking to your creditors. If you have caller ID then don't answer numbers you don't recognise. If you don't then before going through security say there is someone at the door be right back and put the phone down. Go have a cuppa for half an hour, then go and hang the phone up. If you do talk to them just say you are taking advise from NDL and someone will be in touch shortly, goodbye.