At my wits end and need help

intodeep_2

New to this forum and hoping someone can help me as I don't know where to turn. I was made redundant in April and have acumulated a total of £140,000 of un-secured debt, creditcards and loans. I have no one to blame but myself. I cannot service these debts any more and this has caused ill health and family problems. I feel the only way forward is to declare myself bankrupt but am worried my wife and children will loose the home. Please can someone point me in the right direction. Thanks

peppa-pig

hi and welcome to the forum.

do you have a mortgage on your home? is it in joint names? is the house in negative equity?

if you go BR, if you can afford to keep up the mortgage payments and any secured loans that maybe on the property and it is in negative equity you should be able to remain in your home. the beneficial interest will be offered to your wife to buy for £211, this would mean the OR would have no interest in the future on your property.

you need to contact one of the debt help charities listed at the top of this forum for professional advise as this will be one of the things the judge will ask about when you go BR.

Feel free to post any other questions you have as this place is a fountain of knowledge and full of people happy to try and help.

good luck!

intodeep_2

Peppa-Pig, Thanks for the quick reply. yes I do have a mortgage, it is in joint names and with current house prices we are hovering just above negative equity. I will contact one of the help lines you mentioned. Apart from the mortgage I have just one secured loan againt the house, this is my worry. I have contacted all of my un-secured creditors and most have been reasonable but the phone calls have started. I feel such a failure.

money_penny_26

hi intodeep,an welcome to this forum the peeps here are just wonderfull people..i remember my first post.please do not feel a failure look after your family,an know that you are on your way to sorting it out with peeps on heres help.i dont know as much as some on here i just wanted to try an give you some comfort,as i have had.keep posting. regards penny

peppa-pig

intodeep wrote: »

Apart from the mortgage I have just one secured loan againt the house, this is my worry.

can you afford to keep up the payments??

don't feel like a failure. you are taking positive action to make things better for you and your family. that is a good thing.

intodeep_2

Hi Pepper-pig, thanks for the positive reply. In answer to your question reference the mortgage, I can afford the house mortgage as it is a tracker and approx £150 per month. However I have a secured loan against the house which is approx £550 per month, this I can not afford and am worried.

tigerfeet2006

I am afraid that if you can't afford the SL as well as the mortgage then you will loose the house.

If after taking the professional advice it is advised you go for BR, which I am fairly certain they will with the limited info you have given then what you need to do is stop paying all non essestial bills inc. mortgage and SL and save like mad for rental deposit, rent and moving costs plus BR fees.