I'm new and need advice about going BR

pootle2005

After pulling our finances apart last night to see where we could save £20/£30 a month, me and partner concluded that we need to find a way out of this mess.
Briefly I'll try and explain our situation:
I don't work, just look after our 2 children.
Partner works full time and earns £22000 basic (£28000 with overtime)
My ex stopped paying maintenace 6 months ago, after chasing CSA no chance of getting anything.
Anyway, at the moment all my partners wages are going to pay loans, and direct debits, we have £200 leftover a month to pay for food and everything else. We have loans totalling over £30,000, which we've built up over the years from consolidating credit cards and buying a car - I know it's our fault we spent the money, but at the moment we can't survive each month, and it's just getting worse. The overdraft is beyond it's limit, so that's having extra charges on it all the time, I've sold everything I can, and emptied every bit of savings we've had, but it's never enough.
I discovered this website last night after someone on netmums recommended it, and read a few of the threads. I'm thinking the best thing we could do is go bankrupt, but not sure how to go about it, would it have to be both of us, we have a joint account and all bar one loan are in my partners name; how quickly would it all happen, can't face another month being skint; if I go to CAB or similar will they say in light of partners salary we should still try and pay it all off?, we know our credit score will be useless, but at the moment we can't live.
Please help

thatsyourlot

Hi..

Im not able to answer any of your questions but I just want to give you a BIG HUG... I am just in the process of filling in my bankruptcy forms at the moment.

I think that the hardest most scariest thing was finally admitting I had a HUGE debt problem, that I felt had no way out of. Up until a few weeks ago, I had kept it all from my hubby (we dont have any financial ties what so ever) I really do feel like a big weight is off my shoulders now.

I would suggest that you maybe talk with cccs, they have been fab with me & although I had to wait weeks for my phone interview (im self employed but my business is jiggered really) I felt much better after talking to them.

All I can say is, hang in there hun, there will be a way out somewhere along the line & as a family you will all be ok coz you will still have each other.

These boards have been a life line to me & the peole who have helped out with my queries have been great. We are all in the same boat or have been at some point, so dont be afraid to ask any questions & wait to see what the others say.

Good luck with it all

xxx

money_penny_26

hi pootle just wanted to welcome you,as i was welcomed on my first hysterical post.all the peeps on here are great an been through what you are feeling now.i am half way there now.you will be soon.you have made the first step,keep posting dont be alone,an all questions will be answered regards penny

fermi

Hi and welcome.

Would be handy to have a bit more info about what and how much is in your name, your OH's or jointly owed?

As for advice to whether you should go BR, as said you really need to speak to a free debt advice organisation.

See: Non-profit Debt Counsellors' List

Would it be quick?

Courts are busy at the moment and at some you may have to wait a month or more for an appointment. But some others offer an on demand service where you just turn up on the day.

So, the only way to find out how quick is to give your local County Court a call and ask how long.

pootle2005

Thanks for support, my partner is off next week and we are going to see a solicitor on Wednesday about maintenance and CSA ( wish us luck! ), so may ask their advice while we're there. Before that I'll contact one of the debt advisers.

Debts are loans, £15,100 (originally £20,000) loan when partner moved in and we cleared all his credit cards etc and to pay for garden to be sorted; £5000 ( originally £6000 ) to consolidate credit cards ; £7000 recently taken out to consolidate credit cards again - all these are in partners name. In my name I have a loan for car for £5100 (originally £6000). All of these come out of our joint account, which has an overdraft of £300 which is currently at £415 overdrawn I am trying my hardest to make the payments for these, but just can't anymore, would I be better off defaulting on some of these? Just don't know what to do anymore and find myself crying about it all the time, I hate the situation we've got ourselves into.

fermi

Since the major bulk of the debts are in your OH's name, and he is earning a not too bad salary, then something like a Debt Management plan from CCCS (or similar) may be a good idea.

The thing with a DMP is that if you should find it unmanageable then you can always go BR later.

Take some professional advice on that and see what they say.

Check out the advice on the CCCS and National Debtline websites as well. Links are in my signature below.