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Miss_Poohs
Posts: 630 Forumite
Just over a year ago I discovered my DH was hiding massive debts from me - and I mean massive in excess of £80,000.
After much weeping a wailing (by me!!) he finally opened up and dished the dirt.
I got him to see a debt councillor and he was advised to try for a Debt Arrangement Scheme (DAS), we're in Scotland by the way.
Anyway - I then started getting phone calls from EGG and discovered that he hadn't included one of his credit cards, and they were now after him!!
So back to the drawing board we went and contacted the advisor again who managed to sway a variation and this additional debt was added in.
I had also discovered he had used his half of his mums house (she 84 and still lives there) for a secured loan.
I knew nothing of any of this and none of the debt is mine - be we're all suffering because of it.
He pays in the region of £535 per month (for 13yrs :eek: well 12 we're a year in) to PayPlan for the DAS and another £275 to his secured debt, thats before we pay a penny toward out own mortgage!!!
Fortuantely he now has a resonable job and I work too, but I just can't see a way out for us, and bankrupcty - or should I say sequisration (sp?) is looking more and more appealing.
In total the debts are in the region of £100,000 - and we're looking to see the debt councillor again.
In your experiences what would be the likelyhood of bankruptcy, and how would it affect our home (we have a young son) and the home of my MIL?
After much weeping a wailing (by me!!) he finally opened up and dished the dirt.
I got him to see a debt councillor and he was advised to try for a Debt Arrangement Scheme (DAS), we're in Scotland by the way.
Anyway - I then started getting phone calls from EGG and discovered that he hadn't included one of his credit cards, and they were now after him!!
So back to the drawing board we went and contacted the advisor again who managed to sway a variation and this additional debt was added in.
I had also discovered he had used his half of his mums house (she 84 and still lives there) for a secured loan.
I knew nothing of any of this and none of the debt is mine - be we're all suffering because of it.
He pays in the region of £535 per month (for 13yrs :eek: well 12 we're a year in) to PayPlan for the DAS and another £275 to his secured debt, thats before we pay a penny toward out own mortgage!!!
Fortuantely he now has a resonable job and I work too, but I just can't see a way out for us, and bankrupcty - or should I say sequisration (sp?) is looking more and more appealing.
In total the debts are in the region of £100,000 - and we're looking to see the debt councillor again.
In your experiences what would be the likelyhood of bankruptcy, and how would it affect our home (we have a young son) and the home of my MIL?
Don't try to keep up with the Joneses - Drag them down to your level - it's cheaper . 
0
Comments
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Bit of a read here
Information for those in Scotland.
Advice on bankruptcy.
- Consumer Credit Counselling Service (Scotland) - Website: CCCS Telephone: 0800 138 3328
- National Debtline (Scotland) - Website: National Debtline Telephone: 0808 808 4000
- Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
- Business Debtline Scotland - Website: Business Debtline Telephone: 0800 197 6026
- Christians Against Poverty
- PayPlan
- TaxAid - Help with tax debts.
.
Accountant in Bankruptcy (equivalent of the English Insolvency Service).
Main website: www.aib.gov.uk
For general queries about insolvency (but not debt advice) you can contact: General helpline - Tel: 0845 762 6171 - Email: [EMAIL="Helpline@aib.gsi.gov.uk"]Helpline@aib.gsi.gov.uk[/EMAIL]
Bankruptcy
Low Income Low Assets.
Debt Arrangement Scheme
Trust Deeds
Bankruptcy after 1 April 2008- DAIP - Debt Advice and Information Pack
- Debtor's Guide
- Creditor's Guide
- Bankruptcy Restriction Guide
- Trust Deeds Guide
National Debtline Factsheets (Scotland)- Bankruptcy
- Credit reference agencies
- Debt Arrangement Scheme (DAS)
- Debt management plans
- Enforcing a debt against you by diligence
- Fines in the district & sheriff courts
- Harassment
- Homeless - what should I do?
- How can I complain about my lender?
- How can my landlord end my assured tenancy?
- How to avoid debt at christmas
- How to deal with business debts
- How to deal with Hire Purchase debt
- Liability for debts & the Prescription & Limitation (Scotland) Act 1973
- How to make offers in full & final settlement
- Mortgage shortfalls
- Negative equity - What can I do if I want to move?
- Recall of decree
- Recovery of council tax
- Time orders
- Time to pay directions & orders
- Trust deeds
- What happens when a creditor takes court action against you?
- What if a creditor refuses my offer of payment?
We all die. The goal isn't to live forever, the goal is to create something that will0
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