Scarp by or going BR?

pinklover

So, based on my previous postings, you all can see that I've been considering going BR for a long time..well, things haven't improved (in fact) it has worsen a lot now and I'm very confused as in what my next step should be.

I'm an Army wife living in the Army barracks with my husband, so he is paying rent for the house we're living in there. He owns another property which he is currently renting out. Both of these arrangements are only under his name and he pays the rent from his own account and receive his income to his account only.

Before we got marry, I've built up a fair amount of debt. I used to be in a good comission based job and am able to make repayments fairly easily but since we relocate, I've now working in a lower pay job but without the pressure and stress from the other one. That means though I'm struggling to keep up with the repayments.

Debts as follows:

HSBC unsecured loan: £15,000
HSBC credit card: £3,300
Halifax credit card: £6,600

Monthly income after tax now is £1,280. After the loan repayment and bills, I barely have enough to pay the credit cards, at the moment I'm only paying the interest which is around £100 on each cards.

1)So, my question is even though I have a okay job and have keep up with my repayments so far, would I still be accepted to go Bankrupt?

2)Since I only pay my husband my share of rent/bills direct to his account monthly, I cannot produce any receipt to proof it, will that matter?

3)Also, I will only consider going BR if it doesn't affect my husband's financially and also his career, with all the debts and accounts under my name only, will it ever effect him?

4)Basically, I've no assets at all! which makes me think BR works better in my situation. I'm just very unsure as my income is just covering the debt payment but leave me with nothing , sometimes I just think maybe it works better if I have no work/income and with me having no assets what would the court do in that case?

I hope this give you all a little brief outline of my concern and really would appreciate any help on this.

Thanks,
Pinklover

baggsy909

pinklover wrote: »

1)So, my question is even though I have a okay job and have keep up with my repayments so far, would I still be accepted to go Bankrupt?


3)Also, I will only consider going BR if it doesn't affect my husband's financially and also his career, with all the debts and accounts under my name only, will it ever effect him?

4)Basically, I've no assets at all! which makes me think BR works better in my situation. I'm just very unsure as my income is just covering the debt payment but leave me with nothing , sometimes I just think maybe it works better if I have no work/income and with me having no assets what would the court do in that case?

Hi there,

I'm in a similar situation and your questions above would be of interest to me too.

Someone will be along soon, I've no doubt...

RAS

You need advice regarding your specific situation as it is possible that you could have a beneficial interest in the rented property even though it is in your OH's name.

Talk to the Insolvency Service or a debt charity.

pinklover

Thanks for the reply, I did seek help from the CAB and one other source which I forgot the name of but both gave contradict answers regarding the husband's income/input etc. I really would like to sit down and speak to someone face to face, are there any organisation that can help without being over the phone??

My husband's rent income is not even covering his own mortgage, so not that he is making any profit out of it.

Thanks for your help though.

philnicandamy

Hiya PL....the only place that would offer a face to face chat about your finances would be the CAB you would have to make an appt to see a "debt counceller"....problem is though at the moment they're very busy so you could be in for a bit of a wait....

tigerfeet2006

Just a quicky as I have world war 3 breaking out around me :eek:

Christians against poverty also do face to face interviews. You don't need to be a church goer, they will help any one happily

Christians Against Poverty

When you fill in your SoA for the OR you will be expected to put your DH contribution to the joint household bills on there.

Not face to face but National Debtline usually offer excellent advice, number and link in my sig.

Did you speak to a trained debt advisor at the CAB?