Bankruptcy only option??

neverletitgetyoudown

Hi everyone,

About 2/3 years ago i split with my ex partner about 6 months after the split I went in to back to hand over the house and signed forms the other day i had a phone call form metropolitan collection services advising my i owed them £37000!!!

I know know of this after speaking to the bank this is the mortgage short fall that me and my ex partner are liable for there is also a second mortgage for about 25K

I have tried contacting my ex the numbers i had for her no longer work

I have no way of paying this back as i am just about keeping my head above water as it is i work full time and moved in with my new partner and help with the bills etc

What happens with bankruptcy???

I would lose my job as i work in an insurance side of a bank

What should i do about my current debt should i stop paying them so i can pay for bankruptcy???

I am so worried about this not really slept for the past few nights

any advice is good

the-muffin-man

Best advice I can give is make an appointment with your local CAB - mine were great when it came to discussing my problems at the beginning of the year. (Eventually decided bankruptcy was the best course of action for me).

But every situation is different and they may be able to see another way out for you especially if you are certain you are likely to lose your job (are you 100% sure about this?).

Don't forget your ex partner will still be liable as well, and just because you can't get in touch with her doesn't mean the collection people won't be able to find her.

(tmm - newbie on here, but declared BR 26/1/09)

fiveyearplan

Welcome sjg and muffin man. I would take MM's advice and contact CAB, CCCS or National Debtline for your options but in the meantime feel free to ask any questions you may have.

neverletitgetyoudown

i have contacted the national Debtline and they did say due to the size of the devt i might be best of considering Bankruptcy

will get in contact with local Cab tho

neverletitgetyoudown

Cheers for the replies guys

Just got off the phone from national debt line after a lengthy conversation

The best route for me is BR.

As he advised me to cancel the dd's to the people i owe money to and use the money to pay for the BR, is it a good idea to send letter to the company's i owe money to advising them what i am doing????

I feel like a loads has been lifted as i now know what im going to do not just sit and worry,

The bloke i spoke to was really help full and made me feel better about the situatino

philnicandamy

sjg1983 wrote: »

Cheers for the replies guys

Just got off the phone from national debt line after a lengthy conversation

The best route for me is BR.

As he advised me to cancel the dd's to the people i owe money to and use the money to pay for the BR, is it a good idea to send letter to the company's i owe money to advising them what i am doing???? NO...bad idea...all that would do is warn them of your upcoming bankruptcy resulting in them pestering you on an hourly basis to try & get cash from you

I feel like a loads has been lifted as i now know what im going to do not just sit and worry, Good..

The bloke i spoke to was really help full and made me feel better about the situatino

Just a few thoughts

copier_guy

I always found National Debtline excellent.

The only thing i would query is telling your creditors your going br. This usually sends them into a frenzy as they no once your br they cant touch you.

have you posted a SOA on here? do you own your own home?

neverletitgetyoudown

philnicandamy cheers for that bit of advice :money:

copier_guy nope don't own my own home got no assets at all the reason for br is due to a mortgage short fall

not put a soa up yet just gotta fill in the forms in now