will I lose my house? Shared owenership

soyouneed

Hi there
I am filing for bankruptcy Monday morning. I have come to the conclusion that i cannot cope any more. I cannot sleep, eat, function normally etc.

I am not given to dramatics and have been through many awful things in my life but I feel suicidal. Please see below original post.

I was employed last year in a job for £30k. Left in Nov 2008 for better prospects but after a month the new company said they couldn't afford to pay me. I have just sued them for the last money they owed me and won. Took a year. £360!
I lost my job on 14th Nov 2008 and wrote to all of my creditors on 15th asking for bit of breathing space. No response. Got a job in a week £15K and wrote with income and exp offering lower but regular payments. No response. Calls morning noon and night.
Meanwhile in December had to take my 15 year old daughter for counselling (previous abuse by father rearing its ugly head) counsellor so concerened about my state of mind I have had to go to separate counselling too. This is all documented.
As the creditors carried on adding £25 default charges, interest and harassing me by landline, mobile and text I contacted CCCS. Took two months to sort. One payment made of £150. They then wrote saying that none of my creditors agreed with the payments and that the payment plan was not suitable. Back to square one.
I was even called on Boxing day by creditors so in the end I stopped answering the landline and changed my mobile.
Lost job at end of january as not up to scratch. Got another 3 mnth contract. They did not offer me a job at end of April as they considered me an emotional wreck. I couldn't concentrate, sleep or eat. Red wine was my diet and I signed on for the first time in 25 years.
I got the job i have now and am earning under £9k. I was the top of my game last year. Been a single parent for 14 years, no maintenance and survived horrendous abuse from the children's father. However, the way i feel now is nearly, but not quite as helpless.
My mum lives with us, having come back from emigrating to the USA to help us through our previous traumas. She is 66 in January 2010 and I have bled her dry.
I have written to the creditors on at least 10 occasions. Out of desperation I even requested my CCA's from each creditor in July. Again no response. I have seen an Insolvency Practitioner but she says an IVA is not suitable. I have completed the online Insolvency papers for bankruptcy but cannot bring myself to do it. I cannot lose my house. I pay £300 pcm rent/mortgage. If I moved i would be paying at least £500. The effect on my daughter would be devestating, let alone my mum. My other daughter lives two minutes away and she is on incapacity benefit, being ill off work with bad epilepsy.

Current situation:
Own 25% share in shared ownership house, my share being about £15k equity if liquidated. This would not touch the money owed.
Never defaulted on mortgage/rent/utilities in 13 years.
Mum offered to take out a loan, if she can get approved to offer a full and final settlement but only one creditor accepted the offer today. £240 instead of £317.
Two CCJs's, one of the companies having put a charging order on the house even though the housing association were not informed. I was ordered to pay £12 pcm on a £4,700 debt. I told the solicitor (Restons) that I wanted a copy of my agreement but he said that it is irrelevant.
I have buried my head in the sand for a while.
I am not exagerrating when I say I have had enough. My hair is coming out and:eek: I dread going to bed because I don't want tomorrow to come!
Do I go bankrupt? Will I have to sell my house after 12 months? I am inclined to choose one of these options:
a) Go bankrupt and work my !!! off, do car boots, get a pub job etc and hope that I can make a reasonable offer at the end of 12 months
or
b) pursue the lack of CCA's and a complaint to the Ombudsman as a way of making them accept a settlement figure. It would be far less than the debt but if my mum had a loan and I squirrelled (?)away what i could by the time the twelve months was up, I could persuade a judge to look kindly.

As I said, help me! I did accounts for 20 years, but i have trouble adding up two and two. My current employer is au fait with the sitution but patience is wearing thin.Time off for counselling, calls to creditors etc..........

Don't want to go into any more detail than this at the moment.

fiveyearplan

Hi and welcome. How much are all your debts combined and what do they exist of (ie credit cards/loans etc.). You also need to check your contract with the housing association to see if bankruptcy would affect it in any way. Have you checked out https://www.entitledto.co.uk to make sure you are getting all the benefits you are entitled to?

Last but not least, if it is deemed appropriate for you to go bankrupt you need to weigh up losing your house (it might not happen but you need to consider it). Your daughter WILL get over it if you have to move, you need to do what is best for you. If you are that stressed/depressed that you are thinking of suicide you need some urgent help. Debt is only money - we have all been where you are and made it through, you will too. The only real thing in life that matters is health and family/friends.

curly04

Hello

I really don't know what to say, as I've just gone BR this week and I am a wreck

All I can say is, good luck and remember we are here to talk to, i've found it easier to talk to people who I don't know or even know there real name, that to talk to my family and friends.

Mail me any time

Curly

soyouneed

Hi Curly04
Quick question, did you dither for as long as I am?
I know that my creditors are closing in and I have no choice but BR. someone will force the sale of my house anyway.
My heart goes out to you and anyone who is going through this. I never thought I would have such a stressful time again.
What a mightmare. Sure does help to 'talk' to strangers than talk at home.
x

curly04

i've stuggled for 7 years
I am disabled bad chest bad bones and I think some of the time I have been in hospital over the last 7 years wouldn';t have happened if I owned up to I can't cope other than i need more money so working 7 days a week or walking cold streets posting kleenze

we even turned up to our wedding with 17p and that was it.

We only went on our honeymoon to a caravan in scotland cos my dad paid and poeple put money in our cards

I wish then in 2004 we just fought it head on

tigerfeet2006

Are you positive that in the current market you would have £15k equity in the house? When was the last time you had the hous valued?

Give someone like National Debtline a ring on Monday, they are open 9am to 9pm but ar very busy and you will probably have to sit with a cuppa and keep trying for a while. Get their opinion on your situation. If they say BR then we will help and support you all we can through this.

PasturesNew

Nobody's said it yet, but there's a good chance you can keep your house. I typed that just so you know there is a chance.

But, you do need to answer the people above and give some figures so somebody can look and give you a clearer answer. If you do that now, they can probably tell you today. Then at least you can breathe out.

I hope you do keep it and that you sleep easier tonight. The people here are brilliant and will help you through all of this. I have never been where you are, but I can feel your pain.

Stay here, keep reading, give what people ask for, they will help you. They are experts here. Nobody is here to con you or trick you. They are all good people. Your friends.

Good luck!

fiveyearplan

soyouneed wrote: »

Hi Curly04
Quick question, did you dither for as long as I am?
I know that my creditors are closing in and I have no choice but BR. someone will force the sale of my house anyway.
My heart goes out to you and anyone who is going through this. I never thought I would have such a stressful time again.
What a mightmare. Sure does help to 'talk' to strangers than talk at home.
x

We've all been where you are now and I'm sure most of us thought at the time that there was no way out of the financial mess - well guess what? We all made it through!!! The scariest thing is the unknown. Read and read and read posts on this forum so you know the BR process and every eventuality. Have you had a look at your contract with the housing association yet?