Help.. I can only see one solution!

crispycornflake

hi mah,
please don't panic, myself and hubby have been through all this ourselves over the last few weeks, we too are just embarking on a low start dmp through cccs and are over £100,000 in debt (which we are not proud of) :eek: believe me over the last month we have panicked, argued, looked into iva's the lot but are now calm , the reason for this is that we are dealing with our debt in the best way we can for now. Don't rush into anything like bankruptsy, it may seem like the only solution now but it has a big impact on your life and your circumstances could change for the better in the next few years which means you could realistically reduce your debt quicker on a dmp. Ours is 15 years at the moment but I can assure you we plan to get rid of it a lot quicker than that. Just take a few deep breaths and take time to think about everything carefully. Hope this helps.

gonzo127

I agree with crispycornflake, go make a cup of tea sit down and think, yes it is currently saying 17 years, however as you stated at the start of the thread you have recently started a new business which has started to pick up! if this carrys on and your income goes up you can put this extra into your DMP and therefore reducing your term considerably

just to try and put my comments into context my current situation sometimes feels dire
family of 5
i am the only one who works and only bring in a £21000 salary
have a morgage of £80,000
secured loan of £40,000
overdraft of £4000
credit cards of £3500
and a store card of £500

at my current rate of repayment i will probably be looking at upto 27 years to pay them back however i KNOW i will pay them off before this as i WILL get a promotion or a better paid job, my wife WILL end up going back to work and my debts will only keep going down

mah

i look at the figures now of £55Kdebt (god knows what it will be tonight and what more nasty suprises there are) and its not inc family loan of £45k.

Available for debt repayment is now only £305

Thats about 15 years...

i too have a family of 5, and although we have a higher income, i can't see promotion, my wife is already working, so any possibility to sort out earlier is all down to my additional income. it is too much pressure to put on the new business and it is losing it's appeal for me. I'm not scared of hard work but this is too much pressure.

i have tried looking at what spare cash there will be in the future for holidays and for the kids to join clubs etc. and there is nothing there. i can't bear the FACT that i won't be able to pay for then to have a holiday until they are in there teens. and then i'll hit retirement age and there won't be any support for them to go to college or uni'

At least if i go bankrupt, i may be able to get on my feet in a few years and start again. OK i'd lose the house (thats going to have to go anyway), the business, my self respect (i think thats already gone) and now i'm not sure wether our relationship will survive this. I was trying to sort the figures and my wife was sorting a night out with the girls.

She wants me to go cap in hand to my mother again, but i can't... and i don't think she can help any more anyway... i'm so ashamed i don't think i can even tell her.... i need to sort this mess on my own...


ps... just re read the above after posting and realised i have already slipped into the singular!! all I and not we...

dancingfairy

Oh no - what a nightmare -it sounds like you really need to sit down with your wife and have a serious chat about the state of things - you need to get to the bottom of it all and get all the details on the table.
I hope your wife comes to her senses.
Also I don't think you should go to your parents - it sounds like they have helped out plenty in the past and it sounds like you wife is just hoping everything will just go away.
When you have made sure you have got all the debts down then you can try and calmly asess the way forward for you.
Best of Luck - keep checking out the options and talking to the debt charities for the best way forward.
df

dancingfairy

It might be handy to post all the debts and whose name they are in and whether they are joint or not - if you go bankrupt then the joint debts will fall to your wife to pay I believe - she is going to be affected by this whether she likes it or not. Especially if the house goes - by choice or otherwise (not that this is necessarily going to happen).
Take Care
df

pepe2008

mah, theres more than one way to skin a cat, so its said.

I spent most of yesterday trying to prove that your situation was redeemable. I am ( or was, I've come off it while I sort a few Legal Issues and Complaints out against a couple of Creditors, then I go back in ) on a low-start DMP with CCCS......but the give-away is in the Title....low START.
Mine was £64k and looking at 16 years, its now 12 1/2 years cos I've been able to gradually lift the monthly payments that will reduce as time goes on as well.
If you have made the decision that the house has to go, you would still be working where you do so then you rent.....its a lotter better than going BR and better protection against Creditors and a whole lot cheaper than your Mortgage...even more years off!. Not an easy decision I know but not the worst!
Keep calm and carry on.
Pepe

gonzo127

please dont give in just yet, you are only on DAY 2 of you debt crisis hitting home (the first 6 months are by far the hardest) the only thing i must say is that your wife MUST buy into any solution, as a DMP will mean all money will be accounted for so it will need a change of life style,

i do believe that if you should stick with your new business as from the start of your post it is pulling in anywhere between 1500 - 3000 and thats only since october! if this carrys on it will allow you to cut the term down!

now i am not saying do not look into going bankrupt - and you never know having some of the information documents around might actually give your wife a full LBM and allow her to realise how serious things are, however it might be worth at least giving the DMP a go untill you see how the business will pan out over the next year if it carrys on growing you oculd find everything becomes much easier as you could then pay more off the debts and even get a little bit put as side for a small camping holiday each year (also keep an eye open for the holiday for a £10 offers in the newspapers)

casiquerbrado

Hi mah,
I have an idea of how you are feeling, as was in a slightly worse situation 2 years ago.
I spoke to CCCS who advised a DMP which would have taken 37 years to pay off :eek:.
After a lot of reasearch , I took the IVA route.
As others have said , it's not for everyone, and takes a lot of discipline.
You are obviously an intelligent person , and looking for a realistic solution.
Good luck.

50broke

Hi, dont panic !!!! my low start DMP will currently take 37 yrs (Im 50 so i'll be dead!!! ) I pay 200 month against 83K debts. OH just lost his job, and my business is affected by recession. But.... all of my creditors have accepted the low payments... The house is on the market and we will probably have to rent in the future..... not really the situation I thought I would be in at this stage of my life.. but we are paying what we can, and there are so many of us in the same situation, I dont think the banks are in a postion to push us any further ( As the banks are the cause of this any way).
Keep calm, go onto low DMP and see what happens in future, you can always do IVA later. Good luck anyway.

mah

Hi all,

Just thought i'd give an update on whats happening.

I spoke to CCCS and others and then spent a week getting the paperwork and figures together. It was shocking....

We then had more discussions with CCCS and because of the additional income from the businesses, they reffered us to an IP.

After several very long discussions with them and each other we have today decided to go down the IVA route.

I'll try and post as often as possible. hopefully, our experiences will help others.

Thanks to every one for there advise and support.....