I'm not sure if this is the right place..

Stressed_Out_4

But I'm in a major hole.

Over the last 12 months, I've seen my marriage dissolve and a period of 'no fixed abode' placed upon me, additionally, I've been made redundant from a good job (30k+ pa), this was a job I'd been in for last than 12 months and so there was no redndancy payment made.

As a result of me having no savings and no income, things have got out of control and I find myself trying to pay 4 different credit cards with an income provided by Job Seekers Allowance (£60.20 per/week). The totoal amount owed over the 4 cards is close to £22,000 and I'm completely unable to pay them.

Based on me having no fixed address and the fact I no longer occupy what was my mortgaged home, I'm not receiving any post/mail from these creditors and my only method of contacting them has been when they've called me.

I have looked at IVA and bankruptcy and I'm still no further forward in understand what I can do to improve my situation.

As for the house I shared with my wife, my name is still on the mortgage although I'm not contributing towards it (and haven't for over 6 months).

What I don't want, if it can be avoided, is for my ex wife to lose her home, granted, neither do I want to avoid paying monies that I rightly owe, but I can't see a way out of this.

I'm sure I'm not the only one who is having sleepless nights and a feeling of sickness deep into the stomach as you dread the phone ringing and not knowing how to communicate with card companies.

Any help, advice or shared experiences would be appreciated.

I don't know what to do.

Choo_Choo_4

You're right - you're not the only one experiencing these feelings and I'm sure it won't be too long before people come on to tell you that!

In relation to the former marital home - your name is still on the property, jointly I presume? And are you aware of what the outstanding mortgage is on that? And the value?

I'm just trying to determine if there is any equity in the property and roughly how much?

If there is equity - do you think your ex wife would be in any position to buy you out?

Bankruptcy would have seemed the more likely and possibly the only option for you at the minute due to only receiving JSA but this would take the home into consideration in that any equity would be requested by your creditors to go towards your debts, be that through a remortgage, raising funds from 3rd party or sale of the property ... if no equity then a 3rd party (i.e. ex wife) could purchase the interest of the property (for a matter of £s in some instances) and then take over the mortgage payments with their name then going on the property ...

Charco_2

1. You can ask your creditors only to correspond with you in writing (you'll have to provide an address obviously - any address) and that way you can stop worrying if the phone will ring with someone demanding money - might get a template for this letter over on the Debt Free Wannabee Board.

2. For the time being you have to look after Number 1, Numero Uno, YOU!
You can't afford to make payments to your various credit cards. Not even token Payments. Explain the catastrpohic demise of your situation and ask if they could freeze interest and charges until you are in a position where you might be able to more suitably deal with your debts (Can't hurt to ask! Don't compromise with them where you'll make a token payment and they'll consider freezing charges - you can't afford to!)

You COULD explain that it is your wish to get back on your feet and to get back to dealing with your debt and that it may take a month or three... or more! Your compromise could be that you would try to return to making your payments soon instead of going bankrupt in a number of months time.

3. DO SOMETHING ABOUT THIS SOON! You certainly want to avoid your creditors pursuing a charging order against your home/former home.