help :(

silentborn

Hi all firstly let me say I’m sorry for the long post

My husband and I have found ourselves all of a sudden in deep trouble and unsure which way to turn, I have been looking at options all weekend and I’m totally confused.

Combined we have £17000 in debt spread over 1 loan and 2 credit cards only one of which is I’m my name , broken down it looks like this :

loan 7100 (only 18 months left) (hubbys)
credit card 1 - 4600 (hubbys)
credit card 2 - 5200 (mine)

our monthly min charges currently cost us £447pm and we are now finding it very difficult to pay off .

We were originally thinking of getting another loan to pay off the credit cards as we both still have excellent credit scores but I am no longer employed and husband has this year had a major pay cut of 9000. So we have gone from having 29000pa 4 years ago to 10000 this year. with two young kids (I hate myself so much)

After talking it through with my family and almost being sick, literally the worst day of my life so far I felt so ashamed they feel that we won’t get the loan and have told me to go bankrupt, we can’t afford the IVA route and wondered if anyone knew which was the best option.

I’m going to go to the CAB office tomorrow and see what they say but at the minuet I’m panicking

We live in a council house, have a car which is worth maybe £800 which is dented and poor, we have no assets I can think of we have the usual a TV and my laptop I purchased from a catalogue but that is all paid for now and the kids toys ect but I’m scared I don’t know what they will take of us. We have no savings and are both in our agreed overdrafts but as of yet haven’t gone into arrears

I’ve looked at the DRO orders but don’t understand how they work. I’m just so confused, can’t even work out where all the money has gone???

I don’t know what to do

any help as to what you would think is best would be great

from Kate

dojoman

Hi and welcome to the forum. Please do not beat yourself up about your present predicament, we have all been there and the hardest step is the one you are now undertaking. Ask as many questions as you feel you need to, there is usually someone around to help/advise you. Below are some links you may find useful.

https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
https://www.cccs.co.uk/



Below is a link you may found helpful about going BR?

http://forums.moneysavingexpert.com/showthread.php?t=1056083

Also this link to the Insolvency Service is useful!

http://www.insolvency.gov.uk/

Just remember you are not alone in this

debtinfo

Ok first of all welcome, it is good that you are going to see the CAB

Secondly, dont rush into anything, Although it probably seems a lot to you the amount of debt is not massive compared to others and does not necessarily mean bankruptcy (although if that is the way you go there are lots of people on here who have been through the same thing and can hep you)

thirdly, You dont both have to do the same thing, ie one of you could do a bankruptcy /DRO and one a debt plan.

fourthly, if you circumstances have changed recently, make sure you are are claiming all the tax credits that you are entitled to, check here, www.entitledto.co.uk