help :(

silentborn

i originally posted this in the bankrupt forum but not sure if that was right so please excuse me if ive got it all wrong



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

mu 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

Numpty_Monkey

:hello:Hi

First things first, stop hateing yourself , these things happen
You are and have made great steps :T
Well done for going to CAB:T

onto the rest, chances are you wouldn't get another loan at a descent intrest rate, and very very rarely do consolidation loans work,
IVA's aren't suitible for most people
Bancruptcy is an option, and not as badas people make you believe,
DRO's are very restricted as to who can have them
a DMP might be the best option for you
CAB will advice more if that is suitable to you:A

If you post your SOA USE THIS
we might be able to help on where you can make savings and a few other tips:cool:

HTH:A

Nottoobadyet

Not much advice really, but ((hugs)) and Im sure the clever people will be along soon.

Dont hate yourself -there are ways out of this and you'll come out the other side.

Are you sure you're getting all the benifits you're entitled to?