Dont know what to do anymore!! masive debt of over 40k

laney26

Hi,
I normally come on here just to read of other peoples experiences regarding debt and the advice they get.
Im in such a mess atm and dont know which way to turn.
its a long a story and its got near the end of the line and things just keep getting worse.
I will try and be as brief as possible and apologise in advance. Could really do with any advice offered.
My husband was in 50/50 partnership in a limited company. Things were going well and they took out some cars with mercedes benz finance. Because my husbands business partner already had ccjs my husband totally foolishly signed as a guarantor.
The payments were being paid out of the business. Times changed and payments were missed. Eventually they signed up to a fee paying debt managment company.(Churchwood Finance) who in my opinion were useless.
In that time the main debt was taken to court as they wouldnt exept the pyments being made at that time. My husband again very naively listened to churchwood and they said it doesnt matter that much if you attend court or not a the charging order they were applying for would probably go through anyway. Looking back at all the paperwork now i can see that we could of contested things as it is a joint mortgage and the debt is just in his name. TOO LATE NOW.
Charging order was placed on house.`I might add at this time i was vey naive as well and just listed to what my husband was told and that a charging order was just if you sell your house that the debtor gets their money. Know alot more now.Agree to pay £150 a month with review in 6 months time (next month) on a debt of just over 25k. Had cancelled churchwood by this time and did things ourselves.
More debt to come! Hubby thought this was the total debt. Short time later get letter from solicitor saying that payments hadnt been up to date on other account( was totally unaware of this). Now know this was for second car(one each) debt of just over 15k.
This debt atm is unsecured but they are applying to court as i speak so just waiting for things to hapen.
Made them an offer of £100 a month which they refused but i have been paying it anyway(ony for 2 mnths atm tho).
Made an appointment with cccs and a councillor is ringing me wed to go through income and so forth.
Have a problem with my husbands income though is that his job is seasonal and he only gets paid per shift.No regular hrs/pay. one week he might do 1 shift another 6 shifts. it just varies and ina few months time the work generally dries up altogether. Hes only been doing this for just over a month atm with the company he is with but he knows how it works because hes dont the same things a few years ago.
I nearly forgot my husband also owes nearly £2700 self assesment tax at £200 month which again wasnt paid when the business started to fail.
To add i work part time.
Cccs have told me that they can really only help me with the unsecured debt. My main debt tho is the charging order and my mortgage.
Have been paying £150 a month since april on this but have just found out i am paying £2.68 a day interest. Im never gonna be able to pay it off. Dont know what to do.
Do i sell up. My house i think is roughly worth £100k and i owe roughly £50k on the mortgage which is on a tracker. I dont want to sell but i just cant see any options. I have a teenage daughter and a dog also to consider.
What a mess!!

Tixy

Hi and welcome

Sorry to hear about the situation you and hubby have found yourself in.
Hopefully CCCS will be able to give some useful advice when you speak to them on Wednesday.

Not sure really what to advise but in relation to the car loans - were these not secured on the vehicles? Where are the vehicles now? Would it be possible to hand back the second car to clear the debt (or most of the debt). If you get court papers for this debt do come on here for advice - there are few members on here who are experienced at dealing with this type of thing. I would have thought that even if it does go to court it should only be for a CCJ not a charging order.

Might also be worth a read of this (if you haven't seen it yet) - I admit I don't fully understand it all but sounds like it might be relevant in your situation - https://forums.moneysavingexpert.com/discussion/1839539

RAS

Hi

Rather than waiting for things to happen, you need to find the legal documentation regarding the loans. Doers your husband have the original loan documents? and the default and termination letters?

laney26

thanks for your reply. He has a copy of the 15k debt but i could hopefully request a copy of the 25k one. He has court letters and land registry docs. Unfortunatley do not have default letters. Have a statement from churchwood for a monthly payment. sorry thats all i have got as most of the letters were kept at the business premises from which you can tell they were not very efficient in dealing with things

laney26

Thanks for replying. Im hoping cccs can give me some clarity too! With regards to the cars they were both returned at different points after losing an amazing amount on money on them(they were brand new and depleted alot of their value really quickly). The balance before was alot higher. Tbh really angry that we are in this mess over some cars and stupidity. Done now though and have to deal with things.
Thanks for the link to the article . is slightly confusing but i have saved it in case it will come in handy.
Everyday im constantly thinking of what to do and honestly its starting to take its toll on my health and my marriage.