help?

tbourner

Back to the thread.

I've done the same thing with cars. It's stupid but you get pulled in by the sales staff! It's so easy to sign another bit of paper that says you pay a certain amount each month, then get a 'consolidation' loan to pay it off, then a year later you think you own the car outright and can px it for another one with a new monthly bill!!!
It's rediculous now but I never thought about it at the time. That's where most of my debt comes from.

You need to be strong with your OH, another thing I'm rubbish at!! Getting better now and we now both know where we are, but you CANNOT use the inheritance money, believe me it will start again and in 3-4 years you will be depressed and looking for a permanent way out (that may sound melodramatic, but I've seen it happen!!). You need to find the source of the problem and solve it, and you need to tell your OH in no uncertain terms that it's your final decision and you're not going to be bullied into changing it.

Marisco

Hi Jessie, If your oh is hassling you to accept the inheritance, could you have a word with your parents and get them on side. Say that they have reconsidered and think its not a very good idea after all, so they are withdrawing the offer? That might give you some breathing space to sit down and see where you went wrong. As many have said if you did take the money and it runs out in a couple of years, what happens then? And deffo get rid of that expensive car!! So long as you have a car that goes, that is what counts, not how fancy it is!;) Good luck!

Caroline73_2

jessie-jane wrote: »

OH is working all the hous he can 7-7 6 days a week and i am working what ican.




Monthly Income Details
Monthly income after tax................ 1520
Partners monthly income after tax....... 300
Benefits................................82
Other income............................ 42
Total monthly income.................... 1820
Monthly Expense Details
Total monthly expenses.................. 1562


No Secured nor Hire Purchase Debts
Unsecured Debts

Total unsecured debts..........60200.....1588......-

Monthly Budget Summary
Total monthly income.................... 1,820
Expenses (including HP & secured debts). 1,562
Available for debt repayments........... 258
Monthly UNsecured debt repayments....... 1,588
Amount short for making debt repayments. -1,330
Personal Balance Sheet Summary
Total assets (things you own)........... 201
Total HP & Secured debt................. -0
Total Unsecured debt.................... -60,200
Net Assets.............................. -59,999
[/tt]

This is making no sense...Your OH works 72 hours a week for £300?

Marisco

Maybe its Jessie that comes under "partner"?

WASHER

Your income is 1944 not 1820.

GEEGEE8

OP - why not concentrate all your efforts on reducing your monthly expenditure, it can get quite addictive if you try hard. I think you really do need to work on this between yourselves, it's very kind of your parents, but it won't help you in the long run.

jessie-jane

I know how lucky i am for parents to offer this money but really wish they hadn't, then we wouldn't have this as an option.

If we could clear everything , including the bank overdraft and start from zero again then as people have said we have enough money showing in the SOA to live well off.

Any advice as to what to do for the immediate future,whilst trying to decide what to do, ie should i be ringing cards and explaining the situation offering to pay a token jesture or would this work against us if we decided to go bankrupt, dmp or iva?

thaylock

Pay a visit to Citizens Advice - you need some professional advice about going bankrupt/managing your debt I think. It could be your only option given the extent of your debts but I don't know if your inheritance would be protected.

NorthernLas

Jessie - Immediate advice -
1. Do not phone people, you need to be writing to them
2. Open a basic bank account with a bank that you do not have debts with e.g. co-op and transfer salary and priority bill payment to this one
3. Cancel your direct debits for non essentials
4. Start a spending diary so that you can see where your money is going

jessie-jane

Thank you Northernlass, this is the advice im looking for.

Whilst writing tothe companies do we not make any payments ( which is were we are REALLY struggling)ie, borrowing off one card to pay min on an other.

What will happen with the overdraft if we open new account somewhere new?

How much do we need to open a new account?, been with the same bank for over 20 years!

sorry for the questions,mind keeps going blank!

Do you think i would be better on the bankrupt board?