Dont know what to do, pls advise

mack69

yea, could be 20k, but anyway it would be less a month than at present!
I'm 99% sure the house is going on the market, would that hold off the banks for a while whilst making token payments?

WASHER

Hannah_10 wrote: »

From the last line on the SOA mate, where it calculates the OP's Net Assets.

I see it now, taking the cars into account, but as the OP isn't selling them as he stated, the debt in reality would be £20K.

WASHER

Hannah_10 wrote: »

Er no, the £17k includes the two cars, it's a £14k bank balance and two cars if he sells, honest (I checked it).

Its late (my excuse!), I still don't see where you are getting that £14K bank balance figure from. I will relook at the soa again, without the wine in my hand!

WASHER

It states £-17,100, its a negative figure.

Have I had too much of the happy juice to think properly?

miggy

Mack, it sounds as though you're already getting knowledgeable advice and I can't add to it, but just wanted to wish you all the best, especially with the job search.
I hope your wife can pluck up the courage to face this alongside you. What is it that she fears about having no money? Some people get by on amazingly little and there is a ton of help on these forums, so it means changes but it can be done. If she's afraid of what people will think - well it's nobody else's business apart from the parties directly involved, and who knows how many people around who appear comfortably off are actually in financial trouble? Lots of people are trying to cut back even if they aren't in difficulties.
Hold on to what you have in terms of family and health. They are worth more than money.
Good luck and please keep posting - you'll get lots of help and support.

Hannah_10

God no. I've just looked. It does say MINUS £17.1k doesn't it. It's not you it's me. Clearly I was having a thick moment again.

Right... Need a redo, gonna go back and delete off all the things I said that were wrong... (I may be some time).

THANK YOU x

Hannah_10

I have taken out all my mistakes now, thank you loads for that washer. Now to be clear what the situation looks like...

Mack if you sell the house and leave you are going to have £20,100 of plus a bit more (because there are fees on the sale of a house).

If you go bankrupt you will have no debt at all, but the drawback is as well as losing your house you might lose one or both cars. It'll take you 6 years to get back to normal. Being as how your cars are only worth £3k you'll save a fortune over just selling up if you do go BR.

If you go into an IVA then you will be back to normal in 5 years time, but for that 5 years you will have to make regular payments to your creditors. These payments would be set according to what you really needed (so probably between £500 and £1000 per month will be allowed for food for example, not the £200 you currently get by on) At the end of the five years any debts you had left would be written off and you could keep your house and mortgage. BUT... If you didn't keep up the payments you would be made bankrupt.

And the CCCS are a zillion times better at not making a hash of the numbers I am, so best you speak to them.

www.cccs.co.uk

WASHER

Hannah, I agreed totally with your post above and the figures!

If mack, sells up, £20,100 of debt remaining, approx £500 per month repayments on that.

At the moment, Mac cannot afford this, and unless a job comes along very very soon an IVA and selling up to repay most of the debt and walking away with £20,100 of debt isn't an affordable option either.

BR, would be my first serious thought.

Mack, if you think you are heading towards BR, you need to find some money for the BR fees, bear this in mind.

WASHER.x.

Hannah_10

Two months of defaulting on the secured loan could free up the money for the BR fees, although I wouldn't start defaulting until you're sure.

So... there you have it, your options as they stand. A lot depends on how fast you can find work, becasue as Washer rightly says until that happens BR is the only option on the table. After you find work then your options broaden a lot.

In the mean time, get £1 a month token payments going out to all your creditors. With daughters £50 a month lodge money thrown in you are at a £6 month suplus, rather than a £44 a month overspend. You have 12 creditors though, and you will need to buy stamps so you need to find another £9.84 to even do this.... Put daughter up to £60 a month lodge money to cover it maybe?

You can stay on token payments for a few months, you will get hassled, you will get less hassled if you are seeking the help of a well known debt charity though (industry rules give you 30 days grace for one thing). I think because of the particular options open to you then a good charity to start with would be CCCS.

mack69

Thanks for all the info.
Can I pay just my creditors the token payments now whilst my wife continues paying hers in full?
as most of the debt is in my name (unsecured I mean)

How do I proceed with the token payments? call or write to the CC companies?
What should I do about my business account overfdraft?

thanks again