Help!....I am about to be found out

madmax14

Hi guys,

I am new to this forum but hope some new ideas will help me out.
I am totally devastated. I have accumulated debt after debt for the last 5 years. Initially everything went well. I invested a part of it in financial speculation markets (spread betting) and every single market moved against me. I was so possessed by what I was doing I didn't realise the trap untill my last penny went.
Now the big trouble. My wife has an idea I am in debt, but, my total debt of £50000 is about 10 times more than what she thinks! I can't tell the poor lady we are finished!

There is no way I can manage to repay my debt with my moderst take home income of £1550 per month The problem is I am living in a flat in which there is an equity of about £20000 and it is in my sole name although we bought in togather about 5 years ago an she contributed equally towards in it.
if i was to make myself bankrupt, they wil have my flat and my wife gets nothing which is not fair. I am thinking I should sell it and give this money to my wief and then wait for aboput an year and then declare myself bankrupt or even enter an IVA or somthing like that!

Any suggessions please.....

bottleofred

Hi madmax,

I think you should contact the consumer credit counselling service. citizens advice or national debtline to discuss your options. You could also post your statement of affairs to get advice on how to save money, which can then go towards your debts. I know you probably don't want to, but telling your wife now might be a good idea before she finds out for herself how bad things really are, but the decision is up to you really.

Good luck

Tixy

I'm fairly certain that even if you went for the option you describe and went bankrupt they will still come after the equity from your house even a year later. You cannot just give that money away and then go bankrupt.

As red says you really need to speak to one of the debt charities and see what options you might have, whether you could do an IVA or DMP based on your finances.

I'd also agree about telling your wife but maybe you might feel it easier to do that once you have spoken to a charity and got an idea as to what options you have.