Help and advice really needed :(

footychick7

HI

I am not sure if this is the correct place to put this but I am having trouble paying all my debt. I split from my partner two years ago and am now living in a shared house paying my own way. Me and my ex bought a flat and my name is still on the mortgage but hopefully in the next month it should be off as he has had trouble getting a mortgage in his name soley.

I worked out that with my pay if I pay all my debts and houshold bills I would be left with £13 a month to live off of for food etc. obviously i couldnt manage this and so have now fallen into arrears. I have wrote to creditors asking to pay less but not all of them have agreed I fill stuck and I can only see my option being to go bankrupt as I am talking 40 grand worth of debt. But can I go bankrupt even if I get my name off the mortgage will the reverse the transaction even though I can prove I have had no interest in the property and that he has been attempting to sort the mortgage?

Sorry a little long winded but thanks for reading if you get this far

Logie143

Hey I didn't want to read and run.
Some more useful people will come along shortly with some info about the mortgage etc but in the mean time fill out an SOA: http://www.makesenseofcards.co.uk/soacalc.html
Well done on taking the first step though :-)

Tixy

Hi and welcome

As Logie suggests a good starting point is completing the SoA. Enter realistic amounts that you need to spend on your living costs etc and then we can compare the suplus that you have left for debt repayments with the actual amount you should pay towards your debts.

Have you had any advice from one of the debt charities yet? Have you considered a debt management plan? this is similar to what you have been trying to do with your creditors but on a slightly more structured plan.

footychick7

Tixy wrote: »

Hi and welcome

As Logie suggests a good starting point is completing the SoA. Enter realistic amounts that you need to spend on your living costs etc and then we can compare the suplus that you have left for debt repayments with the actual amount you should pay towards your debts.

Have you had any advice from one of the debt charities yet? Have you considered a debt management plan? this is similar to what you have been trying to do with your creditors but on a slightly more structured plan.

Hi
Thanks for your response I have emailed national debtline and did a personal budget statement which is what I sent off to my creditors. I just feel its awkward as I pay rent but my name is on a mortgage which I pay nothing towards so filling out an soa is complicated as do i put down the mortgage or rent or both?? I am tempted to wait until my name is off the mortgage but I want to start the ball rolling as I am serious s**t and getting hassled via phone and letters every day

Logie143

Well there's a simple fix for the phone calls. Just send out the letter template to cease telephone communication.
I can't remember where the link is, but someone will be able to put it up.

Dealing with things by mail is much better- you get a chance to think about the point your making, and don't get pressured as much.

This may take a bit of stress of so you can get it all sorted.

Tixy

The mortgage/proprty issue could well complicate the option of bankruptcy. Is there equity in that property?

I would just put rent down on any SoA/Income & Expenditure if that is all you currently pay. You say some creditors haven't accepted your reduced payment proposals - have you still just been paying these lower amounts? many will say they don't accept them but you should cancel any DDs and then just pay the amount you have worked out you can afford.

Do you have debts with the bank you have your current account with? If so you will need to move your banking to a new bank that you don't owe money to, so that they cannot dip into your current account to offset any money you owe them (national debtline may already have advised you of this).

Logie143

https://forums.moneysavingexpert.com/discussion/2992820

Have a read of this...all the templates should be there. It will cut the pressure on you at least.

brokeinlondon

Hi, I still think it might be a good idea to do an SOA that we can take a look at. We might be able to advise whether or not we think you're paying too much for certain things or have missed anything out! Please consider posting it

all the best
M

footychick7

Tixy wrote: »

The mortgage/proprty issue could well complicate the option of bankruptcy. Is there equity in that property? Is it possible to go bankrupt after my name is off or will they see that as fruad??

I would just put rent down on any SoA/Income & Expenditure if that is all you currently pay. You say some creditors haven't accepted your reduced payment proposals - have you still just been paying these lower amounts? many will say they don't accept them but you should cancel any DDs and then just pay the amount you have worked out you can afford. I have stopped all payment atm and waiting for a response one has agreed lower amount for 3 months but havent told me how to pay and I rang the collections department and they havent recieved my case yet!!

Do you have debts with the bank you have your current account with? If so you will need to move your banking to a new bank that you don't owe money to, so that they cannot dip into your current account to offset any money you owe them (national debtline may already have advised you of this).

I have taken out a basic bank account with a bank I owe no money too.

Thanks for the advice keep it coming

Also I cant seem to find the letter template on that link?? Sorry if I am being thick

footychick7

brokeinlondon wrote: »

Hi, I still think it might be a good idea to do an SOA that we can take a look at. We might be able to advise whether or not we think you're paying too much for certain things or have missed anything out! Please consider posting it

all the best
M

Hey I have a personal budget statement to hand its just not as thorough as the soa I could attach that if you like??

Also how do I attach something like that?

Tixy

Is it possible to go bankrupt after my name is off or will they see that as fruad??

If there was equity in the property I think the official receiver would look into it and would probably consider that some of the equity was yours and should go towards your bankruptcy. But it might be better to ask on the bankruptcy board here on MSE for a more knowledgable answer than mine.

How long have you not been paying anything for? Its usually advised to make at least token payments to creditors (even if its just a quid) to reduce the risk of them taking court action.

What template are you after? no phone calls? - http://forums.moneysavingexpert.com/showpost.php?p=11571485&postcount=4