and here we possibly go again!!!!

bcljnk

I went BR oct 2009 discharged june 2010.
We knew at some point DH would maybe need to sort his finances out as well, but were trying HARD not to go down the BR route with him, as he isnt a confident person and i didnt want him having to go through the worry of BR, anyway the CC cards have been on 0% so managable, and a loan, but the last couple of months the 0% has finished and he tried to get a loan to sort the cards out and was declined...all previous credit history has been brilliant, then tried to get a % card, declined again, we realised now why...his earnings have lowered slightly and therefore the borrowing is at his limit.
SO...other than trying to get the CC companys to lower the interest rates we cannot see us getting out of this.
DH is depressed at the minute, not for this, he has been in and out of depression for some years and he stopped his meds and it has started again, so he is back on meds but not kicked in yet i know we can managed slightly more than the minimum payments for now, but come august when my stepson is 18 our earnings will drop again as we wont get HB for him, and at present he only works part time so gives very little board.
Back to DH, as i have gone BR i know the way to do it, just trying desperatly NOT to get to the BR route...am rambling a bit, think i will repost another day!!!!

fiveyearplan

How much is his credit card and loan debt and how many more payments until loan is finished?

I know what you mean about losing CHB. My son is 20 and daughter is 18, I was paid CHB for my son until his 20th birthday as he was still in full time education and my daughters will finish this year so that is £130 down per month on top of that I was overpaid tax credits and have to pay back £70 per month so all in all I'm down £200 per month and had to take a pay cut as well which is another £150 per month meaning in total I'm down £350 per month!

bcljnk

His virgin is around 4800...keeps going up cos of the interest....will be maxed in possibly 2 months even with not using it.
Lloyds is approx same, they have just lowered his limit from £5900 to £5000 so again with interest going on will be maxed in couple of months and his loan is around £5700.
Loan was initially 8 years, think its still got about 5 left on it
cant give interest rates ect as kids needing me..roll on school in just over a week

fiveyearplan

Maybe you should ring one of the debt charities - with debt at that level he could be eligible for a DRO. Does he work, own a car, do you live in rented or mortgaged accommodation?

bcljnk

Thanks for the replies, he works 20 hours a week...owns a motorbike (for work) as i own the car, we rent from the council.
The only thing is i am sure his debts will be slightly more than 15K as theres also £400 from an argos card.
With the DRO will the debts be totally wiped out after 12 months as i am sure i heard somewere that after the 12 months if say you had a windfall you would have to pay your creditors...so is it just a tide me over for 12 months?????

bcljnk

although i expect if we could try to get the debts down to below 15K over the next few months it may help with a DRO