Struggling With Debt

maria1968

Hi.
New to this site. Have registered to see if anyone can tell me where I stand...

Basically, I owe about 25k with no way of paying it back. lost my job a few years ago and used my credit cards to live

Used to earn about 30k a year, but now am self-empolyed and only work term-time and bring in about 3k a year. Have been trying to negotiate small repayments but not all credit cards will agree to £5pm.

Anyway, my question is this: I am married, have two children but the mortgage is in husband's name...the mortgage and all bills goes through HIS bank account...the minimal money I earn goes on food so I "think" that I do not contribute to the mortgage.

I do not own anything...all equipment in the house has been bought by DH...only thing in my name is the family car, my mobile phone and the house phone/internet (which I need for my work).

So, if I look at bankruptcy how will that affect my home? Am I classed as a home owner even though I don't 'think' that I am and do not earn enough to contribute?

Not sure what my next move shoudl be really.

Tixy

Hi and welcome

In theory if the house and mortgage are just in his name then you should be able to apply for bankruptcy with no impact on the house. The family car could be an issue.

I think your next move probably needs to be to contact one of the debt charities to talk about whether bankruptcy is possible and whether its the best option for you.
IMPORTANT - Where to seek professional impartial advice about your debts.

We have a dedicated bankruptcy board here - Bankruptcy & Living With It

and the 'sticky' threads at the top are worth a read through - especially the 'look here first one' by fermi, which has factsheets and FAQs etc.

Chrisblue1962

Hi Maria1968

Firstly, a warm welcome to MSE DFW'ers forum. The people who post on here are a good bunch and you will get lots of support and good advice.

Firstly, I would sit down and do an SoA - Statement of Affairs - which lists all your outgoings and income and gives you a clear picturewhat the current situation is. There are links upon this site which tell you how to prepape an SoA. Once prepared, you may decide to post it on the forum as other members can then provide useful tips on how to reduce outgoings and / or increase income.

Secondly, you may need to post details of exactly what you owe, to whom you owe it, how much payment they are requesting now and at what stage things are with your creditors i.e. are they just requesting payment or are they threatening to take you to court and suchlike.

Also, is any of the debt "priority debt", such as mortgage, council tax, income tax , utility bills and suchlike?

Well Done for being brave and taking control of the situation. Don't worry, there are lots of folks on here who will provide good advice and support.