Bad time needs big decisions

dannyhoy

hi all this is my first post but its a very important one i need any help i can get with

me and my wife has recently split it is amicable at present but underneath all of this we have debt quite a bit and a house and car

together we were managing it we had a lot of cards in our silly youth and are on a DMP with cccs for them approx 30k (15k each)

its been paid fine for a year or so but now we have split we dont think either of us can afford things on our own

my wife doesnt feel she can afford the mortgage utilities on her own plus half DMP and car

we also have a secured loan with first plus 15k approx (high int)

we are trying to be as fair as possible i am staying in a friend still paying half until we sort a solution but as it stands with all this debt with no real equity in the house it looks like my wife and little girl may have to move into friends or parents and i cant afford renting my own place with paying half still

its a real mess as we dont want and have never defaulted on the mortgage.... looking around i feel bankruptcy may be the only option for us to get on with our lives

any help or advice would be really appreciated we need normality i.e my own place for my little one to stay over and we need to have enough money each month to eat live etc

thanks

tigerfeet2006

If you ring CCCS and explain your new circumstances then they will be able to help you.

You may find that you will have to have the house repo'd and go BR. If that is what you need to do then I suggest you stop paying the mortgage and secured loan and DMP , save the money for rental deposits, rent, moving costs and BR fees for you both and then move, get settled and go BR.

But please talk to CCCS about your situation and whether BR is a good option. If you want a second opinion then ring National Debtline http://www.nationaldebtline.co.uk/

dannyhoy

thanks for your advice

i thought as much but the thought of BR terrofies me! i probably dont know enough about it. with BR what would be wiped??

i take it they would take the house and try and sell it also the car, would they clear the secured loan and the cards we pay on the DMP???

im gutted as i never wanted all this i take responsibilty for my debts but i feel like i cannot handle them at all and also live....worry for me is i havent got a room for long my friend has agreed as a temp thing

tigerfeet2006

dannyhoy wrote: »

thanks for your advice

i thought as much but the thought of BR terrofies me! i probably dont know enough about it. with BR what would be wiped?? Just about all unsecured debts, with a few exceptions, will be included.

i take it they would take the house and try and sell it also the car, would they clear the secured loan and the cards we pay on the DMP??? The OR will not do anything with the house as it is in negative equity. You stop paying your mortgage and SL and eventually someone will repo. and sell it. When it is sold the debt becomes unsecured and falls into the BR even if you are discharged. There is a bit more to it but when you come to sort it just ask and someone will help. DMP and cards will be included.

im gutted as i never wanted all this i take responsibilty for my debts but i feel like i cannot handle them at all and also live....worry for me is i havent got a room for long my friend has agreed as a temp thing

As I said with not paying debts you may be able to rent somewhere.

Have a read of the sticky marked Look Here First https://forums.moneysavingexpert.com/discussion/1056083

debtinfo

not an easy conversation but your wife really needs to understand that now that you are not living together then if she wants to remain in the house longterm then she needs to be able to cover all the debts secured on it by herself, ie the mortgage and secured loan. If she cant afford that then eventually the property is going to be repossessed

dannyhoy

hi thanks that is what im trying to do at present my wife has her barriers up and is being really negative

she seems to think there is no way she can cover the house on her own but she also needs to understand i cant pay half and afford my own place.

i will speak to the cccs who we have a DMP with at present for further advice

what other options are there apart from DMP and BR is there an imbetween option???