Drowning in debt

wheezy57

Hello everyone. I am seriously considering going BR. I havent told anyone but things are worrying me. I live alone. I work full time. I am 6 months off 60. I drive a clapped out banger. I own my house with a mortgage. I pay all bills on time. I am in debt to CC's. loan, payday loans. I cannot afford to eat well. I do not use energy (gas and electricity) unless absolutely necessary.

If I go BR my house will be taken off me. Can I sign the house over to my two children and therefore not actually own it but just live in it. I want to pay debts but they are just insurmountable and however hard Im trying I just cant get my head above the parapet without getting another arrow fired at me. I have been open and honest with all creditors and am paying around £5 per month to each. The only one that is crippling me is a loan taken against my house for £15K - which is now £17K!! I pay nearly triple for that compared to my mortgage.

What would you experienced MSE'ers do in my position. Please no judgemental and spiteful posts. I am do depressed and unhappy that I am soon not going to be able to go to work so I need to get things sorted beyond what I am already doing.

I look forward to your help...

debtinfo

welcome,

First questions, what is the value of your property, and the total amount owing on the mortgage and secured loan, also how much are your unsecured debts and roughly how much do you earn

minicooper1961

Hi, just to add this is a great board and almost without exception you will just get help and no judgement from everyone. You have come to the right place :cool: Mini x

luvchocolate

put as many details down as you can house value debts etc clever people on here will help, also call cccs they were blilliant with me, like you I live alone same age and work full time, its hard but you will get support on here xx:A

tigerfeet2006

Hi and Welcome to the Bankruptcy (BR) Board.

The first step is to make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if you are not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two for your own piece of mind. Your BR could be refused if you have not sought advice.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *


Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111

Others:

• Business Debtline
  - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

Please don’t do anything rash make sure you take your time and weigh up your options and read everything you can.

For ‘essential’ BR info this is Fermi’s sticky.

BR friendly home insurance thread.

BR Friendly bank accounts sticky.

BR Abbreviations.

We often ask you to post your SOA so we can see if you have included what you need to:-
MSE SOA Calculator - Click here Select the MSE format at the end. Copy and paste onto your thread.


If you are new/old to this board and receive/see a comment that is not helpful or insensitive please don’t let it put you off posting, often these comments are made by people who don’t normally contribute to this board and don’t speak for us.

What to do if you get an insensitive or hurtful comment.


And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

Also if you would be kind enough to answer debt info's questions he can help with some advice and help put your mind at rest.
Best wishes TFx

pete90210

I feel for you, hope everything turns out ok

wheezy57

debtinfo wrote: »

welcome,

First questions, what is the value of your property, and the total amount owing on the mortgage and secured loan, also how much are your unsecured debts and roughly how much do you earn

My house is worth (I am guessing here) around £180 so there is good equity. My mge is £65. The secured loan is £17. The outstanding cc's and dribs and drabs amount to about £20. I have such a huge amount of emotional stuff invested in the house. Everytime I move I go off with some illness that knocks me off my feet for a year (hence the debt I am in now) and cant work. So, I am dead scared of putting up the house for sale - even though I KNOW it is what I must do.

My two kids are far away in Yorkshire and are in their own worlds and Mum landing is just not an option Im afraid.

I forgot to say I only earn £1 a month. So by the time everything is paid out I am left with pennies. In fact, the car gets better fuel (!) than I do if you get my drift there!!!

God, boy do I sound pathetic. I am not but I do want to work out what could actually work for me and my health - which incidentally is never good at the best of times - and give me some breathing space.

When I happen to mention to my GP that I was feeling crap and sad - she was horrified - I said 'doesnt most people when they are reaching 60 feel a bit off kilter and she snapped and said' oh no, you should be out there traveling and enjoying life and blah blah'. It was at that point I had to sit on my hands to stop lamping her. Of course - silly me - she is on £200k a year and I am on £7.00 an hour. She also wants to reduce my antid's as I might get a heart attack. Bring it on I say.:(

Enough of my wallowing. Let me know what you think and I apologise for giving you my lifes story in one post!!

wheazyyyy

wheezy57

I have thought of something else. When I first went to my creditors and offered what I could I went to Payplan and they couldnt help me as there was no money at the end of every month so advised me to go it alone. Which I have done. The thing is that I have grasped the nettle some many times now that I dont feel the sting!! But, I must do something positive and beneficial.The thing is what??

PippaGirl_2

wheezy57 wrote: »

The secured loan is £17. The outstanding cc's and dribs and drabs amount to about £20.

I forgot to say I only earn £1 a month.

wheazyyyy

Hi wheezy, just wanted to say you are very unlikely to get nasty or judgemental posts here, those are reserved for the benefits board.

Just clarifying all the above figures are meant to have three noughts after each amount?

From what you say the obvious answer would be to downsize to a small property, maybe a flat, release some equity and pay off a lot of debt. If you don't want to do that there may be other options, such as a debt management plan the only possible problem might be the secured loan as they may prefer to place a claim on the house rather than agree to a long term DMP.

I think some legal advice would be good and you can contact these three to chat through your options.

Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
National Debtline - Website: National Debtline Telephone: 0808 808 4000
Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

wheezy57

Sorry for not typing the amounts correctly. I think I was typing as I was thinking. Annoying to read I know..but you get the gist I hope. Imagine only earning a pound a month - thats like a third world country pay. Therefore I am very fortunate :S

PippaGirl_2

Wheezy, it might be an idea to put your SOA here so people can advise you. Try this one

To write your SOA use this MSE SOA Calculator - Click here
Select the MSE format at the end. Copy and paste onto your thread.