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Debt advice - PLEASE
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freccle
Posts: 770 Forumite
I own my small house outright. Not worth much - maybe about £65000 now.
I have debts of around £13000 on a loan and on credit cards. We only have a total monthly income of £433.33 for my wage and £356 working tax credit. My partner is self employed but with the recession is earning nothing. (Hi debts are £20,000+ but they are all in just his own name. He has been in touch with a credit agency and got them to agree to accept just £1 per month for at least the next 6 months, in the hope that the tide turns with the business. If it does not, he will have to go bankrupt).
The house is totally in my name and he contributes nothing to the day to day running of the house - all the bills are in my name, so I know the house won't be affected if HE goes bankrupt but I am finding it harder and harder to pay my credit cards and still pay for food etc. I think after Christmas I'm going to have to do as he has done and contact a credit agency and try to arrange a repayment plan. But then once I've done that, if things don't improve they can force me to go bankrupt can't they - which means taking my house! Is there any way this could be avoided? What about putting it in my daughters name? Are there any alternatives? I just feel as if I'm sinking lower and lower and lower and never going to get out of this mess
I have debts of around £13000 on a loan and on credit cards. We only have a total monthly income of £433.33 for my wage and £356 working tax credit. My partner is self employed but with the recession is earning nothing. (Hi debts are £20,000+ but they are all in just his own name. He has been in touch with a credit agency and got them to agree to accept just £1 per month for at least the next 6 months, in the hope that the tide turns with the business. If it does not, he will have to go bankrupt).
The house is totally in my name and he contributes nothing to the day to day running of the house - all the bills are in my name, so I know the house won't be affected if HE goes bankrupt but I am finding it harder and harder to pay my credit cards and still pay for food etc. I think after Christmas I'm going to have to do as he has done and contact a credit agency and try to arrange a repayment plan. But then once I've done that, if things don't improve they can force me to go bankrupt can't they - which means taking my house! Is there any way this could be avoided? What about putting it in my daughters name? Are there any alternatives? I just feel as if I'm sinking lower and lower and lower and never going to get out of this mess
There will always be:
A “LIE” in BELIEVE, an “OVER” in LOVER, an “END” in FRIEND, an “US” in TRUST , and an “IF” in LIFE
A “LIE” in BELIEVE, an “OVER” in LOVER, an “END” in FRIEND, an “US” in TRUST , and an “IF” in LIFE
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