Sinking in debt feel no way out!!!!

Jomac

My hubby and i have been struggling with debt for last 6 years, totally down to us living above our means have a joint loan from RBS which is now a ccj i pay £104 a month for and have approx 16,500 outstanding on this have approx £6,000 from a car loan and various cc we pay a dmp from debt free me £19 per month currently hubby is self employed and wage had dropped over £1000 mth in july due to loss of a contract i work part time for nhs. The Rbs loan is also charging order on house as is car loan of approx £4,000 if we sold house we prob would have only £10,000 profit to go towards the charging orders have been considering bankruptcy for a while would we lose our house we have 2 young children and have very little money to live on am not sleeping and am on anti depressants from constant worry any help/advice much appreciated thanks

Chrisblue1962

Hi Jomac

Sorry to hear about your situation. In order for other Forum members to get a better idea of your circumstances, it may be an idea to post a SOA (Statement of Affairs) on here.

An SOA basically a list of all your monthly income and expenditure, such as wages , salary, other income then all your bills and typical spending on food, petrol and alike.

My initial thoughts are.

1. CCJ - request a Redetermination Hearing as your husband's income has now reduced - this may allow you to repay less until your husband earns more, either as self employed or working for somebody else.
2. Are you claiming all the benefits you are entitled to?
3. Do your dmp company charge a monthly fee? If yes, consider moving to a free dmp.
4. Have you anything that you can sell to reduce your debts? Car?Jewellery? etc
5. Can you increase your hours at work or get a second job?
6. I would not consider selling your home as it's a roof over your head, the sale may not realise much profit and renting could prove to even be more expensive.
7. Good Luck

IF

Hi Jomac and Welcome to the Bankruptcy (BR) Board. 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 your not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two others for your own piece of mind. Your BR could be refused if you have not sought advice. (Advice on here does not count, this has to be from one of the Debt Charities, an IP, an Accountant or a Solicitor. The Judge just wants to be sure that you can never come back and try and overturn the order on the basis that you were not aware of all the consequences).

* 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)
• StepChange (formerly CCCS) - Website: StepChange 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 take your time and weigh up your options and read everything you can.

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.

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

BR friendly home insurance thread.

BR Friendly Bank Accounts ~ [Updated Sep 2012 re: Co-op Cashminder withdrawal]

BR Abbreviations

Beth's Guide Reasons for your BR

Charities who help with BR Fees

Bankruptcy NDL Guide

Basic Bankruptcy Advice & Guide NED CAB

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.


Best wishes
IF...x