Help ,at Witts End

wurzelguamge

Hi All

at my witts end,

Basically i have run up 32000 worth of debt, my partner doesnt know and if she did i would lose everything, including my daughter.

Is there any way of dealing with this without other people finding out?

HELP

allofadither

Hi Wurzel,

I've read the thread you posted in 'The Bankrupt Inn'. Sorry to hear about your situation, debt is !!!!!! but everyone on here and on the Debt Free Wannabe board knows how you feel and will offer their help and advice.

You really need to give more details about your situation first, like your income and expenditure. What kind of advice did Payplan offer? Have you been to the Citizen's Advice Bureau ot spoken to CCCs.

Keeping debt a secret is very stressful in itself, but you have taken a brave step seeking help on here.

allofadither

Hi, this is Wurzel's original post from the BR Inn.....

Have been lurking in the background for some time, usual story DEBT

Im at my witts end, here is my situation:

Have a number of credit cards and loans totaling 32000, trouble is my partner knows i have a couple of credit cards , but i have told her i only owe aroud 8000.

Iknow its wrong to lie about it but if she knew how much that would be it between us and she will take my daughter away.

I have managed to keep it from her so far but now things are getting really sticky with repayments ect, currently have 1.13 in my bank account and i dont get paid until the 28th.

I really dont know what to do, i have contacted payplan and they were really helpfull, but if i went with them could all this be kept secret from my partner,we are not married and we dont have any joint bills ect so im not sure if my credit file will effect hers.

Could really do with some help, am really at the lowest point in my life and have no idea where to turn.

Any help or advice will be greatly appreciated.

wurzelguamge

Am sobbing here, this is the first time i have told any one about my sutuation, dont know where to turn.

Earn 1700 amonth
paying out 1450 a month and trying to support family

Hopless

Conor_3

You can't hide it from her - she'll find out sooner or later. Because you live together, financial institutions count your finances as linked - what you do affects her credit rating and vice versa.

I'd be extremely surprised if she'd deny a child her father just because of money and I'm sure she'd rather have a semi-happy OH than one constantly miserable and stressed out from trying to keep the secret.

Please post a Statement of Affairs. There may be something you're missing. For example, if your total household income is £1700 a month, and/or you have children in paid nursery you may be entitled to tax credits.

wurzelguamge

we are not married, the house is hers and we dont have a joint bank account, or share bills ie i pay some are in my name and some are in hers, will my !!!! ups still effect her credit rating?

lynzpower

Dont worry about that just now. However, I expect the answer is no if you have no financial links.

Lets have a good look at your incomes, outgoings and debt.

Also, Its worth printing off your last bankstatements over the last few weeks and having an honest look at what you have been spending and where its gone. This isnt easy, but you must try to remember. Going forward, find a notebook to write down every penny you can. Its for a spending dsiary, everything you spend from here on in should be noted down - newspaper, petrol, chewing gum- anything!

Secondly, I suggest you hunt around and stick anything and everything you can on ebay, clohing, cds, any bigger items? Sports equipment- anything ?

Do your SOA, lets have a look where the money is going, we can all advise how to proceed from there on in
x

fermi

Hi,

If you're not sure how to post an SOA DFW style then please read through this sticky:

http://forums.moneysavingexpert.com/showthread.html?t=107280

If you can prepare an SOA (income and expenditure, with a list of your debts), then we will be able to see your situation (financially) so much better.

Most of us have been there, and there is always a solution.

wurzelguamge

have doen the ebay thing, we have lived off that for the last month.

What im really trint to find out are my options.

I have worked out that i can pay back around 450 a month to my debtors, and i can cover this of with ebaying ect ie hide it, is it possible to enter into a patplan arrangement without being harassed by the people you owe the money to, or is it possible to go bankrupt without partner knowing and her being affected in any way ?

Need help, feel like im looking up and i can only see as high as the gutter

allofadither

Wurzel,

I know this seems like an awful insurmountable problem at the moment...but there are solutions. It really all depends on what route you want to take.

The main realistic choices are:-
a) A DMP (debt management plan) with the help of a debt counselling charity
b) An IVA (individual voluntary arrangement) also via debt counselling charity
c) Bankruptcy

To carry on as you are will not resolve anything. If you haven't already done so, you will need to get more information about these solutions before deciding what's best for you.

Don't discount any of the choices out of hand, consider them all and everyone on here will do their best to help and advise. Take the advice that is best for you...making the decision to do something about your debt is always the hardest and you have already taken the first step.

wurzelguamge

ok here goes

theseare estimates

Childminding 300 a month
egg card 75.00 a month
m&s card 190 a month
coop card 200 a month
marbles card 150 a month
citi card 15.00 a month
welcome finance 245 a month
council tax 100 a month
gas 80 a month
phone 60 a month
water 12 a month
total 1427 a month
earn around 1700 a month

and have to draw back of credit cards to survive.

Hopeless