Help......

Ox1987

I am at my wits end with worry so I am posting on here for advice.

See my thread on the other forum, but basically we are serious unsecured debt of 35k and with 3 young children I am struggling with it all
I am concerned about their future and that we have ruined their lives if we have to go BR. I assume I will not be able to work again as I am a CIMA accountant (not chartered) and we will be homeless.
I am such a bad parent to let this happen we had a nice life but I have not had a FT job since 2010 and also have now had to take a job at my 2008 level. The OH does not work but is looking for something to help
Has anyone ever seen this happen to a family like mine were they OK
I dont want anything fancy just to be happy again and lose the stress as I think it will kill me
I am speaking to SC who suggest a DMP but that would last 15 plus year.


I just want to give up and let my kids find a better life....


Other thread is called Scared on Debt Free Wannabee wont let me copy a link

minic

Hi Ox1987,

I'm sure others will be along soon with some more advice but just to cover the CIMA point.

The CIMA members handbook states that "members and registered students must tell CIMA, in writing, if they are made bankrupt within 30 days under council regulation 19, providing full details, dates and court references. In normal circumstances this should be it as far as CIMA is concerned."

As such it would appear that your CIMA registration would not be affected although whether you were able to keep your job or not would be down to your employer. It might be worth and anonymous call to HR to ask what would happen if your were to go BR.

Oh, and just one more question why do you state you will be homeless?

Ox1987

As i I cannot work I will not be able to pay mortgage and secured loan and would have house repossessed. Then me and my OH and 3 beautiful kids would be homeless.

I feel they would be better off being adopted and taken from us.

minic

Have you confirmed with your employer that you would be dismissed if you were made BR? I think you need to do this rather than get yourself in a state convincing yourself you would have no job when this may not be the case.

Does your house have an equity in it? If it doesn't and you do go down the reposession route this takes time (minimum of 6 months from what other posters have said based on their experience). If you decide to go BR and cannot pay the mortgage/secured loan even with no unsecured debts then stop paying the mortgage/secured loan and save for a deposit on a rental place and get this secured before going BR. Its easier to get into rented before rather than after bankruptcy due to the your credit rating being trashed (not impossible though just more difficult).

If you do confirm with your work that you could not continue in your employment if you are BR then you need to seriously consider whether BR is for you. Perhaps talk to Stepchange again or one of the other free debt charities.

Might also be worth talking to your council about housing in your area. I'm sorry I know nothing on this area but I'm sure someone on the forum will be able to advise you on this.

Ox1987

I am only in a fixed term contract at the moment for 12 months just started as I stated it has been hard to get work and this job will not cover all my outgoings i.e. unsecured debts for hence Stepchange recommended a DMP but that would last 15 years plus if I could get further work
There is no equity in the house
My concern is that accountants are not allowed to work but I dont even have a full time job yet anyway
Feels like time to leave this world...my poor kids

Anondebtadvisor

What does it say in your contract of employment about bankruptcy / Insolvency?

Bankruptcy is classed as a notifiable event but this does not mean you would be stopped from practicing - can you make an anonoymous call to HR or the union rep to see what happens if you go bankrupt? your union rep might know of someone in similar circumstances and tell you how they were dealt with

alastairq

hi................and welcome.

At the moment, it seems your world is falling apart?

But you have mad a start in dealing with your situation, by coming on here for advice and support.

Well done!

The first thing you need to do is make a list of your creditors, and also make contact with one of the debt charities such as CAB, Stepchange, etc...listed in the stickies at the top of this forum.

You have a limited income.... and major debt issues.

You may already be insolvent, so might have to look at BR as a final option.


First, to set your mind at ease, check out the CIMA regs as minic suggests?

Secondly, bankruptcy does not automatically mean the loss of your home.

Much will depend on level of equity, for example?

If you do lose your job, and all seems to be falling down, you could always opt for voluntary re-possession, and moving into a rented house?

Who knows, this might be the better move?

What you do need to do, is research, ask questions [on here]...and see exactly what your options are.

Now is the time to take a hold of your life and move forward.

And, recognising the problem is the first step.

[and the phone went, so everybody else beat me to it]

Anondebtadvisor

Would becoming bankrupt or taking an IVA affect my CIMA status?
Answer

Both members and registered students must tell CIMA, in writing, if they are made bankrupt within 30 days under council regulation 19, providing full details, dates and court references.
In normal circumstances this should be it as far as CIMA is concerned.
Bankruptcy should not affect your registration as a member or registered student. See our information page for more.

Ox1987

I think we are already insolvent but SC have suggested a DMP however is it only delaying the inevitable
I have only just started this contract as I was out of work picking up bits of days here or there

Its the accounting piece that worrys me and what will happen to us if we do go through BR especially related to my kids. My Parents have said they will not lets us go homeless etc and we have thought on social housing though I do not want to be on benefits for the rest of my life ....... Should I give up my kids for their own sake
Has anyone been through this similar with 3 kids

Stressed.com

Anondebtadvisor

Why would you need to give up your kids Ox1987?

alastairq

do your kids want to give up you?


I think you are at a low ebb at het moment, and need to take a deep breath and take stock?

You are not the failure you perceive...just perhaps a victim of circumstance?