need some advice

nicky7175

Hi i am seriously thinking about going bankrupt I am ashamed to say. My partner of 11 years left me on Feb we had a mortgage and a 75000 secured loan on the house, I also have numerous credit cards. Since he has left me with 2 small kids he is not paying anything towards the mortgage or loan and has got out joint account over 5k in debt so obviously we have charges occuring every day
The house is up for sale and i am moving to rented on monday. I see no way out other than bankrupt to clear my name and to start afresh with the kids.
I have nothing that can be taken from me , my car is a t reg fiat so not sure whether that will be taken.
ANy idvice would be appreciated

ClaireLR

It's nothing to be ashamed of!!

What income outgoings do you have? Have you spoken to Payplan, CCCS or anyone else about this?

Richard_S

nicky7175 wrote: »

Hi i am seriously thinking about going bankrupt I am ashamed to say. My partner of 11 years left me on Feb we had a mortgage and a 75000 secured loan on the house, I also have numerous credit cards. Since he has left me with 2 small kids he is not paying anything towards the mortgage or loan and has got out joint account over 5k in debt so obviously we have charges occuring every day
The house is up for sale and i am moving to rented on monday. I see no way out other than bankrupt to clear my name and to start afresh with the kids.
I have nothing that can be taken from me , my car is a t reg fiat so not sure whether that will be taken.
ANy idvice would be appreciated

Hi Nicky,

Your first port of call should be one of the debt charities, CCCS, CAB, National Debt Line etc, they are free to use, their advisors are professionally trained and their advice is impartial and based only on what is in your best interests. If they advise bankruptcy then post again here and you'll get all the help and support you need.

It's extremely unlikely that you'd lose the car given it's age and the fact that you've got young children.

Declaring bky will certainly give you the chance to make a fresh start but you need to be very careful about the timing of bky with regard to the secured loan. If the sale of the house doesn't clear both the mortgage and the loan and you declare bankruptcy before the house is sold then the Loan Company can pursue you for the shortfall because the debt was incurred post bankruptcy.

I'm sure whichever Debt Charity you contact will explain this in greater detail but it is something to be aware of. You seem to be very focused on the way forward which is a blessing; there's nothing worse than not knowing which way to turn next.

Best regards

Richard

nicky7175

thanks very much for replies I am not working at the mo only getting income support and tax credits for kids. Ex being a toatl prat and clocking up more debts with the joint account and not paying any money to mortagage and loan and nothing for the kids. I have credit cards roughly to 30k so am totally desperate .

allofadither

Hi Nicky,

You can only deal with one thing at a time. If you are moving into rented accomodation soon, then get the move out of the way and then as Richard suggets, get in touch with the debt charities and then you'll have a clearer picture of how to tackle the debts.

No suggestions for dealing with pr@ts that I can post on here.;)

Richard_S

Hi Nicky,

Have you opened a new bank account in your name only? You don't want any of your benefits going into a joint account and being "frittered away". Have you stopped paying all your creditors or offered them a nominal £1 per month? This is something that the Debt Charities will almost definitely suggest and by the sound of it you need all the cash you can lay your hands on at the moment.

Richard

nicky7175

Hi Richard have offerd everyone token payment of £1 but no one is getting back to me at this point. Yes have a basic account with natwest where my benefits go into but my ex has found out about this money and wants claim to half of it

Richard_S

nicky7175 wrote: »

Hi Richard have offerd everyone token payment of £1 but no one is getting back to me at this point. Yes have a basic account with natwest where my benefits go into but my ex has found out about this money and wants claim to half of it

Hi Nicky,

I honestly am sometimes ashamed of being male.

Are you in a position to tell him where to take his feeble, pathetic "claims"? I'm absolutely no expert on relationships and domestic problems but I do work with people who are, and I've seen (second hand) how quickly these financial pressures can degenerate into domestic abuse; I hope you're ok, you've got enough to worry about as it is.

Best regards

Richard

AlanD_3

One thing occurs to me. If you do go BR then the joint account debt will become (from my understanding of things) his problem to deal with. Small piece of revenge but surely a sweet bit.