Sat here sobbing.

ilovekt

I am in a right mess... I've just lost my job and I have so much debt it's ridiculous. I just don't know what to do.

I have a child (I worked as a nanny so she came with me) so not many suitable jobs as I couldn't afford nursery and have no family/friends who can help. I am struggling to find a new job. I am looking for more nanny work.

One of the mums suggested a debt relief order - but does this have to include all of your debt or just 15k of it?

Here is my debt.

£270 - overdraft
£2350 - joint overdraft (of which 300 charges hoping to be refunded)
£1500 - overdraft (of which 100 charges hoping to be refunded)
£1100 - joint overdraft (of which 100 charges hoping to be refunded)
£2800 - joint overdraft
£7900 - credit card
£2000 - credit card
£1000 - loan @ £30 per month

Husband also has:

£10,000 loan - of which 8500 outstanding - @ £195 per month
£4,000 loan - @ £121 per month
£2700 - credit card
£1500 - overdraft
£2000 - loan @ £60 per month

Husband gets £1450 per month after tax. I get £81 child benefit and £180 tax credits per month.

Husband can manage his repayments and debt on his salary and if necessary repay the smaller overdraft to bring my debt down to under £15,000 not including the joint overdrafts.

I went on stepchange and they advised a debt relief order but this was only taking into account my credit cards and overdrafts, but not including 1 joint overdraft (2800) or the smallest (270) or loan.

Does a DRO have to include all of my debts? What about the joint ones?

I considered bankruptcy but I cannot afford the fee, how ironic. I can just about find the £90 DRO fee.

I am also worried about how a DRO will affect things like buying car insurance etc. and if my home address will be made public on the insolvency register.

The relief of a DRO would be immense.

I have tried and tried to get myself out of this mess. We did have 2 huge payday loans which I managed to repay from my salary. I also sold 1 car so that we only run the cheapest one (worth about £600 so would be ok for DRO). I can't get rid of the car altogether as I travel a lot to London from Birmingham for my daughter to go to Great Ormond Street, plus we live very far from things like nursery etc, and I would need it for work if/when I get a job.

Husband's wages will cover all the bills and repayments on his debt, but we cannot stretch to repayments on mine.

Edit to add: Does the DRO require me to detail everything I owe including joint debt, as I think the joint debt transfers to husband if Im on DRO? My total debt including joint would be over 15k. But under 15k in just my name,

thedogsmum

There will be people coming along shortly to offer you practical help, but just wanted to send you a hug to let you know you are not alone.xx

kiss_me_now9

Not much help but have you looked into getting NHS nursery work? Most hospitals have crèches for their workers.

ampersand

Please go here, right now if you can:

https://capuk.org/

Phone no. 01274 760720

They do not proselytise, THEY HELP, do not judge, give hope and have done to so many on this site.

Please, please try. Martin is a FAN:-)
##########
PLEASE do NOT go anywhere payday loans ever again. They are not necessary. CAP will never charge you for their help.

Christians Against Poverty (CAP) is specifically tailored to help financially and socially disadvantaged people out of debt. The combination of face-to-face home visits, a Befriending service and our in-depth debt counselling empowers individuals who are struggling or have complex needs to work themselves out of debt.

CAP's service includes budgeting and specialist advice, creditor negotiation and a full insolvency service. Every client is given a CAP Account, which acts like a bank account that simplifies debt repayment, removing the pressure and stress by allowing CAP to manage any bills and repayments on the client's behalf.

CAP's service is completely free and available to all, regardless of faith, age, gender, race disability or sexual orientation. We work alongside different community agencies to help those that need it most, and seek to work in partnership with other free debt advice organisations such as the Citizens Advice Bureau, housing associations, local councils, social services and other community groups.

CAP is available to anyone who lives in the catchment area of one of our local CAP Debt Centres. If you have any questions about CAP's service please email referrals@capuk.org or ring 01274 761911.[/COLOR][/B]
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dancingfairy

Hi. Sorry to hear you've reached such a low point. There is a solution, probably more than 1 for you.
Here, in no particular order are some solutions that might work for you:
1) a dmp
2) bankruptcy.
3) an IVA.

I suggest contacting one of the debt charities that Martin recommends. Try National Debtline, StepChange or your local CAB or Christians Against Poverty recommended above.
You might find doing an SOA from the makesenseofcards website helpful although any debt charity will talk through your budget with you.
I don't think a DRO will be suitable for you because it has to include all your debts as far as I know including any that you are jointly liable for.
Basically you start with the priority bills,things you have to pay to keep a roof over your head and to provide a basic standard of living. Anything over can go to your creditors.
In terms of finding the fee to go bankrupt, well you just stop paying your debts for a few months whilst you save up if needs be. You can just send them a letter saying that you are aware that you are in financial difficulty and you'd appreciate them putting your account on hold for 30days whilst you seek advice on how to deal with your debts.
I am not saying you should or shouldn't go bankrupt but that's how you would afford the fees.
If you feel like popping your soa on here people can give their ideas and suggestions on what is likely to be a good way forward for you.
df

its_maths_not_magic

I couldn't just read and run. I don't have any advice financially speaking but just know that you're not alone and you don't have to face it alone. This forum is full of lovely helpful people. I hope you manage to get some good advice.

Mrs_Cheshire

I've just been going through the process myself with CAP, they were fabulous, still got a long way to go but finally feel like I'm getting on top of things. It's going to be a long road, but the best thing to do is get advice and read through all your options!

runforlife

Can you bundle yours and your husbands debts together and approach one of the charities. Stepchange or CAP?

Start to offer token payments to your creditors perhaps?

Certainly contact them asking for account to be put on hold to stop further charges and interest whilst you seek out proper advice.

There is a way out. You just need to find that map!

Good luck.

boobiebonboo

Did not want to read and leave:o we all can understand how you feel in our own little way, there will be many people on here that will come along very soon who will be able to give you some great advice on what to do and how to do it. Good luck sweetie and hopefully you will feel a little better soon:)

LannieDuck

If you get set up on a DMP, you could see whether they'll freeze interest and you could perhaps offer token £1/mth to creditors. I've heard Stepchange are good, but I'm sure others can better advise.

Out of interest, are yours and your OH's finances relatively separate? They way you speak about them, it sounds as if you'll be mostly responsible for your debts and your OH will be mostly responsible for his debts? Do you split all bills etc?

Stewart_78

Ilovekt, I know your head is spinning right now but rest assured, you are among friends here.

If you stick with the good people here, they will help you get through this. 99% of the time, things are not as bad as they seem, even though it seems lost today. It's time to calm down, stop thinking so much and clearly review the options. There are lots of people out there who can help you. It sounds to me like you need to go back to Stepchange and discuss a DMP.

In the meantime, stick around and ask anything you like, you will get help here.