lost my house and in debt

allotmentcate

I split from my husband 6 years ago and came out of our 30 year marriage with very little money. I managed to buy a little house but with a hefty mortgage, but then had to sell it a year ago as I lost my job and had to take something for a lot less money. I have been left with 15k worth of debt. I now rent a room in a house with a work colleague. I am with what was the CCCS and am making regular payments but this will still take me 8 years to pay off (basically when I retire), I am so scared that I have nothing to fall back on...the future looks so bleak...is or has anyone been in a similar situation? As I was a stay at home mum my pension will be very small so I don't have the prospect of a lump sum or anything to help ...any advice appreciated...

themull1

Are you divorced? could you claim off your husbands pension?

dancingfairy

I would have a chat with CCCS(now called Stepchange) but it looks like your options are:
1) a DRO (mini-bankruptcy) if you can get the debt below 15k
2) bankruptcy
3) making full and final settlement offers.
4) carrying on with the dmp.
(These are not listed in any particular order).
df

eyeopener2

Wouldn't bankruptcy be the best idea? You then have a clean slate and can look forward instead of worrying all the time. Your clearly miserable so why not look at all options.

Why not ask a few questions on the bankruptcy board to see what they say and what life is like post bankruptcy.

It's worth exploring anyway.

sourcrates

Seriously consider going bankrupt, you don't own a property, and you have no assets, although saying that you need to find court fees of £180.00, and £525.00 for the official receiver, if you can find the money, you could be discharged within 12 months, and be able to start with a clean slate, although you may have to pay into it for up to 3 years if you have any surplus income.


Get some advice from either stepchange or National debt line.


Infact, I wish I had done, instead of enduring an IVA for 6 years and skinting myself, ah well, hindsight is a wonderful thing.

longtermplanner

I agree with sourcrates. Your sensible chopices are a DRO if your debt is under 15,000 or bankruptcy. Better to take this hard decision now than endure this long DMP.

Depth_Charge

allotmentcate wrote: »

I split from my husband 6 years ago and came out of our 30 year marriage with very little money. I managed to buy a little house but with a hefty mortgage, but then had to sell it a year ago as I lost my job and had to take something for a lot less money. I have been left with 15k worth of debt. I now rent a room in a house with a work colleague. I am with what was the CCCS and am making regular payments but this will still take me 8 years to pay off (basically when I retire), I am so scared that I have nothing to fall back on...the future looks so bleak...is or has anyone been in a similar situation? As I was a stay at home mum my pension will be very small so I don't have the prospect of a lump sum or anything to help ...any advice appreciated...

Hi

From the figures you have put it would appear that you are paying around £155 per month (if I am reading things right)

Expenditure allowance figures can vary greatly depending who you contact for advice - the CFS is accepted where Debt Relief Orders are concerned.

As others have said you may well have other options

Have CCCS (Stepchange) fully advised you on all your possible options & solutions?

Could you put up your (SOA) Statement of Affairs as it stands now?

You could try your local CAB (if you have one)

Citizens Advice Debt Advice / Info / Remedy tool link below that might help

https://nedcab.cabmoney.org.uk/debtremedy.asp

https://nedcab.cabmoney.org.uk/index.asp

Best Wishes

DC