Would appreciate some help & possibly a little support too please

Nuttymut

Hi,

Another forum member suggested I open a new thread in the hope that it would be seen by a wider audience and perhaps attract a little more help. Ironically I don't feel great about any of this. It really does heighten some of my more negative feelings.

I've had some mental health issues. Forty years of them. It's been tough and I separated from my partner of 28 years just six months ago.

There are some debts that I would like to deal with. I have not been in a fit mental state to do this until now. The underlying cause of my problems has been correctly identified. I am in a much better place now and I am getting further help in the coming months to further relieve some of my internal conflicts.

There are some immediate debts which "we" have accrued as I haven't been able to work from Jan 2011 to June 2014. These aren't of any consequence.

The real debts were run up when I put a company that I ran into voluntary liquidation in 2007.

They are

1 ) Personal guarantees by me firm 1 .... 36K
2 ) Personal guarantees by me firm 2 .... 44K
3 ) Credit card debts run up by me .... 25K

The latter (I am truly ashamed to say) were run up on my now ex partners credit cards. I have dealt with some of them but that's the balance.

I've been back at work for 6 months in a freelance capacity and not on a very good rate of pay.

The companies whom I have personal guarantees with have had Restrictions placed on the Land Register. I've had some robust advice from eggbox on how to deal with this situation in the short term as the joint home is now being sold.

I have fashioned what I think is a plan to deal with the debts. However, I'd like to go over it if I may please. I'm far from confident that any of what I think is appropriate is just that.

Firm 2 has Final Charging Order - I propose to put a variation order into the court which granted the charging order. That's as far as I've got with this part of my plan. I don't know if I can ask the court to reduce the debt burden or just ask to make repayments based on my ability to pay. If someone could help with this I'd be grateful

Firm 1 doesn't have a final charging order and I have been paying £40 per month to them for the last two years. I do not know how to progress this one further. I have run up a statement of my affairs and currently I can only afford £40 per month still.

As for the credit card debts they aren't in my name. Although I accept responsibility for settling them. My plan was to make an offer to each firm in full and final settlement based simply on the fact that my ex partner will never be able to make anything more than £5/month payments on the six companies.

I really would welcome any help that's out there please.

Thank you

Nuttymut

fermi

Is the sale of the joint home going to release any funds that could be used to pay off or settle any of this?

A lot of people might be considering bankruptcy with that level of debt that is unlikely to ever be paid off. Is that something you can consider?

Otherwise you could try you best to get them written off on the basis that they may never be in a position to be paid? Sounds unlikely, but some people do manage to do a deal.

sickasachip13

Hello again Nuttymut, well done

happy_bunny_2

Can't help with much, but well done on tackling this.

The full and finals will need your ex to make the offer and negotiate, as not in your name.

Have you talked to national debtline? Worth a call.

HB

[Deleted User]

Don't beat yourself, take professional advice and do what's best for you now, today

Look after yourself and hope to see you post again

Yours in support xxx

Historybuff

I'm with keepcalm. If you ring national Debtline they will give you accurate information as to what to do. They are very professional and you will get the correct advice. Do ring up and speak to them. There are also lots of pages of useful advice and letters etc on there as well. The debt remedy tool is useful. Good luck with it all. Keep posting and let us know how you get on.

katy_ann

I third National Debtline, they are amazing for help and advice

jodles16

I would also say National Debt Helpline, in fact they have some representatives that pop on here with advice to! I'm sorry about your relationship break up but am glad to hear your mental health has been correctly diagnosed.

I wish you all the best, keep us updated,

Jodles

RosaBernicia

Hi Nuttymut

I don't know enough about this to help, but wanted to send you some support - well done for posting and hope you find a great solution

RB xx

bexster1975

Hello nuttymut

Again, not able to offer advice but national debt line sounds an excellent place to begin. Having read these boards for some years what I'm now sure of is there is no level of debt that cannot be rectified some way, whether that is bankruptcy or DMP etc. I know it's pointless saying try not to worry, but you are now taking action and that can only be a good thing. Feeling more in control will hopefully make you feel better

Good luck

Bexster

asajj

Hi - don't feel bad about it , it is great you are asking advice from others. Many people have been there more or less.

For credit cards - I think your idea is a sensible suggestion. You may negotiate a final amount.

Also as suggested, Debtline is a great start.

Hope everything will be sorted for you soon and sorry can't be more help x