Help, outgoings are more than incoming :(

fatbelly

thepurplepixie wrote: »

Is it worth considering bankruptcy or debt management for you even if your husband can't do it because of job?

I assumed you were joint owners of your property. If you are then don't consider bankruptcy. If not, then it's a viable option.

Grumpelstiltskin wrote: »

Unless you live in the most expensive water company areas Cornwall maybe? Then £45 for metered water is expensive, can you check this out? No water leaks etc.?

That's true - £45 would be cheap for South West Water

Gazzafatcityboy

Hi there,


I didn't want to read and run but just a couple things from my point of view.


Gambling - You need to make sure that this is dealt with. This got you in this issue in the first place. As a recovering gambler myself I know what it is to be hoked on gambling and you need to make sure that there are controls in place.


The amount of your debt - Looking at your SOA I am actually amazed that all these institutions leant you this much money. Can you elaborate slightly? I was earning over 100k a year and couldn't borrow that much.


Your husbands job - Can you elaborate a bit further? I used to work in finance and so would have a rough idea whether a bankruptcy or any of debt remedy may affect his job.


Gazza

Pixie5740

fatbelly wrote: »

I assumed you were joint owners of your property. If you are then don't consider bankruptcy. If not, then it's a viable option.

The OP says that the mortgage is only in the husband's name and I am certain that there's no such product as a joint borrower - sole proprietor - HTB mortgage available.

gembo69

Gazzafatcityboy wrote: »

Hi there,


I didn't want to read and run but just a couple things from my point of view.


Gambling - You need to make sure that this is dealt with. This got you in this issue in the first place. As a recovering gambler myself I know what it is to be hoked on gambling and you need to make sure that there are controls in place.


The amount of your debt - Looking at your SOA I am actually amazed that all these institutions leant you this much money. Can you elaborate slightly? I was earning over 100k a year and couldn't borrow that much.


Your husbands job - Can you elaborate a bit further? I used to work in finance and so would have a rough idea whether a bankruptcy or any of debt remedy may affect his job.


Gazza

The gambling never really interested me, it was more about using it to be debts off, so stupid I know. Then chasing. This is sorted now. I would never go back, I have self excluded myself from it all.
I am thinking about giving sister total control of our bank accounts, cutting all credot cards up.

Not sure I can elaborate on the lending. These were debts over 7-10 years, I just kept maxing them out.

Husband is a financial advisor/senior banker...works for a high street bank giving people loans and things.

Thanks for advising

Gazzafatcityboy

If he gives out financial advice or is himself FCA regulated then yes he cannot go bankrupt or enter into an IVA/DRO. I think a DMP would be fine but if he changed jobs for whatever reason he would not pass a credit check if he tried to work in finance again.

Grumpelstiltskin

You say the car is worth £3000 yet insurance is £600 ( £50 x 12 ) per year?

Very little in your SOA adds up to me, I feel there is more you are not telling us, You also haven't answered the question about the money you pay your mother, is it loan repayment or are you helping her with her livjng expenses?

If you have also borrowed from your sister she must know you have debt problems.

'm sorry but it does appear you have been borrowing large amounts for some years and yet appear to have little to show for it.

fatbelly

Pixie5740 wrote: »

The OP says that the mortgage is only in the husband's name and I am certain that there's no such product as a joint borrower - sole proprietor - HTB mortgage available.

Bankruptcy is an option then

gembo69

Grumpelstiltskin wrote: »

You say the car is worth £3000 yet insurance is £600 ( £50 x 12 ) per year?

Very little in your SOA adds up to me, I feel there is more you are not telling us, You also haven't answered the question about the money you pay your mother, is it loan repayment or are you helping her with her livjng expenses?

If you have also borrowed from your sister she must know you have debt problems.

'm sorry but it does appear you have been borrowing large amounts for some years and yet appear to have little to show for it.

I’m not here to lie, or to be interrogated...I’m here for advice.
The money to my mum wasn’t a loan, I left Home so was to help her.
The car is £3000, and yes insurance for husband and I is £50, he had 2 accidents within past 3 years.
Sister did know about some of debt which is why she borrowed me the money. But again it was moreso for the gambling. Which I know is so wrong but like any other addiction, I couldn’t see how wrong it was.

System

gembo69 wrote: »

I am looking into this. Although not sure of my eligibility as on paper I can afford my payments.
My take home wages and child benefit are £1550, and my outgoings are £924 then on top of that what I owe to family, 200 mam, 200 friend and 500 sister. Sister finishes in Jan.
Not sure what they take into account.

You can declare bankrupt because you are effectively. YOU CANNOT AFFORD YOUR REPAYMENTS. YOUR OUTGOINGS ARE MORE THAN YOUR INCOME.
The only reason you've been able to continue to make them to this point is by taking out more debt. That is not affording repayments. The only thing that you won't be able to do is get help with the court costs however you find the court costs by not paying the repayments on your own loans and credit cards ALTHOUGH YOU DO CONTINUE TO REPAY SECURED LOANS AND THE MORTGAGE and your husband continues to repay all his loans/CCs in full.

All your personal debts are taken into account, even council tax and gas/electric/water if they're in your name. Repaying your mother, friend and sister would be illegal if you did as it would be treated as preferential treatment of a creditor however I will just say most if not all people with a BR won't mention those and repay them.

gembo69

Gazzafatcityboy wrote: »

If he gives out financial advice or is himself FCA regulated then yes he cannot go bankrupt or enter into an IVA/DRO. I think a DMP would be fine but if he changed jobs for whatever reason he would not pass a credit check if he tried to work in finance again.

Ah ok. He hates his job and would never work in finance again he says, but not quite sure what type of job he would go for as he’s only ever worked in banking.