Help, outgoings are more than incoming :(

Gazzafatcityboy

gembo69 wrote: »

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.

Yup totally understand. Although if it paid him a lot more for example close to 50k per a year then would he or you have the same view?


Any finance jobs normally have a credit check associated so any defaults that are on file will be red flags. missing a credit card payment probably not.


Also it would be quite hard for him to change roles for the same or better money dependent on his skill set.

Grumpelstiltskin

Gembo I am not interrogating you but in order to try and sort this mess out both you and the board members need to know exactly why you and your husband are in so much debt and you and the people here need to know that it isn't going to happen again.

As has been said before the amounts appear so high in relation to your joint earnings and as your husband works in finance at a high level how did he let this situation get so bad?

Sorry but you have to face up to the serious mess your family is in and be prepared to take drastic action if you don't want your husband to lose his job.

Winterrose

OP, it's nice that you want to help your mum but you really can't be giving out £200 a month in your current financial position, if you really feel she desperately needs help maybe cut down to £50 or something?

Also I know the suggestions I made previously will only make a small dent, but they're a dent all the same and will make a difference to you every month, as well as eliminating a couple of repayments completely. Every little bit counts!

Grumpelstiltskin

Winterrose wrote: »

OP, it's nice that you want to help your mum but you really can't be giving out £200 a month in your current financial position, if you really feel she desperately needs help maybe cut down to £50 or something?

Also I know the suggestions I made previously will only make a small dent, but they're a dent all the same and will make a difference to you every month, as well as eliminating a couple of repayments completely. Every little bit counts!

Totally agree with this. Is your mother getting all the benefits she is entitled to?
Everyone leaves home but they don't continue to help their parents out.

gembo69

Pixie5740 wrote: »

I understand that you have an issue with gambling which you are now dealing with and that the gambling is mostly behind your £35k of debt but where did your husband's £40k of debt come from? Was he also gambling or has he consolidated some of your gambling debts into debts in his name? Has he been overspending?


Is the £200 you pay to your mum actually a loan or just money you give her to top-u her income?

Yes you can cancel your satellite television package and reduce your grocery shopping a bit but with a monthly shortfall of over £1,000 any cuts to your budget is just rearranging the teaspoons. Yes things will look a bit brighter once you've finished repaying your sister early next year but I think you'll still be insolvent.

Perhaps you should use Step Change's Debt Remedy Tool to see what options are available to you. I second your husband finding out how all types of insolvency will impact his job. You might be surprised as I know people who had protected trust deeds (similar to an IVA but in Scotland) whilst working in the financial sector and it wasn't an issue for their employers.

My husband had consolidated some of my debt, a lot of our wedding went on credit cards/loan then using them for things like Xmas, birthdays and 1 holiday a year over the years.

gembo69

Tarambor wrote: »

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.

Thanks for that. All of The household bills are in husbands name.
So does bankruptcy take into account friends and family loans?
Or do I stop paying all my unsecured debt, and use that money to pay family/friend. Then declare bankruptcy?

gembo69

Grumpelstiltskin wrote: »

Totally agree with this. Is your mother getting all the benefits she is entitled to?
Everyone leaves home but they don't continue to help their parents out.

My mum could be financially ok now, I’ve just carried on paying the 200. I will most definitely bring it up with her.

gembo69

Winterrose wrote: »

OP, it's nice that you want to help your mum but you really can't be giving out £200 a month in your current financial position, if you really feel she desperately needs help maybe cut down to £50 or something?

Also I know the suggestions I made previously will only make a small dent, but they're a dent all the same and will make a difference to you every month, as well as eliminating a couple of repayments completely. Every little bit counts!

I will mention it to her, should be ok.
Thanks you have given me some good advice.

Grumpelstiltskin

Loans to family and friends cannot be paid by you if you are bankrupt and you must not pay them back now that makes them preferential creditors and the OR can make them pay the money back.

Also f you are intending going bankrupt do not under any circumstances borrow any more money.

gembo69

Grumpelstiltskin wrote: »

Gembo I am not interrogating you but in order to try and sort this mess out both you and the board members need to know exactly why you and your husband are in so much debt and you and the people here need to know that it isn't going to happen again.

As has been said before the amounts appear so high in relation to your joint earnings and as your husband works in finance at a high level how did he let this situation get so bad?

Sorry but you have to face up to the serious mess your family is in and be prepared to take drastic action if you don't want your husband to lose his job.

I can’t let this happen again! The old spending was wedding, holidays, birthdays, Christmas, anything really. Then I began gambling. That’s been dealt with now but I’m left in this black hole.

Husband wasn’t aware of the amount of our debts until recently. He’s always let me take care of our finances.