Do we have any other option or is definitely bankruptcy?

tigerfeet2006

Also check out www.entitledto.co.uk to make sure you are getting everything you are entitled to.

Homework

Wonky halo, well done in arranging an appointment.

We used to pay our credit card minimum payments and then go and buy our shopping with them once the money arrived on the cards. We know it works for so long and then stops working. Our expenditure was higher than our income but we never wrote it down and it looked ok. When we were foced to write it down it was too scary so we just ignored it and tried to reduce a bit here and increase a bit there.

We had an arrangement to reduce our overdraft each month and had not missed a payment when the bank passed our account to debt collection. There was still 'money' left in our overdraft which we immediately lost.

It concentrated the mind to have £20 for food for a week for a familly of 4 and no money for bus fares or petrol. Happily Tesco chose that week to send a spend £20 get £2 off voucher thing which had vouchers for 4 weeks.

I really didn't see how we could ever get things right again. There is a big future though and although we are still repaying debt, by getting a budget in place you can enjoy your life again by having bits of money left over or able to go out now and again.

If it is bankruptcy or debt management do whatever you can to get your budget sorted and I wish you every happiness at the other side of this.

tigerfeet2006

Even if you decide that BR is best for you it might be a good idea to pop onto the DFW and list your essential outgoings (if you are going BR then you don't need to mention debts.) They can then look and see where you might cut back to match your income and if you need to change suppliers it might be best to do so before you declare BR. Though don't shave to much off or you might end up with an IPA.

rog2

Hi WH - Obviously the decision as to whether bankruptcy is, or is not, your best option will be for you to decide, after you have taken professional advice.
A brief look at your situation would suggest, to me, that you have little to lose by choosing bankruptcy - certainly, with negative equity, you are most unlikely to lose your home, providing you can afford to carry on the mortgage payments.
Moving back to South Africa, during your bankruptcy period, should not be a problem as the bankruptcy order is only enforceable in the UK. I am not aware if a credit check is required for your husband to emigrate to SA, but it certainly is not required for other Commonwealth Countries - I would imagine that you could get all imigration requirements from the South African High Commission in London.
Whatever you decide - please do not consider any further 'consolidation' - it is impossible to 'borrow' your way out of debt.
Good Luck.