Please help:(

Sarah_x

Thank you all for your advice.

My husband was just saying if went the dmp route
When our current morgage deal ends
Would we struggle to get a deal on such a low rate.

[Deleted User]

Sarah_x wrote: »

Thank you all for your advice.

My husband was just saying if went the dmp route
When our current morgage deal ends
Would we struggle to get a deal on such a low rate.

Just take a retention deal from your current lender. Simples.

Clouds88

Are you also aware that you pay any ‘surplus’ income when your bankrupt for 3 years to the bankruptcy people. So, if you move in with the in-laws that may be your £300 already disposable and then your £500 rent, and council tax too. So I think bankruptcy is not the answer if you do want to ditch the house anyway.

Good luck

warby68

If you are a genuine poster Sarah x please read and reread your thread and preferably get your husband to read too. His desire for a drastic but what he sees as easy, pass the buck option and resistance to working is making your situation worse.

When you can cover your bills, have a reasonable lifestyle and STILL throw a good chunk at your debts, which you can, there are much better fixes than his plan.

You need to understand how bankruptcy works - if you have a surplus in your income (by their measures NOT yours it will be taken from you). A DMP allows you to chop and change, benefit from a few windfalls such as temporary income and far more control of your money.

You can address the house slowly - if some of the needs are truly genuine such as heating, allowance can be made within a DMP. Otherwise you can save here and there for a window at a time.

Giving it all up, not working, living with inlaws and being restricted by bankruptcy from bettering yourselves is not great.

Sarah_x

After really looking into bankcruptcy last night
Maybe its not the best option.
A feel the best option is sell the house if we can and move into his parents were we would have no money struggles.
Obviously not ideal
But if it gets us back on are feet
Possible the best solution

Nn my husband is not lazy he has always worked but it required me or my husband to leave work. I earn more money and a more secure job.
He is very depressed hardly sleeps and being a carer and fulltime dad is best for him right now. Please stop judging you wont understand until you are in our situation

enthusiasticsaver

No one is judging you just trying to get you to see there is another way. Many on here have been in your situation and have found a way out without going bankrupt or selling their house, both of which are drastic solutions.

I think you are looking for a quick way out and there isn't one. Moving into in laws is not going to be easy with 2 young children, one a young child with SEN. Selling your house at the moment may not realise as much as you think if it needs work doing to it and it may be a long time before you can buy another property. Private renting with a pet is problematic and expensive and presumably you have schools to think about.

I think I would look at a DMP as a first solution and cutting back rather than turning your lives upside down, getting rid of your house and moving in with your inlaws. What do they say about your suggestion?

I would ring stepchange to see what they advise. Write to your creditors asking for breathing space and save up an emergency savings. Default on the debts and start cutting back where you can. I am sure your husband will feel better when the debt situation is sorted which it can be without turning your lives upside down.

enthusiasticsaver

Also lots of people on DMPs have got new mortgage deals when theirs expires by sticking with their existing lender.

Sarah_x

Thank you all for your comments
Very helpfull x

kelpie35

If your child has been diagnosed with autism you might qualify for DLA and carers allowance

Splatfoot

We are on a DMP Sarah and we just moved to a lower rate mortgage with our same provider. No questions asked. Also, for what it's worth, our debt was similar, our income is similar to yours, (but our mortgage is more). We cut our food costs down to £200 and shaved off other bits here and there. The day we sorted out our DMP was such a weight lifted. We'll be in it for a long run (10 years plus) but we just plod with it. We might get a windfall (you never know!) or manage to build up a fund so we can offer full and finals. We are down to £36000 now, yes it's a long road but we don't think about it much. Having a secure roof over your heads is important especially when you have kids with SEN. You can do this.