Think I'm Stuffed but before I give up.....

Whistler_3

I think I've reached the end of the line but before I resign myself the that fact I thought I'd see if anyone has any suggestions.....

I've posted my list of outgoings/income etc.. previously, and off the back of that contacted various services, (who's exact words were "you are in a bit of a pickle, and don't know what to suggest")

However my situation is as follows. I have been in a well paid job for a number of years,(£80K) however since leaving my previous employer, they stuffed me for £11k in clawed back commision/bonus, and as they insisted I leave immediately, I was 2 months between jobs, (I gave 3 months notice, to tie in with the start date of my new job) (I have contacted a solicitor about this but it would cost me a few grand to pursue it)

As I am commision based it has been 3 months with very little income, I am now in a position were my 2 X car loans have defaulted and the agreements have been terminated (Leaving the full amount including interest due ) the cars are going to auction which i think will leave me owing about £15K....(Do'nt know how they will deal with this)

I am behind on my mortgage and although I want to sell up and rent as my mortgage payment is around £1800 (I can rent somewhere for £700) but I am in negative equity with 2 X secured loans who i am led to beleive will refuse permision to sell.

I need a car for my work as I visit customers at home, but am unable to get finance, and I have no cash to buy one outright (even a cheap banger)

If I pick up any adverse credit i WILL lose my job (which i love) if this happens I will obviously get something else in time but it will be much lower paid. leaving me with no choice other than reposession, and homeless

All this at a time when my partner is going to give birth to our daughter in less than 3 weeks time.

I feel like chucking it all in right now...However any advice would be much appreciated

cpjackso

I think if you post an SOA people will be able to get a better picture and therefore be able to suggest options.

If they sacked you from your job then you will be able to claim benefits - which although is pennies compared to your salary - it will provide a few quid to tide you over.

Is there any way to bring forward the date of employment with your new employers? That would almost certainly help your situation, unless you have already spent the two months out of work...? EDIT: Please ignore - I've reread your post and realise you are now employed.

The cars being repossessed might not have been a good move -- they may only bring a fraction of their value at auction - and they will chase you for the remainder... You might have been best to try and flog them privately and pay off the finance that way. (This depends on how you purchased the car though).

It really comes down to how large the secured loans are on your home -- if you have major negative equity it will probably be best to go bankrupt (ie. start a clean slate)... The only thing that troubles me is that you say you can't attract any more bad credit because of your job...?

taxi73

OMG..I really don't know how to help you but am sending you hugs and replying so that this can be bumped up

cpjackso

bump - I think others can give you good advice...

CLAPTON

SOA essential to be able to offer advice

southernscouser

Whistler wrote: »

I feel like chucking it all in right now

If these are serious thoughts then this is the first thing that needs to be addressed. F*ck the debt. That can wait. Phone someone like the samaritans 08457 90 90 90 and speak to someone who can, and wants to help.

Do you not want to see your unborn child grow up, give it the best life you possibly can? No amount of money is worthing giving that up for. You have something that is priceless. Something no court, bank, balliff or Joe Bloggs can take away. The rest of it, the debts, the house, the materialistic possesions, it's all irrelative. It has no real meaning or value. You have everything worth living for. Don't give it all up for previous mistakes. Learn from them and become a better, stronger person. And a dad.


As for the debt, OK. You need to phone the CCCS as soon as possible. Only they can offer you professional financial advice.

As Clapton says, repost your SOA. Include everything, APR's on debts, limits etc.

Can you explain more about why you can't have adverse credit or you will lose your job? You say you have already defaulted to HP agreements. Does this not count as adverse credit?

In the short term, is it possible to change your mortgage to interest only? My feeling is probably no while you are in arrears but how much do you owe?

Are you getting all the allowances, tax credits you are due etc if any?

What have you done to reduce your outgoings and potentially increase incomings?

It's very difficult to give you any other advice without seeing your SOA though.

But seriously mate, if you are having any thoughts of ending it all then seek professional help. It doesn't make you any less of a man or stupid (I know how we work ). You seeked help here and I only applaud you for that. :beer:

southernscouser

Just had a look at your old SOA mate. I won't post it on here, I'll let you post a new updated one so we're all working off the same hymn sheet.

However;

Gym membership - How long to run on this? Can you ask them for a deferrment type thing where they halt payments for 6 months, then your contract resumes from then.

Sky - Don't mean to sound harsh but you can't afford it. Simple as. If you're not tied into a contract phone up and cancel. Freeview ain't that bad, and it's free!

Nursery fees - Is your partner still working? If not why is this needed?

Food - You can reduce this by 2 thirds. Seriously. Visit the Oldstyle board on how.

There is more but we need answers to everything else first.


One thing that did strike me though reading your other thread. You talked about living a certain lifestyle due to your old wage. But the amount of debt you accrued surely wasn't during the in between jobs period? This means you were living a lifestyle even above that wage. This is the issue. This is why you got into debt. And this is the biggest factor in getting things straight. Sure, cancelling Sky and such helps, but it's a lifestyle change. The whole shabang (sp).

Sorry if I sound critical, I don't mean to. I've been there and everyone on this board has been there. We're all in the same boat.

tealady

Hi Whistler. If you dont take anyone eles advice PLEASE listen to Southernscouser. He's ben around here since Metheuselah was a lad (well that what it seems like - you know I'm only joking SS)
Seriously its only money. Please ask for help, it doesn't make you any less of a man- far from it. Remember we are not here to judge - just to help, but in order to help you, you need to help us so put up your SOA.
Whatever you decide good luck with the new addition to your family.

joeblack066

Hi, and ***HUGS*** to you. This time last year I felt exactly the same as you, seriously, and this site helped me through. You will come out at the other end, please please listen to SS, he knows what he's talking about, post your SOA ASAP to let the guys on here start to work their magic, andremember the most important thing to your family is YOU. Debs.

churchrat

hi-- other people on here know a lot more than me and I'm sure will be along to help, so I'm just bumping this up, but-- I have been in a similar position and so have lots of other people on here. you are not your debt, you are a father who is trying to do the best for his family and they need you. we had to change so many things when we first started to tackle our debt, and are still doing it. we don't have holidays, the house needs everything doing, we drive a car that is mostly rust and clothes are all old BUT we are still together, the kids are ok and we've learnt such a lot. goodluck and let us know about the baby!!:p

RoxieW

hi whistler - you are going through a tough time but you can get through it. i'm not sure how it stands with negative equity on the house etc so i wont advice- all i will say is that even if worse came to worse and you were repossessed etc - yes you'd lose your house but you'd be in rented accommodation and most importantly - TOGETHER. With your new baby daughter. Things are things are things at the end of the day. Of course, we all want them! We all want to be debt free, stress free, comfortable lifestyle but when the chips are down and every thing else is stripped away you have a partner who loves you and is depending on you being there for her and your baby - and soon enough you'll have a beautiful baby girl. her daddy is worth more to her than any house/car/possession. i understand that you are feeling the pressure but please contact some other agencies and get some good advice now! and please come back to let us know how your getting on. there are always friends on here to listen. xxxx