Advice Needed Please

RAS

Darren92 said:

Ye lost alot of income so put me in a bad spot. Duno what to do pal

Any chance that you might recover some of that income in the next 2-3 years. Or is it definitely long term? 

No  need to answer here but you need to think about it, talk through with your partner so you can make a more informed decision.

enthusiasticsaver

I think you may have to look at a DMP although you have so little disposable income that it would be hanging over you for a long time. Normally if you have a house bankruptcy is not an option but you don't seem to have any equity so that might be a possibility. I would contact stepchange and see what they advise. I am puzzled as to how you were given that amount of debt in the first place. 

LannieDuck

Any possibility of your partner getting some paid work? I see you have a nursery-aged child and two others, but would s/he be able to find any weekend or evening work?

TheAble

enthusiasticsaver said:

I think you may have to look at a DMP although you have so little disposable income that it would be hanging over you for a long time. Normally if you have a house bankruptcy is not an option but you don't seem to have any equity so that might be a possibility. I would contact stepchange and see what they advise. I am puzzled as to how you were given that amount of debt in the first place. 

Would bankruptcy result in loss of the house? Sorry if that sounds a bit obvious. 

RAS

This is why the OP needs very careful advice. if the income drop is short-term, then a DMP now, increased in a few years and upped again after the secure loan is paid might be an option. 

I simply don't know what the situation now would be with BR. In 2008/9 people were going BR with little equity and their spouse or another family member bought out the beneficial interest for a few thousand and they rebuilt their lives slowly. If the OP's income will increase dramatically in the next three years, that affects the decision.

So please speak to a free specialist advisor.

Darren92

I spoke to debt charity, un pretty much my options are limited,  they did bring up bankcrutcy but  thats a risk of losing my home. 

NeverendingDMP

Just to add a different viewpoint. I'm.on a very long dmp. Sourcrates has at times queried me on it to double check my logic- in a good way, hee hee.
In short my dmp is very long as we had equity in the house, not loads but enough to risk loosing and rent for a family size house locally is 200- 300 more than our mortgage. We started our dmp thinking we would be much richer when we stopped paying nursery fees and kids were at school. Stepchange said 15 years was too long for a dmp, but agreed I could do a lower/start up dmp till finances where better. I was adamant I wasnt doing bankruptcy and an iva seemed like it would cost more than our debts and required dh to be involved more than he is willing to be.
I'm approximately 4.5 years in. We are paying less than we ever did each month and I'm almost at half the debt paid.  We never did get better off due to wraparound care but that's another story. I think if we carry on my dmp i will finish about another 17 years from now but I'm sure I'll finish it sooner.
Yes your options are limited but there is always a way and it's a case of picking the right way for you.
If you do go for a dmp please please inflate your budget to almost as high as it is allowed to include e fund, extra treats and money for things you havent thought of yet. Debt line website (someone correct me if im wrong) or stepchange budget online calculator will give you some ideas. If that means only a fiver a month each for people till you have decided what to do then so be it. A long dmp is draining and depressing at times but if that's what you need to do then accept it as best you can till your secured loan is paid. 
Please get advice from the charities but decide what's right for you.
Also if you decide to go down a dmp route have a read on what a cca request and full and final settlements are. I did not know about these things and for me it's been a game changer in almost halving my debt.
Good luck