Outstanding debts-I'm going insane MOVED POST FROM DOCNOC

tigerfeet2006

Have moved this so it didn't get lost in another posters thread.

Hi there

I have oustanding debts I have been paying of for some years now, I tool 2 heavty loans for property investing of which diddnt turn out as I planned and now have a loan from HSBC - £17000 and EGG - £18000, I also have a marbles card with £2000 left on it and now being chased by a smile acount I opened up last year and completely forgot I had, that has set me back £700 and they are constantly chasing payment. A year in a half ago I spoke to a company called Sterling Green a debt management company who took the worry away for me and took on board the EGG/HSB/Marbles and made me monthly outgoings of £290(11 years), now I say they take the stress away but I get the letters coming through the post now saying they will send baliffs around so they arent working as well as I thought and they avoid my calls, I earn £1300 a month of which £900 goes to my ex to support the kids and also to make sure they have a roof over there heads, pays the motgage(a house we still have joint mortgage with and hoping the house will be sold soon to make some money) then you take away the £290 leaves me with £110.00 that has to pay insurance on my car, petrol and shopping clothing and lodgings etc, I am struggling big time and open to any suggestions, I would love to clear this debt off asap, im hitting a brick wall and wonder if declaring bankrupt is teh best option, my age worries me though ....

tigerfeet2006

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only. CCCS operate a system of telephone appointments that are designed to be flexible and don’t require you to attend an office based interview. At the CAB you will need to make an appointment with a specialist Financial Advisor; other advisors may not have the specialist knowledge you’ll need.

http://www.cccs.co.uk/

http://www.nationaldebtline.co.uk/

http://www.citizensadvice.org.uk/index.htm

You need to do this as if you decide that ultimatly bankruptcy is the option for you then when you see the judge he will ask if you have taken professional advice.

If you’re advised that bankruptcy is the most suitable solution to your financial problems then we can offer the best support and anecdotal advice that you’ll find anywhere on the web.

Just remember, as desperate as you may feel at the moment, we have all experienced what you are going through at the moment and with the right support and advice things will improve. It’s not an easy route to take but it is a route that will put you back in control of your life rather than just reacting to events.

Scarlett.1974

Hi there,

Okay, I don't wish to be harsh (or rude) but while your debt is obviously pretty substantial and is causing you much misery, it's the payments you're making to your ex that have made me go like this: :eek: £900 a month out of a £1300 take home pay is sheer madness. I admire you wanting to do the right thing and ensure the roof over their heads, but still....... is your ex working? That's just a bonkers amount of money. Even if you did go BR then you would STILL have nothing left to live on, so while you would not have the hassel of creditors etc....... you would still have no money

tight_jock

You need to get professional advice from one of the orgs in my sig.

If you are paying £900 to the ex, you are not leaving yourself enough to live on IMO.
:beer:

AmIdone4?

Just to echo whats been said already. Get some advice from the numbers given on this site , and I would say pretty sharpish, it sounds quite serious, especially the tiny amount you have left for yourself per month, how do you cope??? That seems so unfair, it actually makes me quite angry :mad:

Get advice off this forum also, you don't have to cope on your own, people on here are very helpful and have gone through similar things to yourself.

debt_doctor

Hi,

If you split from your ex after April 2003 then a CSA calculation would be a maximum of ;

1 child 15% of nett income
2 children 20% of nett income
3 or more children 25% of nett income.

If your 'new' family has children in it then the percentages above would be reduced accordingly. Also if you have your children stay with you at least 104 nights per year then your calculation would be reduced.

Best

DD

debt_doctor

Also if you go BR and assessed for an IPA, although an allowance is made in your expediture for child support, the OR will not allow contributions above the CSA guidelines.

DD

PigSick_2

Hi,

I echo what everyone else has said it's the payment to your OH that are crippling you. Does she work? If not she should be able to get benefits, I know it's not a pretty word to a proud person but you have to be realistic, your currently on your knees paying everything and really there is no need for you to be. If the house is on the market can't you have a word with the mortgage company and just pay the interest payments? I've found mortgage companies are really quite understanding in circumstances like these, might be worth a call.