Hi I am new and have lots of questions!

hatingdebts

hello, this is my first time on here although have read lots of posts yesterday . Basically my husband and I are in debt, we have been in a downward spiral for ten years since having our first child, using credit cards then getting loans to pay them off just to live on. We haven't ever been frivolous with money but just used them for regular living and unexpected bills. We were keeping our heads above water and I had got a job which was helping us. Then I fell pregnant and have only gone back to work for a morning per week to keep my job going so when my little one starts school I can hopefully up my hours again. I am not able to work anymore than this as by the time I have payed a childminder I am only left with very little. So this has had a knock on effect to the point now we are always juggling bills not able to go shopping every week etc etc. So my friend who was bankrupt 3 years ago advised me to go to the CAB which I did and have got a budget sheet to fill in which I have. The cab have said they will take a look at it and see if there is a way of reducing our payments. I did mention bankruptsy and she did say this could be an option but to start this way first. We are about 28k in debt. Most of it is in my husbands name but I am a second account holder on the credit cards. We have a joint loan which is a huge payment an joint overdraft and I have one credit card in my name - my husband is a second card holder and I have a next directory which is in my name. So is there such a thing as a joint bankruptcy as I don't earn anything really, or would my husband have to go bankcrupt and me just take on the credit card in my name and the next directory. I am very depressed about the whole situation. This month has been awful and i haven't managed to make any of my usual mininmum payments. The lady at cab said if anyone rings me to say that I am in touch with cab and they will be in touch. I just feel ashamed and worried about what to do. I am sorry if I have waffled but my head is all over the place. Any helpful suggestions would be great!

hatingdebts

forgot to add we rent our house so we don't have a mortgage. I also want to add we are not looking at bankruptcy as an easy option but given our circumstances are not going to change for the next few years I think it might be the only option for us.

Toon_Dave

hi hatingdebts.

Welcome and well done for asking for help.

I am new here too and only finally deciding what to do. someone im sure will be on soon to offer advice and assisitance.

The first thing they will probably ask is for a statement of accounts (SOA) listing all incomings and expenditure to see what can be done in the immeadiate term.

and dont worry about typing alot, the more you type the more info you give on the situation and easier it is to get some good assistance.

Really i just wanted to say hello and welcome but i've waffled a but too.

Dave X.

tigerfeet2006

Hi and welcome to the board, sorry to hear about your situation but you have done the right thing by contacting the CAB.

You have to go bankruprt seperatly so that is 2 lots of £485. You may get a remission on the court fees if you are on a low wage/benefits.

If your DH goes bankrupt and you don't you will be responsible wholy for the joint loan and overdraft.

Toon_Dave

hi Hatingdebts,

Try this calculator to work out your SOA for the first time, got the link from another post on here just now.

It should allow you to check exactly what you spend on and would be useful for when you go and see the CAB. I have been to see them myself last year to start dealing with everything, i am considering bankruptcy myself as my delbts including mortgage are around £140,000 so no way can i solely pay for them after my Ex left me with them.

http://www.makesenseofcards.com/soacalc.html

Give the link a try and see if it helps.

Dave X

Toon_Dave

sorry i've just read your post again and i see you have already gone and seen the CAB and had budget planning.

Dave X

hatingdebts

Thankyou for your replies. I don't how we would afford two bankruptcy payments to be honest. Just feel like we have nowhere to turn. If we go on reduced payments the debts will still be there and with me not going back to my normal hours until my youngest is at school then it is a long time to be just making reduced payments so we thought bankruptcy would be the best option - maybe not. I am feeling so ill over it all and it is very hard for my husband too, really don't know what to do.

So_Sad_Angel

Hi HD

I`m in same boat... what to do next?? Ulimately the most important thing here is that you have someone to talk to!!!! Ask anything ..I am new here too but in 2 days I feel that whatever happens I can ask the question. How brill is that!!

Have a great Easter weekend & feel confident that help is at hand.

Angel xx Ps I called CCCS today first time & although need to make sense of it all I feel that I am doing something positive. xxx

Toon_Dave

as you said so sad angel the best step is to ring and seek professional advice as everyones situation can be different.

The CAB or CCCS are fantastic for free advice and will certainly be able to give the correct decisions. If BR is the only route then at least its being dealt with and you can be able to move on in life.

Dave.

dodecanese

Hi Hatingdebts,
just want to say "hi" - Im a recent bankrupt (Monday)- and can understand a lot of the emotions youre going through.
The worry about creditors, feeling ashamed etc is all what I felt and I imagine pretty normal. I found that once you come to terms with the situation it gets a lot easier- and bankruptcy becomes a series of "tasks" you just work through.
No, its not easy- Ive had real emotional ups and downs but in the end you have to do whats best for you. I felt horribly guilty over my creditors- especially Egg - who were great. But, at the risk of sounding really selfish- I thought of 6 months down the line when they got sick of the token payments and started threatenning CCJs etc. I still feel guilty and like I should have done more- bankruptcy wasnt an easy option- but I feel it was the most realistic option.
The good thing thats comes out of this is I feel I have learned from my mistakes. I cant get credit anymore- and Im glad I cant.

The month when I realised I could no longer pay my creditors was worse than the actual court/bankruptcy itself. When I finally accepted I couldnt pay my debts in November last year I was terrified. I imagined bailiffs, and all sorts- I also felt deeply ashamed and really afraid of the consequences. As I accepted what I was going to do- it got easier.

I still feel guilty- I think I always will- its certainly not been "my finest hour"- but Im getting through it, and there are far worse things in life you can do than go bankrupt.

Try talking to the CCCA or National Debtline- I found these invaluble when making my decision. They dont judge you- and give good impartial advice. Most of all- keep reading/posting on this site. just reading peoples experiences who are going through the same is a real help.
All the best.

So_Sad_Angel

Don`t waste your precious life HD worrying as this won`t change anything unless you take positive action to remedy the situation.

Make the decision to `sort it` & whatever happens will be a positive move towards your solution...use this forum to air your questions & freedom is within your grasp!!! Angelxx