Has The Time Arrived ??????????

PINTACIDER

Hi Everyone, I have been reading the threads for a couple of months and would like some advice please.

SITUATION !!

My wife and i owe approx £120.000 :eek: in unsecured credit cards / loans etc which were up until last december part of a DMP which we were paying but struggling with it was £500 per month, Mrs Pinta then had a weak moment and spent £40.00 on a credit card i thought had gone !! (albeit on food! some choice words and threat of divorce ) were mentioned. We rang the CCCS and informed them and asked them if we could add it to our current DMP ? . They quite rightly said no and they would have to end our DMP immediately .
We then got in touch with National Debt Helpline who then took us on, however !! .............

PROBLEMS !!

All forms from NDHL have been returned and seen but one creditor Sygma Bank have taken my wife to court and the court returned the file to them which they ( or so they tell us ) have then returned to the court , this however has held the progression of the DMP as until NDHL know the payment to be made to Sygma they cannot negotiate with other creditors which has now escalated into approx 90% of the creditors now saying they will start court proceedings aswell due to no firm repayment schedule being made ( Northern Rocks came in the post today ! ) we have made token payments to all creditors/ agencies / as and when they phone( the usual 20-30 times a day ) STRESSFUL !!!! :mad: :mad: :mad:

EMPLOYMENT !!

Both of us are self-employed so income is not rock steady but fairly consistent we take home approx £1700 per month .

SOLUTIONS !!!!!

Would it be better for me to go bankrupt as approx £85000 of the debt is in my name or both of us ? .The house is in joint names of which the mortgage stands at £128.500 ( interest only ) approx value £130-135.000 2 months in arrears though , we have enquired to Debt Free Direct about an IVA , is this a solution even though we are nearly at court with all ? Would we lose the house if i went BK and im guessing the OR would take my only asset off me ( a van 18 mths old value approx £15-16.000 ? this would leave me with no earning ability ( unskilled and writing problem ) . Is it possible ( and legal ) for my wife to take over the business ( im a sole trader ) if i went bankrupt and for her to 'employ me' ?

SORRY TO RATTLE ON !! Its got to the stage where i am now staring into a black abyss with no clue as to the best option ! ANY ADVICE GREATLY APPRECIATED !!!! Thankyou for taking the time to read this if ive missed anything out please let me know !!

dalip

Hello,welcome,sorry can not help but this reply will bump you back to the top so someone who can answer does.

FeelingLow

hi I'm sorry i cant answer your questions either but i'm sure someone will be along soon to help,

welcome to the board

Cinderbrook

Please do not consider Debt Free Direct - very bad reputation, they are basically an IVA factory. CCCS now have a bankrupty division, maybe they can help?

Got2change

I know that someone really clever will very neatly answer all your questions but meanwhile a couple of thoughts from me -
1) Not sure if they would take the van as required for work but they may make you get something of lower value - and the question you ask re. being employed by your wife should she take over the business would muddy the waters methinks......... (Nevertheless, the Official Receiver may want to know how the purchase of it was funded.)
2) Think that Business Debtline might be a good source of answers for the business questions.






(Blonde, unemployed and bankrupt.... what do I know?)

PINTACIDER

Hi again , Thanks to those that have replied but i still dont seem to be any further forward .
A NEW DEVELOPMENT

Mrs Cider had a letter from the county court stating that she has to pay £376.00 per month on a debt of £3500 c/c. This is A - Way more than we could possibly afford and B -Is there a way of appealing and if so what is the % of success ?
We were feeling a bit better that the creditors were taking us to the court as we thought we may have got a judgement that we could afford and that this would get the creditors to stop phoning / writing. We are now in complete meltdown wondering what the next judgement is going to be and it is starting to have a serious effect on our ( me in particular ) health !. We have always tried to stay positive regarding this crisis but my mental state is becoming a little frightening to us both. Mrs Cider is making a doctors app today to see if they can give me something to pacify me and sleep,cant get signed off as s/e and no work =no money not there is much of either, Please if anybody could advise me/ us on any of this rambling we would be so grateful !!.

dalip

Morning
My sugestion is to ring the free debt helplines. Try the business one and the cccs one to get some real legal advice. Hope you are feeling better soon. I do know how stressful this whole thing can be but with the right help and advice you will soon see some light at the end of that very very long dark tunnel.

PINTACIDER

Morning Dalip, Thanks for the quick reply will give them another call today and wil post up later any news .

Waspeze

I'm pretty sure there is an appeal process but can't help with it as I didn't go through it myself (my CCJ came about a month before BR so didn't bother appealing, though CCCS said I could if I wanted to)

Top-ranking_bug_2

I'm not qualified to offer any advice other than CCCS Bankruptcy division. They are absolutely fantastic, and will be able to offer you advice over the phone initially, and then take you from there.

Please know also that you are among friends here, and one of the best ways of helping relieve your stress is to talk about the cause - here you can do just that without being judged in any way.

You WILL find a way round this! Best of luck.

WorldofDebt

Realistically how much money do you have left after paying for your mortgage/rent - council tax - water - gas etc .. Take that amount and see how long it would take to pay off your creditors with what is remaining after everything you need to live on is paid.

Then speak to the CCCS, I cannot recommend them highly enough - i've had two phone interviews with them and have come out feeling very comfortable and happy knowing what my future is. As i've said in another thread my debt would take 160 years to pay after my basics are paid - and I owe half as much as you in unsecured debt.