I give up - there's no hope

GeorgeUK

In the short term, do you have any joint accounts with your husband? If so, if you did go bankrupt he would still be liable for these debts. You may not be able to avoid going bankrupt, but i'd post on the bankruptcy board to see if they have any advice too.

Sorry i can't help with a solution.

bank_of_slate

IGNORE !!!!!! CALLED BANK OF SLADE
...reported
...Linda xx

sammy115

What about an IVA - is that not an option..

Please don't worry - ignore the troll. Have you posted an SOA in the past? Can you do one now? Can you pay your creditors a £1 per month but keep your mortgage payments up. I was in a similar situation a couple of years ago and all I did was fend people off with small payments. Could you put your house up for sale anyway?

mummum2

Have no practical advice, just wanted to send you lots of hugs and wishing you all the best with this outcome, keep posting this board is fab.:A

bank_of_slate

Hi wot a life,
come back, there is lots of support and advice on here
As Martin Lewis himself said on radio 2 today - He's NEVER known a financial problem that couldn't be sorted out!
There will be a way for you to get out of this
...Linda xx

epsilondraconis

Out of the money you have each month, surely you could make a contibution to your mortgage. I suspect it would be better than not paying anything at all.

Would your OH not be able to get some temporary work to try to alleviate some of the financial pressure.

I'm not too sure what else to suggest apart from saying to post a SOA or contact one of the debt charities.

Hope all works out. Please ignore the idiot posts. There are a lot of people who feel for you in your current position.

MARTINS_DOLL

I'm no expert in any of this, but what I will say is that I was in a similar position a few years ago, AND come out of it still owning my own house, and remortgaged to ensure that I could afford the repayments etc.

Please do speak to your debtors, they should be able to help you.

Also it's amazing what you can do to save a few quid, by some little things.

I wish you good luck, and am sending some hugs <<< HUGS>>> xxx

hypno06

Please don't give up. As someone above said, there is a solution for everyone.

I hope you don't mind but I copied this thread onto the bankruptcy board - I hope they will be able to give you some useful info.

MSE_Martin

Hi.

A horrible situation... but you need to understand many have been there before and come out with a better life.

While its fine to be emotional about the situation you're in and to be feeling bad. It's also important to be unemotional when it comes to sorting out the actual scenario.

You need to go through this and see what can be done. Obviously your fiannces are a struggle and that's plain to see just by reading. So we have to take a look at what the best score is.

By not dealing with it - I'm afraid you make it worse - control will be taken away from you - and while I suspect a bit of you would find that a relief - when you lose control you lose out.

So it is probably time for harsh decisions.

Can you sell the house before its repossessed and get some money from it (fire sales from repossession often get much less money). Could you go bankrupt and recoup.

You need to go back to the debt counselling agency or if you didnt like them - the CCCS or National Debtline and work through the options and make a decision and go for it.

Ive been a bit naughty below and cut a bit from my book the Money Diet (dont tell the publisher as I'm not supposed to do it) that I would ask you to read until the end

Martin
_________________________

Martin’s Money Memories: Unedited: Their Words, Not Mine

Debt can be more than a financial crisis – it can be very dark. Let me be
honest, I’ve never been in debt crisis. I don’t know what it feels like. Yet I’m often
asked for help by people who are. The following ‘memory’ is something I
thought long and hard about before putting in. I hope I’ve done the right thing.
I hope if you’re in debt trouble it’ll encourage you to talk to someone about it.

One day, a woman posted in the Forum of www.moneysavingexpert.com. She had run up debts without telling her husband, and he had just lost his job. She said she couldn’t see any other option than killing herself. I was scared for her and didn’t really know whatto do – the money side, yes, but I’m not a counsellor.

So I took advice from someone who was, and wrote a careful reply to try and say the right thing. The first person to reply after me was Andrea, one of the site’s regulars.
She simply extended a hand of friendship, said things were never as bad as
they seemed, and ‘Why not send me a personal message? I’ll bring the
virtual coffee, if you bring the biscuits.’ I’d be lying if I tried to pretend my eyes
were dry after I read it.

More people replied. The following are a couple of posts I’ve selected.

Their words, not mine …

Light at the end of the tunnel: ‘Just to let you know there is light at the end
of that very dark tunnel. I, too, got into £8,000 worth of debt as a student.
When I started working I added to this a further £7,000 bank loan thinking
I could pay it all off with my newly acquired wage. I WAS WRONG – BIG
TIME!!!! Solicitors’ letters ensued, and so I contacted the Consumer Credit
Counselling Service.

With a debt management plan created by them I have slowly paid off £10,000 in three years. By the end of this year all my store cards and credit cards will have been paid off, and by 2005 everything else will be too. It was hard initially not to be able to buy ‘things’ and I didn't have a holiday for two years but instead saved up and went to Australia this March – yes, just by saving and not spending. I learned money-respect the hard way
and I'm not going down that road again. Try the CCCS – it worked for me.’

The best decision I ever made:

‘Over two years ago, I started getting into money troubles. I was earning in excess of £75k p.a!! I lost my contract and couldn’t pay off loans. I was feeling the strain. The mortgage was falling behind. Just when I thought things couldn’t get any worse, my wife
announced she couldn’t carry on like this and we separated. I moved back
in with my parents and thought that maybe this would see an end to it all –
nope. My half of the loans still left me with more than £20k of debt. I had a
new job paying me £16k p.a – just enough to cover my outgoings and maintenance
payments, leaving me little spare to go and see my son twice a
month. I was advised the only solution was personal bankruptcy ... the words
alone filled me with dread.

The day arrived for court, I was ushered in to see a judge. Five minutes later, I was officially bankrupt. Now I am debt-free, but have tight constraints for another 2.5 years until the bankruptcy period is over. But it isn’t all that bad. I know exactly what my salary
will be and have no more worries about being chased by creditors. I come to
the end of the month and know I have a little money left to go towards my son’s
Birthday and take him away for a week. It has to be in the UK – not glamorous,
but what the hell? My advice for anyone who is in a similar situation ...

Please do not make the same mistakes as me and leave everything, thinking it will all
go away – it doesn’t. The feeling I get now, knowing that there will be an end to
all of this soon, is indescribable. Hopefully, someone reading this may make a
similar decision – it is the best one I have ever made.’

I wish I could tell you I knew what happened to the suicidal woman. She
never did post again. I pray she read the messages and advice and sorted
the problems out. If you’re in debt crisis, please deal with it – there are
people who will help you for free. Use them.

Baybee1984

See, that man is a legend!