Thinking about bankruptcy

memessedup

new to all this but reading your posts has helped me set my account up.:o
here goes im currently thinking about bankruptcy, im a homeowner with mortgage, large secured loan and a vast amount of unsecured debt i thought i was coping but debts have just got out of control along with my wife our joint incomes fall about £600 pcm short of our outgoings which includes basic living costs. defaults are starting to arrive :eek:
never rented before and the wife hates the house we are in
pretty scared of renting. prob, just been daft
i think my secured debt is £187k of which mortgage is £89k the rest being second charge and then £50k unsecured the house was for sale for 170k but with c.crunch cant sell now need help

dalip

Welcome me Know nothing about houses but know about the actual process of bc:D . Someone wll soon be along to talk you through the house issue. In the meantime the first and most important thing you MUST do is ring one of the free and non biased debt charities. They do ask in court if you have sough proper legal advice so it really isa must.There are a couple of phone numbers in my sig. Get back to us when you have rung them and let us know what they suggest.D

Toon_Dave

memessedup wrote: »

new to all this but reading your posts has helped me set my account up.:o
here goes im currently thinking about bankruptcy, im a homeowner with mortgage, large secured loan and a vast amount of unsecured debt i thought i was coping but debts have just got out of control along with my wife our joint incomes fall about £600 pcm short of our outgoings which includes basic living costs. defaults are starting to arrive :eek:
never rented before and the wife hates the house we are in
pretty scared of renting. prob, just been daft
i think my secured debt is £187k of which mortgage is £89k the rest being second charge and then £50k unsecured the house was for sale for 170k but with c.crunch cant sell now need help

Hi there, Welcome to the boards and well done for asking for help. Always the most difficult thing to do, trust me i know more than most.

Anyway. Does the house valuation leave you in negative equity, in other words would it cover the cost of mortgage and the SL?

Also dont be scared of renting, i was in mortgage house for 4 years with EX GF, just moved in april to rented, first time for me also..best thing ive ever done.
After all mortgage is just renting but being paid to someone else instead, u essentially are renting your house from you mortgage company...ish!

firstly have you spoken to any of the free debt charities listed in Dalips post above?

Also can you detail exactly what is your total income and expendiure try this hekpfull calculator online, it will allow you to post it fully onto here for us to offer some specific advice for you.

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

Dave

memessedup

i have been in touch with cab but in the mean time have lost my father had to take time of work now waiting for the next oppotunity to get back in touch dmp was talked about wiil take@ 11.3 years to clear unsecured debt.
my income is £2060 pcm ,OH is £656pcm child ben £72
mortgage £678. secured loan £1011 another 21 years to pay on both. unsecured work out at £800 dmp can get this down to £387 pcm but OH hates the house so is it worth struggling on. i also lost my sister in april no cause of death yet inquest on 26.06.08 so this year is stressing me out and reading some of the post has given me hope im not a typist and may end up harping on a bit but thanks for the replies.

Waspeze

Harp away
Really sorry to hear about your losses, having to think about debt issues at a time like this must be hard

If you haven't already, you could try the cccs debt remedy thingy?

https://www.cccs.co.uk/debtremedy/(S(k2qm40rnaivcbv2zia3wwa3x))/start.aspx?hp=4

Summer1969

memessedup wrote: »

never rented before and the wife hates the house we are in
pretty scared of renting. prob, just been daft

I will be going BR soonish and we are selling our flat and cannot wait to get into rented. We can't wait to not have that stress any more, mortgages rates always changing, having such a large debt, we will be in rented for quite a while I think. Sorry to hear about your sister. xxx

dalip

Sorry to hear about your losses. I often think that we just reach the end of our tether where debts are concerned and they are just the straw that breaks the camels back so to speak. There always seems to be more to everybodies lives than JUST bc but we only ever get to hear the debt side of things,thats why is pays(sorry no pun intended)not to be judgmental. Here you are amongst friends.
You could ring national debtline who will go through things or i thnk there is some sort of wesite where you can fill in a form and they will tell you what they reccomend. Anyway good luck. We will help you through it all as much as we possible can.D

Toon_Dave

Sorry to hear about your family, sometimes as Dalip says we stress about so many little things that it takes something like the loss of a family member to put it all into perspective. please dont worry about 'harping on'. we are all here for you for help and advice so please ask away.

the only stupid question is an unasked one - stole that from the site...sorry bout that, but its so true.

if you get a chance try the SOA calculator that i posted above, it really will help you and us with you affairs. Also as Waspy has said the CCCS online site is good for their debt management pack, you can fill it out online and get some specific advice based on your predictament. As if BR is recommended you will be given a unique reference number and telephone no to ring and speak to one of their advisors.

Best of luck in whatever you decide to do.

Dave

missmonroe

sorry to hear your sad news, me and my other half went to CAB yesterday and have decided that bankcrupcy is the best for him too.

it does feel reliving to have an end to it in sight, we can get through it together, we are pretty scared also, as our first baby will be here in August.

maxmycardagain

memessedup wrote: »

my income is £2060 pcm ,OH is £656pcm child ben £72

mortgage £678. secured loan £1011

you may be looking at a substantial IPO with an income of £2780+ pcm

you do realise this?

philnicandamy