considering my options

[debt-dungeon]

I need to consider my options carefully. Here goes.
property value approx £150,000 which is going on the market if poss.
outstanding balance approx £118,000. Secured loan approx £40,000. i know if it sells i can negoiate the neg equity.
personal credit debt approx £23,000.
The wife has just informed me she wants to split up (guess Y??)[:(!]
I could hand in the keys and face whats coming as i can only manage the priority debt but frankly not for long.
so what do I do, hang on and see if it sells but my time is running out. And the market is on its knees !![:(]
hand the keys back after sorting rented accom. Then what?
get lupmped with all the fees coming and my personal debt, the wife wont be able to pay much if we dont get back together, so they will hound me.
would or could this be solved with an IVA/DMP or do I face the last resort and file for BR. I consider myself to be a hard working bloke who still intends to pay, but its never ending circle! I can earn upto 1/2 my salary in O/T but thats what killed my marriage.
Please help as Im already distraught.

[indebtforever]

hi welcome to the forum we have all been through it i wish you luck with your marrage and the debt stick around you will get excellent advice in here from the experts

can you give more info about your unsecured debts as in how many creditors, owing to each etc they will be able to give more advice with more facts[:)]

[pbeck]

How would you like to sort it out ?

If you just want to wash your hands of the whole thing, then hand the keys in and file for bankruptcy. It'll be a big weight off your shoulders.

If you're thinking of doing a DMP then be aware that this involves paying your debts in full, including any shortfall arising on sale of the property. It might take a long time to clear your debts that way.

If you choose an IVA, then you'll only pay what you can afford to pay, but for 5 years rather than the 3 you would be subject to under an income payments order in bankruptcy. Your budget would take into account your basic earnings, but you would be expected to declare any overtime to the Supervisor of your IVA and pay over half of the net overtime received after tax/NI.

[MelanieGiles]

There appear to be more important things to be concerned about than your debt situation at present,and I do hope that you and your wife manage to sort out your difficulties soon.

Debt can lead to so many other problems - marital, health, and stress related issues, and sometimes it is wise to just park the debt issues and put things into perspective in order of priority. Try to remember the difference between a house and a home - they are not always the same, and as they say a home is where the heart is and if that has to be rented accomodation for a while so be it. If your family are around you that is the main thing.

As you say a lot of your stress has been brought on by having to work lots of overtime to just cope with the ongoing payment of unaffordable credit. Perhaps it is time now to consider what positions you better for the future, be it a structured payment under an IVA, or the fresh start afforded by bankruptcy proceedings.

[debt-dungeon]

already agreed the house is going which ever way is best..
personsal debt, credit cards! breakdown.
egg.. 6,500
barclaycard.. 2200
morgan stanley 7700
lloyds.. 6500
capital 1.. 300
marbles.. 200
if the house is repossessed/keys returned then this would become unsecured debt.could this be included in an IVA.
if we make it does the wife go IVA too? only property debt! or do i take the hit (loves a funny old game)
i honestly dont want to go BR, but if thats my final option i have no choice.

[angela18]

me and hubby were on the verge of splitting. once we started to deal with debt problems things are loads better. we are now in IVA paying what we can afford. we are by no means comfortable but we get by. Our marriage is getting there and we couldn't be happier.. we know how much we have and what our limits are

it takes alot out of you trying to juggle finances and working 24/7 to get by.. hope all works out ok.. give an IP a ring to discuss your options.. its got to be worth a try

[MelanieGiles]

I know of a very good firm of lawyers who do a wonderful job of negotiating with secured lenders in similar situations as yours - and would be happy to make a recommendation for you when the time is right. If you can get the right price for the property, there may be only a small shortfall and maybe your wife could deal with this and you could enter into an IVA.

Over the years I have seen many couples in your situation, who when they get their debts under control to a level that they can manage begin to view things in a completely different light. And trust me you will feel a lot better when you get the ball rolling and seek professional advice. And just to let you know that all of the creditors you have mentioned are pretty supportive of IVAs, so long as they represent the best return available.

[Skippy]

I can't offer you any advice, but I wanted to say that I hope that you and your wife can sort things out. You need to do what is best for you and her as your relationship is far more important than money x

[Soulgrowth]

Just to say good luck also ... sometimes it gets to the stage where you can't see the wood for the trees and the problems all get tied up together ...

All the best

Debbie

[debt-dungeon]

[:D]
thanks for your support so far.
i aint givin up on anything yet. ive grafted my ****'s off.
oh yeah when it was good, they could'nt stop givin credit. i should do em all for criminal negligence !lol
im off for a pint now ! i was gonna use my tab ! see you can get credit anywhere these days.
joking apart though, keep that much needed advice coming.
i feel better already, i have never disclosed my cirmumstance as i felt ashamed.ttfn

[Soulgrowth]

Enjoy that pint ... you deserve it [:)]

Debbie

[Viki.W]

Hey debt-dungeon, just wanted to say hi, you're in a great place for advice and support so keep posting. Hope the pub was fun. X

[facingittogether]

hi from me too!

keep posting, you are in a great place for support!

hope you get things sorted soon

love barb x

[aguise]

Hello from me too. I hope things work out well. You can always come on here for a bit of moral support. Keep posting.

Ang x