Hi everyone,
I'm new to the forum, so any advice will be most greatly recieved.
I've recently been made redundant for the second time this year and now have no way of meeting our quite substantial financial commitments, all savings have been used up.
My wife and I both had good jobs and after years of being MONUMENTALLY STUPID handling our income, overstretching ourselves, and silly spending habits, had finally got things under control and would have probably paid it all off in about 7 - 10 years.
The preverbial has now hit the fan and the reality is hitting home hard, I dont know what to do really.
I've been to the CAB and they've set up an appointment with a specialist debt advisor for next tuesday.
My wife has a good income but its not nearly enough to cover everything. I havent added it all up (to be honest, I've been afraid to)but we have about 120K combined debt in personal loans and credit card debts.
To date we have not been in arrears with anything and managed to meet our monthly commitments, but I know from experience that I'm not likely to get a job anytime soon (I was out of work from march until august), even then, one that pays anywhere near what I really need.
What I'm asking for i suppose is words of wisdom.. I really dont know where to turn.
Thanks for 'listening'.
If you have a house you want to hang on to then id opt for an IVA if not bankrupcy is the other option but not if you have any assets, but i don't know a great deal have an iva myself as we owed about 90k! Hope it gets better for you, money worries are awful can't remember last time i actually slept a whole night without a large drink before bed!
Lost the plot why wait until Thursday.....get on the phone and speak to a couple of IVA companies.....its free and will save you worrying for the next few days....it will also give you a clear picture as to your options.
I came into this world with nothing and still have most of it left!
That is good advice - beacuse the CAB will probably just suggest that to you anyway. If you have some disposable income it may be possible to offer either an IVA or a DMP to creditors, or perhaps bankruptcy proceedings should also be considered if you feel it may be some time before you are able to find a new job. Do you have a house with equity in it at present?
Thanks for the repies everyone.
We do have a house we'd like to hang on to even though our mortgage is interest free at the moment and we are most likely in negative equity. I need to be positive about finding a new job and am sure that I would find one sooner than later. To be honest, the thought of bankrupcy frightens the life out of me, but of what I know of an IVA, maybe this could be the way forward.
What also worries me is that my wife owns half of her parents house, and they are still living in it.
I'm very new to all this, but take the advice that has been posted - these people know what they are talking about and will help you preserve your sanity. You're not monumentally stupid - just made a bit of a boo boo like me
Chin up - there are people on here who really know their stuff and will help you - if you read my posts from yesterday, you will see how different I feel today, when yesterday I was so desperate.
They (and me) will keep your spirits up and assist you with sorting it out
hi lost the plot welcome to the forum.iwould do what pennyless suggests and ring up a few ips sooner the better,she cant but i can and would recommend melanie giles for starters.there will be a solution to your circumstances and you have made a very good move finding this site.
Thanks again for the advice everyone. As soon as my wife is ready to talk about our problem, I'll contact a few IP's and listen to what they have to say. At the moment my nerves are frail say the least and the reality of the situation which is still very fresh in mind, makes thinking clearly a hard thing to do.
I'm so relieved I came across this site.
I know now that I have no other option but to tackle my problem and try and meet it head on and to try and get a solution started as quickly as possible. It's always been a 'spectre' at the back of my mind but as I was working and coping with things, it was easy not to worry about it.
But now it's become a reality and so....
Anyway, thanks again everyone for your supportive and kind comments.
The hardest bit is sharing your concerns with your loved ones - but once that hurdle is over and you are prepared to tackle this matter together, you will begin to feel positive again about the future, and a new job will eventually come along.
Welcome to the forum. Your situation sounds very similar to ours. I was earning very good money 65k pa +, and was made redundant beginning of the year. I have found another position paying some 18k less pa, and with debts of 116k am currently taking advice from various outlets. What I would say is consult 4 or 5 IP's, and see what their thoughts are on your position. This forum is a great place to ask questions - however basic they sound.
You have already jumped the 1st hurdle by admitting a problem exists and it needs to be tackled HEAD-ON.
You state you have no equity in your property, so you could buy the beneficial interest from the official receiver.
Again explore all avenues, do not rush the thought process and take as much advice as you can obtain from people in the know.
Best of luck with your journey.
Lost_the_plot wrote:
Thanks again for the advice everyone. As soon as my wife is ready to talk about our problem, I'll contact a few IP's and listen to what they have to say. At the moment my nerves are frail say the least and the reality of the situation which is still very fresh in mind, makes thinking clearly a hard thing to do.
I'm so relieved I came across this site.
I know now that I have no other option but to tackle my problem and try and meet it head on and to try and get a solution started as quickly as possible. It's always been a 'spectre' at the back of my mind but as I was working and coping with things, it was easy not to worry about it.
But now it's become a reality and so....
Anyway, thanks again everyone for your supportive and kind comments.
Hi again all.
Well it's been a bad few days to be honest. The reality of our situation is becomming more 'vivid' and I think we're back in the feeling hopleless situation stage at the mo. We went to our meeting with the CAB yesterday and came out shellshocked to say the least. Sooo much information to take in. The advisor went on at such a pace I couldnt keep up and had to ask her to repeat a few times. My wife has been very quiet most of the time and when she does speak she is a bit snappy. Sleepless nights have arrived, and to be honest i'm shattered. I've lost over half a stone since last friday, I just dont feel like eating anything, my wife is much the same.
Yesterday, I wrote a small spreadsheet for her showing the monthly outgoings, mortgage, council tax etc etc, and only included my wife's commitments. It showed that she can, with some small changes, manage the household and all her own personal bills on her wage with about £350 - £400 over for shopping each month, and I thought this was great. This means she's got more options open to her and could carry on until her debts have been paid off as normal if she wanted to. I thought this would give her some comfort as the problem would then be mine alone to deal with. She wont even consider it and it feels like i'm banging my head against a brick wall.
Well i'm off to speak to one of my creditors this morning - Lloydstsb, should be interesting, and today I'm going to try to speak to some IP's for advice.
Wish me luck.
