Please please how can I get out of this hole

[Annie001]

Hi
I'm hoping someone can help, as I'm not really sure where to turn.
I have been married for 4 years. My husband was a bad debt when I met him (my credit was completely clear.) We decided to buy a house rather than rent (which obviously had to be in just my name.) The house we bought was a wreck & needed a lot doing to it. Various loans, a secured loan & credit cards later (all in my name)& the house is finally finished. The payments were all affordable between us, so no problem.
Unfortunately, since then, my husband has left me. He has walked out leaving me to pay £3000 a month for the mortgage and these debts & as he says, 'not his problem.' He also walked out with our caravan (which he has since sold) & widescreen tv which I am still paying for. I have recently contacted a solicitor who has verified he is not eligible for the debt. My husband has signed paperwork to say he has no interest in the house.
I am really stuck, as I can't possibly afford 3k a month. It would make sense to sell the house, but with the housing market as is, it could take months/years to sell and all the while this is happening, I am having to draw cash from my remaining credit card to pay the shortfall every month.
The debts I have are: £30,000 unsecured (cards & 2 x loans) & I have a secured loan of £34000 against the house. We purchased the house for £135000 and it is now worth in the region of £195000.
At this moment in time, I have no overdue payments, but my credit card is nearly maxed out & I cannot get any more credit. No-one seems to want to help me bacause my income isn't enough (take home approx £1300 per month) & also because I'm not actually failing to pay payments as yet.
It seems like madness to me that I can't get help.
Please please, if anyone has any suggestions at all, let me know how I can get out of this hole that seems to be getting bigger by the minute.

[angela18]

Oh Annie thats awful.. I can't give you any professional advise but an expert will be able to when they come on forum.

Is putting your house on the market not an option at least would pay most of your debts..

[emma_t]

Hi Annie and welcome to the forum

What a nightmare for you, although it does sound you are better of without him. How he can just walk away and leave you with everything is beyond me..

I really think you need to get some professional advice as soon as possible as on your take home pay it is oviously not realistic to meet the re payments.

Qualified professional regularly post on the forum so I would wait around for some further advice.

Best wishes
Emma x

[chris.g]

Hiya Annie, and welcome to the forum.
I can't really give you any advice but I'm sure an expert will be along soon and advise you on your best options.
xx

[debtfreesusie67]

Hey Annie welcome to the forum. You've come to the right place.

Sue

[aguise]

Hi Annie and welcome to the forum. Dont despair there will be a way forward.
The best thing to do is to get some expert advice on the options you have then you can make a decision knowing all the possible solutions.
I am sure Melanie or Ian the Ip's who post on here will be along soon.
I am always saying this but they are both excellent Ip's and you could do no worse than to give them a ring . There is no charge for initial advice and many on here will echo my recommedation. I am in iva and would certainly have gone to them with no doubt if I had known them at the time. You can also get reviews of companies you could contact on iva.com.
Dont leave things until they start to get on top of you best to get some advice now.

All the very best.

Ang

[worriedgirl]

Hi Annie

I can only say what others have, similar situation to you, I gave melanie Giles ofice a ring they were fab - talked me through all my options and I do feel much better for it.

[Adam Davies]

Hi
How much do you owe on the mortgage ?
Regards

[J-DOUBLEYA]

Hi Annie,

Couple of practical ideas because I dont think that its helping matters if you keep using these credit cards which is only getting you into much deeper financial bother.

1 - can you get the mortgage onto interest only ? lowering the repayments
and/or payment holidays.
2 - I would suggest that you contact one of the free debt advice agencies for a full financial overview and analyse your options but it looks like you are going to have to sell this property pronto. alternative - rent some rooms ?

If you bank with a company that you have a debt with open another account elsewhere. Cancel all unsecured debt repayments and concentrate on your priorities, sec loans etc.

I suggest you contact National Debtline or CCCS or CABX (one that has a money advice specialist). I doubt if an IVA is suitable for you at this time becuase you can not afford the mortgage but if you sell the house you might be able to use the equity surplus to cover the debts.
One other thing, get the locks changed on the house. Your partner can come and remove goods etc and the Police wont get involved because its a 'domestic'. I dont want to be a scaremonger but he has already offed the TV and Caravan - limit the damage.

good luck

[Soulgrowth]

Hi Annie ... just wanted to give you my best wishes and hope that things become a little clearer for you soon.

As everyone else has said, you have come to the right place with the Forum

Debbie