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titch392000
Junior Member
United Kingdom
173 Posts |
 Posted - 21 August 2008 : 16:20:23
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Hi, im 33 and im ashamed to say i've been bancrupt in the past. I was naive and in a bad relationship, i believed when my ex said he couldnt get credit so everything ended up in joint, or my name.
When it all imploded he quit his job and i landed all the debt. That was 12 years ago.
Now here i am, in a wonderful relationship and finding myself on the brink of declaring myself bancrupt ...again.
My husband is in a lowish paid job, pays all the bills, mortgage etc which are all in his name. I have debts amounting to approx £10k in my name only, and my only income are a bit of child tax credits, child benefit, disability living allowance and incapacity benefits. Part of how my condition affects me is bad concentration and memory.
It seems that everytime i go to the bank they're telling me how they can make my life easier and i come away with a new credit card which will help pay for another credit card, or a loan to pay off something else.
I have always had trouble with money, i've never understood figures and it seems there are always things that are needed for the house or our son, just food, clothes etc, nothing outlandish.
I have £10k of debt but we haven't been on a holiday anywhere in 10 yrs, our car is a motability car, i just don't 'see' where the money has gone.
It all seems to make sense when i'm in the bank, then i come home and i dont understand it anymore.
I'm considering bancruptcy again because the bank rang me last week to help me with my credit card, i went in, they sorted me a loan said i'd be debt free in 5 yrs.
Was only when i got home and my husband looked through it all that he realised they'd put my down has having £200 a mth more income than i have, and the repayments are going to be £11 more than was currently paying.
The money was in my account the same day i was given it, but i tried to cancel, and was told to put things back the way they where the loan i had originally would be re-instated at todays rates and i'd be paying £12 a mth more than i was originally.
I'm so angry at myself for being in this position again, and i'm ashamed because my husband has bailed me out numerous times in the past but i just get so confused and before i know it i have money owed everywhere and i dont really know why.
My money goes into my bank a little bit at a time, all over the place, and bill payments go out and most of the time i'm living in my overdraft, i go to the bank for help and they gave me a £6700 loan.
Sorry for ranting, just feel so lost, and depressed and angry and shamed.
I know what i owe isn't a lot compared to some of the debts i've seen on here, and i must sound pathetic, just feel so overwhelmed and everytime i try to find a solution i just can't think.
thankyou for reading.
hindsight is a wonderful thing. |
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John
New Member
United Kingdom
73 Posts |
Posted - 21 August 2008 : 20:17:53
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Hi titch
You should be aware that bankruptcy may not be the best solution for you in your circumstances.
You could opt for a Debt Management Plan although the lenders of the latest loan would need to see 3 months repayments before they are likely to allow this OR, you could cancel the latest loan.
I know that you would have to accept the increased repayment of £12 per month initially but you could try a DMP straight away.
I'm not sure what you pay currently per month to cover your debts but a good DMP company could probably arrange for you to pay around £150 per month.
You do have to pay your debts in full in a DMP so you would need to pay the £150 monthly for 67 months to be debt free.
If there is equity in your property and you have both lived there quite a time, and you went bankrupt, the creditors could argue that you have a proprietary interest in the property.
If proven, the property would be affected even though your name is neither on the mortgage or the deeds.
I've no wish to cause you any alarm and at the moment there is no need to panic but you need to research your position further before considering bankruptcy.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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new here and shamed
