Hi all

I need some help please wife has run up over +£25k of debt

£18k on credit

2 credit cards

£5k on 3 overdrafts

And the there's catalogs etc over £3k

I'm able to sell a few assets and I have a few pounds saving but not as much as I had as she's spent most of it but I can raise about £11k.

I'm not working at the moment as I'm setting up a new business which is about to launch in the new year.

She has take home pay of £800 repayment on her debts £1300 a month.

She's using £220 a month for fuel back and fore work.

I can cover our Mortgage from my pension and some other investments I have.

Her car is on finance which I've been transferring the money to her for but she's not paid it for three months so I've paid half the money to day as had a debt collector turn up at my house today.

There's £3000 equity in the car

been to the dealer today looking to part ex it in and have one which has a cheaper monthly repayment as car is need for me to go to meetings which can be any were in country

I need to present a good image to gain contracts for my new startup.

Which most of the above savings is required for to enable me to get company set up first order is in and other clients are interested.

I'm thinking of writing to the debt companies and offering a one off full and final payment but it's going to be around 45% of the total value of the debt is this worth doing?

This problem start after my wife suffered a mis-carriage and it's messed her head after having to go into hospital.

I'm trying to help her and stay with her but it's difficult as she's never lied to me before and alway managed our finances to the penny both our personal and business finances.

This is right out of character for her

She's also got two pay day loans

ok well who is chasing what?

no need to panic....

if no-one is seriously chasing then don't waste the £11k you have

are all these debts with the original creditors?

or are the now own by debt collectors

that have no powers and are NOT Bailiffs

why not go get her credit file

see what shows

so you'll see what CAN actually harm you...

really stupid idea to react on a no powers debt collector banging on your door

they cant do anything to you or her or your assets

you've just wasted that money as if you paid it

they'll be taking a cut.

you've been here since 2009

you should know the basics by now.

don't panic mr Mannering don't panic.............

I phoned the car finance company and made the payment

No on chasing debts yet she's told me about all of this today so I want to get the car finance back on track so I can part ex and get a cheaper car/ low monthly payment.

Then the other debt before the start chasing I'm looking to pay them up so I can get back on track as my business set up is going to take up a lot of my time. Wife will be here on her own and the way she is at the moment will just pay anything. Going over statement a few days last month she's been playing online bingo and spent £400 in a day.

I've made an appointment at doctors for her as I think looking over the bank statements it started the week after the miscarriage I've got a letter to show she was amited to hospitol from the doctors.

Looking to head it off an write to the creditors an enclose a copy of the letter and offer a full and final payment. As I'm going need to borrow money for my new company so can afford for my credit file to be effected but it will be if I don't act now

Not panicing yet just preparing

wife been collecting tablets I'm scared she's been planining something.

I've made appointment wife doctor who's referred her to a councillor.

I've not noticed any of this as I've buried my head in my work to cope and not paid attention to her pain.

So I think action might be best before thing start happening

I can cover our Mortgage from my pension and some other investments I have.

Think long and hard about cashing in any pension to cover the mortgage. You will be penalised heavily by HMRC and will get considerably less than you might anticipate. Cashing in pensions should only be a last resort in the most extreme of situations.

Think long and hard about cashing in any pension to cover the mortgage. You will be penalised heavily by HMRC and will get considerably less than you might anticipate. Cashing in pensions should only be a last resort in the most extreme of situations.

I'm drawing a pension monthly

Jcbkabs, do not make an offer for full and final settlement even yet if at all?

If you go straight in with an offer around 50% straight away they wil only see this as your opening offer and turn you down. Offer 5 - 10% and state in that offer that you are considering bankruptcy and see how they react?

You state the debt is unsecured, if its unsecured why don't you get your wife to consider bankruptcy?

Your main priority I can see is your wife, I would book her into your GP's asap as I believe you find her suicidal and clinically depressed, the debt is just money at the end of the day.

thanks warren she is my main priority but i can get her in to the gp for 2 weeks

i was going to say in the letter that this money is borrowed of a family member and don't want to offer to low was going to include a copy of the letter from hospital confirming she had been admitted for 5 days for surgery after.

as letters turning up could push her over the edge

ford have declined her for changing the car to a cheaper model and new lower finance deal

so just want to get what i can out of the way so to may things easier for here

Start low and negotiate up, paint the picture that as you have done that family given you money and you need to share it out. Do use the threat that if your 1st offer is unacceptable then bankruptcy become a forced consideration and see how they react PLEASE DO NOT, start with a 45-50% offer.

Wishing you luck in this awful time for you and yours jcbkabs

have a look at the letters in the debt collection section of the library

dx

might seem an obvious question but what has she spent it on? there may be an underlying mental health issue here that needs to be evaluated befoe you can plan clearing these debts. Best seek help here first as you say it is out of charcter.

it seems to be on online bingo £800 out of the joint account the Monday £400 another day.

the catalogues are for clothes she's

not warn they are all in the backs of her wardrobe some of them not even her size.

booked doctors appointment for 27th november.

just cant get my head around it

just gone over our accounts and she's seen almost £12k out of there as well as the £25,000

so its a big mess at the moment

I've managed to get wife in to GP who wants to put her on the sick for 3month but she's not having any of it.

mor worried about the debts than her health what letter should i send and should i make a payment of a £1 a month?

Wait until they start chasing you then offer them £1 each as under the circumstances you are considering bankruptcy.

They will not deal with you directly as you are not the debtor so you may have to get your wife to sign a Power of Attourney letter to let you handle her debts.

At the end of the day the creditors could be made to look very silly taking a clearly vulnerable person to court.

Wait for further advice before writing to everyone at the same time.

CCA request

PLEASE DONT DO WHAT THE ABOVE POSTER SAYS

they are touting .

it really annoys me

the OP is in serious financial troubles

and all you think about is touting to make their problems 1000% worse!!

just to line your pockets

post now removed.

dx

jcbkabs, you need serious prof debt advice, so book a free session with local C.A.B. debt adviser.

They will prob advise-

1. cancelling wife's CCs and cutting them up asap

2. paying off her CC bills to prevent further interest accruing.

3. have separate His & Hers bank accounts. Pay mortgage and household expenses from your account only.

4. Put a block (child lock?) on wife's on-line gaming and shopping sites.

5. Cancel her log-ins

Your credit rating may also be affected, because your name is also 'linked' to hers.

Please read future posts and letters before posting, as you are making some humorous 'typo' errors to date.

On many online gaming sites there is now an option to limit the amount of money you can spend in a day/week/month and you can only change this once a month, so put it down as low as they will allow, usually £10.00.

If possible get the Power of Attourney in place so that you can control the finances for your wife, this will then enable you to deal directly with the creditors.

Remember to stay off the phone and keep everything in writing. If they do phone ask for an email address and use that to contact them, keep everything in a file with a section for each creditor, you will soon see there is a trail of companies dealing with buying and selling these debts...

CAB are not much help as they don't very often have the staff available with sufficient knowledge to deal with particular parasitic companies...this is where this site is more helpful.

I hope your wife can get the help she clearly needs for her (and your) problems.

A couple of points to look into.

1) if there are any clothes etc in unopened bags, will the catalogue companies take these back, if they are made aware of the problem ? Or if there was a fault with any item and it is within time allowed to return them, then it should be looked into. Or failing that, you could sell the clothes on Ebay or other site to raise money.

2) re the gambling. Check to see whether the amount spent should have been seen as a problem by the sites and they should have applied any industry rules.

How do I check to see the amount spent should have be seen as a problem please

I'm trying to return the items catalog no being very helpful one has written back saying they haven't received a signed credit agreement

jcbkabs, you need serious prof debt advice, so book a free session with local C.A.B. debt adviser.

They will prob advise-

1. cancelling wife's CCs and cutting them up asap

2. paying off her CC bills to prevent further interest accruing.

3. have separate His & Hers bank accounts. Pay mortgage and household expenses from your account only.

4. Put a block (child lock?) on wife's on-line gaming and shopping sites.

5. Cancel her log-ins

 

Your credit rating may also be affected, because your name is also 'linked' to hers.

 

Please read future posts and letters before posting, as you are making some humorous 'typo' errors to date.

The local CAB are not very good

I've taken the cca off here

I've opened a safe account in my name

and transferred Mortage, utilities bills, council tax, insurances, car hp, and mobiles so they come from this account my pension gets paid in to here now.

I don't have enough to pay the cards full or make the minum payment without dipping into my savings which I really need to get business up and running.

The only debt linked to me is two over drafts which total around £3000

neither of which I have signed for.

Not happy about this

I've brought the car payments up to date .

There's about £2500 equity in the car and as it's a limited edition with a very large following prices are not dropping.

Been advised by dealer to keep it as it will start to gain value

N

How do I check to see the amount spent should have be seen as a problem please

 

I'm trying to return the items catalog no being very helpful one has written back saying they haven't received a signed credit agreement

That's good then

That means you owe them nothing

And you can keep the clothes too

Just want to get thinks sorted as I'm not sleeping and need to go away next week for the week to do a course but worried about wife. As she not had a good day to day.

hey you're doing fine dx

hi had two letters back first one saying

immediate action required

dear

we need to speak to you urgently about your account. Please call *********** immediately to prevent recovery Action taking place.

yours sincerely

Account Recovery Department

2nd Letter from a different company

Dear

Our records show that we have not received your signed credit agreement. As you are spreading your payment, we assume you have signed the agreement but forgotten to return it to us. if you could please return your signed agreement in the envelope enclosed it would be appreciated. we have also enclosed another copy of the agreement in case you have misplaced the copy that you have signed.

yours sincerely

Amborose wilson customer services

same company as post 21?