Hi All,

Firstly thank you for your time reading this, but Im not sure where to turn, or the advice I need.

The situation is I am in debt, alot of debt.

Its always been manageable but recently i have been ill and had to have time off work.

This factored with the problem that I am self employed and it hasn't been a great year has grated on my purse strings, and I am now at breaking point.

Currently I owe about 85K outstanding made up of the following:-

35k PCP car agreement. - Black Horse

10K Credit Card - Barclays

5K Credit Card - HSBC

5K Credit Card - MBNA

1K Credit Card - MBNA

4K HP - Hitachi

10K Loan - Hitachi

1.2K Credit Card - First Direct

1.5K PayPal Credit

12K Loan - ex partner (Don't know if this applicable)

All these payments are up to date with non being late etc,

I have struggled and sometimes not eaten to make sure that this is the case.

Personal wise, im married (although we are/have separated)

Its a rubbish situation, as we have have a family home

(in my wifes name as being self employed and also with my level of debt i wouldn't have got a mortgage)

although we arn't together im still having to stop there on the sofa as I have nowhere else to go and can't afford to live elsewhere.

We are on good terms but obviously this is all putting a strain on what relationship we have left.

I have never put anything into the house so to speak,

all my money spare goes towards my 2 children.

asset wise i don't really have anything,

I have a car but thats on the PCP,

a laptop my clothes and thats about it.

I have no savings, as soon as money goes in, its taken out on these bills.

I know ive been stupid,

more then stupid but these debts have accumulated over the last 6 years and again, ive never missed a payment, but work has always been plentiful and ive always been able to pay and have some money left over, now things have changed.

Im stuck and im panicking like mad.

My main concern is going bankrupt,

where would this leave my ex wife and kids,

im not on the mortgage

im still sofa surfing there and my address is still there.

Although when we've spoke, she is in no uncertain terms that the house is hers and the debts are my fault and she would not release any money from the house to help me

(i doubt there is any anyway as it was only brought in March and she's mortgaged up to the eyeballs herself)

also that the house is not mine, would never be mine and i agree with this.

I don't own any part of it and would never want anything from her.

Im looking at IVAs and Bankruptcy,

i think bankruptcy would be best if i knew hers and my children house was safe.

Im not bothered about me,

they can take anything of mine they want.

being self employed its through my own Ltd company.

My mum does my books once a week (i pay her as an employee)

and after i take my wages and pay tax etc the company is breaking even.

I am aware that i not be allowed to be a director of this company if i do go bankrupt,

i don't know if i can pass this as well as my shares over to my mum, and let her pay me as an employee via this company.

Again, i don't know if this is allowed.

Thank you for reading and any advice would be greatful

Kind Regards

Hello and welcome to CAG.

You're not stupid, you've just got yourself into a situation you would rather not be in.

Thank you for listing out your debts, the forum guys should be along later to advise you.

HB

Just a couple of initial thoughts,

Why have you not consulted a solicitor to see what your rights are in terms of what you are entitled to re the house. Just because your wife says it's all your fault, doesn't mean it is so , in law.

How far are you into the PCP agreement, when can you hand the car back without penalty? I did this once when I got into trouble with a car PCP?

I would not be going bk or anything over consumer debt

Simply use the relevant offer letter to each creditor asking them to accept £xx for xx MTS in the debt collection section of our library

Tell us more about this £36k car!!

Poss start a new thread on it

Let's see if you can vt it

With BH you usually can

Are all these debts with their original owners? or are dcas chasing you?

There is a cost and consequences attached to each of your options.

I know you say your self employed but are you getting a regular income .

Also what I would do id go to citizen advice bureau with all your details and they can help you make out a I and E

then you can see how much the creditors ARE going to get , not what they want .

Also I have been a lurker for a while are you case it not the worse remember one you start on this path their is light at the end of the tunnel.

Hi everyone,

Firstly thank you for giving the time to read my post and reply,

To answer some of your questions-

The house was purchased by my wife.

Deposit wise she used the sale of her previous property (which I had never paid in to).

I don’t really want to go down the solicitors route as to be honest,

morally it’s not mine, and I’m not the type of person to try and take it half etc

to be fair, there’s no real equity in the house anyway, so this option is a no..

.Especially if I still want to be on good terms with her and my kids (4 and 1) and have a sofa to sleep on.

We have only been married a couple of years as well, i don’t know if this makes a difference.

The car was purchased at the beginning of the year from Land Rover.

It’s a Range Rover evoque on a 5 year term with the cost being £450PM.

Currently the negative equality is about 5K.

I’ve considered getting something cheaper but there is no way of getting rid of this neg equity.

All my debts are still with the original lenders. As I said, I’ve never missed a payment or made a late one.

My income varies

I used to be on after tax around 1k a week which was brilliant and that’s how my stupid stupid relationship with debt started.

Living beyond my means when things declined.

At the moment my income has been as little as £100 a week but is averaging at about 4-500, which is still great if it wasn’t for my debt.

On top of my work income I receive industrial injuries and disability benefit

(I was in the army and injured as a result) as well as a war pension.

This totals a extra £650 a month.

This is what I’ve always used to cover my car expenses as I can’t walk very far.

Again this restricts me with work and employment hence being self employed.

Factored with this it means I have no fixed income other then my pension so makes Income and expenditure different on a weekly basis (well income wise at least)

I hope this information is helpful, and again thank you for your time, just being able to talk on forums like this feels like some weight is being lifted and there is light at the end

Right you are ex forces and on disability and pension

There are some really wonderful services charities etc

Go see them

They'll sort everything out for you

I'll leave it to others to pop up their details

I'm off grid for 3 days without my info server

Dx

Regarding the car negative equity. Is that the trade in price? Could you get more money trying to sell it privately? It's easy to look on Ebay and take an average of completed listing prices for any vehicle,

Also morals aside, it's worth consulting a family solicitor to understand your rights in terms of what you would be entitled to re the home. It's not like you haven't been taking care of your kids and family financially throughout!

Hi BigheartBiggerdebt

dx100uk is correct there is the help out there for those that are ex forces.

1. Check your Local Councils website to see if the have signed the Armed Forces Covenant an if so what help they offer.

(Armed Forces Covenant: https://www.armedforcescovenant.gov.uk/)

2. Check this Veterans UK link (Veterans Welfare Service): https://www.gov.uk/government/groups/veterans-welfare-service

(they will help if they can and don't be afraid to ask if a welfare officer could visit you to discuss this).

3. Check these Links:

- CAG - Armed Forces Welfare Contacts: https://www.consumeractiongroup.co.uk/forum/showthread.php?459265-Armed-Forces-Welfare-Contacts-**NEW-Updated-Jan-2016**

- Veterans Gateway: https://www.veteransgateway.org.uk/

- the Money Advice Service: https://www.moneyadviceservice.org.uk/en

Thanks stu

Dx

Question about your War Pension

1. Were you Medically Discharged and received the War Pension after going through the Discharge Procedure? (do you have your discharge paperwork & exactly what date did you receive this) the reason I ask as the rules on War Pensions are different on when you were discharged or granted a War Pension as the rules are different.

or

2. Did you apply for your War Pension after you were Discharged and left the Armed Forces?

3. Has the condition that you have a War Pension for from the date you received it to date got worse and you have medical evidence (i.e. GP, Hospital to prove condition worse)

(this post & response may be moved to the Armed Forces area to keep the issues separate)

Hiya, I left the Army back in 2002.

I know a bit about the changes, we’ll say a bit....

I know I’m on the old scheme which for myself is a lot better.

I was medically discharged and received compensation back when I left,

but my condition deteriorated about 5 years ago

I got some more compensation but I also appealed the decision on the advice of my doctors and went to a Tribunal.

I won the tribunal and a war pension was granted at £53pw and a monthly payment of £305.

I also have a disability in my arm that I had in a accident at work and get a lifetime industrial injuries payment of just over £30PW

Since receiving my pension, my condition has remained stable, but will eventually get worse and one day I probably not be able to walk. Or if I can it will require serious aids.

Thank you for this list of charity’s.

I did know these existed,

but I just wanted to try and sort it out on my own back.

It’s probably being thick headed about it, but I didn’t want to be a drain on services when there is people worse then me that need the help, and I know resources are limited.

I suppose I was looking for a black or white answer, but as I suspected there isn’t going to be one.

Again, back to the people with regards to my wife’s house.

I would not take it away from her, any part.

It’s my children’s home and she could not afford to give me a penny anyway.

Regardless of if I might be entitled to something......

The only thing I want to be entitled to is having access to my children whenever I want and not having to go through court etc because the ex is mad that I tried to take hers and the kids house, or half of it or any of it.

Regardless of how crazy or bad or thick it might seem, I have no right to what’s the ex’s

.We’ve never had any financially linked accounts etc and she has always conducted her financial affairs separate.

As I said,

I have no assets and the house is not my asset.

I’ve never contributed to its upkeep or mortgage,

my role has been trying to build a business and then keep it a float while sinking.

All my spare money has been used to pay for holidays, general living, food etc and everything else.

She’s worked hard to have her home, and she was stung in the past with someone, and I’m just not that guy.

So her house and releasing money (although I doubt there is any equity in it anyway) is out of the question and although it might get people’s backs up, it’s just a route that I am not and will not consider.

Hi all,

I spoke to a IVA company and all they wanted to do was massively pressure me into a IVA, im assuming they work on commission?

Ive rang Citizens Advice, but am waiting to hear back for a appointment.

If anyone has any thing else to add, please help

Yes don't go iva das or bk for consumer debt ever!

Yes don't go iva das or bk for consumer debt ever!

What would your advice be? I have rang and spoke to 3 creditors today, and they basically don’t want to know. They have just said, that if a payment is late or goes to default then they will instruct a collection agency

Not reading things properly are you...

You write and tell them not BEG over a phone

Its your money

Take control

And a

DCA is not a BAILIFF

No powers whatsoever

I don’t suppose there is any template letters and advice on the amount I should be offering them?

Also, what address should I use?

The ones on my credit report or the ones for contact on there website?

Thanks again

yes in the debt collection forum of our library.

the one that states I offer you for xxMTS £xx if you will freeze all interest and penalty charges