hi again guys, sorry i'm late getting back, been busy at work and things. i've looked at trying to work out a breakdown and to be honest i'm not sure whats what any more, so i have requested my stat credit file to try and get back in control. i did it over the phone and the guy said it will take a couple of days to get to me. someone suggested an iva, can that work if i have very little income left after out goings? if i do go down the BR route, will i lose my car? its worth about £300 and the engine light came on today, a friend tells me the "coil is one the way out" so its not even worth that probably... some times i think its all a bad dream, but its actually a waking nightmare. I will let you now the full braekdown when i get the report, in the mean timei will keep reading. thanks

i have several debts all but 2 are with debt collection agencies, i have also got a ccj. i have tried to negociate with the agencies but they are asking for almost full settlement or minimum 75%, i owe total of 40k unsecured and i have my mortgage as well. i have not missed any mortgage payments at all. in terms of equity i have probably got none, i have tried to sell the house a couple of times without success hence i now rent it out. if i were to sell the house i would be very surprised if i got enough to cover the outstanding mortgage so probably in negative equity or near enough. the truth is i have had a very rocky relationship with my parents and i really is not viable to stay with them, we have tried it a few times before as they are both elderly to help them and it has not worked. simply i need to think about my wife and my son who is 18 months old. if i do go down the bankruptcy route i will be able to look at starting again i know it will be hard and i have a lot to lose, i'm not bothered about losing the house, we will rent if we have to, the house has not been lucky for me, i would then get a fresh start and one thing is for sure i will not take credit ever again, it is simply the worst thing i have ever done. i have made myself sick with worry over this, i am on antidepressants and get very little sleep, the sleep i do get is not relaxed at all, my only support has been my wife and looking at my son and wanting to give him the best i can, i don't want to waste years failing to pay these debts and constatntly worrying about phone calls, letters and bailiffs. thats why i feel bankruptcy is my only option. to be honest i know i am the only one to blame for this mess i am in, but sometimes life deals you a rough hand...you just have to play it the best you can. i know that somewhere there is someone who is in a worse position than me but sometimes that is hard to believe. the main questions i have are if i am made bankrupt, will the tenant in my house have to move out immediately? she is a single mother and i don't want her to have to suffer because if me. i intend to give her the two months notice when it will be possible in november. will my wife who has no joint accounts or debts with me have any problems if i am made bankrupt? what would happen if i have very little or no equity in the house. i dont get that chance to come on this until late in the evening so thanks for your kind word and help. it means a great deal knowing there are people who are on your side.

hi, i'm new to this and hope that i will be able to share experiences with the folks here. i have over the past few years managed to get into debt, i know i have knowone to blame but myself. but times were good and my wife and i had a good income, but after my wife lost her job things gradually became difficult and i now find myself unable to pay the debts. we moved out of our house and rented it out to help with the expense, we live with my parents now. and i have tried to pay things but we just don't have enough income and the debta re with various dca's. we have a 19 month old son who my wife looks after and she is trying to get work as well. i am now in a position where i see bankruptcy as the only option. is that ust running away from the problem and will it make it worse? also i don't want others to suffer from my mistakes, my wife and i have no joint accounts or loans will me going bankrupt cause her any problems? and the tenant in my house will she have to move out? i hope you guys can help me wih these questions. what ever happen i intend to share my experiences with the folks here. i know there is always light at the end of the tunnel but it just seems so far away. mangaroo