hi i'm new

[mangaroo]

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

[maroondevo52]

Hello and Welcome, Mangaroo.

 

Sorry to hear about your troubles, you've come to the right place to seek help and advice.

 

There's stacks of people on this site only too aware of what you've been going through, most of them have been there and back, there's always ways of getting out of these situations.

 

I'm sure with the help and advise from people here, you'll find a way through this.

 

I'll move this thread to the appropriate Forum, where I'm sure you'll get the help you require.

 

Regards.

 

Scott.

[Robot_roo]

hi, welcome to the forum, I have only been a member for a couple of weeks , but the advice and support I have had, have really changed my whole outlook on my debt problem, stick around and im sure you will benefit too!!

[Jesteruk]

Mangaroo, welcome,

First and foremost DONT PANIC, I know its easier said then done but i assure you once your aware of the legislation and little loop holes you will be hounding your postman for more letters and not hiding from him! LOL

 

We do need some more information to help you, If possible could you advise us of what the debts are for and rough amounts, and if you still make payments and are they with debt collectors yet.

 

A few things you do need to know though and please stick to them:

 

1: DO NOT SPEAK TO DCA's ON THE PHONE - if they ring just advise them your unable to answer there security Questions.

2: NEVER SIGN THE LETTERS YOU SEND TO DCA's

3: there letters are disigned to make you have sleepless nights, you have a young family and they come first! There threat-o-grams are just that,threats that they rarely carry out.

 

With the info we can help find the best course of action, please remeber it can take a day to reply as the person knowegable in that area may not be about.

But dont forget - DONT PANIC!

 

Enjoy your weeknd!

[eastendboy]

As jesteruk, give us a little more info, and we'll try our best to help.

[Fred Bassett]

Hi Mangaroo. Bankruptcy really ought to be the very last option to consider. There are bound to be other ways of dealing with things.

 

First thing perhaps to consider is your banking arrangements. Is your current account with one of your creditors? If so, it might be a good idea to open an account somewhere else (a "parachute" account), especially if you can do this now and get full banking facilities.

 

My advice would be to start a separate thread for each creditor - that way you will get the best relevant advice. Anything that is with a Debt Collection Agency, post it in this section.

 

Good luck.

 

Regards.

 

Fred

[mangaroo]

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.

[KER]

The first advice I'll give you is READ READ READ this forum to gather as much information from different posts. You'll be amazed at how much you can learn from it

 

I think I spend half my day on this forum refreshing to keep learning.

 

Once you've got a bit of knowledge, be assured you won't wake up dreading the day again, you'll start to even look forward to the post arriving

 

Lastly, NEVER talk to these people on the phone. If they ring, tell them that you wish to only communicate with them in writing from now on. There is a letter you can send indicating this in the templates library I believe

[Fred Bassett]

Mangaroo, I know how you feel - trust me, I know. I can understand your feelings and bankruptcy would definitely end the financial problems, but you need to think very carefully about it, as it has all kinds of implications. Your house might be in negative equity now, but that won't last for ever.

 

Have you thought about a debt management plan or an IVA? You could also start the process of challenging some of these debts insofar as getting CCA requests off to your creditors.

 

Don't be too hasty. You have your wife behind you and that is so important. Please, just think about it.

 

Regards.

 

Fred

[mr.ton]

1st rule is to never try & negotiate with these **** on the phone - only ever speak to them if its to tell them which pier to go take a run and jump off

They talk to you like rubbish & will just carry on moving the goalposts no matter what you arrange with them.

Tell them that they have no power/authority over you & request that they take you to a county court.....then listen how quickly they put the receiver down ;-)

[bigpeterlg22]

hi mangaroo

 

to stop the telephone calls i would send them

 

http://www.consumeractiongroup.co.uk/forum/letter-templates/131334-dca-response-threats-home.html

 

this will also stop them sending a local represenative to contact you as well and will give you some breathing space and be able to start working throught them.

 

i know it seems overwhelming with the debts, but you can be helped.

 

can you give a break down of the debts you owe and who they are with and what they are for so that we can start to look to help you.

 

all the best peter

[cymruambyth]

Hi mangaroo, I've only been a member for a couple of months and can only agree with everyone that once you start to tackle your problems with the support of CAG you begin to realise that you are not powerless and that your situation may not be quite as bad as you thought. My bit of advice to add to the excellent suggestions that you have already been given is, when you supply information in your posts try not to be too specific as CAG is required reading for some DCAs who can try to work out your identity!

Edited September 2, 2008 by cymruambyth
spelling*!*!

[mangaroo]

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