Unusual Debt Question

[Sk1ppy]

Hi All

 

If I have no income and will have no income at all in the foreseeable future, no assets to speak of. What would a creditor make of an income expenditure statement that said income zero outgoings zero. You may think this unusual but it may be my circumstances next year. I currently have unsecured debts for around £10,000 but my situation may/will change next year. I am actually thinking of taking the year off. Everything is in my wife's name and I have been slaving away for 40 years and need a break from it all. (The anti-anxiety tablets help !!)

 

Cheers

[citizenB]

Interesting question. Are these debts spread around quite a few creditors?

[cerberusalert]

Have you considered a DRO? http://www.cccs.co.uk/InfoCentre/EnglandandWales/Debtsolutions/Debtrelieforder.aspx

[Sk1ppy]

Wow

 

Thanks for getting back to me. This really is not a debt crisis so please don't treat it as such. Only answer if you have time, there are people on here with much more important issues than mine.

 

OK My debts are with the back end of an old car loan £1,100, Credit card £7500 and a bit with a charge card.

 

I am a typical business man in my 50s now currently working as an IT contractor. I wear Armani and Paul Smith suits the whole 9 yards. For 10 years I was a functioning alcoholic (in this I mean no one ever really noticed) my wife did in the last year.

I have undergone counselling this year for some of my issues, 6 weeks of drug (alcohol) counselling (last year) and have stopped drinking for the past 13 months. I take anti-depressants (millions do) and as I don't drink now these actually work for me. I think I was just self medicating by using alcohol. So that's me.

 

About 18 months ago I received a letter from my Car Loan ppl (a bank) saying I had not paid and they had trashed my credit rating (or words to that effect) and I should pay all the £1100 now. Well I thought then, there is not a lot more you can do to me, is there, so """" off. So once trashed I thought the other 2 can go take a run to. This was all just before I started to sort myself out. I pay most of the bills and my wife pots her money.

 

We did have a joint mortgage but this has finished. Currently in the process of getting me off her credit file as we have no other financial links. The mortgage (paid up) and all other bills are/were all squeaky clean.

 

I can't/won't ask my wife to clear the debts as its my problem.

 

So as I said not a priority on this forum but I am just currently strategizing about what to do next. I may think about a strategic bankruptcy as is done in business.

 

Yours

Sk1ppy

[Papa_Smurf]

As you own a property they might go for a charging order to settle the debt. Bankruptcy could also put the property at risk. I'm not speaking from experience, just an observation.

[Sk1ppy]

As you own a property they might go for a charging order to settle the debt. Bankruptcy could also put the property at risk. I'm not speaking from experience, just an observation.

 

Hi

 

Nope don't own a property now we now live in privately rented accommodation for the time being (we have taken a view that property will fall in value over the next few years ... bet we are wrong ). Not sure if any assets could could be taken into account that go back until 2007 when we bought our last house. We lived in our last property for 4 years (until this year) and it was all in her name. The house before that was joint names. I went self employed and did not want to own property in case I was sued.

 

Cheers

Sk1ppy

Edited July 22, 2011 by Sk1ppy