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Background:

 

I live with my wife.

 

I pay the mortgage with her but dont have any right to the house as I had to sign my rights away to allow her to get the mortgage,

 

it had to be in her name due to my adverse credit.

 

Anything in the house is pretty much being bought by her on her cards and bank account.

 

Her credit is pretty good and we have protected it as mine is so poor, to allow us to make big purchases, etc. Easily when required.

 

Her accounts are managed fairly well.

 

We have two cars in the household, 1 in each name, Nothing flash or less that 10 years old.

 

Other than a car the only assets I have are a laptop and a three year old pushbike which was worth 1k new and probably peanuts now.

 

The story:

I have almost £19k of consumer debt

 

I have been struggling to pay off to 9 different companies collecting

paydayloans,

cc,

loans.

 

And a tax bill I cant pay for £15,000.

 

Around 33k of debt in all.

 

I havent paid the HMRC anything substantial since october 2011.

they are talking of bankruptcy if I cant afford to pay a sum each. Month.

 

I have calculated that I would be required to pay 800 pound to my debts on an estimated 5 years of payment,

after 30 months the hmrc will be paid and the remainder companies will be paid the extra £500 reducing the payment time.

 

The tax bill is from me running a self employed business that has failed due to lack of work.

This was a second job.

My first job is as an employee for a power company on PAYE, which I still have been paid about 42k a year pre-overtime.

 

The questions:

 

if I'm made bankrupt what actually happens, does a man come round our home and point at things and say, is that yours?

 

How is the attachment of earnings calculated and ow much input do I have?

 

Is the house and wife's possessions safe?

 

What are the downsides in this particular case?

 

What would you do?

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There may be other options to you have you contacted any debt charity

 

CCS now step change could be a good start

 

When was the last payments made each debt some may be statue barred


If i have helped in any way hit my star.

any advice given is based on experience and learnt from this site :-)

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firstly

 

can you get your CRA file.

 

those consumer debts you THINK you have:

 

do they ALL SHOW.

 

dx


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