Debt *UPDATE*

[Misslarue]

My OH filed for bankruptcy last July after his business failed and he found himself in a lot of personal debt. He contacted the Citizens Advice bureau who told him they were no longer taking on debt cases and advised him to contact the CCCS (The Consumer Credit Counselling Service)

http://www.cccs.co.uk

They were brilliant and really helped my OH. It is a free service so won't cost you a penny!
They went through all his finances and advised him he's best option was bankruptcy.
Having gone through it with my OH, if you need any advice regarding bankruptcy, just PM me.

 

[Flossy82]

Thanks all i really appreciate all your good advice it means alot to me.
SarahB and Misslarue il pm you both tommorrow with some qu i wouldnt mind asking you both if its ok i need to head off to bed now im tired Nite nite all -xxx-

 

[Misslarue]

No worries hun

 

[SarahB]

no problem. sleep well

 

[tracyM]

Bankruptcy doesn't have the same stigma attached to it as it did a few years ago - it might be worth considering.

My parents went bankrupt 7 years ago. Dad was a company director at the time, and also had his own small business. They owned their own house and thought it was the end of the world when their last option was bankruptcy. Dad couldn't be company director any more, they lost the house and the business, but now they're fine. They haven't been able to get credit since then (which has been a good thing!!!) but they've now had £45k of debts written off and are happier than they've ever been.

 

[Nicola]

You could always try one of the dept consolodation companies that advertise on TV. They take over your debt buy basically covering it with a loan, they stop all interst piling up on the cards/bills etc and work out an affordable monthly re-payment for you. Bankruptcy must be looked at as more of a last resort, I know it's not a bad/stigma thing anymore and I can tell you that in 2006 over 2,000 people living ONLY in the city of BRIGHTON claimed for bankruptcy - it's seemingly no big deal anymore but remember you have to provide a home for your children and what if there was an emergency with them you couldn't get your hands on cash and needed to pay for the emergency on a credit card or something - you are discaharged from bankruptcy a year after filing for it (providing the official reciever doesn't think your up to dodgy stuff - if he does it's 3 years) and your officially bankrupt for 5-7 years depending on the amounts owed and so forth. During that time you won't be allowed anymore than £500 credit with anyone and what good is £500 - that would just pay my car insurance ever year. Anyway there are options, talk to the credit service people, talk to the CAB (citizens advice) and perhaps call one of these TV people about monthly repayments on a loan etc....look into all sorts before making your mind up about it. Hope you get it all sorted out it must be dreadfully stressful for you xx

 

[mum2A&L]

You could always try one of the dept consolodation companies that advertise on TV. They take over your debt buy basically covering it with a loan, they stop all interst piling up on the cards/bills etc and work out an affordable monthly re-payment for you. Bankruptcy must be looked at as more of a last resort, I know it's not a bad/stigma thing anymore and I can tell you that in 2006 over 2,000 people living ONLY in the city of BRIGHTON claimed for bankruptcy - it's seemingly no big deal anymore but remember you have to provide a home for your children and what if there was an emergency with them you couldn't get your hands on cash and needed to pay for the emergency on a credit card or something - you are discaharged from bankruptcy a year after filing for it (providing the official reciever doesn't think your up to dodgy stuff - if he does it's 3 years) and your officially bankrupt for 5-7 years depending on the amounts owed and so forth. During that time you won't be allowed anymore than £500 credit with anyone and what good is £500 - that would just pay my car insurance ever year. Anyway there are options, talk to the credit service people, talk to the CAB (citizens advice) and perhaps call one of these TV people about monthly repayments on a loan etc....look into all sorts before making your mind up about it. Hope you get it all sorted out it must be dreadfully stressful for you xx

We tried an IVA, and they took just over a grand of charges from us (over a few months) and then said they couldn't help as OH is self employed (which we told them at the start). It then took us months to get the money back, which they where less than willing to give up

i agree with nicola though, look into loads of different options and find what is best for you and your family.

you ever need a chat, we're just a pm away!

 

[kimmumof2]

hi hun, i can only agree with all advice that has been given. the citizens advice is a good option as they wiil do you a financial statement and send it out to your the companies you owe money to offering them the amount of money you can afford. they only prioritise important debts such as your house, hire purchase etc. it is well worth goin to see them, i trained in debt advise on my social work course and there are alot of things they can do, the only thing with the CAB is that in some areas if you earn over a certain amount they wont giv you debt advice but i would ask anyway. bankruptcy(sp) is also an option however, it does right off your debts but my dad did this 10 years ago and it is not supposed to show on his record after this amount of time but he still cannot have credit, but that is a personal choice!! all the other options are good as long as you think them through first and make sure your doing the best for your situation, the CAB may be able to advise the best route for you to take if they cannot sort out your debts themselves. hope everything works oout for you hun and dont feel like you shouldnt have posted here, we are willing to give support on any issus hun. xxx

 

[Flossy82]

Hey all well i spent 40 minutes onto HSBC' debt management tema and went throught a budget plan with them and after being on hold for ages the lady told me they could consolodate our loans with them but they dont do one for over 25,000 and she said with the repayment of 353.12 over 12 yrs she didnt think we would be able to make the payment on that even going by our budget plan we went through so they are going to call us back tommorrow to speak to me and the o/h to see what the verdict will be??? I noticed you have said about iva's the o/h has applied for one but thats only on his loans etc that he has going out so i dont really know what we will do if the debt people say no

 

[Flossy82]

Its getting me down so much im sure the stress etc is why were not having much luck with ttc i just feel like a failure I really apperciate all your help and advice it means so much to me that i can come here and look at what other suggestions people have to offer thankyou all -xxx-

 

[Princess_Puddles]

Its getting me down so much im sure the stress etc is why were not having much luck with ttc i just feel like a failure I really apperciate all your help and advice it means so much to me that i can come here and look at what other suggestions people have to offer thankyou all -xxx-

Its not any of my business but TTC a baby when your in so much debt maybe isnt the best of ideas at the moment, it would be more money/stress added to your problems. Maybe wait untill your more settled and have something to fall back on

 

[Flossy82]

Thats what i have already been told PP i dont know weseem to be ver going round in circles with all this

 

[Misslarue]

Hey all well i spent 40 minutes onto HSBC' debt management tema and went throught a budget plan with them and after being on hold for ages the lady told me they could consolodate our loans with them but they dont do one for over 25,000 and she said with the repayment of 353.12 over 12 yrs she didnt think we would be able to make the payment on that even going by our budget plan we went through so they are going to call us back tommorrow to speak to me and the o/h to see what the verdict will be??? I noticed you have said about iva's the o/h has applied for one but thats only on his loans etc that he has going out so i dont really know what we will do if the debt people say no

Hun, this is exactly what HSBC did to my OH
They made him take out a £25,000 personal loan to pay of his business debts. In the end all he was doing was taking on more debt to pay of existing debt. If you can really give the www.cccs.co.uk a ring. They will go through all your debt (without an agenda) and advise you on the best action. They were really great to my OH and helped him so much. At the end of the day HSBC don't care what is best for you all they care about is getting their money.
Good Luck

 

[Flossy82]

Thanks Misslarue il wait til the oh gets in and sit down and have a word with him i told him yesterday its a waste of time going to them as they dont give a monkey's they didnt even seem bothered about uc being way over our overdaft orthe fact that ther is a huge payment due to go out

 

[lisanat]

HI
Me and Oh had really bad debt poroblems and when I got pregnant I wanted to sort it before I went on mat leave. We had debts of 20,000. Scary once we added it all up. But we went with cccs and they were brilliant. Its free and they go through all your outgoings and income and work out what you can afford to pay. Its free too as they are a charity.
If you want to chat any more about it just PM me.I dont mind at all.
Try not to let it get to you.


lisa xx

 

[aidanbump]

I'm with CCCS for debts. OK the debts weren't very much.. but they really helped me

They are a big stress reliever

 

[Freya]

sorry a bit off topic here. aidanbump m son is called Aidan James too
Great name choice