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debt
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My husband and I owe �100,000 above our mortgage.
This debt was a result of some circumstances which I'd prefer not to go into. �60,000 of the debt is on a secured loan with First Plus.
Our joint income is �3500 a month - the amount per month we pay on our debts is �3200. The �300 left is for a family of 4 - food, toiletries, school uniform etc.
We never ever miss any payments, I work full time and two evenings a week and Saturday morning to ensure we service the debt - my husband who is a teacher marks exams and gives private tuition. He works as a shelf stacker in the school holidays.
It's getting to be a struggle and I am increasingly depressed and tired.
Does anybody have any advice - we need to hang on to the house as we have two small children.
Please don't judge us - the debt was not run up by holidays abroad or expensive cars.
Is there anything at all we can do? I did enquire about an IVA but as we currently are servicing the debts our creditors apparently would not be interested!
Seems you have to be 'bad' before you can get any help?
This debt was a result of some circumstances which I'd prefer not to go into. �60,000 of the debt is on a secured loan with First Plus.
Our joint income is �3500 a month - the amount per month we pay on our debts is �3200. The �300 left is for a family of 4 - food, toiletries, school uniform etc.
We never ever miss any payments, I work full time and two evenings a week and Saturday morning to ensure we service the debt - my husband who is a teacher marks exams and gives private tuition. He works as a shelf stacker in the school holidays.
It's getting to be a struggle and I am increasingly depressed and tired.
Does anybody have any advice - we need to hang on to the house as we have two small children.
Please don't judge us - the debt was not run up by holidays abroad or expensive cars.
Is there anything at all we can do? I did enquire about an IVA but as we currently are servicing the debts our creditors apparently would not be interested!
Seems you have to be 'bad' before you can get any help?
Answers
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Citizens dvice Bureaux offer free, impartial advice. They will also approach your creditors on your behalf in some cases, even when there have been no missed payments or other problems. You may be able to approach your creditors to pay interest-only instead of repayment for a set amount of time - although this is really a short-term measure. Good luck.
Creditors are the same the world over, they want their money back without the trouble and expense of having to chase you for it.
That said, they are also prepared to be reasonable, and take each case on its merits.
You have clearly demonstrated that you have a responsible attitude to your debts, and are making every effort to repay promptly, but you are entering into a spiral of exhaustion and deprivation that is only going to get worse, and looking ahead - as your creditors will do - this could easily result in illness or depresion which could put one or both of you out of work, which is a situation they would want to avoid, both from a business and a humanitarian perspective.
You need some professional advice on how to re-strucutre your payments into a more managable amount - as advised the CAB will assist, or the Govcernment Debt lines will help you by negotiating for you.
From your position, where you arer keen to pay, but struggling, you are in a far stronger position than a couple who have ignored everything, and are a week away from re-possessiona and finally getting round to addressing the issues.
I am sure you will be able to re-arrange your payments, which may mean you pay more in the long run, but think of it as simply buying money (as paradoxical as that sounds!) and work on the principle of being able to live, not exist, while you get yourselves turned around.
Good luck.
That said, they are also prepared to be reasonable, and take each case on its merits.
You have clearly demonstrated that you have a responsible attitude to your debts, and are making every effort to repay promptly, but you are entering into a spiral of exhaustion and deprivation that is only going to get worse, and looking ahead - as your creditors will do - this could easily result in illness or depresion which could put one or both of you out of work, which is a situation they would want to avoid, both from a business and a humanitarian perspective.
You need some professional advice on how to re-strucutre your payments into a more managable amount - as advised the CAB will assist, or the Govcernment Debt lines will help you by negotiating for you.
From your position, where you arer keen to pay, but struggling, you are in a far stronger position than a couple who have ignored everything, and are a week away from re-possessiona and finally getting round to addressing the issues.
I am sure you will be able to re-arrange your payments, which may mean you pay more in the long run, but think of it as simply buying money (as paradoxical as that sounds!) and work on the principle of being able to live, not exist, while you get yourselves turned around.
Good luck.
HI Liz,
My husband and I have an IVA. We had debts of �70,000. I also have 2 small children and can sympathise with you. Go and speak to Clearstart. We did and we were sooooooo Glad. The payments are much more managable and it will give you some breathing space.
Good luck,
Let me know how you go.
Regards,
Bella
My husband and I have an IVA. We had debts of �70,000. I also have 2 small children and can sympathise with you. Go and speak to Clearstart. We did and we were sooooooo Glad. The payments are much more managable and it will give you some breathing space.
Good luck,
Let me know how you go.
Regards,
Bella
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Thank you so much for all your answers - just talking about it made it better then to read replies like that...thank you. I will phone tomorrow for advice.
Bella - thanks for that - I always think it's just us! To know you were there too, and you too Kathyan, thanks.
This site is wonderful.
Thanks everyone - will keep you updated!
x
Bella - thanks for that - I always think it's just us! To know you were there too, and you too Kathyan, thanks.
This site is wonderful.
Thanks everyone - will keep you updated!
x
Liz , Firstly be careful who you take advice from. You should try the C.A.B. They helped me out 20 years ago and such was the relief of getting our problem sorted out that i vowed never to get into debt again. Up until now i've managed to stick to that but as you are well aware they make it so easy for us to fall off the wagon. With professional and most importantly, impartial advice, you will turn things around. Make an appointment in the morning.
I recently found myself thousands in debt and when it got too much I contacted the CCCS and they have been brilliant - I am about to make my first payment to them in October and they will distribute to my creditors. I wasn't behind with any payments but the actual amount of the payments was too much in the end and after setting up a Debt Management Plan my payment proposals are half what they were before. Good luck
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