I spoke this morning with one of Melanie Giles colleagues this morning to discuss and IVA. Having gone through the figures this would have been unmanageable and so I am going to go bankrupt.
My husband and I have debts in region of £55K spread over about 12 loans and credit cards.
We started getting into difficulties when I was on maternity leave with first child 5 years ago and then going onto a part time wage. Then my husband was made redundant and decicded to go self employed which at the time promised great things I then fell pregnant with second child and his self employed earnings went from bad to non existant. Luckily he managed to get another job but the salary is not great he works nights so that he can look after baby in day while I work 3 days.
We have been surviving doing the 'credit card shuffle' switching to 0% interest rates and then switching again when offer ends but things have been gradually getting worse and we have started to get cash from cards to live on and basically robbing peter to pay paul.
I am on anti-depressants and want to come off them so that is why I have deceided to address the debt problems.
However I am now worried that I will be in trouble for moving debt frequently from one card to another and also takin cash on my cards. One card I started to use this month did have a zero balance, and so am not sure whether to make some payments to this card whilst saving for BR fee over next few months(was advised to stop all payments to creditors now) as I dont want to get arrested for fraud.
Sorry for ramble but my mind is spinning I am really worried and just want to
if the spending on the new card was minimal and was used for essential expenditure I shouldn't worry. You should avoid using it further if you possibly can though.
And juggling debt between cards is commonplace and nothing for you to worry about.
Hi Im new and panickingI spoke this morning
Posted - 18 March 2009 : 18:11:14
