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JenStorm
Starting Member
United Kingdom
1 Posts |
 Posted - 15 August 2009 : 09:44:36
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All this is very, very new to me and I'm not sure where to start.
I am 29 and my husband is 35. We have a 10 month old son. The 3 of us live with my husband's mother because we can't afford a place of our own.
We have been on the local authority's housing list for almost 4 years, and in February we were offered a 3 bedroomed house. We went to the housing office and were interviewed to make sure we're suitable tennants, and passed with flying colours. Then came the financial review, which we failed miserably!
My husband earns about £1000p/m, £525 goes on paying off his debts, leaving £475p/m. Because his mother is VERY aware of our situation, she lets us live here for £200 all in, which leaves £275 for travel expenses to work and formula/food/nappies/wipes etc for the baby. At the end of the month we're lucky to have £50 left.
If we had our won place rent would be £400, then there's council tax, utilities and food on top of that.
I suggested 4 years ago that he get an IVA, if he had done that we would almost be debt free by now, but he ignored what I said, continued to spend, and now we owe more than ever (30,000). We can't have an IVA now because he's put all his debts together and only owes 1 company.
We both want our own place, but he won't do anything about sorting his finances out because he's scared. Please advise. Thanks. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 15 August 2009 : 11:34:20
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Hi,
It sounds like bankruptcy is going to be the best option to get out of your situation but until your husband faces the fact that he is in trouble there is nothing that can be done.
Show him the Insolvency Helpline website (http://www.insolvencyhelpline.co.uk/) as this will explain exactly what happens during bankruptcy and that it isn't as bad as it seems. There are also descriptions of Debt Management Plans, which may be an option. If your debt is £30k and you enter into a DMP paying £525 a month you could pay the amount off in 57 months if the lender freezes the interest.
Also show your husband some of the posts on this forum. He is not alone in being scared and that is the reason that a lot of us on this forum have got into debt and had to declare BR. Rather than facing the fact we were in financial trouble we buried our heads in the sand and borrowed more money thinking that somehow it would all work out in the end.
£30k is not a lot of debt so your husband shouldn't be ashamed or scared. The CAB, CCCS and National Debtline all provide free assistance and they will not be judgemental but only provide information on the options you have available to get out of this situation. |
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New to this. Need advice.
