Tens of thousands of pounds in debt.?

Question

My husband left me with huge debts. I left him after he had an affair & he was mentally abusive too.... He is getting the marital home reposessed & he is going bankrupt. I dont think I have a choice to do the same now but I mailny got so much debt to keep the house going (mortgage, bills, food).. He just used to spend all his money & hide things like i-pods & phones & x-boxes & gifts for his girlfriend.... Is there anything I can do to protect myself from bankrupcy because he is to blame for my situation? I am very ill & unable to work & will soon need to claim benefit....Yuck!!

Answer 1

Go to you doctor, explain the situation and tell them it is making you ill, tell them all of your symptoms and even milk it a little, e.g headaches, cant sleep, depressed, lack of appetite, this will make an official medical record of what it is doing to you.
Then contact all of your debtors and make them aware of the situation, telling tham that you are unable to pay your bills as your husband has squanderd your money, this makinf a second official record of this.
then go to the citizens advice bureau and make them aware of your problems, take all relevant paper work from your debtors and your doctor, the more the better, including any receipts your husband has left behind for less desirable purchases such as gambling, alcohol, pornography etc if indeed he has any, these will help to paint a picture.
If in the end it does go to court or you need to take him to court you will have stockpiled a massive amount of evidence in your favour and against his, dont tell him about anything you are doing, you do not want him to get the upper hand.

Hope this helps.

Answer 2

I've heard so many stories like yours, I used to work for a mortgage company dealing with people in danger of losing their homes. If you have equity on your property, there are people out there who can remortgage for you Even with bad debt.

Should this not be possible there are other ways, ignore debt management agencies, they are not worth it. You can do everything they do for yourself. Firstly get all the totals of all your debts, then add them all together, show the workings. Then figure out what your income is, work out how much is left after deductions, then split what is left between the debts pro rata. So the biggest debt get the most, then write to every debt company explaining why you cannot pay, showing your workings, then offer the amount you have worked out for them. Also request that they help you by freezing the interest, they do not have to but if you are in the UK, CAB has the power to enforce this.

Do not despair, do not give over your debts to a management company. I have spoken to so many people who have been screwed over by the companies, it is not worth it seriously. If you are really stuck send me an email and I will try and point you in the right direction. About 2 months ago I did a vast amount of research into debts and resolution, there are many channels you can follow, don't let some flashy advert and the offer of peace of mind tempt you, this is rarely the case.

Answer 3

Yes, if your debts are above £15,000, you can apply for an IVA.

This is an Individual Voluntary Arrangement with your creditors whereby you agree to pay back a fixed amount from your disposable income (in the case of an IVA your disposable income is classed as any money you receive minus any rent/mortgage minus gas/electricity minus food) for a fixed amount of time, usually 5 years.

The beauty of an IVA is that the creditors are obliged to accept the terms, are not allowed to contact you at any time requesting more money, and once the 5 years are up the remainder of the debt is written off entirely, with no penalty to yourself.

Creditors will never tell you about an IVA as in the long term it costs them money, but as far as I am aware, they are not allowed to refuse you once you request it. However, you must ask specifically for the IVA otherwise you wont get it.

Answer 4

You need to get some expert help ..go to local citzen advice burea take all of your paper work with you..if your debts are over £15000 they can contact your debtors and get some of the debt written off for you make sure you are reciving all the benfits you can claim for as this will help your case.. If they suggest being made bankrupt dont worry it will affect your record for some years but then if you get ccj s ect this will be on record to for 6 yrs after you clear the debt ,,,ring them today and make your self an appointment ..the sooner you face this problem the better .it will get more scary if you ignor it ..

Answer 5

the first element to do is end the over spending, you won't be able to borrow your way out of debt so a consolidation personal loan is ineffective, so are "credit counseling amenities", imagine about it, If I requested you to furnish me all of your money and that i'd pay your expenses for you for a cost, may you do it or may you imagine "Why won't be able to I attempt this myself and save the cost?" the reality is you may, it takes a dreaded element said as the inexpensive. Spend the subsequent months expenses on paper, beforehand the month receives the following. The paper then turns right into a contract. the in ordinary words money you spend for that month is what's on the paper. It also should be 0 depending, which ability there is not any room for mistakes, in case you budget a particular quantity for "nutrition" and also you bypass over that volume then you definately ought to bypass lower back and modify the budget. in case you overspend from one section then the money ought to come from yet another section. 2d element to do is do what ever it takes to construct a temp. emergency fund (round 1000 pounds). The 0.33 element to do is take care of the " 4 walls" (nutrition, take care of, Utilities, Transportation) FIRST. After this, rank your expenses smallest to best (APR would not count number number) then pay all you may on the first even as paying minimums on the the relax. once the smallest is lengthy previous then you definately roll the quantity you've been spending on it to the subsequent debt (plus its minimum). proceed this till each and every of the expenses are lengthy previous. Sorry, that is lengthy even though it really is not a standard question with a magic pill answer.

Answer 6

go to

www.nationaldebtline.co.uk

where you will find all the free professional advice you need.

Also find a solicitor who accepts legal aid clients, the CAB will help you with this.

These days lenders aren't happy to foreclose on a mortgage if possible, especially where children are involved. Go to your lending company and explain your situation to them. It's quite likely the home won't be repossessed even if it's in his sole name.

His bankruptcy could in fact clear a lot of his debts so the situation may not be as bad as you see it now. Good luck

Answer 7

I don't know the bankruptcy rules in your country, but some general comments.

Do not pay on ANY debt that was not in both your names. His creditors are going to come after you, you should not be liable for those debts.

For the ones that are joint, you can usually work out a deal for what they want from you. It doesn't clear the debt, but it gets them off your back.

Of course any of your own debts you have to pay.

You need a credit councilor, and a solicitor to work this out.

Answer 8

As you were married, his debt is yours and vice versa. Only realistic way of dealing with it is to go bankrupt, Or get a signed statement to give to the creditors that he excepts all of the debt and you are not involved. If he did that they may leave you be.

Answer 9

The people you owe money to won't want you to go bankrupt.
A court will accept a very low repayment if you are in financial hardship.
Just think what is the worst thing that they can do to you.
Not much.
Sit tight, try to stay cheerful and don't worry.
Worrying won't help and it is unnecessary.
Get CAB advice.
Make yourself the most important thing in your life.
Good luck.

Answer 10

Go get yourself a lawyer RIGHT NOW!!!!
this will become a serious problem if you have to go some websites and find out more details about it, generaly the court is more leanient to women because it is more difficult for them to find high paying jobs