Hi worried dad

Could you confirm the position with your home. Is it owned or rented. If owned, is there any equity. Also, in addition to your own income, do you receive any benefits, child tax credits etc.

The above will allow for a clearer review.

Mark

Sorry, we're in rented accommodation and currently receive child benefit & child tax credi which amounts to £90 a week, I also have a car on finace which has just over 3 yrs to run wih a balance of around £4300

Thanks for the information.

Depending on surplus income, it may be trust deed or sequestration which would best suit. Or a mixture of both. The car shouldn't be an issue in either if its on finance, although as I always say, ensure you have the position confirmed in writing before doing anything.

Best way forward is to do a review, see who the creditors are and do an income/expenditure. That way there are no unknowns and it should lead you to a clearer way forward.

Mark

Welcome to the forum Worried_dad.

Well done on taking the first step to finding out your options. We often heat that the first step is the hardest.

Precise advice can only ever follow a more detailed "fact find" but, from the information provided, it seems likely that you'll have some choices to weigh up if and when you do.

Do you have a sense as to how much you could afford to pay towards the debts each month after your household bills and expenses are covered?

just been writing down all income & expenditure makes for depressing reading 🙁
Not sure how to allow for things like clothes, shoes etc for kids and us but the payment we could make together would be around 250-300 a month but that would be the most I would be able to make i think

I think there is certainly a workable solution within the figures.

I would advise you speak with an advisor and review all of the options. They will also be able to assist with finalising the income and expenditure.

Mark

Hi Worried Dad, welcome to the forum

It certainly appears with the disposable income you currently have that there is an insolvency solution just round the corner for you.

May I ask the split of the debt if which is joint? You me ruined you had £22k of the £30k total? Is the £8 balance your wife's sole debt? What is joint? Depending on this will allow us to properly advise what we think the best solution to both of you is. Whether its two Trust Deeds, Sequestration or DAS, or even a combination of both.

Is there anything else you would like to ask?

Welcome, worried_dad.

As others have said, it is always best to run through a proper factfind before providing any specific advice.

Your situation is obviously complicated by your wife's work situation too. Is she likely to be back at work before long? If so, will this have a significant effect on how much you can afford to pay to your debts? This would need to be factored in to any decision you make.

Hi rob, we actually only have a joint debt of just under £1k which is an joint account overdraft everything else is sole debt for us, this figure wasnt added to my total or wife's which I realise I should've done.

Kevin, I doubt she will be back anytime soon due to pregnancy/bad back if at all, before she was off work we were managing our debt ok but the extra strain of her not working has obviously taken us to the point where we're really struggling,

We were at but unsure as to what the options regarding trust deeds whereby she doesn't have income other than child benefit/child tax so if she went down the sequestration route would that then impact on me through the joint debt and force me to go down the same route?

Hope this makes sense

Hi Worried_dad.

It shouldn't matter at all. You can deal with your debts, even joint debts, in different ways.

It's really quite common for couples to individually enter sequestrations, trust deeds and debt arrangement schemes in all sorts of combinations.

Thanks trust deed assistant, just wasn't sure how it worked. going to start the ball rolling this week & Make the phone call

Good for you Worried_dad.

The first step is often the hardest.

Hi worried dad

The joint debt should make no difference to things. It may be that sequestration is the best option for your wife and Trust Deed the better option for you.

Mark

Hello worried dad.

I would recommend you arrange a meeting with one of the experts on this forum. Mark came to visit me at my work and we were very quickly able to progress from there.

Things don't get better on their own and speaking with someone who has helped people in similar horrendous situations will quickly give you hope.

I am now halfway through my 36 months and it has passed fairly quickly.
You will find that you will start to develop the habit of managing your budget rather than dreading mail arriving and hiding said mail.

I had around eight creditors and found they did not harrass me as much as I deserved. I even found Mercers (Debt Collectors) were ok.

The letters stopped fairly quickly for me and I can now find other things to worry about.

Don't hesitate and don't be embarrassed, there are a few of us out there. Read the forum, there is a lot of good info here.

Good luck.