Hi hjaw

What is the level of debt and is this in your name, is it joint etc.

Mark

Hi Mark, some of the debt is in my name but the main debts are in joint names, we have a unsecured bank loan with a balance of £16500 odd, credit cards just under £8000, car finance of about £8000. Catalogue £2700 and we pay gas, electric, council tax car insurance ect by monthly direct debit. Mortgage is £720 pm with a balance of approx £92000. Some smaller hp agreements approx £1000.

Thanks

Hi hjaw

any idea of the value of the house and if there is any equity.

Also in your earlier post you mentioned having £500 left. Is this after all debt payments are made?

Mark

The houses in the area have been selling for 80k-95k (but take ages to sell, one of the neighbour even withdrawn from sale due to lack of interest) but they have more bedrooms, mines is only a 1 bedroom bungalow. The £500 left is after all the direct debits inc all debts have been paid. At the moment we survive on that okay (but nothing left to make savings). Really worried if the wife's job falls through. I was thinking of sending a letter to all our creditors just pointing out we may get into trouble and need ether reduced payments or payment plans.

Don't really know if this is the right course of action as we have never been in this sort of position before.

Hi hjaw

I think the options depend entirely what happens re your wifes job. Sorry for stating the obvious.

The property at least seems to have little or no equity in it which makes things easier. I'm not sure that writing to creditors will have any effect, even if you are trying to forewarn them.

When will your wife find out the position re the job?

mark

I know what your saying re: wifes job. She's really worried about losing the house if she loses here job (tears ect.) I have tried to explain that doesn't happen straight away and posting on here to get idea's. She should find out by friday. I have asked her to get a straight answer from her team leader/line manager as we can't make plans/arangement until we know one way or the other.

Hi hjaw

even from the info provided, I think losing the house is very very unlikely. I know it's the great unknown that's the killer, but try to let her know that as long as the mortgage payments are met, there is little to no chance of the house being at risk. People always assume the worst and it very rarely is.

Let me know how things go on Friday. Mark

Thanks Mark, Will post again when we know one way or the other. Sitting down for a chat would be great might even supply a jaffa cake or two.

Thanks

Hello head-just-above-water,

I hope everything goes OK tomorrow and, as Mark says, if there's anything we can do to help just let us know.

Hi, still no word, my wife has suggest cutting her hours or even dropping a day or two, but they have not said yes or no. At least it's another weeks wages in the bank. but is funny they did ask her to work on monday at time and half with a day in lieu. not what I would expect. but still I think this has to be a walk up call, and to get things on a even keel.

Hi hjaw

I don't know if no news is good news is appropriate here, but possibly.

Once you get a better idea of the outcome for your wife's employment, things will be a lot clearer and the solutions easier to identify.

Mark

Quick update, My wife was today told her job is safe, but her hours were getting reduced from 37.5 to 27.5 meaning 2hrs a day so her wages with also go down from £1050 pm net to approx £750 pm net. So I think we will still need to put some plans in place. This new arrangement should start at the start of Aug.

I think some kind of payment plan against a TD is more fitting now.

What options do you think would be best.

Thanks in advance.

Hi hjaw

I think the total debt figure is very high and think you need to look at a formal solution as I think it unlikely that creditors will freeze interest. You could look at the Debt Arrangement Scheme or Trust Deed.

Mark

How do I arrange a meeting to talk through the options Mark.

Thanks