Please Help A.S.A.P

[hobson999]

Hi all. I recently posted a couple of other posts about repossession and balliffs as I have been suffering from ID theft, or so I thought. I don't deal with any of the finances in my house as I have suffered from depression for a good few years and my wife has dealt with all the bills and bank accounts etc. But alas on Friday night she came clean that there was no ID theft or any fraudulent business in our financial affairs. I have trusted her for many years and now it has become such a mess, she has had a pretty major emotional break down over this and she may possibly be hospitalized. We saw a doctor on Friday and she has an appointment at the hospital on Monday. She has also told me she lost her job in October last year and has not claimed or done anything about this the only income we have been receiving has been my disability allowance and the child benefit allowance. What started off as a 25,000 pound mortage is now 45,000 and has arrears with interest being charged daily. She has also taken out other loans and one maybe two secured on the property (which I never new anthing about yet I am the joint owner on the property). The end result is about 15000 in loans and apperrantly no bills, gas, electric, telephone, internet, sky, nearly everything has not been paid for 3 months maybe more. The good news is I now know about all this and so does her family who are most helpful and supportive. The bad news is I have no idea how I am going to sort this out and if I will possiblly be able to keep a roof over my kids heads. We have come up with a total sum of about 70,000 including our mortgage and everthing. I am taking her to the hospital on Monday and her sister and myself are going to CAB on Tuesday. I am completely lost in this scenario as I have never done any finacial stuff in my life, I do not even know how to set up a direct debit or standing order, I don't even carry a bank card, credit card etc. I know that this has happened through a failed business venture my wife had four years ago, where she got left in debt and took a loan out to cover it which as time went on this situation has snowballed and the bigger it got the harder she found it to tell me, now she has had to tell me as we owe money just about everywhere. I really need some good advice here so please help.

[Alipeeps]

Oh wow, I don't really have any detailed advice to offer but didn't want to read and run. It sounds like you've made a good start by finding out exactly what your debt situation is and planning to go speak to CAB - I think they are a good first step in helping you sort all this out. Folks on CAG may be better at offering more specific advice on how to deal with specific debts/companies rather than how to manage your overall debt situation. I'd suggest you see what CAB advice and then take it from there...

 

Ali

[42man]

Welcome to the forums Hobson, i'm desparately sorry to hear of what has happened, I would certainly recommend in the first instance going to see the CAB and also giving the National Debtline a call - their service is free and impartial too... - National Debtline – Free, Confidential Debt Advice – Call 0808 808 4000

[hobson999]

Thanks for the replies guy, I will phone the debtline on Monday when I get back from the hospital, this has been a real heartbreaker for all the family, the wife has always been good with the bills etc. she even looked after her mothers finances after her her husband passed away, but the bigger this debt got the harder it got for her to tell me. The only way to look at this is she has done the hard part by telling me now. Thankfully we have very understanding friends and family who are all ralllying round to help. All we really want to do now is try and save the house as it would break the kids hearts if we have to move as we have lived here there entire lives, the wife is depressed enough and I just hope we can save the house and maybe eventually manage to rebuild our lives. I will try and keep you all up to date, but I am getting rid of my internet service at the end of this week as I have to cut back to the very basics. I will be able to use one of my friends computers but will not be able to check back as often as I would like, but any help will be very much appreciated and I will try to keep you all upto date and thanks again.