The first thing you have to do is work out if you have anything left over at the end of the month to offer your creditors after ensuring all your priority payments - like mortgage, secured loan, council tax, utilities, food, clothing and transport to work are paid. It is what is left over you can offer to your creditors and if you can repay the debt in a reasonable period of time then you could think of doing that - the only scenario in which you are going to be able to keep this secret from your spouse.
It is because you own a property - which might have equity in it - that you are vulnerable as further down the line creditors might want a share of that equity - but they cannot make you sell the house. There are other things that are tried first and each creditor has its own unique debt recovery cycle which can get to court action in months or sometimes years. Keeping creditors informed of what you are doing always helps.
You were given very good advice in being told to open a new bank account and go to the CAB. I would add to that to go to one of the free debt advice agencies such as NDL, CCCS or FCL/Payplan who all have trained debt advisers who will be able to give you free, confidential and no obligation advice. This I think should be your next step.
Good luck and let us know how you get on.
It took me ages to tell my other half and it was a huge relief and far easier to deal with
Not much to report so far, tried to see CAB, but they are so busy. Could not get near the place the past few days. I know I'm not the only one.
So I tried to do things myself, contacted Lloyds bank. They were so unhelpful, wish they had been this way when I applied for the loans.
Then I contacted CCCS, a helpful lady at the end of the phone, but they are so busy. I could not get a appointment for a counsellor to interview me over the phone until 9th March. That being the case I now have another month to passby of worry.
So do I try somewhere else,or do I wait. Also on opening a bank account who do I choose. Has anybody got any feedback on First Direct
jackslade wrote: Has anybody got any feedback on First Direct
Same as any other bank really. Internet based only. No branches. I had an account for years and was very impressed. The account is highly credit scored and unless your credit record is imaculate They will not look at you.
I know you would have an appointment with FCL/Payplan within the next few days. CCCS does a splendid job but to wait a month for some advice is a long time when you could have a financial assessment by the weekend. There is no need to worry for a month! (However CCCS will be sending you some information to read to help put your mind ar rest and notes of what information to get together so you can be prepared).
You do need to open a new bank account. Payplan will advise you which banks are not associated with your creditors to make it easier for you.
I have had a row with the MBNA people already, and it was not over defaulting. The two people I spoke to and one was a manager or so he said. They were both so rude and unhelpful, I am dreading the contact when they find out I cannot pay.
jackslade wrote: The bank account thing is another problem, which bank. I have so many creditors trying to find one with no association is difficult. Even stumped the payplan people.
without knowing who your creditors are we cannot help, but if you want to list them we are quite resoursefull and may be able to come up with a few options for you.
jackslade wrote:My Creditors
Lloyds Bank, MBNA,Northern Rock(Now co-op Bank),Sainsbury's Bank,Capital One,Egg, Morgan Stanley, Bank of Scotland, Barclaycard, Mint. Plus HSBC, because that is who my wife Banks with and she don't me with them.
Excellent internet banking with on line cheque ordering facility, next day delivery post allowing.
Full STO & direct debit facilities.
Cash card only
Basis account no credit check
Account opened on the spot subject to required ID provided.
The mortgage on our house is still in my wifes maiden name, only. We have since married but she has kept all her finances in this name. This being the case if the worse thing that could happen, happened. have my creditors, the unsecured debts are in my name, would have a claim on the house.