Author Topic: Options remaining  (Read 1575 times)

lildendebt

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  • Posts: 2
Options remaining
« on: Nov 17, 2012, 11:18:10 AM »
Hi, this is going to sound like a bit of self pity I guess but here goes..


I went into a DMP nearly 3 years ago in January 2010.  This was due to me trying setting up a business (bought a franchise, or so I thought, what I actually bought was a pretty useless licencing agreement for an area), the business did not make any money so I carried on working at both this and my full time job, in and among my wife got made redundant and we resulted in the DMP for circa £63k.  We have a mortgage and two endowments to pay that off with (under performing) and was advised by the DMP (Payplan) that an IVA would be unsuitable.


The debt is to 5 sources, 4 solely in my name and one shared where unfortunately the wife signed with me so I have got her in my mess. 3 have frose interest but Brittania and Northern Rock just keep piling it on so I seem to get no further in front.


3 years down the line, I am paying £440/month into the DMP but am frankly totally skint, my wage comes in on 21st month and is totally paid out by the 28th, I have ran up an overdraft of another £1487 which I chase my self paying every month but just cannot get in front.


What I would like to try and understand is what are my options as if it carries on, I am going to end up divorced or frankly worse (been depression under a counselor for the last 6 months).


I cant do IVA
I go bankrupt we loose the house
Cant sell the house as no-one is buying


Who should I speak to please, is it an IP?


Payplan have been pretty useless to be honest, they just seem to want to keep sending opportunities to get further debt through them and Red Potatoe.


Ta