Then bankruptcy for you would take the pressure away from him, and leave you debt free. Do you have any assets which would be at risk under bankruptcy proceedings?
Melanie...i hate that word - makes me feel like a failure...everything is in husbands name, car, house....i really dont owe anything of value - appart from my hubby and children that is.
Absolutely Viki! Bankruptcy is not a thing to be ashamed of, indeed it is a sanctuary available to you to get away from the claims of creditors you cannot repay. You have the most precious possessions in the world, a loving husband and kids - and they will always be there for you. Please read Skippy's blog on bankruptcy to see that it is not as scary as you may think, and I think that she would agree that it has changed her life and turned her into a better person. Sometimes there are more important things in life to be concerned about than owing a few pounds to creditors.
Hi there - I agree with Viki, feel proud for making the first steps.
Why don't you read skippy's blog re; BR. it gives you a true insight and I think it takes away the taboo associated with BR. At the end of the day you have to put you and your family first and find a solution that works for you.
Thank you all so much for your very kind words, and also words of advice....i will be reading skippy's blog very soon !! what are the implications of me going bankrupt, i.e. bank account mobile phone etc. And will there be any comeback, be it financial or otherwise on my husband?
Hey moneyworries, you will be able to open a basic bank account, the Co-op cashminder comes highly recommended. You may have problems with your phone contract if you change providers as someone on here did, but if you stick to the one you've got now then that shouldn't be a problem. Unfortunately, it will probably affect your Husband if he applies for a loan or mortgage.
Hi viki.w.....Will look into the Coop Cashminder today - another thing to add to my list of 'to do's'....im still in a contract for a further 10 months and after that im happy to go on a pay as you talk deal. When you say hubby may struggle, is that because we are married ? (stupid question i know). But if he applies for anything on his own why would he struggle? x
Going BR has made me much less materialistic. I'm now grateful for what I have, but I'll never claim to be totally rehabilitated as there's still part of me that wants what she can't have and would probably buy it if she had a credit card!
Seriously, it was the best thing I could have done in my situation as it meant that I had a fresh start. I tried an IVA and it didn't work, so BR was the only route left open to me due to the amount I owed.
Regarding the loans, if your hubby applies for anything he may struggle as the credit agencies would view him as being linked to you through marriage. He can file a notice of disassociation with the agenices stating that he is not linked to you financially, although I'm not sure how the banks would view this due to you being married.
Good luck, and ask as many questions as you need to.
Hey moneyworries, the credit agencies will see your status when they credit score your husband, it is up to them whether they decide to proceed. As you are married, your husband cannot disassociate himself from you. As for the bank account, it will be up to the bank whether they close it or not, I'm not sure about Abbey, maybe someone who has had dealings with them will advise you. X
