It's $41,000, but its crippling us, we are sitting on the debts and they're not budging at all. Plus they are putting so much stress on our relationship.
I agree it's a super long time, but as DF said today, on his one trainee income we are goign to be doing nothing for the next 5 years anyway... I don't know it seems so hard to decide and is definitely not something to be taken lightly!
if you declare bankruptcy, it's a long time before you can do anything (financially)...and it goes on your credit history. Are there any other options before doing this? can you consolidate your loans or negotiate with your loan providers to come to an arrangement for payments that are more affordable?
I think bankruptcy would be the very very last option and I know I'd try as hard as I could to avoid it.
Imagine at the things that could change over that 5 years though. DH might be offered a fantastic well paid job somewhere and you'd still be stuck with the bankruptcy.
Maybe get a second opinion from another councellor?
Is there any way of your DF picking up addition work or maybe putting the traineeship on hold for a higher earning income in the mean time? The other option is making your own choice of getting rid of the 2nd car. I know that is a tough call, but cars really do cost a fair bit. I certainly know how much it has hit our budget having a 2nd car now. Is there any reason why you don't share a car? Can you drop your DF at work on the days you need the car? (Just throwing around ideas)
Hmm the second car is on finance and we will have to default on that loan to get rid of it, which I am sure they will chase us for. It was a dumb loan choice ($12,000 for a $6,000 car) but the only way we could get a car at the time- oh how we rush and demonstrate stupidity!
DF can't give up job as he isn't qualified in anything else and therefore we will still have a ****ty wage anyhow.
I am leaning towards not wanting to d it after researching it this afternoon, but hte look on DF when he considered being able to wake up one morning not worried about which bills we would prioritise to pay and which we would put off and take abusive calls from makes me want to do it.
Why isn't there some magical fairy that comes down when they see you have learnt from your stupid naive mistakes. Why can't the magical fairy drop in for a cup of tea right now and say- "ok I can see you know what to do now... here is a clean slate."
I just feel so hopeless, it seems such an insurmountable amount of money and I don't want DF and I to end up separating because we are both so worried over $5...
Hi, not me personally but while I was living at home my mum went bankrupt. I can't say anything positive came out of it and she ended up in the same situation a few years later. Now she is unable to get any form of credit, which is probably a good thing for her.
I hope my post doesn't sound nasty but my mum has underlining issues that lead to her debt and she still struggles with these issues thus going bankrupt did not assist her to get things together and has left a lasting impact on our relationship. She was advised to go bankrupt twice by financial counsellors. Just before the period of time was up for the last one my grandmother died and left her a significant amount of money which was all given directly to the debt collectors as per terms of the bankruptcy which was another mental set back for her.
I understand the stress of money and debts and that horrible feeling of having to pick and choose what to pay and what not to pay but I would encourage you to try every other option before bankrupcy as it really does leave a mark on the your future prospects. Wishing you all the best and hope you find a solution that works for you!
My sister declared bankruptcy about 10 years ago, and it was the worst thing that could have happened to her. Yes, at the time she felt she had no other choice. But that choice she made 10 years still lives with her today. The bankruptcy may be cleared now, but she still can't get finance due to her credit history. She would give anything to be able to borrow money for a car and/or mortgage, but she has been declined on many occassions.
Please consider this in great detail and speak to many experienced people in the industry before going ahead with this. It's an awful thing to have hanging over your head.
Ok, saying this as someone who has had the phone calls, services cut off etc. You may need to be the one to go out and earn some money. Even just 1 day per week can make a huge difference even after childcare fees. I think at this stage with things so dire for you financially and for your relationship, that you would some very good reasons for not getting some work. Also think of your little one, he would be picking up on your stress, he may actually benefit from you working and some time in care. I started work again when DD1 was about 1 and it was just in time for us financially. It did not make everything 100%, but took some of the pressure off. Along with that I felt so much better for getting out that one day per week.
Lucy in the sky with diamonds.
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