Imminent bancruptcy
Discussion
Hello fellow PHers. I've not posted in this section before so my apologies if I'm in the wrong place but I need urgent advice about my position.
I've not worked for several months and wasn't getting paid much when I was working, with the result that I have been living on savings for the last few years, and now it's almost gone. I've been literally scared to check the bank balance but, because filling in a housing benefit form this week meant I needed to find out, I checked with the bank yesterday, and it's nearly empty.
My income (JSA) doesn't cover expenditure. I have no way of covering the shortfall as my credit card is maxed out and I've no assets worth a damn except the house, which is co-owned by my brother who has his own house so I'm the only person living here. (I pay my brother a small sum each month to compensate him for the interest he would get on his share of the money were the house to be sold.) I'm selling everything I can but that won't cover the shortfall either, and will eventually dry up in any case, when I'm living in an empty house.
My brother, who knows infinitely more than I do about such things, says I should I see my bank manager and ask him to loan me a few thousand against the sale of the house but even if he agrees, this is unlikely to happen overnight. (House isn't even on the market yet anyway, brother only suggested this in the last few days.)
So within weeks or most probably days my bank account will be empty. So soon the bills will stop being paid. Electricity, gas, water rates, council tax, home and mobile phones, broadband - how soon before these get cut off? How many times does a direct debit or standing order fail before it's cancelled completely?
How do you avoid starvation when you can no longer buy food?
Has anyone out there been in this situation, or know any one who has? What happened? Any advice as to what to do nest?
And please keep it simple, as I'm not the sharpest knife in the box, because if I were, I'd be working and wouldn't have this problem.
I've not worked for several months and wasn't getting paid much when I was working, with the result that I have been living on savings for the last few years, and now it's almost gone. I've been literally scared to check the bank balance but, because filling in a housing benefit form this week meant I needed to find out, I checked with the bank yesterday, and it's nearly empty.
My income (JSA) doesn't cover expenditure. I have no way of covering the shortfall as my credit card is maxed out and I've no assets worth a damn except the house, which is co-owned by my brother who has his own house so I'm the only person living here. (I pay my brother a small sum each month to compensate him for the interest he would get on his share of the money were the house to be sold.) I'm selling everything I can but that won't cover the shortfall either, and will eventually dry up in any case, when I'm living in an empty house.
My brother, who knows infinitely more than I do about such things, says I should I see my bank manager and ask him to loan me a few thousand against the sale of the house but even if he agrees, this is unlikely to happen overnight. (House isn't even on the market yet anyway, brother only suggested this in the last few days.)
So within weeks or most probably days my bank account will be empty. So soon the bills will stop being paid. Electricity, gas, water rates, council tax, home and mobile phones, broadband - how soon before these get cut off? How many times does a direct debit or standing order fail before it's cancelled completely?
How do you avoid starvation when you can no longer buy food?
Has anyone out there been in this situation, or know any one who has? What happened? Any advice as to what to do nest?
And please keep it simple, as I'm not the sharpest knife in the box, because if I were, I'd be working and wouldn't have this problem.
Gentlemen, thank you all for your advice and positive thoughts. At difficult times such as this, it means a lot to know that friends are only a mouse click away.
HOWEVER!! I learned just this morning that I start a new job next week! So when I see the bank manager I can tell him, I'm not out of the woods yet, but I won't need the loan.
We're still looking at selling the house, but at least it's now something for the long term, rather than pressingly urgent.
HOWEVER!! I learned just this morning that I start a new job next week! So when I see the bank manager I can tell him, I'm not out of the woods yet, but I won't need the loan.
We're still looking at selling the house, but at least it's now something for the long term, rather than pressingly urgent.
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