I'm in big trouble and need help

SadGirl · 3 May 2007 at 3:19PM

I pay a little over the minimum on my cards every month. I can't move anything else as no one will offer me the option. I tried to remortgage a year or so ago, but to no avail as I had too much debt for what I earnt. At least this new loan will save me a little. I have a loan finishing in may next year of £400 a month, so this will be a huge bonus for me. Maybe I should try again for a remortgage then. My mortgage is only £40K but the house I'm in is worth £180K. I would have thought I could release some equity easily, but they did not seem that keen, even to consolidate my debts.

Emmzi · 3 May 2007 at 3:29PM

SadGirl,

might be worth asking mortgagemamma or andrewsmith or homerj on the mortgage boards.. they are experienced brokers, and generally give very sensible advice on remortgaging and what might be options for you, if that would get your interest rate down.

SadGirl · 3 May 2007 at 3:56PM

Thanks for all your advice. I'll work on my SOA tonight and post it up and see what you think. I'm really most worried about my secured loan. It seems so big! And for so long! Meanwhile...back to work!

onamission_2 · 3 May 2007 at 4:09PM

I completely agree about not securing unsecured debt
post a full SOA and we'll see if you can manage it/make cuts backs etc. also a spending diary really helps!
good on ya for posting

hypno06 · 3 May 2007 at 4:19PM

Hi there, if I have read correctly then one of the debts will be coming to an end in a year's time, freeing up £400 and making this more manageable.

So, if that is correct, we simply have to find a way of getting you through the next twelve months?

I know you will be preparing your SOA for everyone to look at, but also have a go a the snowball calculator on https://www.whatsthecost.com - this will give you an idea as to when your current debt free date is, and how this can be brought forward by carefully overpaying on only the highest rate cards.

I wouldn't normally agree with consolidating, but I understand that Egg let you make overpayments without charge, so IMHO they are one of the better ones to have, as long as you don't use the newly cleared credit card for everyday living again because this will cause you further problems.

Get ebaying and carbooting - it is amazing how much this brings in, for really very little effort. Join https://www.quidco.com to get cashback on the stuff you are using already (eg insurance, xmas shopping) and pigsback https://www.pigsback.com to get (albeit a small amount) vouchers which you can use for shopping or for treats.

Once your SOA is up, we will give as much help as we can to get you through the next 12 months, and then you will be well placed to keep up the fab work and be in control of your debts instead of them being in control of you!

chevalier · 3 May 2007 at 4:41PM

Welcome to the boards. We will help you all we can. I will keep an eye out for your thread tomorrow once you have put up your SOA.

Good luck with doing this
chev

pavlovs_dog · 3 May 2007 at 5:14PM

SadGirl - every time you make a repayment off of your cards, contact the CC company and ask them to reduce your credit limit so it is only just above the outstanding balance.

in doing so, you are reducing the amount of credit available which will in turn imporve your credit score slightly.

also, why not post your SOA - once we've got the full picture we can help see if we can save you some money and make you debt free that bit quicker :j

onamission_2 · 3 May 2007 at 5:46PM

getting back on topic. Sadgirl do post an SOA. Folk on these boards are v. helpful....:)

Dithering_Dad · 3 May 2007 at 7:18PM

onamission wrote: »

getting back on topic. Sadgirl do post an SOA. Folk on these boards are v. helpful....:)

Have a read of SouthernScousers' sticky that's at the top of the Debt Free Wannabe board for info on how to do an SOA and I'd also advise that you post on a new thread with something like "SAD GIRL'S SOA" so that people know exactly what you're asking for.

As I said earlier, you won't struggle to notice which are the proper DFW helpers.

p.s. Pavlovs_dog - Agreed on the fact that everyone was a beginner at one point so allowances should be made, hence my apology at the start of my first post to Jan stating that I'm sorry if she is really trying to help...

However, when someone starts posting their phone numbers, tries to intimidating other posters by send PM's and then starts spouting religion at you (all in the space of her initial four posts!!), it does tend to make you think that they're not exactly on the level. :rotfl:

MoaningMyrtle · 3 May 2007 at 7:38PM

Hi Sadgirl,

Welcome to MSE, it's a great site. Anyway four years ago we were in the same boat as you, could not remortgage as we had borrowed our maximum, we had never defaulted on our mortgage.

We were desperate and obtained a secured loan, from a bank (non High Street), we also negotiated with our CC companies and have a repayment plan with them. It's been bloody hard, but our debt is gradually reducing and we still have our house.

BettiePage, it is usually against forum rules to post PM's.

I'm in big trouble and need help

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