Cant cope, please give me advice

amyandjon

Hello Maxine welcome to the mse good luck on the journey to debt free... keep your chin up... im not very good at advice as im new to this myself.... ideas, you say your 3 0% credit cards are coming to an end.... try re transferring again to 0% credit cards if you can :-)... also my friends have been able to take a mortgage break its extended the mortgage but helped them with the debt and i think its agood plan if you can unfortunatley i cant drats !! hehe but dont be disheartened there is always light at the end of the tunnel ... alot of people of late have had lbm and its not always pleasent but you are facing it and sound like your doing it as good as possible post an soa and lets see what people can offer :think: :Axx

maxineperry

Thanks people. Ive just contacted the cccs and they have suggested a IVA for us, so things must be bad. Im really scared now and im in tears writing this feed! I feel like a failure, i cant believe ive got myself into this mess. Im going to be financially ruined and what if i cant get a remortgage in 2 years time - i will lose my house, does anyone else on here have an IVA? Im freaking out x

amyandjon

Hello maxine.... is there any chance you can take a payment break from your mortage does your mortage company offer that some people can have up to a year off i mean it may help i dont know what your mortgage is but it could reduce some of the debts.... what bout shuffling your credit cards to some more 0% if your loans are low enough to be covered on a 0% credit card do that maybe if you relly dont want to do an iva try some of these ive read that other people have done this theres always a light shining chin up x

TurnaroundSue

First of all welcome to the boards. Please stop worrying about your mortgage deal in 2 years' time. Alot can happen between now and then. No one would have predicated a credit crunch 2 years ago, so who knows what will happen between now and then? You are taking the right steps in trying to sort out your debt and it is amazing how far you can get once you put your mind to it. The good thing is that you and OH are in this together and facing it together - you are also not on your own now you have joined us motley crew.

So take a deep breath, and with all the support you will receive on here and from cccs there is only one way to go - up!

I agree with all the others in posting your full SOA here. I know you say that you have cut out all non-essentials, but the good people on here are great at picking the bones of an SOA and it is amazing what can be achieved. Like they say, 2 heads are greater than one.

Good luck - I will be following your journey with you.:beer:

RAS

maxineperry wrote: »

Im going to be financially ruined and what if i cant get a remortgage in 2 years time - i will lose my house.

Please. if you cannot re-mortgage, you will end up on your provider's standard variable rate. As long as they are not on LIBOR, you will be OK.

Although SVRs used to be bad, at the moment there are some fixes that are worse than SVRs.

Gangstabird

Your car cannot be taken as it doesn't belong to you to start with. It's not an asset.

Sorry I forgot to welcome and keep yer chin up as well

SerenaGoode

maxineperry wrote: »

Thanks people. Ive just contacted the cccs and they have suggested a IVA for us, so things must be bad. Im really scared now and im in tears writing this feed! I feel like a failure, i cant believe ive got myself into this mess. Im going to be financially ruined and what if i cant get a remortgage in 2 years time - i will lose my house, does anyone else on here have an IVA? Im freaking out x

Hi Maxine,

As another poster pointed out, you don't necessarily have to remortgage. If it is a repayment mortgage, there are actually advantages to staying on even if the SVR is a bit higher, as you pay off more capital as you go along, which is another kind of debt reduction.

I am in a quite similar position to you in terms of debt and have got very stressed at times. But bear in mind an IVA or DMP is not the end of the world - it forces you into a degree of austerity, but it allows you to keep paying the mortgage and stay where you are. And your income may improve over time so that you come out the other end in better condition - it may be best to bite the bullet now and go for something like this. But please try not to stress and panic, and I say that knowing how hard it is. The best thing you can do is take a deep breath and start dealing with the situation via CCCS. Altohugh reading the figures I did wonder if a DMP might not be an option for you.

Also, best not to borrow more off friends and family. If you go into an IVA or DMP they would only rank with other creditors and you may not be able to repay them as you would wish to.

Good luck - things get better after the first bit of panic, I hope. You won't be 'financially ruined'. But you may be financially reined in and forced to live off a lower income than you would ideally want to for a while.

SerenaGoode

maxineperry wrote: »

Hi there
Im thinking of an IVA but could my husband and I do a joint one or do they have to be done individually ( some of the debt is in joint names, others in sole names). Im also worried about getting another mortgage in 2 years time and losing our house, and my car is on contract lease, would that get repossessed as i need it for work?? I have so many questions that lead to more worry, i cant cope and i cant take anymore......

Oh, I think the IVA is an individual thing. There might be an argument for only one of you doing it, though that could be a difficult decision to face, and might just mean that the one who doesn't ends up pressured to spend on credit.

I hope your marriage is strong as these situations are the real tests. If you can face it together, you'll both be stronger for it.

isgman

Hi Maxin, Try CCCS www.cccs.co.uk they are very good at giving help and advice fro FREE.. Good Luck

Deep_In_Debt

Hi
If CCCS recommended an IVA, then it is probably the right way to go for you.

Please don't panic. It would be good for you to post up an SOA. I didn't think it would help me but the good people here managed to help me save nearly £100 per month which I didn't spot and it certainly helps to put towards my debts.

Sorry - where are my manners - forgot to say welcome.

Good luck.