A terrified newbie, can I ask for some help please

Jacks_xxx

scooby2do wrote: »

tinkerbelltoo wrote: »

Statement of Affairs and Personal Balance Sheet

Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 1500
Total Assets............................ 165500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(787)......0
Total secured debts........... 80000.....-.........-

_____________________________________________________________

Apologies if I've not read all of the facts correctly but I see no reason for you to go through the CCCS etc., you have an 80k Mortgage on a property worth 160k and your joint income is good, so why not consolidate all your debts into your mortgage (speak to a mortgage advisor or your existing lender), if you are paying 787 on 80000 then this would increase to about 985 pcm (assuming rate is as per your existing mortgage), job done! Then put away extra in a high interest account to pay more off of your Mortgage as and when.

IMPORTANT: Just ensure you don't forget how you are feeling right now - so DON'T get back into the same situation, you still owe that money so continue to push hard to clear that Mortgage - or am I missing something here !?

Two things actually.

1. In the current mortgage situation many many people are unable to get a mortgage or re-mortgage because the lenders just aren't lending.
2. All the debt advisors from Martin to the CAB to the CCCS and Payplan would advise against turning unsecured debts into debts secured on your property because you risk losing your home.

Love Jacks xxx

fatbelly

Jacks_xxx wrote: »

scooby2do wrote: »

Two things actually.

1. In the current mortgage situation many many people are unable to get a mortgage or re-mortgage because the lenders just aren't lending.
2. All the debt advisors from Martin to the CAB to the CCCS and Payplan would advise against turning unsecured debts into debts secured on your property because you risk losing your home.

Love Jacks xxx

And

3. Should you need help from Income Support to make payments towards your mortgage they will not pay for debt consolidation.

isgman

Welcome, Please do give CCCS (www.ccs.co.uk) a call, they are very helpful and will give you some great advice Free...
Good luck

scooby2do

An option is to talk to a mortgage advisor, I'm not an FA this is just my opinion!

If you were a business and ran into financial trouble you'd release some capital from assets wouldn't you? This is what I'd do, and I had a debt management plan with the CCCS many years ago, and yes they are great, but it should be a last resort in my opinion!

It all depends on what your FA thinks, may not be viable but worth a look in my view.

tealady

Hi I would seriously speak to CAB, CCCS or payplan to help you negotiate with your creditors.
Re your son can he not advertise for odd jobs?
Check the house for anything you can carboot, Amazon, Green Metropolis or ebay.
Hop over to the Old style board for help with menu planning.
Oh and keep your chin up, as Martin says he has never seen a debt problem that can't be solved.

Jacks_xxx

scooby2do wrote: »

An option is to talk to a mortgage advisor, I'm not an FA this is just my opinion!

If you were a business and ran into financial trouble you'd release some capital from assets wouldn't you? This is what I'd do, and I had a debt management plan with the CCCS many years ago, and yes they are great, but it should be a last resort in my opinion!

It all depends on what your FA thinks, may not be viable but worth a look in my view.

All options are worthg exploring honey - of course - but I think with mortgage arrears already a new mortgage at a decent rate is an unlikely option.

I work p/t for a mortgage advisor and I'm considering taking my CeMAP exams and recently we've seen people with 100k to put down and a credit score of 995 struggling to find a suitable deal.

Love Jacks xxx