Helllppppppp!!

linzidavid

Hi Everyone,

To cut a long story short I am under a DMP with cccs for 46K. I got into a mess when I left my job in the forces and didn't find a new one for 4 months. I have a job now although the wages arent great and can meet my DMP payments OK. I have 3 months mortgage arrears (may be 4 if I dont find 600 quid by Fri) I really want a loan to pay off the arrears as I dont want to lose my house. This is starting to make me ill!! Nobody will lend me the money to clear the arrears due to now bad credit. Dont know what to do!

Any suggestions??????????????????

Useless_with_wonga

Hi,
In reality a new loan won't solve nor help anything even if you could find a lender it would be at highway robbery rates but i'm sure deep down you already know that. Securing more credit will only worsen your situation.
I have a similar amount of debt as yourself but fortunatley no arrears on my mortgage.
I had personally thought about moving into rented and using any equity to pay toward my debt but i think due to the current situation with house prices i'll hang on for a bit.
Can your mortgage company help with reduced payment/part payment/payment holiday/interest only payments? Can you tag your arrears onto your mortgage so they are divided over the amount of remaining payments? Can CCCS reduce the cost of your DMP?
I suppose if you are struggling to pay every month you may be better off renting provided the rent is cheaper than you currently pay on the mortgage.
Don't really know what to advise for the best just the immediate thoughts that came into my head.
I'm sure someone wiser will be along shortly:o

GeorgeUK

Not sure if you will be able to ask for a payment holiday if in arrears, but possibly worth a try - are you on interest only? I would contact the bank to try to arrange some kind of repayment plan. Contact CCCS and ask what your possible options are. If you can afford the DMP and your mortgatge now and just need a little time to get it straight, they may be able to accommodate you.

linzidavid

Thanks guys,

Apparently they can add the arrears to the end of the mortgage but only after 3 consecutive payments (Aug - Oct) they have increased the monthly payment slightly so I am on an official pay back plan and no legal action will take place. They have been great actually! I just need to get 600 quid to make sure i dont miss Aug payment or they may not be so accommodating!

Useless_with_wonga

Maybe get selling some surplus stuff on E bay????? Overtime???? Guvvy Job??? defo no more credit though that would be a bad, bad move.

delboypass

so what you spending the wage on??

Surely when you left the forces, they gave you an ex-gratia payment on leaving?

Are you going to post an SOA?

linzidavid

Dont get anything for leaving after 11 years

Whats an SOA?

GeorgeUK

SOA = statement of affairs. List of income, expenditure and debts.
http://www.makesenseofcards.com/soacalc.html

tyllwyd

I didn't think you were allowed to take on new credit once you were in a DMP, so is a loan even an option? I think you need to speak to CCCS, because although you say you can pay your DMP payments, if you can't pay the DMP and your mortgage, then obviously you don't have enough money to survive (or it is getting spent elsewhere?)

RichOneday_2

The original question was how to get £600 by the end of August. That looks like a near impossibilty without making a bad situation worse.

The only potential way of borrowing money cheaply for you would be if you had an insurance/investment policy with a decent surrender value. You can usually borrow up to 90% of the surrender value at very low rates with the capital coming off the proceeds at the end. Although, if you had such a policy it would already be there for a purpose and reducing the eventual proceeds may not be desirable. But could be an option in your circumstances.

Other than that just concentrate your efforts on more negotiations with your lender, they really don't want to repossess your house. They want to keep your mortgage in their balance sheet as an asset at full value and todo that they just have to reasonably convinced that they will get their money in the long term.

savingholmes

Useless_with_wonga wrote: »

Maybe get selling some surplus stuff on E bay????? Overtime???? Guvvy Job??? defo no more credit though that would be a bad, bad move.

Try the £10 a day challenge for more ideas....