New to MSE: Help required from debts

Lula-Hula

Hi,

I was going to say everything RAS has already, so the fact that so far 2 people can immediately see where you can help yourself should be food for thought,
Best wishes

coldasfire

Thanks for the advise RAS. For the gas and electric, I had spread my payments and paying a fixed monthly payment. My current rate for gas is 2286kWh at 3.110 p each and 14002.97 at 2.210p @ discounted rate . Currently paying them 88 pounds but thanks, i will call them up and ask them to give me a quaterly bill if thats the best way forward.

For electricity it is 728 units @ 13.30p each with discounted rate on 875 units @ 8.83p each. I am for my energy both gas and electric with Southern electric. Do you think I need to change my existing supplier.

For my cell phones, I will definately find out from my suppliers first thing tomorrow if they could reduced my package.

Thanks once again and please keep sending me your suggestions as I think they might get me out of this mess

One more thing is I owe my family some money which was not captured in the SoA which is £375/month. This is going on for some time and will be over by march 2009. Thats one of the things why I have to go in debt each month

Ossireo

I tend to agree, there are a wealth of benefits available for the elderly. I use to work for The Pension Service and nothing use to upset me more then people not claiming what they are entitled to. Whereas there may not be as much available to them as they are living with you there still may be monies they can claim to top up their pension.

As for not asking them to contribute, I am sure they would rather you explain the situation and them help if they can, then it spiralling out of hand leading to all sorts of future problems

All of RAS advice on your SOA is spot on. If you really want to tackle the situation then some serious sacrifices have to be made. However when you get on whatever route you take to sort out your debts its such a weight lifted, it makes it all worth it.

:A

coldasfire

I have once again corrected my Statement of Affairs. Appologies for not having it right the first time as I am new.

coldasfire

Thanks for all of you who are making various suggestions. The issue is my OD is about to be on the level. My outgoing each month is more than my incoming. Having 3 kids and parents + wife (who is now on maternity leave ) does not give me enough bandwidth but I will try to squeeze as much as possible. Still i don't think its going to be enough for the monthly outgoing

Ossireo

coldasfire wrote: »

Thanks for all of you who are making various suggestions. The issue is my OD is about to be on the level. My outgoing each month is more than my incoming. Having 3 kids and parents + wife (who is now on maternity leave ) does not give me enough bandwidth but I will try to squeeze as much as possible. Still i don't think its going to be enough for the monthly outgoing

I think we can all see that. We are just aware you have your parents there and as such making sure they are claiming all are entitled to so they can potentially help you out with some 'keep' which I am sure they would rather do then all suddenly be in a very sticky situation.

Is there a particular reason they are not helping towards food or the such?

coldasfire

My parent don't have any savings unfortunately to help me with.

Keeping_Motivated

I don't think people mean savings from your parents, we mean they must ahve 'some' income and the thing is if they lived on their own they would have to buy food, elec, gas etc So can they pay the pay you rent?

Ossireo

As KM mentioned we are not referring to savings to 'help' you, its more providing you with some weekly housekeeping to go towards the bills and food that you are providing them with

As a couple their income should be at least £189.35 a week. If they have none of their own housing costs to pay then they should have some of that spare to give you an amount per week as a household contribution. This on its own would be a huge help to cover some of your essentials.

coldasfire

Thanks very much for your reply.
I have discussed with my parents and they told me that the reason why they never worked in UK for significant time and they thought that they can't get the grant. My father is 76 years old and mom is 63 years old. Where can I get the information for their eligibility for this? I will appreciate if some one can forward me this info as I realized its going to help us as a family more

The reason for my condition was my interest rate fixed period with my mortgage provider was finished and got increased from 4.99% to 7.52%:eek:. At the same time my credit card 0% rate was finished and got sky high interest rates:eek:.

We used our savings in renovation of our house thinking that as soon as we do our re-mortgage, we will get the money back from our equity and will pay the balances and will be debt free but it never happened. I got a shock when the mortgage company send the surveyors for the survey and they undervalued our house by £20,000:mad:. The properties on my street similar to my house which are not refurbished are being advertised and sold for 215000 to 220000 (terraced) where as mine is a end terraced and we spend 25000 on our property and do the floor tilled, re fitted the upstairs bathroom and downstairs cloak room, re do the fixtures and fittings and still the valuation was 205000. I checked with the estate agents and they told me that the surveyor based his rating on the general properties sold in my area, for which unfortunately the last property was sold 2 years ago. On top of that my finances + credit card interest rate + personal loan bundled together and caused a complete fiasco of my balances . Experian have my credit rating as poor after having a lot of personal loans decisions denied. I used Money supermarket smart search and over there my credit rating was excellent. But when I went to the money lenders they denied my application one after one which caused me to have a bad credit ration. One more thing might be due to this fact that I have more outgoing than incoming!

If there is any one, who have been in the situation. I want them to help me out, I guess I need another attempt on my re-mortgage but when should I try it, I don’t know.

Also, if any of you think, there is a mortgage lender who might be able to give me 95% on my property value, that’s what I need. Any other thing which you guys might extract from this, do let me know.

Thanks once again to all of you and special thanks to Martin for creating this website to help people who are in a curtail situation like mine:T. My only ray of light is from this forum and only this forum. I am quite positive that you will direct me to the right direction.

Cheers