massive debts no money

bank_of_slate

simond503 wrote: »

dont think i am replying properly to correct people or thanking them which icon do you use

If you want to reply or answer a question in someone's post, look at the right hand side of their post next to the thanks button, click quote and type your reply in the box that pops up!
That way the original post will appear in the same box like this one
...Linda xx

simond503

bank_of_slate wrote: »

Good.
Don't let your bank try to push you into taking a secured loan to consolidate everything!

Do at least consult CCCS as other have suggested, they can give excellent advice and unlike the sharks that advertise on TV, they won't charge you.

Is your wife totally on board with sorting all this out?
...Linda xx

yes she is sat here next to me hoping it will all get sorted. she went back to work last month in order to help out as we have a young baby and a toddler her mum is helping with the chilcare

stebiz

simond503 wrote: »

they are all over the last 2-3 years interest free balance transfers loans were last year and one just last month

You do realise that if you want to keep your house it may mean getting a poor credit record. The reason I say this is that these payments are unrealistic on the income you bring in. Either the incomings go up quickly or the loan payments go down. You can't manage both. The interest alone is taking up a vast proportion of your wages - but I'm not telling you anything knew am I?

Stebiz

bank_of_slate

simond503 wrote: »

yes she is sat here next to me hoping it will all get sorted. she went back to work last month in order to help out as we have a young baby and a toddler her mum is helping with the chilcare

Excellent! Hi Mrs Simon! :wave:
You're in the right place!

If this is the first time the bank has imposed charges on your account for the debits, try contacting them, on the first occasion they will sometimes lift the charges.
...Linda xx

stebiz

To elaborate further you are able to contact the banks and tell them you can't afford the payments any more and offer them a token payment of £5 a month. They will issue defaults which would give you a bad credit record. You will also find in time the interest will be stopped in most cases. You may only then be left with loan outgoings of £50 a month or so but the implications are that your credit record will be dire. Not a worry unless you wanted to borrow more.

Stebiz

simond503

stebiz wrote: »

You do realise that if you want to keep your house it may mean getting a poor credit record. The reason I say this is that these payments are unrealistic on the income you bring in. Either the incomings go up quickly or the loan payments go down. You can't manage both. The interest alone is taking up a vast proportion of your wages - but I'm not telling you anything knew am I?

Stebiz

we dont mind that we just want to pay all the regular bills that you get with owning a house and running a home and be debt free if thats possible just feel failures and are shirking our responsibilities

simond503

bank_of_slate wrote: »

Excellent! Hi Mrs Simon! :wave:
You're in the right place!

If this is the first time the bank has imposed charges on your account for the debits, try contacting them, on the first occasion they will sometimes lift the charges.
...Linda xx

Hi nikki my wife tried that last week they were unhelpful as we have a 2000 overdraft that we are up to the limit of and our credit is the lowest they would not help they presenting the amount to the bank again this week

stebiz

simond503 wrote: »

we dont mind that we just want to pay all the regular bills that you get with owning a house and running a home and be debt free if thats possible just feel failures and are shirking our responsibilities

Hi Simon,

Just to explain a bit further. I'm not a debt counsellor or anything but somebody who found themselves in an exact position as you about 6-7 years ago. People were very kind and helped me so I'll tell you what I did. What you do is upto you.

I had about £45,000 worth of debt, 2 very young children and a house with a smallish mortgage on it. I didn't want to secure the finance so rang up all my creditors and said I can't afford the payments anymore. The first thing they all did was send an income and expenditure form to me.

Contd.................

simond503

stebiz wrote: »

To elaborate further you are able to contact the banks and tell them you can't afford the payments any more and offer them a token payment of £5 a month. They will issue defaults which would give you a bad credit record. You will also find in time the interest will be stopped in most cases. You may only then be left with loan outgoings of £50 a month or so but the implications are that your credit record will be dire. Not a worry unless you wanted to borrow more.

Stebiz[/QUOT

how do you go about that then

stebiz

I itemised everything I could. Kids clothes, food, petrol basically anything I could think of. It meant that my surplus income was only a couple of hundred pounds a month. I then added up my debts and offered them £x pro rota. So if I owed ABC bank £1,000 and DEF Bank £10,000 the latter would get 10 times more. Are you with me?