DMP & Capital One

10past6

minisoph wrote: »

Our mortgage is with Northern Rock of all lenders too!

:eek: :eek: :mad: :mad: :mad:

Have you tried posting on the mortgage forum for advice? some members only keep to one forum

Gemmzie

So either taking a payment break or going interest only for a while may be an option?

I know it isn't ideal, but do you have any credit available on credit cards? It might be necessary to borrow to keep afloat but I'm not sure if this would negatively effect you should you end up going bankrupt. There are experts on that on the bankruptcy board.

How many hours do you work? I'm wondering if you might be entitled to Working Tax Credit.

minisoph

We are on a dmp. So no credit on cards. I work 40 hours a week, and can work another 20 hours overtime a week at the moment, but it still will not help us.
As for having mortgage with NR, i cant get out of it, we never knew when we took it out, the troubles they would have at a later date!

fatbelly

Gemmzie wrote: »

Then cancel any direct debits which aren't essential - pay your mortgage, council tax, water, TV license and utilities - cancel anything else for now. Then come back and we'll help you some more.

If things are really tight, remember water companies can't cut you off and elec/gas eventually install prepayment meters.

But if you're running a car, insurance and tax are also essential expenditure.

And forget bankruptcy for now. Your unsecured (non-priority debts) are not the problem. CCCS/Payplan/CAB can help you set up token offers to them.

If your parents have money to help you, then supporting the mortgage and/or the priority expenditure might be useful.

The government is introducing a mortgage rescue scheme in January but details are still scarce. All we really know is that the funding will be pathetic.