help brain about to explode

SNAPPER69_2

hi here goes i owe 50.000 ponds three creditors Lloyds tsb and nationwide story goes bought property in bulgaria august 2007 paid 20.000 deposit and agreed bulgarian mortage for 40.000december because of america bulgarian bank declines mortage panic sets in lose 20000 or try to raises funds borrow on the same day jan 46000 buys property work in sales nett basic 1100 and then earn commison and bonus everthing fine till media telling everbody stop spending loan opayments mounthly 1050 hard slog but managrd untill now havent defaulted yet but will soon need some advice been to citzens advice cant help till jan 9 been in toch with some copanies been advised debt managment way ahead beavuse i want to protect propert can affored 400 a month went to bank asked for help reduce payment over longer time only have 6 years lefton loans they said no so treid to refiance loans failed credit check funny passed in jan same credit rating got call with payplan tommorow been in touch with gregory pennington they semmend ok charge 15 percent need advice guys hows best to go with need to sort this cant sleep man its tough ps got vat return on my prperty in 5 months 0f 12000 pounds so that :T will gfo straight to ceditors any advice welcome thanks

taxi73

I don't know the answers.But I know Gregory Pennington or any other fee charging places are not the answer.
CAB or any of the charity ones above are your best bet.one of them also has an online assessment to save you waiting.The information will be above.
Sorry I don't know much about DMPs

TDQO

If you could re-write that in better english using proper punctuation and paragraphs it would certainly help, I can't make head nor tail of what you've written.

SNAPPER69_2

my apoliges im am dysleic spelling and writing very poor so sorry but not everbody is perfect

chunkytfg

SNAPPER69 wrote: »

hi here goes I owe 50.000 ponds to three creditors, Lloyds, tsb, and nationwide.

Story goes that I bought a property in Bulgaria in August 2007, paid a 20.000 deposit and agreed bulgarian mortage for 40.000. In December because of whats happening in America the Bulgarian bank declines(revokes possibly?) mortage, panic sets in and I'll lose 20,000 or try to raise funds.

I borrow on the same day which was back in jan. 46000 borrowed buys property work inc sales.

My net salary is 1100 and then earn commison and bonus' on top. Everthing fine till media starts telling everbody to stop spending. Loan payments monthly are 1050. It has been a hard slog but managed until now.

I have not defaulted yet but will soon. I need some advice, I've been to CAB but they cant help till jan 9, I've been in touch with some Debt Management companies and have been advised a dmp(debt management program) is the way ahead because I want to protect my property. I can afford 400 a month. I went to the bank and asked for help to reduce my payments by extending the loan over a longer term. I only have 6 years left on the loans. They said no, so I tried to refinance the loans and failed the credit check. Funny, passed it in jan with the same credit rating.

I got a call with payplan tommorow. I have been in touch with gregory pennington, they seemed ok but charge 15 percent. I need advice guys hows best to go about dealing with this? I need to sort this, cant sleep, man its tough ps got vat return on my prperty in 5 months of 12000 pounds so that :T will go straight to ceditors any advice welcome thanks

There you go i have edited it for you so it is easier to read for everyone else.

First things first. Ditch the idea of gregory Pennington as what they do is perfectly doable by yourself with the help of payplan who do exactly the same thing as gregory pennington without charging you for the pleasure.

Secondly you need to post up a statement of affairs which allows us to delve into the world of your spending allowing us to help you save money where you can. Use this link ... http://www.makesenseofcards.com/soacalc.html to get to it.

Thirdly dont worry! There are literally thousands of us in either the same position or have been in the past. Trust me you have come to the right place.

Fourthly, Welcome to the board. No matter what your troubles you will find we are all a freindly bunch who collectivly support each other thorugh the highs and lows of trying to get out of debt.

chevalier

so to summarise
You have a property in Bulgaria, which because of the credit crunch, you had to pay our more in interest than you were expecting.

Your basic pay isn't very high, but commission bumped it up. BUT the credit crunch has affected the commision

You basic repayments are £1050 which is basically your entire basic income, which leaves nothing for food, utilities, council tax etc.

Therefore you have been struggling and have decided to go on a DMP. Is this about right

Ok well the first thing is that Payplan,CCCS are free companies that will run a DMP for you for nothing. So if you have £400 to pay your creditors then £400 goes to your creditors, so you pay the DMP off quicker. If you go with a fee taking company, then this is not the case, and you debt takes longer to pay back

If you go to the CCCS website they have a online form you can fill in and it will tell you what course is best for you.

I would also suggest that you post a Statement of Affairs on here, to see if there are ways you can make your money work harder for you.

Good luck
chev