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Urgent Help required!

SkippyB
Posts: 99 Forumite
All,
If anyone can help I would be very grateful...my other half has just had his lightbulb moment and because I have been debt free for quite a while, im not sure how to help......he wouldnt listen to me and kept very quiet about just how much he owes...I took him to a mortgage advisor today which shocked him into starting to deal with things....
I need to know if it is possible to cut interest rates on his mortgage which he is currently at nearly £910 per month for a mortgage of £98,000 and an unsecured loan of £20,000......I think the interest rate is around 6.99%...is with Northern Rock...Are they susceptible to calling and explaining to them that he is struggling and needs help....or is it try another route? (he is in arrears so remortgage or moving companies is not an option)
He has a personal loan of £298 per month which is due to finish in 8 months.....again is it worth asking them to cut the rate explaining the situation?
He also has 2 other loans totalling £180 per month as well!
His income is £1300 per month so as you can see..this is him wiped out for the month...with more going out than coming in.
Although I could pay off one of these debts for him..he has refused this as he states that I have worked hard to get debt free and thinks that he wouldnt learn to budget or the value of money if I keep bailing him out!
I am covering everything else for him at the moment but not sure how to cut these loans and debts...now that he will finally accept help!
Advice required please!!!
If anyone can help I would be very grateful...my other half has just had his lightbulb moment and because I have been debt free for quite a while, im not sure how to help......he wouldnt listen to me and kept very quiet about just how much he owes...I took him to a mortgage advisor today which shocked him into starting to deal with things....
I need to know if it is possible to cut interest rates on his mortgage which he is currently at nearly £910 per month for a mortgage of £98,000 and an unsecured loan of £20,000......I think the interest rate is around 6.99%...is with Northern Rock...Are they susceptible to calling and explaining to them that he is struggling and needs help....or is it try another route? (he is in arrears so remortgage or moving companies is not an option)
He has a personal loan of £298 per month which is due to finish in 8 months.....again is it worth asking them to cut the rate explaining the situation?
He also has 2 other loans totalling £180 per month as well!
His income is £1300 per month so as you can see..this is him wiped out for the month...with more going out than coming in.
Although I could pay off one of these debts for him..he has refused this as he states that I have worked hard to get debt free and thinks that he wouldnt learn to budget or the value of money if I keep bailing him out!
I am covering everything else for him at the moment but not sure how to cut these loans and debts...now that he will finally accept help!
Advice required please!!!
Happy to be Debt Free!!!
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Comments
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Hi there
The interest on the mortgage seems pretty high! Is he tied in for any period? I was talking to Nationwide the other day and I'm sure they quoted around 4.59%..ish (don't quote me) for a fixed rate for a couple of years.
I'm sure others (more knowledgeable than me) will be along shortly and I suspect that they will ask for a SOA for your OH in order to suggest ways to save money/cut back etc.
Good Luck with it all
xOwned by [STRIKE]4[/STRIKE] 4 cats: 2 x Maine coon cross males, 1 x Pixie Bob male and[STRIKE] 2[/STRIKE] 1 x Norwegian Forest male....cute!
R.I.P Darling Jackson 11/7/09 - 15/1/10
Miss u sweetie...0 -
definately appraoch northern rock, im with them and when we got into a mess they have been fab! cant guarentee they will be for him too but they can only say either we will help or no we wont.:EasterBun ...what more do I need to say?!
its all in the name of medical science.0 -
Update!!
Finally contacted the creditors today and couldnt believe what they had to say.........RBS stated that they had passed loan to debt collection company in 2004! But they never contacted him...he explained the situation and they told him that £400 worth of charges were added that werent his and they removed them......bargain....but then 2 hrs later they called back to say that due to a lump payment made 6 months ago...they were closing the account and putting it in writing....told him to cancel the DD as account is now settled!!! WOW! Apparently...when the lumps sum was paid they should have recalculated interest and they didnt which means he may even get some back!
He had already contacted CCCS and they have made arrangements to contact him back to see what they can do.....
This evening the phone rang and another creditor on the line...told them that he was considering an IVA and they immediately suspended the account and held interest......
When he spoke to Northern Rock, they immediately knocked £200 of mortgage!
He has Saved £600 per month with 3 phone calls......is it me or does the name CCCS strike fear into companies??
Thanks for everyones help on this site...he reckons me joining is the best thing we've ever done....he is now an MSE fan!!!
:THappy to be Debt Free!!!0 -
:hello:
Good for you SkippyB - and well done to your OH for wanting to get himself out of debt and learn from it! Keep us all updated, I bet you've given hope to others.It's better to light a candle than to curse the darkness.
:idea:
Lightbulb moment - January 2005.
Thanks MSE.0 -
WOW!!!
Great work, its hard facing up to the reality of debt, but wonderful for you to give him the support, and wat a buzz to get some quick results... the reality may still be hard to face, but he can see that it can be attacked...
Keep us posted!MFiT-T2 no 66. To clear £61000 mortgage by 10 Dec 2012new balance 5/11/12 £18000Not going to make target but still delightedBig debt £24500 Lightbulb moment Aug 04 :eek:All paid off 20.12.06 - YEEESSSS!!!!!!:j0 -
Another update!
OH has finally had the guts to go through bank statement and has found that he has been paying double direct debits for almost 3 years!! The company involved have now sent cheque for £400 with no arguing! Also sold car making another £500!
Has also spoken to CCCS who gave him advice and also a budget which he plans to stick to like glue. CCCS have said he cannot have an IVA as he doesnt have enough debt which I think is a good sign......
One of the companies has called in DCA and when he contacted them to let them know how much he was willing to pay..they laughed and told him that they were going to get the debt secured on the house! It's for £1000!! He laughed back and using some of the info on this site advised them that they wouldnt get it and again offered a payment plan...they laughed and said they'd get the bailiffs in and we'd be left penniless and homeless......He was really shocked by their attitude and said if it hadnt been for this site he would have paid up to stop the threats!
He recorded the calls and will be taking them to court with him so that they can hear how he was threatened!!
Well that's it on the saga for now...will keep you all updated!
Again thanks to everyone for their support!
:THappy to be Debt Free!!!0 -
Hi SkippyB,
That's fantastic news - I'm so pleased for you both.
Keep us up-to-date and I hope he's buying you a (cheap) treat for Valentine's Day with (a small part) of his £900!
Oh, and get him to post too - or is he shy?
scottishspendaholic xMBNA = £4,000 / Next = £925 (approx. tbc on 19/8)
Tesco = £2,910.11 / Smile overdraft = £500
Bank of Scotland = £2,782.830 -
you must be so relieved! good to hear a success story!
really really pleased for you both!:happyhear0 -
SkippyB wrote:He recorded the calls and will be taking them to court with him so that they can hear how he was threatened!!
Did your OH let the caller know that he was recording their conversation? If he didn’t, then the tape recording would not be admissible in court.
BTW congrats to you nd your partner for taking steps in sorting things out :T0 -
Oh that all sounds fab! Well done! So pleased for you.:cool: DFW Nerd Club member 023...DFD 9.2.2007 :cool::heartpuls married 21 6 08 :A Angel babies' birth dates 3.10.08 * 4.3.11 * 11.11.11 * 17.3.12 * 2.7.12 :heart2: My live baby's birth date 22 7 09 :heart2: I'm due another baby at the end of July 2014! :j
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