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stressed and panicking
cuchie
Posts: 4 Newbie
Can anyone offer advice please. Through losing my job over the past 3years I have re-mortgaged my house to finance living costs. In addition I have run up credit card/loans. My debt stands at £60k. My credit rating is bad as I have missed two mortgage payments and therefore cannot take a further advance. I have two properties with equity of £100k in each one. I do not want to enter into an IVA or go into Bankruptcy can anyone please suggest what I can do as the middle of the night panics and the depression are getting to me.
I have spoken to a couple of the c/c companies and they have allowed me to make smaller payments over the next 3 months and the mortgage company is adding on the arrears to the existing payment over the next 6 months and that helps a bit but I can't see the wood for the trees.
Can anyone help please
Thank you
I have spoken to a couple of the c/c companies and they have allowed me to make smaller payments over the next 3 months and the mortgage company is adding on the arrears to the existing payment over the next 6 months and that helps a bit but I can't see the wood for the trees.
Can anyone help please
Thank you
0
Comments
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I didn't want to read and run but I don't have knowledge of mortgages.
Hopefully someone will be along soon with some advice for you.
In the meantime, take a deep breath, look around this site and know that you have plenty of support and information here.
Wishing you well and sending hugs X"I see no point in money, except to buy off anxiety.
I don't want to be rich. I want to be unanxious"
Sir John Betjeman
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Im not sure if Ive understood this correctly, but it sounds like youre saying that you have two properties giving a total equity of £200,000. If thats right, Im guessing you live in one, and rent the other, or something equivalent. May sound obvious, but couldnt you sell one of the houses, pay off your £60k debt, and pocket the £40k as a rainy day fund?
That seems like to much of an obivous answer though, considering the panic you appear to be in, so I fear I could have misunderstood!!!! 0 -
im crap at advice when it comes to this sort of thing, will let the more experienced guys talk to you
have you thought about offloading a property? done a SOA (statement of affairs) at www.makesenseofcards.com ?
be cool cuchie Mr & Mrs Doomcow Wedding Fund: £10200/£18000 (by 04/2012) (spent £2000)
meiow meiow purr meep merp purr urble purrup
requires further financing0 -
If you're 60K in debt, and have equity of £100K in a house, surely it would make sense to sell that house, and use the equity to pay off the debt?0
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