Please Help - Running out of time!

medologyrich

Hello I am a newbie here, and I need some advice asap. PLEASE.
I have tried getting help from citz adviice but when I have been there the door is locked and they are only seeing 9 people a day?! The debt lines are always busy and I need some advice as everyone I have managed to speak to advises diferent things. I am running out of time as Direct Debits are looming!

Anyway here is my situation.

1. Home owner - mortgage of £163,000 property worth £205,000 (mmm)
2. Big unsecured debts, £30,000 - various cred cards and loans etc
3. Recently made unemployed so no income apart from Job Seekers for me and partner.
4. I have a long term partner and we have just had a baby girl.
5. I have not missed any payments as yet on ANY of my cards or mortgage or bills.

Although I appear to have a lot of equity I dont think I could sell my property
for more than £190,000 but then who knows!

My Questions are

1. What do I do with all the payments that are due to come out of my bank at the end of this month? Shall I cancel the DD's or should I phone everyone
up and tell them I cant pay?

2. Will my mortgage company forclose on me if they recieve the forms from the jobcentre. (they have to fill forms in so that the Job Centre pays the interest only on the mortgage) Should I ask for a payment break until the government help kicks in after 13 weeks? (I have had mortgage for 2 years and never missed a payment.)

3. What do I need to do to keep my house and reduce the debt? Is IVA possible without a current job or income?

4. If made bankrupt will they take the house even if its a family home with a baby? The mortgage is in my name only, I was told this may affect my chances of keeping the house, my partner has always helped pay the mortgage?

Any help would be great as I am pulling my hair out!

Thanks Rich

RAS

hi

Cancel the DDs apart from the mortgage, secured debt, council tax and utilities.

Norfolk_Jim

First of all, calm down. I appreciate this is frightening but there is a lot of helpful advice available here. These boards have never been so busy so watch out your post does not drop too many pages down the list.
Knowledgeable people will soon give you some advice that will help I'm sure. Banktruptcy is quite some way off yet, if ever. Unsecured debts are exactly that - UNsecured - so they cant banktrupt you. Those that can, you will deal with using help from this board, so while its not easy, try not to go pulling your hair out.

medologyrich

Thanks RAS.

What will hapen if I cancel the DD's?

Thanks Rich

medologyrich

Thanks I will try to chill its just been a problem for ages now and I cant cope.

Norfolk_Jim

You need to be calm and collected. The people here will help you make a plan. I've never failed to get the advice I needed on here so far. Its just busy at the moment. The first thing people will ask for is a SOA. Have a look at some of the other posts to get an idea what should be included. Be prepared for some straight talk about your finances but its better for you to be the dog than the tail in all of this.

beanielou

Try not to panic & keep trying CAB.
Look forward to seeing your SOA.

RAS

Is your partner employed

Check your rights to any council tax benefits, working tax credits, child tax credits urgently. You might find www.entitledto.com useful. you need to make revised appplications.

Consider doing a debt remedy on-line with CCCS, so they have your information at hand when you call.

Do you have PPI on any loans or cards?

Can you get a payment break on the mortgage?

natsplatnat

Hi! Just wanted to keep this at the top of the board - so loads of lovely peeps can see it.

Best of luck!

medologyrich

Whats likely to happen if I dont pay the minimum payments on the cards and unsecured bank loans? Will my house be reposessed? will they make me bankrupt?

cat_lady_4

No they cannot repossess your house, as they are not secured loans. I know it must be horrible, try not to panic as you can lots of advice here. If you post an SOA lots of suggestions can be made. take care.