£50000 debt

Xbigman

How are you coping with paying all your commitments? And what are the APR's like? How you answer those two questions will have a dramatic effect on any advice offered.
Regards



X

Thefunkygibbons

Be brave, post as much detail as you can and we will see what can be advised

Are you treating the help to a family member as a write off?

gogsboy

colgatefootball wrote:

family member in trouble with some bad people i have bailed him out what else could i do!!!

I see, is it not worth declacring bankrupt or will they just take away everything you own if you were to do that.

I know a guy who was 50k in debt, he went daft on the old credit cards, he declared himself bankrupt and that was pretty much the end of it.

He had made some big purchases but they were not tied to him, ie he had withdrew cash and car V5's had already changed names....no flies there!

thetope

I don't think bankruptcy should be an option, the family income is good and repayment of the debt should be "doable" in a reasonable amout of time.

I've not got very much experience in this -without knowing all the facts imho a good option would be a re-mortgage with a lender that will allow overpayments, so you can pay the basic mortgage, but if you have any cash left over at the end of the month, also pay it into the mortgage to reduce the overall term, and hopefully within a few years you'll be back to normal.

android_2

borrowed £25000 loan and 3 credit cards totalling £25000 all in last 12 months paying £1000 back. family member now out of trouble but now im in trouble struggling to pay

exil

Think the consensus is - remortgage, A 50k loan might be 300-400 a month.

Try your present mortgage lender.

android_2

will they let me remortgage with only having a poor rating on my credit score now i have let my finances be affected

android_2

i am currently with the abbey

micheleen

I really think that posting a SOA, if you can, should be your next step. There's lots of people here (not necessarily me!) who could help you with more specific advice, and no prejudgement.

android_2

mortgage £550
loan £595
credit card £500