I need advice please.

mr_&_mrs_2

Hi ya .... just to make you feel better...these people dont know me but they know every single thought that goes through my head and all the twist and turns im having....This site is my saviour at the moment!

Thank yooooo to each and every one of yoooooooooooooo

philnicandamy

Isitpossible wrote: »

Hi Bethankim,
Thank you for your thoughts. It feels a bit like going to the dentists as you keep putting it off & hoping the pain will go away.
But I will be taking advice from the debt agency & hope this nightmare can be resolved.
Thank you again.

With a little bit of professional debt help & our support and wisdom this nightmare can & will turn into sweet dreams
(hmm your right about the dentist....although bankruptcy is cheaper!)

......:eek: god I need to stop sounding too deep!:rotfl:

Isitpossible_2

Hi, just an update-
Me & my wife have got an appointment at the CAB-in someways even that 1st contact seems a bit of a relief- the meeting is in 4 weeks time, could anyone tell me if that is a usual amount of time to wait please?
Also, seeing I now have negative equity if I go BR would the OR still get us to leave our house or do they wait till the market picks up then kick us out?
I'm sorry to ask, but I have so many questions rattling around in my head.

LilyBart

Hi,
Don't know about the house (you'll probably have noticed the other threads about ORs and mortgages) but CAB and the other advice agencies are swamped at the moment so a 4 week wait doesn't seem too incredible. In the meantime, it might be a good idea to call National Debtline and CCCS too. I found it very helpful to get as much advice as possible. It's kind of horrid going through it all in depth, but at the same time it's a huge relief to start addressing the problems.

Isitpossible_2

Just a quick update- Me & my wife have had a meeting at the CAB & they suggested we just stop paying c/cards payments immediately !! That worried me. I have since contacted my mortgage lender & I have a repayment reduction to £645 a month for the next 2 months, then advised me to revert to an interest only payment of £1,200 a month for 6-12 months. They seemed warn me off from the new government backed homeowner mortgage support scheme. Does anyone know why?

Dibs88

Hi Isitpossible,

In answer to your question about government scheme, sorry I cant help on that one, but Im sure someone can assist with that and be along soon. Regarding to stopping the payments to the creditors, this to was advised by CAB to me, and this is what I exactly did, back in Jan this year, and just concentrate on your priority debts, mortgage the household bills etc. I was worried in stopping the payments, as never faulted in previous payments, so sent out a IE form explaining my situation to the creditors. They do come at you quite hard at first wantning the money, Nationwide, being the pick of the bunch for me, Virgin have been great, Lloyds TSB seem to be not bothered at all, but hang in there and stand firm, they will try and threat you with everything. You have got the hardest bit out of the way, and tackling the situation. You are not on your own, I thought that once, but with the guys and girls on here, you WILL get through it...

Dibs

Isitpossible_2

Dibbs 88
I have just picked up your reply, thank you. (can't get on this site that often as my 16 year old child is going through exams & I am trying to keep it from him till we know which way to go with this).
I am sorry to hear that you had been to see the CAB, it is worrying to say the least, isn't it?
Without prying, could you tell roughly what happend after you stopped your repayments to the c/c companies?
Does your mortgage lender 'get wind' of what is going on?
Did your bank come after you?
I am sorry to ask these questions (I have a thousand more if you are interested!! ) but I still aren't 100% what way to turn.
Regards
Isitpossible.

Isitpossible_2

Sorry dibs88 - too many b's !

So_Sad_Angel

Hi Isitpossible

If you stop paying creditors they usually send letters ....just to say `have you forgotton to pay?`, `late payment` etc but nothing will happen for a few months.

I sent the £1 payment letter that Cab supplied to at least pay something until I could work out what I should do next. There is a copy in the link below as well as info on what steps to take next.

http://www.ned-cab.org.uk/debtselfhelp/index.asp

If you are remaining in the house then the mtge & any secured borrowings will be outside the BR but you will have to show that these are affordable after BR. If that is the case then only unsecured debt will fall into your bankruptcy.

I hope that helps

Angiexx

Isitpossible_2

So Sad Angel,
Thank you for your time to read & send me that link.
I'm sorry, but, are you saying it is possible to go BR on the c/cards, but still keep my house by paying my mortgage?
Regards,
Isitpossible.