Had Enough

poohwithmoney

Hey,

Been on the site for ages and beed juggling my debt for years now i'm fed up and don't know what else to do I owe £55.000 and it never seems to go down and as of this month i will have £0 to live on everything is a nightmare and creditors do not seem to want to help.

My story
I brought a flat 3 years ago took out a Nothern Rock togeather mortgage so all my debt technically was clear and i just had my mortgage to pay. Me being stupid started using the credit cards so ended up taking out a secured loan on the flat. This was all fine, as my then boyfriend was helping out. We then decided to buy a house togeather, rent the flat out and live happily ever after. 6 months later and again using my credit cards to do the house up we split - i ended up with the credit card debt (stupidly it was all in my name). I moved back to my parents as i wouldn't be able to afford the mortgage, loan and credit cards on my own. Now my tenent has moved out: i'm advertising the flat to rent out again but so far no viewings and i am struggling.

I earn £1736 PM

Outgoings

• Mortgage £626 (Northern Rock won't give me a break)
• Mum & Dad £80 ( i have to pay towards food etc)
• Mobile Phone £11
• Travel £115

Leaves 904

Debt

• Picture Finance £30,000 - £377pm - asked if i could have a hoiliday or pay less they refused - i still have 23 years to go :mad:
• Virgin Credit Card £5300 - £50pm (They have stopped my interest and set this payment)
• MBNA Credit Card £3800 - £40pm (They have stopped my interest and set this payment
• Egg Credit Card £3300 - £75pm (won't help me)
• Mint Credit Card £2600 -£75pm (won't help me)
• M&S Credit Card £4700 -£150pm (won't help me)
• Next Directory £900 - £80pm ( asked if i could pay less point blank refused and said if i tried they'd take me to court).
• OD Lloyds TSB £3700 - £42pm interest (spoken to my bank manager and he won't drop the rate either)

Total Out £889

Leaves £15PM
I also have to pay £65 pm maintance fee on my flat which i've told them they'll have to wait on.

I haven't used my credit cards in ages they are all cut up and i've been trying to pay them off but with the interest they just aren't going down( i have managed to off £7000)

The flat is in negative equity so nothing i can do there, even if i did sell it i'm not sure about the secured loan part - picture said if i sold i'd have to pay the whole amount of the outstanding loan back unless they will accept jelly beans this won't happen.
I mentioned to the creditors who won't help i'd look at doing an IVA but they said they wouldn't accept even if i go down this route.

I've spoken to my ex as the house is still half mine he refuses to sell and even though we have made money on the house (it was a shack when we brought it) he won't remortgage yet until our deal is up in September. he refuses to help out with the joint debt saying i'll get a lump sum of money when he decides to sell the house.

I really do not know where to turn - i'm 30 this year and don't want to start my 30's the same way as i'm ending my 20's. I think maybe i should just go bancrupt lose everything and then start again.

Sorry to rant but feel so so much better getting this all down in writting. Would love to hear from anyone who's been in this situation and escaped.

xx:o

10past6

Have you requested any CCAs for your CC / loan accounts?

As regards the maintance fee on your flat, this should be classed as a priority debt, it you fall into arrears with it, it could breach the lease on the property.

Tixy

Hi

Sorry to hear you story. Hopefully someone will more expertise will be here to give you advice soon.

I think you need to speak to one of the debt advice charities about the possibility of going on a debt management plan. There is a sticky post on the top of DFW main page with the details. CCCS or payplan are most often used.

Is the house with your ex in you name as well as his? If so you are entitled to the equity in that house. I would think you can either force him to buy you out or force him to sell if he can't do that. Someone will hopefully know better than me.
If you did decide to go bankrupt they would go after this equity any way and he could be forced to sell at that point.

Good luck with finding a tenant soon.

poohwithmoney

Thanks - Sorry waha are CCA's x

Numpty_Monkey

I think a call to one of Non-profit Debt Counsellors' List will help

Nargleblast

Here here! Make that call now, you'll be glad you did. There is bound to be a solution somewhere to your situation, don't despair. We're all with you on this.

angelpye

Hi, like Tixy says, look into selling hte house anyway. Your ex does not have all the power and why should you struggle when you have potential cash to sort some of this out and make it more manageable. I would tell him he either buys you out now and pays half the debt (used for doing house up) or you will take him to court and he will have to pay solicitor/court fees. Also I would remind him if you have to default and you are financially associated then this could impact on the chances of a good deal for him. Gosh, I know that seems nasty but sometimes you gotta just look out for number one - I am sure he is! "Wait for a lump sum - when I feel like selling- whilst you accrue interest and struggle" isn't friendly at all!
I am not an expert (they will bw along) - purely the sort of lines I think my pride would carry me on. Don't let anyone do you down!

You might find this useful - its free www.rightsofwomen.org.uk 02072516577

RAS

Hi

You need to speak to a debt counsellor urgently - http://www.moneysavingexpert.com/loans/debt-help-plan#help

You must pay the maintenance chage on the flat, even if it means that you do not pay one of the unsecured creditors this month.

Then get a solicitor's appointment and learn what if any rights you have re the house. Is it tenants in common?

poohwithmoney

Thank you all so much - called the National Debt Helpline and they they are going to gove me a call back tomorrow when i'm not at work to go through everything. xx

lxpeanut

I'd also contact citizens advice and find out what your rights are re the house. Whether you can make him sell or buy your share.

Tixy

Hi
I've just seen this website - it might give you some advice on your rights regarding the house.
advicenow.org.uk/livingtogether
In the breaking up section there are some leaflets which may be useful (I haven't read them in full though)

Tixy