Losing motivation

nabowla

Sounds to me like you need to make an appointment with Northern Rock, take your Equifax report in with you and ask for some more information. Don't be aggressive or ask them to reconsider your mortgage request (yet!). Just say that you manage your finances very carefully these days and are keen to identify the outstanding debt so that you can resolve the situation with the creditor straight away. Tell them that you went to Equifax but haven't been able to find any trace of the debt that Northern Rock mentioned. Ask Northern Rock if they can either tell you what the debt was (amount, creditor, address at which the debt is registered) or, if not, can they tell you which agency they used for your credit report (there's more than one). Remember, you are using this appointment to impress Northern Rock with your willingness to manage your finances sensibly, not to ask them to reconsider their decision.

Then, once you've got a bit more information, come back here and we can either think of ways to prove that the debt isn't/wasn't yours (if it isn't) or ways to pay it off so that you can get back on your feet. Once the situation's sorted you'll be able to go back to Northern Rock to ask them to reconsider, based on your current circumstances and the fact that you've managed your finances v. sensibly.

researcher

Hi there,

reading this thread took me back to my days of flat sharing and how hard it was financially. Ultimately, what worked for me was earning extra income - for 9 months I worked 3 nights a week and sunday mornings in a music pub. I'm not suggesting you do the same, but have you looked at ways that you could increase the amount that comes into the pot? You look as though there's not much saving to be had so it might be the solution to your problems.
Good luck - you'll get there.

benedictadams

nabowla wrote:

Sounds to me like you need to make an appointment with Northern Rock, take your Equifax report in with you and ask for some more information. Don't be aggressive or ask them to reconsider your mortgage request (yet!). Just say that you manage your finances very carefully these days and are keen to identify the outstanding debt so that you can resolve the situation with the creditor straight away. Tell them that you went to Equifax but haven't been able to find any trace of the debt that Northern Rock mentioned. Ask Northern Rock if they can either tell you what the debt was (amount, creditor, address at which the debt is registered) or, if not, can they tell you which agency they used for your credit report (there's more than one). Remember, you are using this appointment to impress Northern Rock with your willingness to manage your finances sensibly, not to ask them to reconsider their decision.

Then, once you've got a bit more information, come back here and we can either think of ways to prove that the debt isn't/wasn't yours (if it isn't) or ways to pay it off so that you can get back on your feet. Once the situation's sorted you'll be able to go back to Northern Rock to ask them to reconsider, based on your current circumstances and the fact that you've managed your finances v. sensibly.

When Northern Rock went back to the woman at Endsleigh(sp?) they did say that it was Equifax that they used.

I'm not sure whether to go back to Northern Rock direct or do it through Endsleigh (it isn't costing me a penny to use them).

When the woman phones me back i will ask her have Northern Rock given her any more information regarding the credit report.

Hopefully that will be Monday morning

ms_london

This is what is known as "the slog". It's when your repayments are under control, but its just a matter of time before you reach your debt free date!! At that point it is just a waiting game!!!

It is tough, but the time DOES fly by - and your circumstances might change between now and your predicted debt free date (DFD) - like a payrise, or a bonus - something that means your finances will improve & you will have a little extra £££ each month.

I used to be very materialistic, but I learnt to shop around for things & even the little treats - I felt better if it was something I could get for free or at a discounted price!!

Now I hate paying full price for anything and am probably a bit tight, hehe!!

It doesnt have to be expensive to treat yourself - perhaps a book from a charity shop, or a small bar of chocolate, or a CD you want and have found cheaper on ebay for example - you should also find ways of treating yourself that dont cost money!!

Best of luck, keep up the good work.

xx

skintchick

And buying a house isn't necessarily not moneysaving - I spend far less on my mortgage than I would on rent (thank goodness i bought when I did), and it is an asset.

I know that if things ever went totally pear shaped, I could either release equity or sell up. It's comforting to know I have my own bricks and mortar.

Bloke_with_a_simple_life

benedictadams wrote:

I know that buying a place isn't very MSE, but there are good reasons for it

It is Benedict!! Getting a sensible mortgage to purchase a good property is great thing to do and having your own place is great fun... don't get so down or beat your self up for trying to do this - it will be enjoyable

The golden thing about mortgages is making sure that you don't remortgage frequently or use the money from remortgaging to pay off other debts or buy other stuff.

The mortgageterm will probably be about 25 years. If you remortgage (and do what some people call "using the equity") and spend the loan on, say, a flash car. the car will only last for about 10 years max, but you will be paying for the next 15 years.

Good Luck with NOrthern Rock - be patient with them!!!

benedictadams

If and when i get the mortgage the only thing i will do is evey so often check that i am getting the best deal

My debts will not get any higher as i cut up the cards months ago and don't intend on every replacing them

I know this is easy to say in theory but with property prices rising all the time i know that i have just one chance and i will not waste it

A friend at work has a mortgage with them and she said that they have to be one of the slowest companies to deal with ever!

Have already decided that the first thing I will do will be to put a cat-flap in the front door for Cosmos (who's 1 in a fortnight)

benedictadams

This week got annoyed with my bank

Don't get any interest on my account, so phoned up the bank asking if i could switch to one where i did

Woman on phone said ok but would have to go into my local branch.

Trouble is my nearest branch is London :eek: (am currently with Clydesdale)

So trying to switch to A&L where with a Quidco payment and a very kind offer of £45 out of the £50 back from my referrer i should be £145 up which would go to pay off one of the debts

Payday and i have money in my account from last month which will go on one of the cards

Managed to pay £8.50 off yesterday from not spending my entire daily budget :j

Tahiti

It looks like you've got the right idea. Stick with it!

Just make sure the debts are in priority order - i.e. the most expensive is paid off first, and you'll get there even quicker.

What works for me is hunting for bargains in the shops - it keeps me too busy to buy other stuff (the internet is too tempting for me), and you get real satisfaction from finding something cheaper.

Best of luck!

Annie_Fanny

What about getting a part time job? This additional money can be shovelled directly into the debt......

You can do it!