I really need advice!!

dancingfairy

Totally agree with Ras - use that spare 450 a month to get on top of the mortgage and then you can tackle the other debts.
I would contact the bank and let them know that you had a bit of a tough time and were a bit stupid, etc, etc but that you propose to bring your account up to date and let them know your plan - I would do this after speaking to your dad though. Although the bank might not have taken any action yet on repossessing - it would be good to let them know the plan so they can see you are aware of the situation and you might get a littleleeway if they were planning on any action if they receive a letter from you - they may give you the benefit of the doubt.
You need to tell your father - it'll be far better for you to tell him now than for him to find out later - also tell him that you have a plan and that you are going to sort it out.
Please check you can stick to the budget (at least for the first few months while you get the mortgage on track) as you don't want to commit to something and then fail.
You might find a spending diary helpful - all those chocolate bars, magazines, clothes, dvd's, drinks at work/after work, pub lunches, cigarettes, coffees outetc soon add up - I bet you buy some of the above (lol).
Anyway all the best and you got help just in time I reckon.
df

SkintnScared

Thank you ever so much, this definately sounds like a plan, I will do it NOW!

I have another account also, which I dont really use so will also sort out the transfer of monies now for this payday!!

SkintnScared

dancingfairy wrote: »

Totally agree with Ras - use that spare 450 a month to get on top of the mortgage and then you can tackle the other debts.
I would contact the bank and let them know that you had a bit of a tough time and were a bit stupid, etc, etc but that you propose to bring your account up to date and let them know your plan - I would do this after speaking to your dad though. Although the bank might not have taken any action yet on repossessing - it would be good to let them know the plan so they can see you are aware of the situation and you might get a littleleeway if they were planning on any action if they receive a letter from you - they may give you the benefit of the doubt.
You need to tell your father - it'll be far better for you to tell him now than for him to find out later - also tell him that you have a plan and that you are going to sort it out.
Please check you can stick to the budget (at least for the first few months while you get the mortgage on track) as you don't want to commit to something and then fail.
You might find a spending diary helpful - all those chocolate bars, magazines, clothes, dvd's, drinks at work/after work, pub lunches, cigarettes, coffees outetc soon add up - I bet you buy some of the above (lol).
Anyway all the best and you got help just in time I reckon.
df

Yep all of the above lol!! Thank you ever so much, Im feeling better already about the whole situation and planning my speech to my dad!! Thank you xx

dancingfairy

At some point yes you will probably want to take control of the unsecured debts back from B and E and either sort things out yourself with the creditors or get help from a charity organisation that Martin recommends.
However your first priority is to get the mortgage sorted and it isn't going to make much difference if you leave the B and E thing to sort out for a few more weeks/months while you are sorting the mortgage - the creditors are still getting paid so they will be happy for now.
I would leave the B and E for a bit until the mortgage is sorted - you have plenty to do, write to the bank with offer of repayment, speak to your dad, set up a new bank account (if that would help you) so you can put aside a set amount each month for oil etc, perhaps start a spending diary etc. This will give you time to get used to the budget and the spending diary , iron out any wrinkles (make sure you include something for clothes) and decide on your best course of action with the other debts.
df

dancingfairy

Ooops didn't see your post about needing to pay oil this month as well, perhaps spreading the mortgage arrears over a few more months then might be better - like I said - you don't want to start and promptly fail again.
df

SkintnScared

Thank you DF, I think this is definately the guidance I needed.........a 'to do' list!!

Ive just started to write my letter to the mortgage company and also do have another account which Ive not really used for a while so would be ideal........all that leaves is the dreaded 'convo' with my dad!

Thank you ever soo much, I know I keep wittering on but I really do appreciate xx

SkintnScared

Oops another question - when I write to the mortgage company, do I tell them that I pay the mortgage etc and dad only put his name on it to help me get on the property ladder or will this not go down well??

dancingfairy

Juat a thought for you - treats are good ,the odd chocolate bar, glass of wine, magazine etc but not when they are putting your house at risk, and I bet some of them aren't exactly treats anymore - just habits - habbits that you would be better off finncially if not healthwise, weight wise etc without.
Maybe limit yourself to a small treats budget a week? or try and cut them out and treat yourself to a proper big treat once a month (obviously not tooo big a treat though).
With regards to the mortgage question - um not sure really - not sure if it will help or not? You need an expert for that one. That's more a RAS type question - RAS come back...... please.
df

SkintnScared

DF
Thank you again for your advice, I have crafted my letter to the mortgage company (as below) and would value everyones feedback please before I send?

I have to shoot now as I am leaving work in a hurry this eve, but will be back online tomorrow...........THANK YOU EVERYONE xx

Here is my letter:

With reference to the above account, I write to explain my current circumstances and hope that you can help me in some way.

At the beginning of this year, I spent over 2 months off work with depression. During this time, I took a holiday period from my mortgage as I was not being paid in full.

When I returned to work, I ended my payment holiday and continued as normal. However, I have found it really hard to catch up with things throughout this year and have been struggling more every month.

Because I have other debts from before my illness and with the decrease in my payments during my sickness I have found myself in a bit of a state financially.

I appreciate that I am now 2 months behind with my mortgage payments and feel that I am now in a better position to rectify this situation. I have set up my direct debit for my September payment to come out as usual, meaning I would be behind with July and August.

I would really appreciate if you would allow me to split these payments over the next 4 months and pay along with my normal monthly payment?

I appreciate that this is a big ask but would really like to rectify this situation so that my credit file or even more my fathers credit file (he is on the mortgage too) is not affected.

K_and_N

Hi SkintnScared,

I think your situation is not too bad considering you have spare £450 every month. I'd been in a lot worse situation.

One of things I'd considered when I was extremely skint was having a flatmate just to generate some rental income. (At the end I let the whole flat out because of the location of my flat). May be you could consider it for a short term.

Good luck!

K & N