Newbie needing your help please!!??

Angel2009

Hi


To keep the story basic I have a fair credit history. My mortgage is £42,000 with 14 years to go on it. My house is worth approx £105,000
I have a secured loan for £67,000( this is the redemption fig)
I have unsecured debts of £30,000

As I seem to be robbing Peter to pay Paul and I wish to get my debts under either one or two payments which is the best way to do this. I cannot obtain further lending from my mortgage company as I am with Mortgage Express who were part of Bradford and Bingley which are now owned by the government.

So I know that my debt is greater than what my house is worth but your advice would be greatly appreciated


Kind regards

Angel2009

Can anyone help?

jonesMUFCforever

I know this is stating the obvious but you are in deep doo doo.
If you cannot keep up with repayments you might have to consider an IVA or bankruptcy.
Go to the debt free wanabe board and put on there a full statement of affairs.

Angel2009

I can keep up with the repayments it is just easier if I have the debt spread over one or two payments. There is no way I would want to lose my house or go down the Bankruptcy route

chalkie99

Angel2009 wrote: »

I can keep up with the repayments it is just easier if I have the debt spread over one or two payments. There is no way I would want to lose my house or go down the Bankruptcy route

Your first post states that you are "robbing Peter to pay Paul" so that seems at odds with your comment above that you can keep up with the repayments.

Wishing "the debts to come under one or two payments" is not going to solve your problems.What you are really saying, if you are honest with yourself, is that you want to consolidate your debts which would give you an even larger total to pay, even if it was over a longer period.

It is all hypothetical though because you appear to have an asset of perhaps £105,000 and debts of £139,000 so no-one is going to lend you more money anyway.

jonesMUFCforever has already given you the best advice of posting your SOA on the DFW forum as you really need to get to grips with the situation you are already in.

Angel2009

What I mean't by that was so many direct debits coming out etc. If it is my mess then I should pay it back. I don't have much money left at the end of the month and and although IVA does look like the best option I don't want to lose my house. Is that what happens with an IVA?

CLAPTON

Either go over to the debt free wannabe board and post up your financial details (SOA)
or post them here... no details no sensible advice.

format is here
http://www.makesenseofcards.com/soacalc.html

best of luck

jonesMUFCforever

Angel2009 wrote: »

What I mean't by that was so many direct debits coming out etc. If it is my mess then I should pay it back. I don't have much money left at the end of the month and and although IVA does look like the best option I don't want to lose my house. Is that what happens with an IVA?

Unless you take action now the decision will be made for you.

The Secured loan means no money is available to you through a re -mortgage and you are in negative equity.
The £30k unsecured debt means most lenders won't touch you as you are as high risk as you can get.
It will only take one default (IMO) for the whole thing to fall apart.
Please go to the debt free wanabe board and also make an appointment with a National debtline worker.

WASHER

Angel, please post on the DFW board, you need help and you need it today. The peeps on the DFW board will welcome you, advise you, but most importantly not judge you on your past spending habits.