Venting for me - and it feels good!!

Nargleblast

If a consolidation loan has been offered, and it will get your monthly expenses down to a manageable level, then you may have to accept that deal. Your next step would be to get rid of all credit cards/store cards if you have any, so you are not tempted to run up further debt, then look at ways of increasing your income and cutting your expenditure. You say you managed to reduce your monthly expenditure by a significant amount before - well done for that! You have proved it can be done. I know where you are coming from about banks and people who offer help when you don't need it but don't when you do - life's a b*tch that way I'm afraid. At least you say your kids are grown up and you have a fantastic wife - is she fully in the picture about the situation? Maybe the two of you could sell up, pay everything off and start again? There are opportunities out there, it's only our own fears that stop us going for them. Get some advice from CAB or any debt counselling firm and take it from there. Good luck.

shootmenow

Thanks to all.

The consolidation loans I mentioned dont actually help me they help the banks. They will only lend what I owe them individually. I would jump at a loan for 13% tomorrow - hell I'd jump at a loan at 20% if I could truly consolidate the outstanding.

Im not doing the soa on here because it could be traced and my original username wasnt secret enough. Please trust me when I say that it was picked through and everything was followed - thats how I shaved the first amount off.

okay here's the ideal solution

"Mr Bank Manager I would like to borrow £25k over the next 10 years. Ideally the option to pay back early with no penalty would be great."

So thats £200 a month + Interest (I'll let someone else work that bit out)

I pay off my Caravan (£3200 left on it and its only three years old so it could last me 10 years easily) saves me £233 a month

Pay off existing personal bank loans (£6000) saves me £350 a month

I credit card (£1100) £51 a month

Personal Bank Overdraft (£2000) £27 a month

Tax man (£1300)

pay one credit card off (£6000) £150 a month

That leaves £6400 which I either put straight into business overdraft or keep and use as a buffer incase of emergency as I know I wouldnt get a second chance.

Thats £811 of savings minus my loan - saves me approx 500 a month. Thats enough to get me ship shape. Also in year three I get another £200 a month as mortgage ends and in year 7 another £300 as second mortgage ends.

I get to still have one luxury - the van. Which isnt an expensive hobby aprt from a bit of fuel its the same as being at home but not if you understand.

I would be in heaven instead of thinking of actually going to heaven!!!

I commend this to my learned friends

ghostmadlittlemiss

As I said before, try a credit union and see if they will lend you the money you need.
Kayleigh

WASHER

Dare I ask, how much is the caravan worth? Its a luxury you cannot afford at this moment, there are many people on this board who cannot take holidays even holidays on the mainland UK due to repaying their debts. Selling the van could reduce your debt by a fair chunk if its only three years old.

I thought your first post was wonderfully written, but I doubt you have had your real lightbulb moment, cause if you had you would have the van up for sale.

I'm not being harsh, I'm being honest, you have to make sacrifies when repaying debts and this is one of them.

LandyAndy

LandyAndy wrote: »

If your attitude to your banks is anything like as stupid as the tone of your post then no wonder you are up !!!!!! creek.

Try posting the facts without your idiot comments and maybe, just maybe, a few people will try and help you.

And just so you know where I am, I'm out.

shootmenow wrote: »

I have posted before and used a different name. Unfortunately the original name was too obvious and what was posted could have given away my identity. That is a post from the heart but has obviously been taken the wrong way.

So it further confirms the warm feeling the world gives.

If I wanted judgement I would ask for it.

Ah well, perhaps I'd had one to many last night and MrAngry escaped.

So I apologise for the tone of my post. However, I do think that posting the facts without the 'lighthearted asides' would make more people feel inclined to read it (and hence offer help). Even today with MrAngry safely locked away I just can't fight my way through the post to find the facts.

Good luck in sorting it out.

Andy

beanielou

Dont mean to be deaffetist but no credit union would lend you £30,000.

theoretica

Be careful with your calculations and leaving nasty surprises like '+ interest' in them. A 25k loan over 10 years at 10% would cost you £340 a month - at least according to the mortgage calculator I plugged it into. Now you may think that a little irrelevant as you are not being offered a loan for the full sum you want, but you need the full figures to decide what is best for you. I am rather concerned the way your needed loan has changed from 30k to 25k too. If you are confident in your figures and are considering selling up have you thought about extending one of your mortgages or remortgaging? Securing unsecured debt is generally advised against, but if you have enough leeway and are sure you could stick to it and have faced up to loosing your home it is an option.

shootmenow

I hear what you say about interest payments.

As for extending the mortgage / remortgage that is my gripe - on my figures and the fact I am that disgusting thing called self employed, they dont want to know.

I am trapped in the middle.

If I sell everything, I settle all my debts I am left with probably £90k. I also sell my property when its at it lowest value. So what do I do then. My income wont change - I still wont get a mortgage. 90k won't give me a house big enough for my family. Shot in the foot.

So therefore the answer is obviously I give up work. Sell everything and then join the benefits queue. Claim for everything and stop putting into the pot and withdraw all I can. One major problem to that is..... I dont want to do that! A family near me has 4 kids, a council house and neither parent has worked for years. They have £600 mortgage paid for by the social (how the hell does that work?) and countless benefits. Now they have gone for baby number 5 due soon. He then works cash in hand for someone building benches. I am not knocking people on benefits - anyone who needs support should get support.

My humour is waning - this perhaps isnt the most theraputic way of going on.

I now am sooooo tired I should go to bed but as said earlier thats one of the worst places to go if your tired.

WASHER

So you need £25K? I will say it again, how much is your caravan worth? You cannot afford this luxury.

You seem to be wanting to consolidate, why consolidate when you have a few thousands sitting on your drive.

I don't really think you have had your true lightbulb moment yet.

moneymakestheworldgoround

I loved your initial post - I could totally empathise with the frustrations.

But I hate to say it, but the more you post, the more I am feeling you dont seem willing to change this situation. It now feels like you are blaming society for your mess, not as you said in your initial post your bad money management.

You have to move on from the ill feelings towards the government, benefits and the lending process.

Instead, you need to focus on the present and future.

And I agree, the caravan may have to go, or at least be downgraded.

Selling everything should make a fresh start. Back to basics. Your main income wont change immediately, but could improve as the recession improves. Instead you need to alleviate the frustration and mental blocks you have so you can concentrate on improving this second income you talk about. Low costs involved, but it needs some time and dedication from you which you cannot provide at the moment due to your head being full of bitterness.

You may think you have found the perfect solution, but you aint ever gonna get it so time to move on. Sorry if this seems harsh, but you have been full of this since April 2008 - 1 year and 5 months ago.

Make an action plan that doesnt include consolidation. Focus on cutting costs and increasing income ( through work or selling items)

Hope this makes sense