Help £70k in debt

ladypinkof66

I would also suggest downsizing on house as the outstanding mortgage is more than the house is worth

Dee1969

The mob bill is for me and my husbands, 35 contract a month. My daughter lives with me and gives 160 house keeping. Will cut down on the shopping. In negative equity for the house and havent got money for fees to sell. What happens if you just give the keys back to lender

hypno06

I would get on to the CCCS website and do their online Debt remedy this evening - it seems as though a DMP would be a reasonable start - it will certainly give you a bit of breathing space to review the longer term picture.

If you have no equity in the house, then you might even consider bankruptcy - head over to the bankruptcy board to speak to them - if it meant you could keep your home, it might be an option for you.

Def get onto the debt remedy bit on CCCS though - it is an excellent starting place and could make things a lot clearer for you this evening.

foxgloves

Only had time for a very quick look, but you can definitely reduce your groceries by £100 each month and still eat very well. Also, you can get much lower mobile contracts now. I've just reduced mine to £15 a month. Orange - a 2-year contract but a good saving.

copier_guy

Giving the keys back to the lender is a big step.

You would need to find somewere to live and do a vol repo or let them take you to court to repo.

If the house is in neg equ then you would be liable for any shortfall in the house sale plus all fees. Its possible but not to be taken lightly.

I have done this!!

abbecer

If you are paying capital and interest on your mortgage would it be a possibility to pay interest only for a couple of years or so till you get yourselves sorted out a bit? We have done this and reduced our outgoing by about £500 per month. Think it cost a fee of about £200 to set this up. It's not an ideal situation but if it eases things for now it may be worth it. Good luck.

impetus

Talk to one of the debt charities immediately and they can help you assess the situation. Once I talked to them it made me feel a whole lot better and I could see a way forward. They are there to help and not make judgement. Good luck.

Dee1969

Thanks have changed to interest only mortgage and does anyone recommend the best debt agencie, there are so many on the internet

copier_guy

Hi Dee,

Debt advise should always be free.

Most people on here use,

CCCS, NDL, CAB

glimmerofhope

Hi Dee
I spoke to NDL and they directed me to CCCS or payplan
I spoke to payplan who couldnt help but CCCS have helped
The best thing is that you have started to seek help - there is so much help and support on this site
good luck :-)