Good way out of debt??

Sadza

having problems keeping up with bills and loan debt payments. Anyone think thisi s good idea:i have house with equity of @ £80k, adverse credit or bad credit rating. tried to remortgage with loan but all lenders saying no. Anyway/ any bright ideas of places or lenders who can HELP raise a loan. Need good rates, really to get back some control.

piratess

Hi Sadza and welcome .. have you tried doing a SOA and maybe posting it so people can try and help you out ? xxx

Sadza

When you say SOA I guess you mean an assesment of some sort. Well here is an attempt

Monthly Figures.

Earnings per month £1100

Mortgae £850
Child nursery £ 100 due Wed
Gas £65
Elec £60
Water £35 ( currently have 7 days to pay £295 for this year as missed monthly payment)
telephone owe £240 from last bill due July 5th
Car tax £65 due 30th June
grocery for household £360 per month
payment to Debt management plan £73
outstanding bill £70 monthly..failed to meet last 2 payment so may get letter to fully pay up £780 due now?

southernscouser

Who is your debt management plan with? Do they charge you a fee? If so speak to The CCCS or Payplan.

Details are in this thread!

Toto

Sadza wrote:

When you say SOA I guess you mean an assesment of some sort. Well here is an attempt

Monthly Figures.

Earnings per month £1100 Does this include benefits? Child Ben/ tax credits?

Mortgae £850
Child nursery £ 100 due Wed
Gas £65Is this including arrears? If not it is very high, shop around to get a better deal
Elec £60ditto to above
Water £35 ( currently have 7 days to pay £295 for this year as missed monthly payment)
telephone owe £240 from last bill due July 5th
Car tax £65 due 30th June
grocery for household £360 per monthHow many people in household? quite high, look at OS board for money saving ideas
payment to Debt management plan £73
outstanding bill £70 monthly..failed to meet last 2 payment so may get letter to fully pay up £780 due now?

what is this bill? does the dmp know about it? if not tell payplan

Sadza

Debt management plan is with cccs.

Toto..in answer to your queries
My earnings exclude child benefit and tax credit. That adds @ £80 per month
The gas bill & electric bill includes arrears yes.
there are 2 adults, 2 children( soon to be 3) in the household.
DMP didn't know about the other bill. It was for a flower stall stand i once had and need to upkeep finishing paying the rent.

all_hours

£80 per month is low for that level of income two children. Have you been overpaid tax credit previously and are paying it back? If not ask them to reassess your claim.

southernscouser

Check this site to see if your entitled to any other benefits!

Toto

You certainly can't be getting all of your entitled benefits.

look here to check

http://www.entitledto.co.uk/

You should have working tax credit, child tax credit and child benefit at least. Also you may be able to get help with housing benefit (not sure about the rules here) your mortgage is very high compared to your income. Make sure you claim everything you are entitled to. Tax credit will also pay 70% I believe of your childcare costs, make sure you are claiming for that.

all_hours

Phone the water company before the £295 is due and ask them to put it back on installments. Some companies will do this if you set up a Direct Debit while you're on the phone.

Also contact your phone provider asking for time to pay.

Really the main problem is the mortgage compared to your income.
This doesn't leave enough to cover the basics - childcare, gas, electricity, food etc. Are your current circumstances temporary + is the household income likely to increase?

Sadza

No I havent been overpaid tax credit in the past.
I will check out the housing benefit, but it seems from previous checks it didnt apply. With regards to wroking tax credit, everytime i have checked they have said we have earned too much??? above the threshhold. I will get onto his tonight so i can be up to date on this forum.
With regards to my mortgage, no thisi s not temporary situation. I guess it could help if a) i tried to get the wage up or worked extra but it's finding the time especially with children and baby.