A lot of advice needed please :-(

lisal0u

Hi,

Just thought Id pop back for a little update!

Im sad to say there has been no reconcilliation I hoped it might happen but no.

I still want to keep the house and that is my motivation at the minute. My Dad has said he will help with my debts if he can but his inheritance is complicated. There are two houses to sell so it isnt going to happen quickly.

I have taken on a second job in a bar and I am moving credit card debt to 0% ones at the minute. I really dont want to go down the DMP route as that would affect my chances of the bank letting me take on the mortgage on my own. I want to try as much as possible to keep my credit rating in tact.

We are getting the house valued just to see where we stand but he has said he doesnt want buying out he would just like his deposit back which is fair enough. The only problem is if there is negative equity, he doesnt want to pay half of it for a house he no longer owns. I think him saying he wouldnt want a share of the equity was also him saying he would expect not to have to pay a share of the negative equity. Most of the content of the house is mine so splitting assets isnt that difficult thankfully.

Its going to be a few months before I know anything concrete but I will keep you all updated when I do.

Lisa

lisal0u

Hi,

Just wanted to pop back with an update as it's been a while! I have finally had an IVA approved :-D my first payment is in 3 days then 59 to go till I'm debt free! That's a nice thing to be able to say!

I'm not going to lie and say it wasn't stressful as it was and took a long time to organise! Unfortunately CCCSV only work 9-5 which makes it difficult as I really didn't want everyone at work knowing my problems!

The creditors did hassle me a bit but no where near as bad as I though, as long as I answered or called back and kept them updated they were pretty good!

Opened a Co-Op bank account which I'm not that impressed with but I can't be bothered with the hassle of changing again! The online banking is terrible and doesn't show an accurate balance and things purchased with the debit card can take days to show up! I rang them about this and they just said they were working on it and the best way to get an accurate balance was from a hole in the wall! Not helpful and doesn't make it easy to manage money!

Im coping without a lodger as I hated it and it really got me down! I'm just happy I can afford to live in the house I love and pay off my debts even if things are tight! Hopefully at the end of all this I'll be able to remortgage in just my name!

I know it's going to be tough for the next 5 years but after that I'll finally be free! :-D

Just wanted to say a massive thankyou for all the advice as for the first time in my life I'm dealing with my debt problems!

Lisa x

jollygoodjo

Hi Lisa

Sorry to hear about your situation, you are taking the step in the right direction by trying to sort it out.

You have mentioned that you don't want to ruin your credit history but in all honesty what would be more important to you at the mo, keeping the house and maybe not having the best credit history or no house and a clean credit history. Also things to take into account, your partner has less debts in his name so this will mean he can borrow more so the best thing to do is go and see the bank and see if they would let you have a mortgage.

I have recently contacted Virgin in relation to my credit card and they have been really helpful, they have reduced my interest rate significantly and my monthly amount. Whilst yes this is affecting my credit rating - I can now breathe again

Hope you get everything sorted out

All the best

Jo