Naughty with Credit Card debt but it had to be done

donotpassgo_2

How did you managed to get a self cert mortgage? I was led to believe that these were really difficult if not impossible to get these days:(

mjm3346

Once upon a time in a mind far far away.......

NPowerUser

donotpassgo wrote: »

How did you managed to get a self cert mortgage? I was led to believe that these were really difficult if not impossible to get these days:(

I went to an IFA who got me a fixed deal for 2 years @ 3.99% that is with a high street bank

The 75% of the property value (100% sale proceeds + cash) I was putting in probably helped sway it, but like you, I thought they were no longer the norm.

Guess if you only need to borrow 25% LTV it still is possible to go down the fast track route, my case in point.

PROLIANT

CannyJock wrote: »

Lend me a tenner before you do though.

Ok, send me your PayPal email and I will send it to you.

ste_coxy

i say good on you!! I am glad you got out of the hell you were living in. They might not be making an profit out of you but think of all the others that are not quite so clued up.

moneysaver599

Re: the Sequestration (bankruptcy) queries -

You can be Sequestrated for as little as £1500.00 although generally I've not seen it done for less than £2500.00 as it's a lot of work and it's only used as a last resort. I'm not sure if the amount is the same in England/Wales.

Yes, it costs around £2000.00 for the creditor in fees. However, these are called "Petitioning Fees" and are included in the claim to your trustee and so are actually payable back out of your assets by yourself.

Your wife's debt would not be included in any bankruptcy order and would still be payable and recoverable.

RE: keeping the 6k in cash -
As a self-employed person, if you had cash or cheques or a business premises these can be seized and attached by a "Money Attachment" order which is a new diligence that has recently been introduced. This would be carried out by a Sheriff Officer (again, different from England!).


The credit card companies will be nice to you for 6months - a year but will eventually realise you are taking the mick and will pass it onto a DCA who aren't quite as easy to negotiate with.

Re - new and old address, no there won't be a black mark at the old address. And it will eventually catch up with you. Your bank/other accounts will update the information on your Credit Report with your new address which will create a link. The DCA will do a Credit Check to trace you and have easy access to the new account. They will try again a year later if they have no luck. You could hide (not update your address anywhere) but it's pretty hard to manage for 6 years!

Anyway, good luck whatever you decide to do. Just remember debt has a habit of catching up with you and kicking you up the backside!

Tixy

In England/ Wales - your creditor can petition for your bankruptcy if you owe them as little as £750. Obviously its unlikely for that level of debt, but that is the legal limit so its possible.

WASHER

PROLIANT wrote: »

Arh phuck it! Packing my job in tomorrow and bumping all of my loans and cards, seems like a plan judging by some posts on this forum!
6 years time I can do it all again, not have to worry about who will/will not accept me anymore. :cool:

I suspect the difference between them and you is, you have morals and accept responsibility for your actions and your debts, and therefore will repay your debts including the interest.

NPowerUser

ste_coxy wrote: »

i say good on you!! I am glad you got out of the hell you were living in. They might not be making an profit out of you but think of all the others that are not quite so clued up.

Thanks mate.

You can imagine how bad it has to get to take this sort of action. It was like a living hell where I used to live. I had to do whatever it took to get out of there and unfortunately the credit card company had to suffer.

Can anyone that is stuck in that situation, that is self employed, has no accounts, needing to get out of a very bad neighbourhood, what lengths would you go to for peace? Renting - that indeed was an option but my OH felt the capital built up would have lined some landlords pocket and the money would be blown over time.

The current situation is only a stop gap. 2 years of interest free debt repayments, another move, mortgage free, then hopefully pay back all the money I still owe on credit cards once the mortgage has gone.

I think years 3 and 4 should be fair to both parties so I could have paid them back very quickly once I am shot of the mortgage.

I don't expect anyone to support my actions but then again perhaps they need to experience an awful life for a few years to then ask the question "Would you do nearly anything to get the hell out"?

ILW

NPowerUser wrote: »

Thanks mate.

You can imagine how bad it has to get to take this sort of action. It was like a living hell where I used to live. I had to do whatever it took to get out of there and unfortunately the credit card company had to suffer.

Can anyone that is stuck in that situation, that is self employed, has no accounts, needing to get out of a very bad neighbourhood, what lengths would you go to for peace? Renting - that indeed was an option but my OH felt the capital built up would have lined some landlords pocket and the money would be blown over time.

The current situation is only a stop gap. 2 years of interest free debt repayments, another move, mortgage free, then hopefully pay back all the money I still owe on credit cards once the mortgage has gone.

I think years 3 and 4 should be fair to both parties so I could have paid them back very quickly once I am shot of the mortgage.

I don't expect anyone to support my actions but then again perhaps they need to experience an awful life for a few years to then ask the question "Would you do nearly anything to get the hell out"?

Out of interest, what were the people who bought your house like?