Help

robbie40

I got credit cards (to pay x the renovation to my property abroad)that i was going 2 pay back when i sold my uk home but the market crashed and after a year we had to rent the property ,the phone num has been changed,but i own the property abroad and we have moved there, if only the house in the uk sold we would not be in this mess!! if stop paying the credit cards in the UK what can they do to my properties???
thanx

stephane_2

Sell your property & pay your debt....

robbie40

I would love to sell my uk property but i 'm in bad equity at the moment but won't be when i sell my property abroad in a couple of years! I want to arrange a monthly payment with them but i only wonder if they would freeze the interest as it is high?? And i will burn them all when i payed them off!!!

Makeandsave

Speak to them and see what they can offer you, Then why not use the money from the house you rent to pay them until you sell up.

robbie40

I only have 200£ extra after the mortgage, and the credit cards bills add up 2 600£ a month!!! so i'm allways in my overdraft!!!!!

Tixy

When you say you are in bad equity do you mean negative equity or just not very much. As if there is some equity in the property you run the risk of one of your creditors trying to get a charging order and force the sale of your house, or of being made bankrupt in your absence.

You say you are going to sell the house abroad in a couple of years - if so do you intend to return to the UK then?

Exactly how much do you owe on credit cards - if the repayments are £2600 then presumably the balances are pretty high.
If you cannot make payments at the rate agreed then you could consider doing a self-managed DMP. In the hope they may agree to freeze interest and may not take court action against you.

How much can you afford to repay in total each month? If you are doing a DMP you will need to show an income & expenditure account to show you are paying all you can afford and not spending on luxuries. And you need to offer them payments pro-rata based on the individual balances - if you look at the national debtline website there is information on this.

Could you sell the house abroad now to pay off these debts?

TUS

I think the repayments are £600 .. not £2600.
Damn text speak!

Tixy

TUS wrote: »

I think the repayments are £600 .. not £2600.
Damn text speak!

Ah yes, I see that now.

robbie40

robbie40 wrote: »

I only have 200£ extra after the mortgage, and the credit cards bills add up 2 600£ a month!!! so i'm allways in my overdraft!!!!!

I Just wonder what options will they give me freeze the cards and pay on a higher or lower interest???

robbie40

robbie40 wrote: »

I Just wonder what options will they give me freeze the cards and pay on a higher or lower interest???

Yes text word!!! 600! I would like to sell the property abroad in a couple of years and buy a smaller one (when the kids go !!) but we do not intend to return to the uk in the near future!!And the cc add up to 30,000!!

Tixy

In a debt management plan you ask them to accept payments below the minimum repayment and ask them to freeze the interest and charges. They don't have to do either but they might (often do) providing they see that you are repaying all you can afford (not spending on luxuries) and providing they can see that you are treating all your unsecured creditors the same.
If you ask 2 credit cards to accept lower payments and continue to pay full payment to another credit card and a loan then they are the 2 on lower payments are not going to be happy, therefore no reason for them to freeze the interest.

Being on a DMP will impact on your credit rating and ability to get future credit.

Have a read here - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=review_pack_for_people_with_available_income_to_make_payments_to_their_creditors