stressed out and ashamed

robbie40

I own a property in the uk (mortgage) which hopefully it will be sold in 3 months,i got credit cards to pay off with the left over equity but i know i will b 2o,ooo short!!!! the problem it's worse as i live in the EU with my children and own a small property,i phoned national helpline and made a default payment to a credit card so i could recieve help,but allready the creditors are foning me(nasty) to which i put the phone down!!!! i'm thinking off selling the property to pay off all the ccds but i will b left homeless !!!what can they do??can i stop the payments going from my uk account(as i'm struggling with the overdraught) send them all a letter to explaine my situation and a offer of payment x 5£ each untill i sell my UK home????
i'm so strssed out!!! any info would b much appriciated thanx

50quidonRED

hard to read and make sense of can you lay it out a bit better

Fiddlestick

50quidonRED wrote: »

hard to read and make sense of can you lay it out a bit better

Seems like he owns two properties, one in the UK and one elsewhere in the EU.

He is selling his UK property and using the equity to pay off his credit card debts, but will be 20,000 units of currency short - presumably GBP rather than EUR.

He is considering selling his EU property to pay his excess debts but worries that this may make him homeless.

Should he make token payments of £5 to each creditor and hope that they will then negotiate?

50quidonRED

thanksfortheclearup

robbie40

Thanx x that Fiddlestick Sorry i was rushing,plus i'm struggling to keep up with repayments as the interests are so high,i wondered if it were possible to cancel the direct debitsfirst then send them a letter offering 5£ each untill i sold the uk house,(but then i will be afraid of all the penalty charges!) when the uk home sells i will be able to pay the mortgage and the secured loan,but with the rest of the equity do i pay off the credit card that have the highest interest rate?? .....hope that this time i was clearer

redpete

robbie40 wrote: »

but with the rest of the equity do i pay off the credit card that have the highest interest rate?? .....hope that this time i was clearer

In almost all cases - yes. Look up snowballing on this site and it will show you how to make the most of it.

(Assuming that the mortgage and secured loan are both on the property you want to sell. If not then pay off whichever debt is carrying the highest interest.)

robbie40

yes the mortgage and the secured loan are on the property that i want to sell i will look up snowballing,thanx
getting worried now i've phoned national helpline and they will phone me back to review my situation,so i will try and freeze the interest as they are so high!! especially after i've been on the internet and find that they can sell my debt abroad to another company