Help needed Please,Dept Built up Big Time

Tottonian

Morning, me & my wife are struggling with house hold bills/dept/family depts. & the mortgage, between us we owe £45-50k not including are mortgage or family loans & have a combined income of around £38-£40k.
We have 2 teenage boys & live in a 3 bed semi. Myself & my wife have had no pay rise in 2 years, we are both in full time employment & I have 2 other p/t jobs. I have now got to the stage were I cant keep 3 jobs on the go as I work nights f/t & on my days off work days. We have never missed a mortgage payment but have been late with some house hold bills, the bank then charge an extreme amounts for going overdrawn but when you phone them for help they say there’s nothing we can do !. We recently changed provider for are satellite/phone & internet & went with Virgin media, we even missed the first payment on this, BT then sent us a letter saying we owed them money for a bill that I didn’t know about, phoned them up to explain we have no spare money & can we split the bill in payments, person I spoke to said they would pass the dept on if we don’t pay by Oct 10th.
I am very worried as we have a mortgage of £142000.00 & we don’t want to lose the house because of are loans/depts. HCBC who we both bank with are most unhelpful, the credit card companies increase the credit limits & also increase the interest, I have been paying interest only for it seems like years but getting nowhere, are bills/mortgage etc a month is around £1450 & that’s not including Food ,Cars/petrol & other weekly things.
It has put a great strain on are relationship to the point we argue most days but is all money related. My wife’s car was off the road for 6 weeks as we couldn’t afford to get it repaired & both cars are due for tax at the end off the month, we don’t know where we will even get the money to tax both cars but we do need 2 cars for are jobs.
Could we lose are house ?, are loans are Unsecure along with the credit cards, should we right to each company explaining are situation & making them an offer of what we can afford or even think of a DMP ?, could the companies sell the dept to a 3rd party & then they demand paying with interest on the interest ?
Help Please…

tigerfeet2006

OK, first things first take a big breath and stop panicing. Get on the phone and call someone like National Debtline and get help and advice as to what your options are.

How much is your house worth?

Tottonian

tigerfeet2006 wrote: »

OK, first things first take a big breath and stop panicing. Get on the phone and call someone like National Debtline and get help and advice as to what your options are.

How much is your house worth?

House is worth around £220-230k.
Have contacted "National Dept Relief", are they ok to deal with & what do they get out of this ?

berna123

Hi Tottonian. Well done for posting. I can almost hear the panic in your post. Your situation sounds very similar to my own. I contacted CCCS and entered into a DMP through them. This was in October last year and it is the best thing i have ever done. All the phone calls and letters stopped almost immediately. They helped me sort out a household budget that means we can live not just exist! Please give them a ring once they know all your details they will advise the best course of action for you. You can even fill in their soa on line if you prefer. Your family and your health are more important than anything else.
Good luck.

dancingfairy

Hi - firstly you need to contact one of the FREE IMPARTIAL CHARITY organisations like CCCS (Consumer Credit Counselling Services), National Debtline or your local CAB.
I have never heard of National Debt Relief so I would steer well clear because
a) they might be o.k but charge a fee (when you could get help for free)
or
b) rip you off on purpose
or
c) just be useless and leave you in a worse position than if you got in contact with the right people.

Bankruptcy is possibly not your best option as with that much equity in your house I would have thought that the OR (official receiver) would want to sell it to repay your creditors.
A debt management plan may be a better alternative - it really depends on how much money you have to repay your debts after the essentials have been paid ie mortgage, council tax, food, clothes etc -without seeing your income and expenditure it is impossible to say - so you need to get help from one of the debt charities.

df

now

OK, firstly calm down and look at things in black and white, we are all here to help each other and somebody out there is in a bigger mess, that's the first comfort. Go and talk to somebody and get advice on your issues, I was like you this time last year juggling money robbing Peter to pay Paul in an attempt to keep 8 jobs and a business afloat. The hardest thing I had to do was admit defeat and open my personal issues to the world, in the day's leading up to disclosing my life I was a mess, but when i had taken that first step and shared things I felt as though I had opened a door to another world. Do not worry about houses and hanging on to things as the most important things are your family and your health xx we rent our house and will never worry about paying a mortgage as if I can't afford the rent I can move. Please go and talk to CAB take the first step and see you can get out of the mess you are in. good luck

WhoThrewThat

Sorry if this is incorrect.
Your mortgage is about £142K
Your Debt is max £50K
Your house is worth at least 220K

Cant you re-mortgage and clear you debts? If you got the money for your debts on your mortgage it would be 192k and if its worth at least 220k you would still have nearly 30K equity.

Please excuse me if I have this muddled up

Tottonian

WhoThrewThat wrote: »

Sorry if this is incorrect.
Your mortgage is about £142K
Your Debt is max £50K
Your house is worth at least 220K

Cant you re-mortgage and clear you debts? If you got the money for your debts on your mortgage it would be 192k and if its worth at least 220k you would still have nearly 30K equity.

Please excuse me if I have this muddled up

Took are original mortgage out when you could borrow big, we were with “Direct Line” who are now part of Royal Bank of Scotland, we cant borrow more because of are income, no other banks/building societies will get near what we owe on the house, most around the £85k mark & are mortgage is £142k & that’s without wanting more to borrow on top ! .It’s because me & the wife both earn less then £40k between us a year & the banks wont take the risk. I have spent hours phoning around & on the web, hence last resort seeing if we can dig ourselves out without losing are house.

Tottonian

Are Credit Cards Secure or Unscure like on some loans,Im sure there unscure but just need to be sure ?

jedi82

Hi Tottonian, credit cards are unsecured. Jedi x

SouthCoast

Having problems with your mortgage payments?


http://mortgagehelp.direct.gov.uk/default.aspx