Struggling .

Mistery_2

Hi All

I have a mortgage and two secured loans .. negative equity and to make matters worse the mortgage provider and loan companies are no longer lending.

I am struggling financially .. hold up my hands to being stupid but I am trying to hang onto my house ... and losing my grip. I have been to the CAB and CCCS to deal with the unsecured debt I had, who suggested trying to get my payments reduced.
My mortgage (£543/month) is with Preferred Mortgages (administered by Capstone now) who said that I had to pay to get a Rix? valuation (an expense I cant afford) before they would see if they could do anything or I could try and negotiate with Collections, just paying what I can, go into arrears and deal with all the hassle that entails - interest, charges and never ending phone calls.
My second secured loan is with Welcome Finance and at £414 per month, who again arent lending anymore .. same sort of scenario .. no facility for reducing payments, can pay less and expect to get hounded by phone with mounting interest and charges, followed by court action for repossession ...
Is there are help out there for people with secured loans .. cant get an IVA, cant wipe out 75% of my debt, cant get a cheaper loan to replace the high cost Welcome one ..
I dont want to lose my home .. and dont want to go down the bankruptcy route .. cant afford to cos that costs money too.
Anyone been in a similar situation? or know of anywhere I could get some specialist advice info ..

thanks in advance x

curly04

hey huni - same as me i had the mortgage, first plus loan and welcome finance plus 2 charges

it was killing me

i am not saying it was an easy to do but i allowed my house to be repo'd I was paying £1600 in mortgages loans etc when to rent it would have been abtout £425.00 a month

i should have gone BR years ago and i didn't want to loose my house, but at the end of the day its was a house, and to keep it was killing me

the choice is yours but what would you rather have a house, or your health - i choise my health

Mistery_2

Hi Curly04

Did you just hand back your house keys, move and stop paying everything? or did you go through bankruptcy process then move? I am so confused about which way you should do things (last resort but a little knowledge is a good thing).

M x

curly04

I moved out stopped paying everything then went BR, then had the house repo'd (lender was a bit slow)
i just didnt sign the paper work

I can't tell you what to do, but i wish deep down I'd done this years ago! it went on for years and having my house repo'd was the final straw which caused the breakdown of my marriage. he wasn't supportive he was the one spending the money etc

im not saying im the happiest person in the world, but i can now afford my bills, food, clothes etc

i know its hard but ........................

have you spoke to a debt charity?

Mistery_2

Hi Curly04

What is a debt charity?

I am so annoyed that if my two secureds had been unsecureds, it couldve all been sorted with an IVA or something similar.

M x

curly04

just asked confused to post the line with all them all, they are people who will give you free advice (never pay for advice)

curly04

Mistery wrote: »

Hi Curly04

What is a debt charity?

I am so annoyed that if my two secureds had been unsecureds, it couldve all been sorted with an IVA or something similar.

M x

Snap - are you my twin????

confused76

hi there
these are the main debt charities we point people towards. they will give you advice for free. the first two will advise you over the phone the CAB face to face:

• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

ani_26

Hi there,

Good advice given above. It sounds like something has to give sometime soon, and i've sacrifiiced my health, too in more ways, than one, in a bid to keep my home.
Curlys right. No one can tell you what to do. It has to be your decision. But it can take an eternity to come to that decision.

Its a long process. If you have somewhere to live, move out to, maybe that will help you to cope with the process. Seek some professional advice. Make an appointment with your local cab. Take all your documentation with you. Pay, loans mortgage, etc. They will give you sound advice, for free.

In my case, i went br, and then its been a long process, sitting it out and waiting for the house to be repossesed, drawn out in the meantime, because i had to have an operation, and it makes me wonder if all the stress caused the cell changes. No matter. That too, is still ongoing. But i would'nt advocate handing your keys over to a lender or signing anything, until you 've taken good sound advice from a FREE proffessional. They will help you through all this.

Nohope xx

now

curly04 wrote: »

hey huni - same as me i had the mortgage, first plus loan and welcome finance plus 2 charges

it was killing me

i am not saying it was an easy to do but i allowed my house to be repo'd I was paying £1600 in mortgages loans etc when to rent it would have been abtout £425.00 a month

i should have gone BR years ago and i didn't want to loose my house, but at the end of the day its was a house, and to keep it was killing me

the choice is yours but what would you rather have a house, or your health - i choise my health

so true I am so glad I do not have a house to deal with, it is only bricks and mortor so don't worry get out of the house and rent like so many on this board, I dreded the thought of going BR but to be honest I look at things in a diff way these days, it was te banks who pushed me over the edge and all I had done was try and keep my business afloat in very hard trading times xx Your life is more important then worrying about keeping a house

now

Nohope wrote: »

Hi there,

Good advice given above. It sounds like something has to give sometime soon, and i've sacrifiiced my health, too in more ways, than one, in a bid to keep my home.
Curlys right. No one can tell you what to do. It has to be your decision. But it can take an eternity to come to that decision.

Its a long process. If you have somewhere to live, move out to, maybe that will help you to cope with the process. Seek some professional advice. Make an appointment with your local cab. Take all your documentation with you. Pay, loans mortgage, etc. They will give you sound advice, for free.

In my case, i went br, and then its been a long process, sitting it out and waiting for the house to be repossesed, drawn out in the meantime, because i had to have an operation, and it makes me wonder if all the stress caused the cell changes. No matter. That too, is still ongoing. But i would'nt advocate handing your keys over to a lender or signing anything, until you 've taken good sound advice from a FREE proffessional. They will help you through all this.

Nohope xx

Thank you for such a great answer, sharing things really help and even more when you are able to relate to this poor souls experiance xx

Hey Nohope, you are starting top sound lik eyou got things going in the rigth direction :T you got 19 days to go and man how fast the time will pass it was ten days ao I last seen 29 days to go, I have 34 to go.............. Thank you for posting such a great reply to this poor person who is at thje end of thier tether we all know what that is like and when you think yiou are the only perdon in the world to go through this. I would like to thank all the helpfull people on this board for the support given to all who ask