Desperate for advice.

needitsorted

Hi, first time here, I am confused and dont know what to do.
I have been in touch with National Debtline for more options which has greatly helped.
I cant meet my payments on my credit cards which total about £13,000!!!
I have a secured loan of £27,000 and a £123,000 mortgage.
I have made cut backs here there and everywhere and still cant afford my monthly payments.

I was considering transferring my secured loan on to credit cards and the contacting and asking them to wipe the interest off of the cards and for them to accept a set payment of which I will be able to afford each month. This will greatly reduce my outgoings and I will be able to be debt free in 10 years. (seems like a long time, but right now there is no end in sight)

I would like advice on the chances of them accepting an offer from me especially as the cards will be maxed out and if they would accept an offer after shortly the balance has been taken?
Could they force me to sell my house or go bankrupt? As this is the last thing I want to do! I have a wife and four young children I need to consider who know our financial situation.

HairyHandofDartmoor

Hi needitsorted. They can't force you to sell your house unless the loan is secured on your house and you don't make the payments on it. Credit card debt is unsecured so the worst that can happen with these is a county court judgement. It would not be in your creditors interest to make you bankrupt, surely.

Pay your utility bills and mortgage first, and then pay the credit cards if anything is left after this, as keeping the roof over your family's head is the priority here.

You should contact Payplan or CCCS as these are charities who offer free help to people in debt. Unlike National Debtline they will actually contact your creditors for you and make them offers of what you can afford to pay. They will also go through your budget for you and work out a realistic one.

Also post a statement of affairs on this forum and people here will give you advice on how to cut your expenses.

kickingkay

needitsorted wrote:

Hi, first time here, I am confused and dont know what to do.
I have been in touch with National Debtline for more options which has greatly helped.
I cant meet my payments on my credit cards which total about £13,000!!!
I have a secured loan of £27,000 and a £123,000 mortgage.
I have made cut backs here there and everywhere and still cant afford my monthly payments.

I was considering transferring my secured loan on to credit cards and the contacting and asking them to wipe the interest off of the cards and for them to accept a set payment of which I will be able to afford each month. This will greatly reduce my outgoings and I will be able to be debt free in 10 years. (seems like a long time, but right now there is no end in sight)

I would like advice on the chances of them accepting an offer from me especially as the cards will be maxed out and if they would accept an offer after shortly the balance has been taken?
Could they force me to sell my house or go bankrupt? As this is the last thing I want to do! I have a wife and four young children I need to consider who know our financial situation.

Dont panic you are amongst similar people here, firstly you need to get legal advise from a debt help organisaion whether it be national debt line or payplan or cccs with reguards to your creditors who takes priority


1) you post SOA
2) you check you have enough funds to pay your immediate bills mortgage electric etc
3) i would make sure you have enough or nearly enough to pay your secured oan
4)are you able to transfer everything ontop credit cards at 0% if you are this will save your bacon temporaily only you will still be faced with repaying, however what it will do it will take off the risk of your home being threatend,
have you thought about contacting your mortgage provider and seeing if they can consolidate on your mortgage also if you are paying a repayment and % change it temporailly to an% only this could free upi some extra cash


these are only suggestions please contact the named companies above for a more detailed response however if you rather you can PM me anytime and i will advice from my own experience if i can
take care
and welcome
klare xx

yung

Needitsorted welcome to the DFW forum. this is the best place for help and advice, as mentioned above post an S.O.A so the good peoples here can help you. good luck

bikerqueen

I doubt you'll be able to transfer the secured loan on to credit cards- and what is the redemption fee on the loan?

david_hellier

Hi and welcome. Firstly keep up the payments on the mortgage and secured loan first, as the others say, lets tell the cc company what they can have. Let's see your SOA and we'll be able to help you a lot more.

Annie_Fanny

Needitsorted - well done for posting. You have taken a brave first step.

You say that you rang the National Debtline - what have they advised about your situation?

People have asked you to post an SOA. An SOA is a 'Statement of Affairs' which basically lists your in and outgoings. Post one up here and we will be able to help you make some cutbacks. The link below will explain how to do one:
http://forums.moneysavingexpert.com/showthread.html?t=107280

Please contact one of the debt charities below ASAP as it will take a few weeks to get the ball rolling:

Consumer Credit Counselling Service (aka CCCS)
Wade House
Merrion Centre
Leeds
LS2 8NG
Tel: 0800 138 1111
http://www.cccs.co.uk/

Payplan
Kempton House
Dysart Road
Grantham
Lincolnshire
NG31 7LE
Tel: 0800 917 7823
http://www.payplan.com/

Keep us updated.

Cheers

Annie

needitsorted

Hi to you all!
Thanks for your all of your replys, I will do an SOA over the weekend and hopefully post it before I return to work (as I will be working away this week). I look forward to hearing your advice, Feeling slightly better knowing there are people who can point me in the right direction.

david_hellier

Let's see it then!

misscutiepie1984

im with cccs have been for a few months and they are fab so i would defo recommend them