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I really need some help :(

kazi_2
Posts: 21 Forumite
myself and my other half need to sort out our finances. We are trying to sort out a loan to pay off all our debts so we have them all in one place, We have a mortgage of £60,000 but our house is now worth about £120,000. We will be able to manage no problem if we can get the laon, but as it stands we have more money going out than coming in, so have been missing payments and now my bank have said they are cancelling my bank account. I don't know what to do. I have no photographic id so until i get some i cant go to another bank, and I don't know if they will even give me an account. I really need some advice please.
Learn from the mistakes of others - you won't live long enough to make them all yourself.
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Comments
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You should be able to open an account at another bank without photo-id, by taking a current visa/mastercard, or bank card.
Have you considered an IVA?0 -
Hello there kazi and welcome
Although you are at the right place for support and help, we can't offer any advice unless you provide more information. Please can you list all your incomings as well as your outgoings: mortgage, utility bills, anything else. Also, a list of your debts, with APRs, limits and minimum payments as well as whether you have been keeping payments or not.
I am concerned that you are looking at taking a loan out to consolidate everything and not looking at reducing your outgoings to be within your incomings.
Please post more information and we'll help. It will get better, facing it all is really the biggest thing.Leason learnt :beer:0 -
I have looked at IVA but as it stands I couldn't take out a loan. We are getting married in 3 weeks and my parents have kindly paid for most of it until we can pay them back but I would want to pay that before i would consider an IVA because I just won't be able to do it after.
Learn from the mistakes of others - you won't live long enough to make them all yourself.0 -
kazi wrote:I have looked at IVA but as it stands I couldn't take out a loan. We are getting married in 3 weeks and my parents have kindly paid for most of it until we can pay them back but I would want to pay that before i would consider an IVA because I just won't be able to do it after.
As Moozie says you need to do an I/E first.
What loan? An IVA isn't a loan, it clears your debts by writing off up to 75% of the total amount owing, the remainder payable over 60 months.
An IVA is registered with the bankruptcy listings on a public site.
Do your Statement of Affairs and let us have a look at it, see if we can help you out.0 -
I know about the downfalls of getting a loan to pay off debts, as this is what has happened to us before. We have got a loan to pay off the debt but its only stretched to some of it. I was wanting to get a loan that will pay off all the debt so we would have one loan and the mortgage, and if we do it through the current mortgage company, it will cost us less than taking it out through a different loan company.
my incomings
o/h £1000
me £450 and £113 child benefit
outgoings
secured loan 10.9% £17,500 £200 per month (don't start paying til January)
unsecured loan 10.9% £700 £200 per month (5 yrs left)
credit card 15.9% £3200 £50 per month
credit card 15.9% £1200 £50 per month (2 missed payments)
credit card 15.9% 29.9% £30 per month
club books £400 £60 per month
overdraft £600
overdraft £350 (£490 overdrawn atm)
sky £45 (to be cancelled)
NTL broadband £25
electric £60 per month
phone £50 per month
insurances £50 per month
car insurance £100 per month
rates £50 per month
petrol £200 per month
mortgage £320 per month (60,000 and 3.4% atm)
the problem being that because we have got in arrears, we now owe out more and havent got the money to pay the arrears.
Learn from the mistakes of others - you won't live long enough to make them all yourself.0 -
I wasn't very clear lol I know an IVA isnt a loan, but before I could consider an IVA I would like to pay back my mum and Dad about £2000 (which I forgot to mention above). If I go for an IVA that would cover what we have at the minute, but I wouldn't have the money to pay mum and dad back. And can anybody tell me the best place to go for a different bank account?
Learn from the mistakes of others - you won't live long enough to make them all yourself.0 -
hi there hun
Right youve missed off loads of stuff,
What do you normally spend on food, clothes, presents, dentistry, optical, insurances and so forth
Otherwise Ill start with what we have here
secured loan 10.9% £17,500 £200 per month (don't start paying til January) ( did you just take this out??)
unsecured loan 10.9% £700 £200 per month (5 yrs left) how much more is there to pay? 70-0 or 7k)
credit card 15.9% £3200 £50 per month
credit card 15.9% £1200 £50 per month (2 missed payments)
credit card 15.9% 29.9% £30 per month ( these are all super high APRs, I wonder whethert youd be able to get a low life ofg balance card in a few months)
club books £400 £60 per month ( whats tihs? is it a business debt? )
overdraft £600 ( APR?)
overdraft £350 (£490 overdrawn atm) ( apr)
sky £45 (to be cancelled) :T good start!
NTL broadband £25 ( this is high, tesco do a value one for 13.97 I think, plus you get CC points, or you could bite the bullet & go dial up some cheap packages aBOUT FOR this)
electric £60 per month ( seems high https://www.saveenergy.co.uk, turn EVERYTHING off at the wall and exclude draughts etc)
phone £50 per month ( :eek: how much! What is this, some sort of package- can you brek it down(
insurances £50 per month ( can you break this down, seems a lot)
car insurance £100 per month ( WOAH!!! this is way high, there MUST be cheaper out there?? use quidco.com for cashback too )
rates £50 per month ( what are rates??)
petrol £200 per month ( can yu avoid journeys, in fact do you HAVE to have a car, can you use buses, trains etc)
mortgage £320 per month (60,000 and 3.4% atm)
e will need the extra info I pointed out there, but vcan you work- evenings or even weekends? Only having one income is realy the problem here I tihnk.
What have you got to sell?:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
Hi
You sound like me. Well, like I was. We consolidated our loans 3 times, firstly for £5000, then for £10,000, then for £15,000. It was when I was thinking of doing it again for £25,000 that we discovered this forum. The people on here (very brutally, but for my own benefit!!) made me realise that consolidating wasn't going to solve our problem, the problem was that we were living way beyond our means. When I totted up how much we owed it was frightening, but now we are budgeting very carefully, still allowing for treats but not just spending willy-nilly like we were and we hope to have repaid 100% of our debts (excluding mortgage) within 4 years.
Good luck, it's a bit of a slog getting started, but so worth it when you see the numbers start to go down!!0 -
oh I'm such a nubbins I didn't do that very well did I
I'll start again lol.
secured loan 10.9% £17,500 £200 per month (don't start paying til January) ( did you just take this out??)
yes it was supposed to fix it and didn't work, took it out about 3 months ago.
unsecured loan 10.9% £7000 £200 per month (5 yrs left) £7000 still to pay
credit card 15.9% £3200 £50 per month
credit card 15.9% £1200 £50 per month (2 missed payments)
credit card 15.9% 29.9% £30 per month ( these are all super high APRs, I wonder whethert youd be able to get a low life ofg balance card in a few months)
I cant get a credit card again because of my dire credit rating.
club books £400 £60 per month ( whats tihs? is it a business debt? )
no its mine, thats where I get our clothes from
overdraft £600 ( APR?) i don't know
overdraft £350 (£490 overdrawn atm) ( apr) i dont know
NTL broadband £25 ( this is high, tesco do a value one for 13.97 I think, plus you get CC points, or you could bite the bullet & go dial up some cheap packages aBOUT FOR this) I will look about for a better deal
electric £60 per month ( seems high https://www.saveenergy.co.uk, turn EVERYTHING off at the wall and exclude draughts etc)
phone £50 per month ( how much! What is this, some sort of package- can you brek it down( £37 per month and only pay for premium calls, no charge during the day which is when i use the phone, I managed to get it to a third of what it used to be.
insurances £50 per month ( can you break this down, seems a lot) house insurance and mortgage protection cover
car insurance £100 per month ( WOAH!!! this is way high, there MUST be cheaper out there?? use quidco.com for cashback too ) my bad that is £100 per month for 2 cars, that is cheap I'm in northern ireland
rates £50 per month ( what are rates??) housing rates, like poll tax i think
petrol £200 per month ( can yu avoid journeys, in fact do you HAVE to have a car, can you use buses, trains etc) we need the cars my o/h works about 30 miles from home, and it works out cheaper to drive than public transport, my petrol is about £30 of that, and I need my car for school runs.
mortgage £320 per month (60,000 and 3.4% atm)
the groceries are usually around £250-300 (I don't know how cos I buy tesco value)
I could probably cut the broadband too, but I thought about it and decided against it. We are cutting out sky, and the broadband is the only entertainment we pay for, we don't go out much and if we do it's to friends. We are into online games and socialise with our friends online ( I mean our actual friends thats not as sad as it sounds lol we have a circle of about eight friends who live localish and we all play online)
I hope i did better this time.
Learn from the mistakes of others - you won't live long enough to make them all yourself.0 -
kazi wrote:I wasn't very clear lol I know an IVA isnt a loan, but before I could consider an IVA I would like to pay back my mum and Dad about £2000 (which I forgot to mention above). If I go for an IVA that would cover what we have at the minute, but I wouldn't have the money to pay mum and dad back. And can anybody tell me the best place to go for a different bank account?
What about an online account?0
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