In Debt big time,Help wanted Please

Tottonian

I’m now worried now as I’ve not heard back from all c/c companies/hsbc about the offers I’ve made them, out of the 9 letters I’ve sent I’ve had 2 replies telling me to get in contact with them, all the companies have got back to me to remind me that I’ve missed payments. These letters of offers were sent out Friday 4th Feb 1st class recorded. Should I just go ahead & make the payments I’ve offered them anyway on the payment slips with the reminders :undecided ?

RAS

Check that the letters have been signed for before you do anything.

whiteguineapig

you can check by going onto the royal mail site and entering in the tracking number on track and trace
hth

Tottonian

The 2 companies that have got back are “Halifax” credit card who were very understanding & helpful & Nat West c/c who said that a “Default Notice” will be issued & a termination letter 21 days later. The stupid thing is they say they will still be charging me interest up until then, great & thanks Crap West.
To top this all off my car is now playing up but need the car for work (more unexpected expense) & the thought of interest rates rising is making me worry more than I did before.:(

harry7075

Read through this thread in it's entirety and all I can say Tottonian we, wife and myself, are in a similar situation as yourself; but not quite so bad. Yet!

We seem to hit our Barclays reserve every month, usually only for a day or so but obviously getting charged. We make every payment on time and has of yet not missed a payment. Feel like we are just treading water constantly. We are considering going to our bank branch and seeing what they suggest.

I hope you get some peace and find that light at the end of the tunnel.

Tottonian

Another sleepless night on & off, it seems to be 1 forward & 3 steps backwards, I sometimes think is it all worth it, the thought of the interest rates going up to a possible 5%-6% has really made me think as well as my current problems. We are living to a max at the moment & to find another £400-£600 per month for our Mortgage would be the final nail in the coffin, I probably speak for Tens of thousands of people who are on there limits.
My Brother lost his house in the 90s for a mortgage a fraction the size of my £142k, surly 10000s of people would be in the same boat as in the 90s including myself ?

jonjamie1970

Hi Tottonian
Just dropping in to say hi and I feel for you. I would be in a similar situation myself now as you but my life turned out very differently last year. Up to then I was just about hanging in, I had sold everything of value and was starting to miss payments and getting late charges etc, its an ever decreasing circle as the credit card companies keep piling on the misery and I couldnt pay my council tax or utility bills.
Due to the pressures and other things I split from my wife and kids and they moved 200 miles away, however I'm in a new relationship and now throwing everything I can at my debt.

What I am trying to say is that although your moment may not be as drastic as mine, there will be a changing moment when you turn the corner, but I think you have to fight for it. I read the diary of a lady on here, who in 2006 had over £100k worth of debt, she had a great job, even did a paper round before her work in the morning etc, suffered divorce and brining up 2 children, but she turned the corner and saw the end of the road as a distant spec, it kept getting nearer and nearer, inspirational.

Fight for what you are doing, give it your best shot, if you have to sell the house and rent so be it but don't stop fighting.

whiteguineapig

its probably already been said but can you just have 1 car? can you sell anything? ebay? cash in gold? i'm not much help but you sound so worried, could one of you pay someone to give you lifts to work? its very expensive to run 2 cars (we'v been there !)

kylie1dw

Hiya

Have just had a quick read of your thread. Firstly, well done for facing your debts. Sounds like your making some headway and have the determination to carry this through, just remember little steps will become bigger steps as time goes on.

Maybe I've missed it (as only had a quick read) but dont remember anyone asking if your mortgage was a repayment or interest only? I assume by the amount your paying that it is a repayment mortgage. If that is the case you could ask your mortgage company to change it to interest only for the time being (you can revert back when the debt is tackled) This by my reckoning would reduce payments by £200 or so. I only say that because being in a simillar position as yourselves I had to do that on £155k mortgage and now pay £590 month with an apr of just below 5%.

Also the high insurance you pay for your HSBC loan, I think this could be a mis-sold issue.

Well must get back to the job hunting, and the best of luck to you.

Tottonian

whiteguineapig wrote: »

its probably already been said but can you just have 1 car? can you sell anything? ebay? cash in gold? i'm not much help but you sound so worried, could one of you pay someone to give you lifts to work? its very expensive to run 2 cars (we'v been there !)

Hi whiteguineapig, Nothing of any real value, not really a jewellery collector so nothing there to sell:(, do a bit of ebaying & the money I get from that I use to buy items on there (clothes/shoes etc & even a bit for the washing machine when it broke):). We did a trail run on car sharing as my MOT ran out in mid Jan 2011 so car shared (Mainly because I could not afford to MOT it), it went well until a rainy days, nightmare as I had to do the school run both ways (3 miles e/w), drop & pick my wife up (2.5 miles e/w) & when I didn’t work nights I have a p/t job 14 miles away (28 mile round trip). I did look into catching the train there but because of price/times of the trains it’s cheaper & more covenant to use the car & have to get back for family commitments on time. Put the car through the MOT last week as we get a local rag come through the door offering MOTs for £30, I really didn’t have nothing to lose by trying this as my cars 14 years old, it sailed through so that was a bonus. It’s back to 2 cars & we really do need 2 cars at the moment although I do walk or ride to my Night job (2 miles e/w).