Please if anyone can help

dawn35

I have been looking for forums and advice for the past three weeks and thank god ive found yours.

I am in terrible finacial trouble and honestly cant belive that im in this situation.

I have a mortgage for £61,500 a secured loan for £35,000 and anothe secured loan for £ 77,000. I also have two loans, one for £7.5k and one for £8 k which i havent even started to pay yet as the payment was deffered for 3 months.

I work for myself and because business has been bad i have had to take a cut in salary of £1,000 per month which now menas that im in trouble. Ive negotiated with the £77 k loan to pay half payments for the next 3 months but they have said because they have let me do this for the past three months then as soon as i am 2 months in arrears they will pass my debt over to Red Castle who will collect on thier behalf, even though i am offering to pay half of the monthly payment still.

I have been in contact with the debt and welfare people in my area who are helping me greatly and telling me what to do, i e apply for a time order to the courts.

I am so frightened at the moment. I am a single parent and I cant lose my home. NOONE knows in my family the trouble im in. Im under the doctor who has referred me to a psychatrist as he suspects i have BiPolar as i have shown all the classic signs plus i have been medicated for depression most of my adult life.

I was a complusive gambler for 6 years , i have actulally been addicted to everything and im just hoping this is my last addiction, the gambling i mean. I havent gambled now for 3 months and cant belive i ever did. I seemed to have this mad complusion to just get rid of all of my money, its so hard to explain but my spending patterns now i look back were a clear indication that something just wasnt right.

Now i dont know what im going to do. Im paralised with fear. Mentaly im in peices. I know im a lost cause but i have to try somehow to get some help and advice.

It took alot for me to post here and put this all down in black and white. I feel like im living in an unreal reality.

Please if anyone knows how i can keep from losing my home, any advice at all i would really appreciate it as i have no one to turn too. Im completely alone in this and i dont know how im going to cope.

Thank you all so much.

Dawn x

bijouinnuendo

Hi Dawn
Sorry I'm new myself so can't be of much help, All I can do is send big hugs and say that someone will be along to help you shortly. This is a great site and I'm sure that if it's possible everyone will try and help as much as they can.
Bijou

dawn35

Thankyou x

jessicamb

Hello

Welcome to MSE, you will find lots of friendly people here.

Looks like you have been hit with some harsh circumstances. Maybe you could fill out an SOA and people could see if there were any ways that you could cut back to free up some extra cash.

I would suggest if you are really struggling prioritise your payments - pay your mortgage and food bills first, then secured debts then if there is anything left pay the others.

There are lots of people to support you but you need professional debt advice from one of the debt charities too to help you deal with your creditors.

Can you speak to anybody in your family about this?

HairyHandofDartmoor

Don't panic. Your situation is bad but not iredeemable.

Seeing your doctor is an excellent idea. As long as you pay your mortgage you shouldn't lose your home. You may need to consider a Debt Management Plan or an Individual Voluntary Arrangement but Citizens Advice Bureau, Consumer Credit Counselling Service or Payplan will offer you FREE help and advice.

The last two are highly recommended by people on this board so although I haven't tried them myself I know they are good.

Stay cheerful because your situation WILL get better with the help of this forum.

southernscouser

Dawn, firstly welcome to MSE hun. You've come to the right place :grouphug:

Have a look at this thread for a guide for an SOA. Then we wil be in a better position to hlep you out.

dawn35

Than you so much for being so kind to reply to me.

I cant tell anyone in my family as they would never understand and they would make me feel so bad, usless and ashamed, there is no way i could tell them.

Im not overly worried about the unsecured debts to be honest , i know how important it is to pay my mortgage and secured loans and thats what i am concentrating on. This is just so hard alone.

I have an appointment with the cccs on friday at 4.30 telephone councilling which im hoping will help.

All i need to do is hold on to my home for 23 months and then my son goes to uni and i will happily give this place back and go bankrupt for the rest. I have really struggled to even eat his month even though my son doesnt know, i always make him dinner before me.

Ive called so many organisations i feel like my head is reeling with all the info, also first plus were so nastly to me just threatened me constantly so thats taken the wind out of my sails.

Thnakyou for listening to me, it feel so much better just getting it out and knowing that people are offering advice.

Dawn x

Mrs_Sparkle

Hi Dawn, just wanted to say welcome and to send you a big hug because you sound like you need it.

Good luck and we're here if you need us x

dawn35

OK will do, i have a breakdown that ive done already, i will post it tomorrow if thats ok, im so tired riht now.

I was so worried everyone on here would be like ' wow your in SERIOUS TROUBLE' so thankyou for taking it easy with me.

Dawn x

chevalier

Hi there
I am really sorry to hear of your circumstances. As other have said, the priority debts are food, mortgage and council tax. Food because you have to eat, mortgage to keep a roof over your head, and council tax because you can go to prison for not paying it.

Are you on your own, ie no other half/children, is there ANYONE to whom you can turn? If not use us to vent to, we can take it HONEST.

One other thought, could your doctor write a letter detailing your illness, which (if you are ok with it), you could send to your creditors, to help explain why you are having problems coping with the repayments.

Also if you have so much secured finance on your property, there is probably very little equity in it, so there would be no point on these companies selling it to get any money, as I believe the mortgage people have first dibs on any proceeds. BUT you really need to talk to someone like Payplan, CCCS or the CAB to get expert advice about what is right for you to do.

the very best of luck
chev

dawn35

Thankyou Mrs Sparkle xxx