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Dragon_Lady_3
Posts: 159 Forumite
This may be a bit long but here goes anyway. I have been lurking on this board for a few days now and have found it VERY inspiring. I am going to add up all the debts [ etc., not including mortage] and get my act together!!
However, I do have some information that may be of use to some of you wannabe's.
About 10 years ago my DH and I got into REALLY serious money troubles. Threatened with eviction, forced sale on house, mortgage arrears etc., Anyway one of the debts that my DH had was a business loan with the Black Horse bank for £50.000 :eek:. They wanted to auction our house to pay off the debt. With 3 small children it was panic stations. The money that they would have been able to get for the house would probably not have cleared the debt anyway.
My husband was made bankcrupt by VAT man and the bankcruptcy office said the house was an asset and any money got for it's sale would have to go towards ALL debts and not just the bank. So the bank were going to try and sue us for the money owed.
I took a deep breath and approached the bank [not expecting them to take me seriously] and said that I would take on the £50K debt. I offered to 'buy' the debt for £5,000 at £50 per month interest free. That way they would be assured of getting at least £5K. They might not get anything if the courts had their way.
To my complete suprise they agreed :j
So, to those of you who think that their situation is impossible, don't despair there is a solution you just have to have the b***s and the guts to approach your creditors and don't be afraid.
You never know, they might suprise you
However, I do have some information that may be of use to some of you wannabe's.
About 10 years ago my DH and I got into REALLY serious money troubles. Threatened with eviction, forced sale on house, mortgage arrears etc., Anyway one of the debts that my DH had was a business loan with the Black Horse bank for £50.000 :eek:. They wanted to auction our house to pay off the debt. With 3 small children it was panic stations. The money that they would have been able to get for the house would probably not have cleared the debt anyway.
My husband was made bankcrupt by VAT man and the bankcruptcy office said the house was an asset and any money got for it's sale would have to go towards ALL debts and not just the bank. So the bank were going to try and sue us for the money owed.
I took a deep breath and approached the bank [not expecting them to take me seriously] and said that I would take on the £50K debt. I offered to 'buy' the debt for £5,000 at £50 per month interest free. That way they would be assured of getting at least £5K. They might not get anything if the courts had their way.
To my complete suprise they agreed :j
So, to those of you who think that their situation is impossible, don't despair there is a solution you just have to have the b***s and the guts to approach your creditors and don't be afraid.
You never know, they might suprise you
Proud to be dealing with my debts ONE day at a time
Stopped smoking 25.05.07 - Saving £7.80 a day
:j Successfully claimed bank charges of £2598.39 as of 1st June 2007:j
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Comments
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Wow! Well done you for having the guts to do that! I suppose you had nothing to loose and a house to gain! It has always got to be worth talking to people instead of hoping it will all go away.
Welcome to the board :j
DFW nerd no = 281 (graduate)0
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