Please advise/help

spurs501_2

Hi Everyone.
I'm having real problems at the moment and need some advise / support from you all. To briefly outline my situation I am 30 years old and a home owner (90k mortgage/160k value house, have a 30k unsecured loan, and 30k spread over 6 credit cards. I earn a good salary and until now I've managed to get away with the payments each month. I have no overdraft but recently had to apply for a temporary £500 od to get me through the christmas period. No christmas is over I'm really struggling. Tried to log into my on-line banking yesterday pm and could not see my current account!! My mortgage/loan/savings account were all present but no current account!! I phoned the 24 telephine line late last nite and was advised there may be "a marker" on my account (frozen/suspended)? I need to contact the branch today to find out, but I am very worried indeed. All my financial business (current account, loan, savings and mortgage are with NatWest. If they have frozen my account what happens now? Any help or advise would be very much appreciated. Thanks Guys.

CLAPTON

better to find out the facts from natwest before speculating on all the worst things that could possibly happen.

how, if you would like to post a SOA ... details of income, spending and debts with amounts, minimum monthly payments and APRs i'm sure people here would be able to help you get to grips with your financial situation.
see for more details of SOA
http://forums.moneysavingexpert.com/showthread.html?t=107280

stebiz

spurs501 wrote:

Hi Everyone.
I'm having real problems at the moment and need some advise / support from you all. To briefly outline my situation I am 30 years old and a home owner (90k mortgage/160k value house, have a 30k unsecured loan, and 30k spread over 6 credit cards. I earn a good salary and until now I've managed to get away with the payments each month. I have no overdraft but recently had to apply for a temporary £500 od to get me through the christmas period. No christmas is over I'm really struggling. Tried to log into my on-line banking yesterday pm and could not see my current account!! My mortgage/loan/savings account were all present but no current account!! I phoned the 24 telephine line late last nite and was advised there may be "a marker" on my account (frozen/suspended)? I need to contact the branch today to find out, but I am very worried indeed. All my financial business (current account, loan, savings and mortgage are with NatWest. If they have frozen my account what happens now? Any help or advise would be very much appreciated. Thanks Guys.

Welcome to the forum. What I would say is that even if there isn't a marker on the account - there should be!! This amount of unsecured debt can only spiral. Once you've spoke to your bank do as clapton says and come on here with income and expenditure before it's too late.

Good Luck.

Stebiz

spurs501_2

stebiz wrote:

Welcome to the forum. What I would say is that even if there isn't a marker on the account - there should be!! This amount of unsecured debt can only spiral. Once you've spoke to your bank do as clapton says and come on here with income and expenditure before it's too late.

Good Luck.

Stebiz

UPDATE! There was no "Marker" on the account, what happened was someone apparently tried to use the account fraudulently so NatWest temporarily froze the account. The account is now back up and running. I agree Stebiz with you that I need to sort my finances out once and for all. I see in your signature you made great savings in 2006, how did you achieve this (sorry if that's being nosey!!). As all my debt is unsecured and I haveover 70 grand equity in my house, would I be better off ging for a re-mortgage to clear some of my credit card debt. As I have now "taken the plunge" and posted here you will be seeing a lot more of me around this forum in the coming weks and months!!! To get me started on my money saving journey what are some things I can do in the first instance to start saving? As I said in an earlier post I earn a good salary so even with all my unsecured debt i have not defaulted on payments yet, but some do get paid late, which obviously cost me money in late charges and over limit fees etc. I now really want to sort things and get myself back on the right track. Any ideas / suggestions would be greatly appreciated.

Biffa

Hi Spurs and welcome to MSE. The first thing you need to do is a SOA so that we can see what you've got coming in and what goes out. We might be able to find ways of cutting back that you haven't spotted or thought of.

You could also do a money diary to get a true picture of where your money goes. Keep a note of every PENNY that you spend for the next 2/3 weeks, and it soon adds up.

Also, take a look at the old-style board as this will give you some ideas on where else you can save money.

Good luck.

taxi73

Hi there please do not re-mortgage as this can put you in a worse position..and will start that consolidation trap...the best thing to do is your SOA and we may be able to help with that...keep a spending diary also as this lets you see where you're spare money is going..it can be areal eye-opener!!

spurs501_2

Thanks for the advice, so a re-mortgage is not a good idea then? I will get to work on posting my SOA and start to keep a spending diary.

poorbutrich

Welcome to the forums - just wanted to wish you the best of luck as I liked your user name....