Hitting brick walls

lost_in_debt_2

Hi, I was wondering if anybody could give myself and my husband some advice? We got married last year and up until we returned from honeymoon we have always managed our finances responsibly. We took out a £15 000 loan for our wedding but ended up putting our honeymoon among various other things onto credit cards. We have appoximately £30 000 of debt not including our mortgage. We have and I guess still are able to meet the repayment requirements monthly however we have no money to live on or to pay for petrol to get to work (obviously a catch 22 situation) Having worked out our incomings and outgoings there is £230 a month more going out than coming in, I am currently looking for a secondary job and my husband is looking for a higher paid position, once this happens we should have enough to meet the repayments and to live on. We have approached the bank to see if they will temorarily reduce our repayments on the loan and credit card until out income goes up but they refused, they have also refused to give us a mortgage holiday or a loan break, they have offered us a managed loan which we would have to repay over 12 years and would only have a cash card for the first 12 months, this is an option we are considering but we dont know that much about them-our branch assisstant manager felt we should do this as a last resort, she felt we can get ourselves out of this mess without the loan. We have been turned down for both an usecured and secured consolidation loan, the debt advice lines we have spoken to have advised us that an IVA would be our best option-again this seems drastic for what we see as a temporary situation. It feels like we are hitting our heads against a brick wall! The bank were happy enough to let us borrow the money but now they wont help us when we need it-weve never missed a payment and all we are asking for is some short term help until our incomings rise which we see happening within the next 4-8 weeks, its not like we are asking to stop paying, simply reducing our payments for a short time.

If anyone has any advice or suggestions we would appreciate it-especially about the managed loan and IVA options.

Thank you

immoral_angeluk

Please don't consolidate. 9 times out of 10 it just makes things a whole lot worse. Have you tried talking to the CCCS or payplan?

lost_in_debt_2

We wont consolidate like you say it will probably make things worse. Can you tell me what CCC's is? Sorry i feel very naive!

immoral_angeluk

lost_in_debt wrote:

We wont consolidate like you say it will probably make things worse. Can you tell me what CCC's is? Sorry i feel very naive!

The CCCS is a charity who give free advice for people in trouble with debt. The should be a link just above the board to their website. They come highly recommended on here and can organise DMPs, iva's etc on your behalf.

lost_in_debt_2

Thank you we will definetly give them a try!

gallygirl

lost_in_debt wrote:

We have approached the bank to see if they will temorarily reduce our repayments on the loan and credit card until out income goes up but they refused, they have also refused to give us a mortgage holiday or a loan break, they have offered us a managed loan which we would have to repay over 12 years and would only have a cash card for the first 12 months, this is an option we are considering but we dont know that much about them-our branch assisstant manager felt we should do this as a last resort, she felt we can get ourselves out of this mess without the loan.

Thank you

Crikey, a really honest asst. manager, :T :T :T to her.

Without knowing the details of your debts, income etc it's difficult to advise. Why don't you write an SOA (here's a link showung how/what to do)

http://forums.moneysavingexpert.com/showthread.html?t=107280
and we'll see if anyone has any bright ideas. Even alrthough you've said this si a short period emergency 30k will take a long time to pay off so lets see what we can do to help.

Could you use public transport to get to work? Any chance of a lift from a colleague, you could always say car off the road as needs a rare part if you don't want to tell your circs. Maybe the part is being shipped over from China???? Maybe the ship sinks?????;)

lost_in_debt_2

Hi ali, i have written a new thread called stuck-any info/advice appreciated that has our SOA on it, have repeated myself a little i think i paniced this morning without finding out what i needed to put on my threads! so apologise to all for repeating! thread is under same-debt free wannabe board!

thanks