Help with Debts Please

HollyDolly11

Hello

Hopefully someone can point me in the right direction please? A little history.

I have a property that I can't sell as does my partner. My mum and dad are living in my house (I'm still paying the mortgage) and my Mum is on my partners mortgage to enable him to take his ex of his mortgage. I'm living with my partner now.

However, I have the following debts - some of which I have had no choice but to get into so we didn't end up losing the house.

Loan RBS - £22,000 outstanding
Loan Creation Finance - £22,500 outstanding
Halifax Overdraft - £3300
Credit Card - £3000 outstanding

Our wages just don't cover the outgoings and I really don't know what to do. I thought about just getting one big loan to cover the lot?

Any help greatly received and let me know if you need for information.

Many thanks

BoGoF

Unless you have a minimum £100,000 salary you won't be borrowing any more money I'm afraid.

The obvious question is why can't you sell the properties?

In all honesty if you can't sell then all this additional borrowing may have just delayed you losing the house.

Tixy

Hi holly and welcome

You might find more help if you post this again on the debt free wannabe section of the forum.
Given the level of your debts I would think almost certainly you will not get a big loan to cover the lot. Unless you are in a position to take further borrowing on one of the properties - which we absolutely wouldn't advise.

I would suggest completing a statement of affairs and posting on the debt free wannabe section - that way people can see your full finances, debts, equity etc and see what you are paying for the houses and how far short you are a month of being able to meet all your repayments and therefore what the best course of action might be.
This is the calculator we use - http://www.makesenseofcards.com/soacalc.html

Are mum & dad not paying rent to live in your property? presumably they don't own their own property? were they renting elsewhere before they lived in your house?

HollyDolly11

thanks.... I hope that I could do some sort of debt consilidation and put them all together and pay over a longer period. We can't sell the houses as they just won't sell - been on the market for ages and no interest and we can't drop them even further as they are already in negative equity.

Yes mum and dad are paying rent - which is helping cover some of the debts.

Will fill in the calculater thanks.

somethingcorporate

It's very unlikely you will be able to consolidate such massive debts unless you have a huge income.

HollyDolly11

thanks - I've posted on the other board as advised

nomoneytoday

IMHO taking out more debt will make the problem larger and longer due to the extra interest, if a lender can be found.
I would book an appointment at the Citizens Advice for some honest appraisal.

HollyDolly11

thanks - I am going to do that. At the moment I'm just trying to make the monthly payments affordable