Debt advice needed

theblades

Hi, I owe Northeren rock £29,500, i currently have a payment plan in place for £1 a month. I have just spoken to a lady from northern rock on the phone and had a quick review, it works out that that i am -£15 at the end of the month before i pay the £1 if that makes sense, so she said if i could raise some money from a family member or somewhere they would be prepared to accept a one off payment which would totaly clear the debt. providing my offer was high enough.
Has anyone got an idea how much they are likely to be talking about, £25,000 or £4,000 I have no idea?????

Thanks in advance

Tixy

Very difficult to say. This is I assume unsecured?

Are you a homeowner?
Are your circumstances likely to chance anytime soon?
If no to both of those have you considered bankruptcy as an option?

theblades

Yes this is unsecured, I am a homeowner, and i have considered bankruptcy but i dont want to loose the house. I have a one year old son and my wife is just pregnant again so need to try and get this sorted. I thought a one off payment could be an option if they didnt want to much money.

Tixy

How would you raise the money? if you were borrowing it how you would afford to pay it back if you don't have any disposable income?

As its still with the creditor and you are a homeowner I would guess they wouldn't accept a very low offer but all you could do would be to either ask them what they might accept (and then if you can raise some mony offer a bit lower) or see how much you could possibly raise and write with an offer to see what they say.

PHILIP1193

The minus £15 will be due to the interest it generates by now repaying what could be called a true minimum payment i can only assume.

My guess is that a payment might be £15,000-£20,000.

You need to think about possibly going bank krumpt i feel as its the only way your going to repay the debt. You could experience a whole world of pain if they come after your house and the stress might not be worth it especially as you got more children on the way.

Phil

Tixy

OP means their household income & expenditure shows they are overspending by £15 a month before they make any payment to the debt.

PHILIP1193

Ok, well the rest of my points still stand.

Maybe a SOA will help us understand where his monthly spend is going. Only real way to offer advice.

Phil

theblades

Thanks for your advice guys. Not what i was hoping to hear.

JCS1

Is there any equity in the property? If negative or little equity you may be able to keep the property if you do decide to go bankrupt.

[Deleted User]

I highly doubt they would accept £4000 thats just a ridiculous amount considering the amount owed.

A lot of people on here say thay start offering around the 30% -40% mark of the total owed.

Hope you can manage to get it sorted out.

Dxxx

Poosmate

I don't think anyone can really offer any suggestions without knowing more of the circumstances of your income and expenditure.

£15 is not too bad for a deficit on a monthly budget and with a little tweak of your outgoings here and there you could probably easily make that up and maybe even be able to offer a bit more than £1 for the time being till your circumstances improve.

Please use this link to complete your SOA and post it here for all the good peeps on here to come up with some very clever suggestions:

http://www.makesenseofcards.com/soacalc.html

Poo