Guarantor loan debts is destroying me

Angie10

Although done my income and exp i will still be in neg equ with the property

warwicktiger

Mortgage debt 8500? other debts 9800, house value 75000?

Remortgage for £19000, other debts gone.

Monthly mortgage payment 467 on 8500?

somethings not right?

Angie10

I carnt remortgage my house im to far in debt i carnt get a secured loan im in arrears by 8,500 with my mortgage repayments since i got made redundent my mortg company wnt me to pay double monthly installments which i carnt afford, i borrowed 69000 from the mortgage company and will still owe extra, as they will add the arrears on top of that im my home is now only worth 70,000 ive just started paying my monthly payments until i can get rehoused as ive no choice i have to keep paying until im evicted

Angie10

the 467 is my monthly payments it was over 33years

gizmo111

Are you claiming all the benefis you ar entitled to? Doesn't seem much you are getting on a small wage.
Have you worked out what you will be able to claim when you move into a rented property - why are you still paying the mortgage if you are being repossessed.

Can your friend take out a loan in her name then you pay it - potentially halving the monthly payments.

Angie10

Hia yes ive been to the cab and im claiming what i can get they came to evict me from the house gave me an arrangement that i can stay in the property until they sell it but i have to pay monthly payments to be honest i will be worse off if i packed in work. Im on a housing list so scared id get the children taken off me if people knew what a mess im in they are all i have in my life. My freind wont do that im sure she wouldnt she has a mortgage and her partner would go mad. Its all my fault no way out from it! Guarantor loans shouldnt be allowed they are like loan sharks awful

antonia1

Hi Angie - you really need to talk to your friend. I have just signed as guarantor for my sister on her rental agreement (standard for students), and I did it knowing that if she can't pay I will have to find a way to make the payments myself. If the situation were to arise tho, I would want as much notice from her as possible so I could start planning.

Also, check http://www.turn2us.org.uk/benefits_search.aspx to make sure you are getting all the benefits you are entitled to.

gizmo111

Angie10 wrote: »

Hia yes ive been to the cab and im claiming what i can get they came to evict me from the house gave me an arrangement that i can stay in the property until they sell it but i have to pay monthly payments to be honest i will be worse off if i packed in work. Im on a housing list so scared id get the children taken off me if people knew what a mess im in they are all i have in my life. My freind wont do that im sure she wouldnt she has a mortgage and her partner would go mad. Its all my fault no way out from it! Guarantor loans shouldnt be allowed they are like loan sharks awful

I'm a social worker and I can assure you you will not have the children taken off you because you are in debt.

I've just done a quick check on entitled to and you should be getting about £113 a week in child tax credits plus child benefit.
Would private rented be better if you have to wait for a council place it could take ages and they won't rehouse you until you are evicted - stop paying the mortgage to get the deposit together and then move and claim some housing benefit.

Your friend most likely has these loans on her file anyway - she needs to check. It is better if she puts it in her name at a lower rate as if you default she'll get stuck with payments anyhow.

glasgowsaver2011

Angie10 wrote: »

I dont have any cards and couldnt even get one. No my ex husband wont pay anything towards his elest child he refuses to and has threatend with court action i need to get a grip but im not feeling that strong enough to go through that, i do get 100pound a month towards my second child my income includes tax credits i do think il get help with childcare costs. Ive never not worked though and the thought of not working would drive me even more crackers but i think in which way am i better off. I dont have any family support, My only option is to try and get a better paid job now rather than later.

Its not court action needed, if he is named on the birth certificate, contact the CSA they will do the rest for you.

glasgowsaver2011

warwicktiger wrote: »

Mortgage debt 8500? other debts 9800, house value 75000?

Remortgage for £19000, other debts gone.

Monthly mortgage payment 467 on 8500?

somethings not right?

I think there is a mis understanding on mortgage debt.

It looks like debt on the mortgage account. rather than total outstanding has been calculated