so confused , dont know where to start feeling scared ?

eyeopener2

danbim wrote: »

thank you eyeopener 2 , did wonder about the secured debt, have toyed with the idea of a consilidation loan,

Noooo. I doubt you would get one, or one at a reasonable rate. They lead to more trouble, the danger of running up more debt, it's a much safer option to grab the bull by the horns and just get on with paying back the debt, say with a DMP or other plan, within your means.

theoretica

Are the secured loans secured on your house? This category sometimes causes confusion and sometimes people put car - or even sofa! - loans here. If it isn't your home at risk then CCCS may be able to help you deal with these too.

arthur_daley_2

danbim wrote: »

hi all, husband and i have large debts and are dont know where to turn, we are both working and have a mortgage on our property. there is so much info on her which is great but really dont know what steps to take first. we are trying to pay our debts and not missing payments but we are paying minimal amounts on credit cards and the interest is swallowing any payments. I am in no way looking to not pay what we owe , just want it to be more managable without getting into the awful spiral of using credit to survive . can someone please help point me in the right direction. It has took a lot of courage to ask for help and i am really nervous of being judged at the mess we are in

Credit cards are unsecured debt. Work out all your outgoings and income excluding your credit card payments.You can add even the smallest thing to your outgoings like buying newspapers each week and putting aside money for car maintainence and clothing.Think of as much as you can.
Just send this to each of your credit card suppliers and tell them you will pay them a token payment of a £1.

They will write and tell you this is not enough. Stick to your guns.ONLY USE THIS OPTION IF YOU DONT CARE ABOUT BEING BLACKLISTED THO. I have been doing this for the last 10 years.
I know i wont be allowed credit anymore but my wife can because the debt is only in my name.They also have stopped all the interest on my debts. Many of my credit card providers have now sold my debt to collecting agents who get told the same.

Was also taken to court over a large credit card debt and the judge awarded I pay the debt off at £4 a month.

danbim

hi again, the secured loans are against the house , the other problem we have is that our mortage finishes in 2 years (or part of it does) and it was an endowment mortagage and we will have approx £15,000 short fall. so if we go for a payment plan, where we stand in the future and we will need to find the £15,000 from somewhere ? this is such a mess ,really getting me down.

eyeopener2

Hi

You really need to do a statement of affairs. You could be ok, ie not go on a payment plan, if you re jig your budget (i've seen miracles on here). You never know.
Worth a try to see what the great and the good of this board can say about your spending?

E2

danbim

im really struggling with my SOA , is there anywhere on this board i can view others ( i cannot get my own calculations to tally with that on the SOA)


also i think we may well have some claims for PPI , do we need to do that first before we consider a DMP?