Advice on Loan?

WirezFree

Hello,
　
Will try to summarise as much detail as possible.
　
Made redundant Sept 2011, received some redundancy.
Claiming JSA, income based, and receiving mortgage interest relief.
Competing for jobs with younger people with degrees/quals
Have worked 36+ years with only a 2 month break in 2005.
Job prospects at previous salary very, very slim, worked my way up.
Even at lower salary, 2 interviews from 78 applications, no offers.
　
I have a mortgage, but due to work moves and bad timing,
I only have a small amount of equity in the property.
　
I'm currently paying approx £60/month to cover shortfall on the interest on the mortgage,
I can cover this for another 3 months approx. I already have a payment plan agreed with
them that they said will be reviewed in 6 month!!!.
　
I also have a Sainsbury Loan(RBS)
I agreed a £1.00/month plan with Sainsbury, but then I got a letter from Blair Oliver Scott(DC's)
informing me that they are managing the account, and I should continue with the £1.00.
　
I just received a 6 month statement which is now at £21,600
They have added approx £130/month interest on top of the missing 6 payment.　
　
My total income from JSA, + 2 small pensions is £543.00/month
(pensions cashed to release some lump sums to live on)
　
I have a CCCS budget/debt plan which shows a -£1012 shortfall/m
When on reduced mortgage payments the shortfall is still -£369/m
I have cleared all other small debts, budget cut to the bone.
Car 12 years old banger, no sky/cable, mobile @ £15/month

So before things get any worse,
I was looking for advice with the Blair Oliver Scott(DC's) for the Sainsbury loan?
　
- I carry on with £1.00 possibly for a very long time?
- I could possibly raise a lump sum from family for an offer?
　
If I have to sell the house there is no large sum of money over to pay the loan off,
so I will be only able to carry on with the £1.00/month till who knows?
　
Any advice/comments welcome
Thanks

Heffi1

Hi I didn't want to read and run, I am sorry you are finding things tough, have you given CCCS a call and spoken to anyone there, they may be able to think of an option that you have not considered yet, apart from that I am not sure what else you could do until you find work again. I know places are taking on temp staff for Christmas, I wonder if there is anything near to you that would fill this gap for now.

broad-sword_2

Not much help but I sympathise. I started at the bottom with no quals and would be much in the same boat as you... there but for the grace of god go I.... good luck in the future.

WirezFree

Hi Heffi1 & broad-sword,

Thanks,
I will try CCCS again.
It seems at 55 and no professional quals is tough.
Being out in the sticks doesn't help... hindsight eh....

I was hoping for comments on wether it was even worth trying to make a "Full & Final settlement" offer to Blair Oliver Scott,
or is my situation not that dire in their eye's, it is in mine.

Thanks

happycamel_2

You could try a f+f, the worst they can say is "no". What industry is your experience in?

Can you use any skills, professional or otherwise in a self employed capacity? Could you be a subcontractor/temp or start a small business? My uncle has taken up window cleaning (having previously been an IT salesman) and is making a reasonable income from it. My brother in law now runs a dog washing franchise and after three years is taking home more than his old job.

The post office is also recruiting for Christmas staff. Rather than going back in to your old industry you may need to look at your skills and capabilities and then look at areas where there is work available and why they might apply.

It's not easy and it sounds like you've made very sensible decisions so far but please don't give up hope on having an income again, even if it isn't a full time employed position like you are used to, to be honest I think fewer and fewer people will have traditional style jobs.

WirezFree

happycamel wrote: »

You could try a f+f, the worst they can say is "no". What industry is your experience in?

Can you use any skills, professional or otherwise in a self employed capacity? Could you be a subcontractor/temp or start a small business?
It's not easy and it sounds like you've made very sensible decisions so far but please don't give up hope on having an income again, even if it isn't a full time employed position like you are used to, to be honest I think fewer and fewer people will have traditional style jobs.

===
Hi happycamel,

Sorry for the delay in replying, my mind is all over the place at present.

Thanks for the info, I do Project Management/Business Analysis in IT.
I have also looked at comaparble areas, the problem is a lack of formal qualifications, I can't even get past the agencies.
It's always you "Must have XYX... to be considered"

I have lower back issues, so standing/lifting is a problem, fine in a supported chair.

I have now cut everything to the bone...
Mortgage on an reduced minimum payment, re-done lots of monthly bills to get better rates.

My monthly defecit is now -£208 it was -£369
Can fund this for 1 or 2 months from last of redundancy money, then ????

Challenge I face is my outgoings for my age are quite high,
so I need a reasonable salary to meet all my payments.


The Sainsbury loan I mentioned at the begining which I'm paying £1.00/month,
Sainsbury sold it onto Blair Oliver Scott, it's now been sold on again to Cabot Financial.
Maybe see how they respond to a !!!!!!?

I have read on here that loans can be sold on at reduced rates??

I can borrow some money from my daughter, certainly not £21K though.

Thanks again