Debt Problems

fairladyzxgirl

I have as some might say bitten off a little more than i can chew.

I have just got my first mortgage, however i have two bank loans with payments for those alone being 425 pcm and then i have the mortgage and and bills on top.

My total debts excluding mortgage are in exces of 20k.

I have arrears, CCJs

my mortgage for my property is 65k i bought the house for 108k so i do have some good equity, however i have only been in the property for 2 months.

I bought the house with help from my parents who are unaware of my financial issues as i did not want to let them down.

My outgoings are higher than my incomings and i can not sleep at night, i just do not know what to do. Im 27 and do not want bankrupcy or an IVA but i really do not know where to turn

Please help

angelavdavis

Welcome to DFWs,

Can you spend some time putting together your Statement of Affairs (see first time poster sticky at the top of the forum) it enables you to list all outgoings. The good folk on here can then review it to see if there are any areas you can reduce the outgoings so you can throw the money toward your debts and lessen the burden.

You need to also think how you can increase your income - typical ideas are eBaying anything you don't need, taking in lodgers, taking on a second job, etc.

Once you post up the SOA, the guys can have a look and make suggestions for you.

fairladyzxgirl

where is the sticky i cant find it lol

HenryWeston

Could you sell the house and move back to your parents until you have paid your other debts off? im sure they will understand if you tell them why you need to sell the house.

hypno06

My advice would be to give CCCS or payplan a call and chat through things with them. They will go through the options for paying back the debt without the need for an IVA or to put the house at risk, but at a rate that is manageable, and allows you to sleep at night.

Their numbers are at the top of these pages and I would certainly advise you to have a look on their websites and give them a call.

Good luck, and I hope you manage to get a good night sleep x

southern_chick

fairladyzxgirl wrote: »

where is the sticky i cant find it lol

i can't believe it, someone has stolen Southern Scousers Sticky, where has it gone? if anyone knows please bring it back, its invaluable for anyone putting together their SOA

SC XX

hypno06

Oh, and the sticky is the one in the top half of these threads which is from Southernscouser, headed informtion for newbies or something similar!!

(sorry, have never learned how to post links to other threads!)

hypno06

southern_chick wrote: »

i can't believe it, someone has stolen Southern Scousers Sticky, where has it gone? if anyone knows please bring it back, its invaluable for anyone putting together their SOA

SC XX

It's there - right above us!! "first time posters"

Wakey wakey!!

angelavdavis

Here's the link http://forums.moneysavingexpert.com/showthread.html?t=107280

southern_chick

hypno06 wrote: »

It's there - right above us!! "first time posters"

Wakey wakey!!

so how come i couldn't see that then!!!! DOH

fairladyzxgirl

well i have been on the CCCS site as advised (thanks guys)

I am looking at a DMP but i am so scared that is going to mess my credit rating up even more, i have considered a secured loan against the equity i have in the property but in all honesty im not sure if one is any better than the other, its all just messing my head up now!!