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NEW DFW........PLease help if you can

balahelen
Posts: 1 Newbie
Hello everybody,
A good day to you all.
Am in 10's of thousands of debt due to very personal circumstances. I won't bore you with details.
I have a little equity in my flat so plan on selling it to reduce the size of my debts. At this point in time I am not concerned with being a property owner. Also do not want the burden of my huge mortgage. I can for at least a year go back home........even at the my ripe age.
I wondered if anyone out there had approached their lenders with the suggestion of stopping interest but not reducing the size of loan as the intention is to pay it back in full. I also want to agree an affordable monthly repayment plan.
My idea is to avoid the bankruptcy or IVA route. Has anyone done this and did it work. If so do you have any ideas on how to word this letter ?
If you can help I would greatly appreciate it.
Many thanks
bala
A good day to you all.
Am in 10's of thousands of debt due to very personal circumstances. I won't bore you with details.
I have a little equity in my flat so plan on selling it to reduce the size of my debts. At this point in time I am not concerned with being a property owner. Also do not want the burden of my huge mortgage. I can for at least a year go back home........even at the my ripe age.
I wondered if anyone out there had approached their lenders with the suggestion of stopping interest but not reducing the size of loan as the intention is to pay it back in full. I also want to agree an affordable monthly repayment plan.
My idea is to avoid the bankruptcy or IVA route. Has anyone done this and did it work. If so do you have any ideas on how to word this letter ?
If you can help I would greatly appreciate it.
Many thanks
bala
0
Comments
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Hi Bala :hello: and welcome to DFW!
Some lenders will suspend interest and charges, but it can take some time to set up (and I have heard at least 1 poster say after they contacted I think it was Egg about reducing payments/interest they increased their apr :eek:)
Quite a few people on here are on Debt Management Plans (DMP) either arranged themselves or through the non fee-taking organisations (CCCS/PayPlan) where the whole of the debt is being paid off, but without interest & often a reduced monthly rate.
If you post a full SoA (see SouthernScousers sticky) we'll be able to give you more personal advice - if you're credit rating is good for example then you may be able to transfer some to a 0% or low LoB credit card deal.
If you're thinking of selling up anyway, will you have loads of furniture etc that you'll be able to sell to raise some extra money?
StormTotal Debt 13th Sept 2006 (exc student loan): £6240.06 :eek:
O/D 1 [strike]£1250 [/strike]O/D 2 [strike]£100[/strike] Next a/c [strike]£313.55[/strike]@ 26.49% Mum [strike]£130[/strike] HSBC [strike]£4446.51[/strike]@15.75%[STRIKE]M&S £580.15@ 4.9%[/STRIKE]
Total Debt 30th April 2008: £0 100% paid off!
PROUD TO [STRIKE]BE DEALING [/STRIKE] HAVE DEALT WITH MY DEBT0 -
SOA please0
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Hi Helen. Please bore us with the details. Welcome, more help will be here shortly. LennyThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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