Mortgage Trouble

Faith_in_the_future

Hello

This is the first time I have used this website and I could really do with some help and advice. I am not asking for boo hoo I am feeling sorry for myself or deserve what I have got by getting into debt as I know this is down to me but I am looking for some advice on how to get out of it and build on the future as there has been lots of times I have wanted to give up and walk away but I wont.

I have a mortgage with C & G who are linked with Lloyds I took the mortgage out in 2000 when my marriage finished (husband ran off with a blonde) for 60K I was then earning approx 18,000 per year I extended the mortgage to 78,000 to get the house finished as myself and my ex had bought it in 1998 as a do it upper.

Stupidly I got into debt and already had exsisting debts when he left on credit cards. (I came to an agreement with him that I wouldnt ask him for maintenance if he signed the house over to me as there was only about 5k equity in the house and I didnt want a fight just a easy divorce which I ended up pay for in total) C & G refused to put the extra I needed on the mortgage as they felt I couldn't afford it. I then rang my bank Lloyds seeking money adivce and they put extra borrowing on my mortgage no questions asked as they "worked to different rules".

Did I learn my lesson no as my dad said "rich mans taste and poor mans pockets" This happended a furture 2 times in the end I have a 164,000 mortgage on a 20k salary 8 x times my income this means my mortgage payments are 904.00 per month. I have now lost my job and have arrears. I also have a loan with LLoyds and credit cards with them to a total of 46,500.

I have contacted Lloyds and raised a complaint about Irresponsible Lending and so far they have agreed to write off 46,500 and omitted they were at fault also. (This was at the time LLoyds just threw money at people).

I have just lost my job and need some help and advice on how to proceed from here. I do not want to give up my house as my daughter and young grandaughter live with me. This is quite funny as the council will not pay anything towards her living with me but if she moves out I can rent her 2 rooms for 400 - 600 per month and the council will pay her rent elsewhere and for a support worker as she has never lived on her own before. So much for a government that believes in families.

So I need help and advice on the way forward should I just give up and move into rented. (Dont want to keep on moving around and want to keep my family together)

Go on the game (To old and to overweight)

Sell a body part ( To much excess when young)

Fight Lloyds for more money

Try to re - negotiate my mortgage with C & G

Any help and adivce would be appreciated.

Thank you.

toonfish

without trying to sound brutal how thw hell can you sue LLoyds for more money? Maybe they shouldn't have lemt it, but it was at your request and they have already written off £45K.

Presuming there is no equity in the house the most send=sible option would appear to be bankruptcy. If you are struggling with the C&G mortgage any future deal is only going to be more expensive due to the arrears.

Cut your losses, and your credit cards and start all over again.

Conrad

BANKCRUPTCY.

Its no big deal my Brother did this under the new easy rules. This meant he was under a Bankcruptcy order 12 months - so what?

About 6 months after the 12 month period he got his first mortgage borrowing 90% from SALT at 6.6% 3 yr fixed, so you can see the 'penalty' for going bankcrupt is minimal.

At a stroke he wrote of a pile of debt and since then he has a happy renewed life and has even set up a sucessful business. His GF did the same separately at the same time so one minute they had crushing unrelenting debt, the next they were free.

They had a clause to guarantee no future property / equity could be claimed by creditors.

Forget all the nonsense about debt management companies. All you will do is extend your debt over decades and never escape and pay lots of hidden fees for the priveledge. It amazes me all the nonsense on the bad debt thread.

Conrad

I forgot to add, my Brother was able to carry on using a Woolwich Bank account so this nonsense about having bank accounts frozen did not apply.

In the meantime he got used to living without c cards and loans, so another beneficial facet here too.

You were a bit stupid as you say, but if u all stop playing ball with these Banks, and stop paying these debts they might start checking people can afford debts before selling them.

Eyesparky

How much is your house worth? It sounds to me like you should sell your house and try to mitigate your debt. Good luck and hope that it works out well in the end.

kodokan

Sorry, not a debt expert, so no advice to offer, but I was intrigued by this part of your tale:

'...the council will pay.. ...for a support worker as she has never lived on her own before...'

Is this true - anyone who moves out of the family home for the first time can get a government-supplied handholder? For how long? And does anyone know what do these people actually do..?

Hope you reach a decision soon, and your life takes an upturn.

kodokan

reformedEffortMaker_2

im still stunned that you actually managed to get Lloyds to write off £45k!!!.....how did you manage that?....how long did it take?