Serious help and advice needed

hooters

Thanks shiney, I'm not sure whether this will mean us losing the house to pay off the excess mortage or we would be able to come to an agreement to pay it off gradually while offering the other creditors a slice of our "disposable" income.

It's a complete mess. I was surprised that we could go over our mortgage, and was expecting the Northern Rock cheque to bounce.

Shineyhappy

I would immagine that if you have enough equity on your property then the bank will be quite happy to extend your mortgage. I had to borrow 10k against my flat to buy out my ex and Lloyds were more than happy to give me a second mortgage.

hooters

the amount that the mortgage has been upped too by me is about as much as the house is worth, so it would be 100% mortgage. That would leave is trying to fight with the 10,000 hsbc, 8000 mbna, 1000 sainsburys and 2500 lloyds debts.
I have scribbled a few saleable items down, including my car - i could walk to work. And if we are lucky, we would get about 5000 for them. This would may have to be used in a small part on our interim spending, depending what The One Account say - we may already be denied any cash from this account and our wages will be swallowed up.

Shineyhappy

Is there any chance of borrowing some money from a loved one?

I would get selling on Ebay as much as you can as every penny counts. I really wish I could be of more help, but it is amazing how much Ebay/amazon/bootfairs add up when you really try.

hooters

The One Account have said we need to pay back the 12,500 by next thrusday or at least come up with a proposal. They have stopped out Direct Debits, but these include all our utilities, service charge and car insurance.
I am thinking about saying to them, i will sell the car and put the proceeds into the accounbt - we have a timeshare that we are selling and will reduce the asking price of that to get a quick sale and put that into the account.
But we will be unable to withdraw any cash for living on, luckily we have stocked cupboards and I could sell a tv and ps3, cameras etc to live on that money. I'm really worried about the utilies though - will we get them cut off?

Such a sodding mess.

Shineyhappy

How far back do you owe the ultitities people?

I am pretty sure the water board arent allowed to cut you off, but I would imagine that if you put a few things on Ebay asap you could get enough to pay those bills as long as you can withdraw paypal money to another account to be able to access the money.

I think you should really push whomever is selling your timeshare as thats defiantly one luxury that can go.

TillyTrippit

Hi Hooters,
Contact the utilities asap and explain what has happened. Also speak to someone at the bank and tell them all that you are doing. Keep your chin up, there is a way out of this, you are being incredibly brave and someone somewhere will be able to help. I am only sorry that it is not me.

All the very best,
Tilly
xx

RAS

hooters wrote: »

The One Account have said we need to pay back the 12,500 by next thrusday or at least come up with a proposal.

Well, it is going to have to be a proposal as the other is not an option.

They have stopped out Direct Debits, but these include all our utilities,

Contact the utilities now and tell them what has happened (not exactly but that the cheque and a payment went out unexpectedly) and you are sorting it but there is a problem this month.

service charge and car insurance.

not sure whether you can talk to people about the service charge, but you have to sort out the car insurance or do a SORN

I am thinking about saying to them, i will sell the car and put the proceeds into the accounbt - we have a timeshare that we are selling and will reduce the asking price of that to get a quick sale and put that into the account.

that's the start of your proposal.

But we will be unable to withdraw any cash for living on,

Where is your child benefit etc paid? Set up a new account which does not require a credit check (see the Bk forum for the list of options) and get your salaries and benfits paid in there urgently. You can then arrange DDs from next month.

luckily we have stocked cupboards

Go over the the Money Saving Old style Board and do a Store Cupboard challenge. Join www.freecycle.com for clothes and goods.

and I could sell a tv and ps3, cameras etc to live on that money. I'm really worried about the utilies though - will we get them cut off?

Such a sodding mess.

When are you seeing CAB??

hooters

RAS wrote: »

When are you seeing CAB??

my wife is down there now, I haven't sent her because I didn't want to face them - I just can't get out of work till next week and they don't do evening appoinments.
I feel so bad for her, I've put us in thisd mess and she is helpiong sort it out

RAS

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