Another wee request for advice.

rossh70

Hiya everyone. I'm Ross and i am in Edinburgh.
This is my first post and i aint afraid to say i am a wee bit scared at the thought of puttin my situation down in black and white. I have read loads of stuff on here before posting though so i know i have come to the right place.
Can i start by thanking the young lady who directed me here. You know who you are and you are a star.
Anyway enough of the waffle heres where i am.
Due to a combination of wreckless behaviour and bad advice i find myself owing the following;
Mortgage- aprox £62,000 which is up to date and fine.
Loan- approx £20,000 to Royal Bank which i am payin an agreed reduced repayment.
Credit Cards- 3 addin up to about another £18,000 again payin agreed reduced payments.
I have a secure job and earn approx £22,000 annually.
I also have council tax which is up to date and the usual array of bills all of which are fine.
The problem is my work has unexpectedly stopped overtime which was the money i was living off after paying everything. It may start again but i cant survive if it doesnt.
Now i have a fair chunk of equity left in the house and i know someone will let me release that but will Abbey knock me back cos of my problems elsewhere and would i have to go to a "bad credit" company?
I am gonna write to my creditors and ask them if they will accept a reduced amount if i pay them a lump sum. Once they reply i will know how much extra i would need on the mortgage.
Bluntly i need to be a good bit less on my outgoings or i am stuck.
My last resort was to sell the house, pay it all off and maybe rent for a while.
Sorry for going on but if anyone has borne with me to this point i thank you deeply and would be grateful for any advice that may be forthcoming.
Right i am off for a wee cry now. Cheers.

Determined

Hi Ross - don't cry!! Seriously I know just how you feel - I'm new to the boards too. If you see my post 'no idea what to do anymore' you'll see what a fantastic bunch of people come on here. I'm sure they will be along soon to help... xx

sylviemylove

Hi there Ross I am a newbie like yourself so I'm sure there are more experienced people to help, but as I was online I wanted to say hello and don't panic. The fact that you have a lot of equity in your house will be a great help. If you don't mind me asking, how much is it worth? I think your current mortgage supplier will be happy to let you remortgage. Stay well away from the other types, seriously not worth it. I know it seems bleak but please keep your chin up, there is a way through and I'm sure there a a few folk on her about to roll up their sleeves and give you a right sensible talking too! Big cuddle x

rossh70

Thanks both of you for taking the time to give me a wee boost. i have taken the day off work and am sitting here in front of the screen just shaking now i can see all that written down in black and white.
I feel guilty as i have read Determined's thread and you have a family to support whereas i am on my own so my problems seem trivial in comparison.
Anyway thanks for reading my post and taking the time to reply. It's very much appreciated.
Oh and the flat would go for about £105,000 i reckon.

Determined

No worries Ross - don't feel bad - everyone's situation is different!!!

You'll get there - honestly you'll get some awesome advice soon and you'll feel loads better :-)

Right must do some work....

xx

D&DD

Hi Ross welcome to the boards I've got to pop out but will be back later and will check up on your progress..you'll be surprised what difference a day makes once you've found these boards
Meanwhile you'll probably be asked for an SOA so have a look at the sticky at the top of the DFW page which shows you how to do this Good luck and don't worry there's always someone on here thats been there before,bought the Tshirt etc so has a cunning plan lol..See you later

martinstewart99

I'm a newbie as well Ross and I fully understand what you're going through, i'm so pleased i've put my situation out in the open, feel a whole lot better now.

The members on here know their stuff, just wish i'd cameon and took some advice 12 months ago, but whats done is done and now its time to change.

You'll get through this, might take a while, but imagine how much better you'll feel when its all sorted

peb

well done for posting - now I'm afraid the experts on here will want a lot more information. Look at the sticky at the top of the board and read it carefully. Then - when you get chance - carefully put down all your incomings and outgoings. It can take a while as for the best advice folks will want to see APRs, length of loan etc. As you know (by reading the posts) people will zoom in and comment.

Look forward to seeing more of you!

rossh70

Right, i am back armed with a big pile of bills and bank statements!
Lets see if i can make some sense of it all.
Outgoings;
Council Tax- £90 a month for 10 months a year.
Mobile- £23 a month but have renegotiated and should drop to around £16
Home Insurance- £16 a month
Life Insurance- £12 a month
Mortgage- £486 a month but will go up to about £520 in Feb. (get them rates back down!!)
Credit Cards- A and L- Balance- £4897.40- paying £54 a month interest free.
Mint - Balance- £6273.57- paying £65 a month interest free.
Marbles- Balance- £7869.01- paying £118 a month int free.
Loan- Royal Bank Of Scotland- balance approx £20,000- paying £230 a month
Sky- £ 34 a month- this has been cancelled
Virgin- £37 a month- this is being reduced to about £28.
So my outgoings before food, living etc. total £1148 a month approx.

My wages without overtime are £1347 a month leaving me £200 a month to live on. I also have a TV licence once every 3 months.

There it is laid bare for the world to see.

peb

Okay - so we now have your "scheduled" payments ; how much do you spend on food, haircuts, socialising, gifts etc? Do you know? If not try looking at a months receipts/bank statements. Do you live by yourself - if so do you need life insurance? Can you cook/meal plan - do you buy ready meals and take ways?

Sorry for all the questions but we need to see where that £200.00 a month goes - you have been spending it and more up to now.

I have a small mortgage and refuse to have any form of life insurance - when I'm dead I don't care - it really is death insurance which the broker did not appreciate me telling him! If you have dependants then it may be relevant.

Keep posting - and thinking

rossh70

No worries and thanks for the questions- it's why i am here.
I like a takeaway which i am cutting out and i often eat at my folks who are aware of my situation. The life insurance came with the mortgage and i was under the impression i have to have it.
I like to go out and have just met a new girl which, to be honest, was one of the catalysts for gettin my backside in gear. I know i will have to explain things to her but the thought just scares the hell outta me.
I wouldnt cut and run if she told me she was going through this but who knows what she will do?
Anyway i have dumped Sky, reduced my mobile bill and am thinkin of ditching broadband and the house phone as i could get by without them as i have computer access at my work and folks place.
The next step is firing off letters to see what my creditors would accept to clear my obligation. Royal bank already offered me £11,000 for a £20 grand debt so hopefully i can do something in that direction.
Sorry for all the reading here its just all pouring out of my head.