Fed up, depressed, and stuck :(

witchywoo_3

Hi all. sorry for my first post to be a selfishhelp thread. I'm finding this site a bit confusing, and money stuff stresses me out anyway.

my situation - i'm a shopaholic, now reformed. 27 living on my own in Essex (i'm from merseyside originally). moved down here for work 4 years ago from living at my parents after uni. never been out of my overdraft since uni

i now have a mortgage for £78000 which i had since jun 04 with hsbc in the graduate package so interest only for 3 years. my payments have jumped up £200 since it started, and as its a variable mortgage, i'm not doing well at the moment. so one thing i want to do is remortgage. i didn't have a deposit so £78000 was the value of my flat. it has had double glazing put in, and prices have gone up slightly so i estimate it maybe worth £84000 now. If I remortgage, i can't afford to pay for a survey. i was hoping i could get a mortgage for £84000 and use the extra money to pay off my other debts but would i need a 'deposit' like a normal mortgage?

my other debts:
loan with hsbc. i got the PPI with it and now i'm 57% (£5800 left to pay till nov 09 i think) into my loan and they will only give me 12% back. and if i do this i will have to apply for a new loan. i don't think i would get one as i'm so much in debt. i don't think i can reclaim the ppi as i signed a credit agreement stating the value of PPI and interest charged. and leaflet says about the cancelling and not getting pro rata. doesn't seem right to me though.

credit card hsbc £1500. normal credit card apr.
credit card tesco £2900 0% credit till may 08

overdraft hsbc £1200
overdraft A&L £1000 interest free until may 08.
have the usual student loan but i don't count that.

i'm worried about reclaiming bank charges and ppi from hsbc as i owe them so much money. if they cancelled them, i would be in so much trouble.

at the moment, i can't pay anything off properly, my outgoings are above my incomings and i've tried to reduce as much as i can.

Please can anyone offer any advice on how to get out of this mess. Its my own fault but i just feel so stuck. if i lived up north i'd move back in with my parents but i'm down south on my own and i can't do my job up north.

any help appreciated

Thanks

Sea78

Hi :hello:

Welcome to the boar d- well done for facing up to the situation - shocking isn't it? (the whole thing I mean not your particular situation!! )

It would really help if you could post a full SOA showing all your incoming and outgoings (see sticky at the top of the board for more details on this). Then we can offer more advice etc.

It is often not a good idea to remortgage to include debt as it turns unsecured debt into secured debts - which often is then mroe expensive and doesn't deal with the actual issues of the debt causes.

Sea xxx

silkglade

Hi and welcome. :hello:

Well done on making that 1st and very important move to becoming debt free.

1st thing that jumps out at me is that you need a new bank account..... Never have loans, mortgage and credit cards with the same bank that you bank with. if you understand what i am trying to say... It makes negotiations useless as they will still just keep on taking the full payments no matter what.

You will also need a new account if you are waniting to reclaim the charges that you have been charged for unlawfully.

I wouls also suggest that you look at the very top line of the rhreads and read southern scoucers thread about posting a SOA, Statement of Affairs - All you monthly incomings and outgoings.

witchywoo_3

thanks for the replies. will do a SOA ASAP lol.

GettingThingsDone

Hi witchywoo, and welcome to DFW!

sorry for my first post to be a selfishhelp thread. I'm finding this site a bit confusing, and money stuff stresses me out anyway.

Don't be sorry - that's what this forum is all about I think we've all been stressed out by the money stuff, but hopefully by getting it all out on here you'll feel like you're in control and able to do something about your situation.

Good luck and keep posting!

gtd