Trying to decide what to do and need advice

Hi Everyone

I talked to CCCS this afternoon and could do with some advice from you guys (these thoughts cropped up after I'd finished talking with them)

At the moment I am unemployed hoping I shall find work in December. The advice was to talk to my creditors straightaway to stop anymore payments being taken out of my account for a while.

I owe
Cahoot Flexiloan £8115.40 Payment of £162 pm interest rate 15.9%
Lloyds TSB Loan £15017.36 Payment of £380 pm interest rate 6.9%
Lloyds Credit Card £14968.93 Payment of £300 pm interest rate 19.589%:eek:

My question is since I bank with Lloyds do you think they will do anything to my current account like freeze it?

My main worry is that I don't want to lose the house I live in - there is no mortgage to pay and at the moment the house is still in my fathers name he has been deceased for 2 years he didn't make a will but I have the authority to dispose of his estate but I never bothered getting the house transfered into my name - could I still lose it if I am forced by my creditors to go bankrupt?

When I get a job I still feel that I cannot any longer afford the minimum monthly payments on the loans - can anyone see a way out of this for me as I want to pay my creditors what I owe them.

How badly will it affect my credit rating when I notify my creditors that my circumstances have changed - I have been wondering when I get work whether it would be cheaper to extend my lloyds loan back to 25,000 and get 10000 paid off the credit card which has 3 times the interest rate.

My original thought was to get a secured loan or mortgage on the house and pay off the lot but CCCS advised against this. Just want to be debt free ASAP any advice is welcome.

Many Thanks


  • my apologies guys this was meant to go in the debt free wannabee section :cool:

    (Bird Brain) :wall:
  • Basically, you are the beneficial owner of the property. If any of your creditors were to take action against you, then the property forms part of your assets and would be treated as such.

    I would advise hat you follow any advice from CCCS as they are just about the (joint with Payplan) most respectable organisation to deal with your debts.

    My main concern would be to keep your creditors sweet and to keep the property safe. CCCS will be best placed to advise on this.

    Good luck!
    Don't lie, thieve, cheat or steal. The Government do not like the competition.
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