We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Need some help and advice with my debts
Bluetobyboy123
Posts: 2 Newbie
Hi, I apologise if this has been answered already but I have been searching through the forums for a few days now and can't find what I need.
I have stupidly got myself into significant debt and I need help to get out of it. I have 2 maxed out credit cards, (approx 16k between them) I have a debt with moorcroft of approx 46k from a property I had to hand back to the bank as it was hemorrhaging money and now I have 2 properties that I can no longer support that are both in negative equity. The rent I receive barely covers the mortgages and definitely does not cover any extras such as management fees, ground rent, insurance etc. I have been financing these properties for a few years from savings and inheritance but now that has run out and I can no longer do this.
I am not behind in any payments yet and would like to sort things out before it gets to that stage. But I don't know where to start - do I go to a financial advisor or a debt manager? Where is the first place to start? I cannot sort things out on my own, I cannot talk/negotiate with banks, debt agencies, etc. but I need someone to do this on my behalf so that I have one debt to pay each month and I can get the debt down.
Has anyone any advice on where to start?
Thank you in advance for any advice that you may have, the stress and worrying needs to go away!
I have stupidly got myself into significant debt and I need help to get out of it. I have 2 maxed out credit cards, (approx 16k between them) I have a debt with moorcroft of approx 46k from a property I had to hand back to the bank as it was hemorrhaging money and now I have 2 properties that I can no longer support that are both in negative equity. The rent I receive barely covers the mortgages and definitely does not cover any extras such as management fees, ground rent, insurance etc. I have been financing these properties for a few years from savings and inheritance but now that has run out and I can no longer do this.
I am not behind in any payments yet and would like to sort things out before it gets to that stage. But I don't know where to start - do I go to a financial advisor or a debt manager? Where is the first place to start? I cannot sort things out on my own, I cannot talk/negotiate with banks, debt agencies, etc. but I need someone to do this on my behalf so that I have one debt to pay each month and I can get the debt down.
Has anyone any advice on where to start?
Thank you in advance for any advice that you may have, the stress and worrying needs to go away!
0
Comments
-
So just to clarify, this is a mixture of both personal and business debt with buy to let properties?
You might want to think about contacting these people as a starting point. They have a budget planner on there to start things off.
https://businessdebtline.org/
All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.0 -
Thank you for your reply, I have done the budget planner so I know things are about to go bad.
Yes it is all personal debt, 2 but to let mortgages but not business loans.0 -
Talk to Business Debtline.
But people in your situation often go bankrupt and let the Official Receiver sort it out.
Do you have an asset that you'd like to protect, like your own property or an expensive car?0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards