£117,000 in debt.

deemy2004

Over how many years did you agree to repay the loan ?

As ifyou are repaying the loan then the capital surely should also being repaid, so it appears, as other posts imply that they have front loaded the interest rather than calculating on a dialy basis on the total outstanding.

So perhaps things arn't as bad as they appear, as now surely your capital will be, being reduced in lines with the time frame for the repayment of the loan.

Sample Firstplus agreement.

http://www.firstplus.co.uk/pdf/URCA.pdf

purple_octopus

Hi Ember,
You have been great, so sympathetic and supportive :T I guess I'm holding out for that magic solution, which is what stops me from initiating Bankruptcy.

Thanks again,
Purple O x

ps the smiley hiding behind the sofa is fantastic

purple_octopus

Hi Deemy2004,

The repayments on the First Plus loan are extremely front loaded with interest, with just a miniscule amount of capital being paid off. The term is 16 years.
What I intend is to sell this house at some point and give them about £60K assuming house prices do not fall significantly. This will leave about £29k outstanding and at some point I can perhaps get an unsecured loan of up to £25k from someone else, then be done with First Plus once and for all.
Don't know what the timeframe would be.
My partner would have to sell the house his ex currently lives in and he can't face making her homeless as she would probably not be able to afford a home of her own on just her salary and half the equity from the sale of their home. This is compounded by the fact that to get us another house equivalent to the one we live in now, we would have to shell out £200k as a joint mortgage between us, whereas at the moment his share of the mortgage on his house is significantly less than that.

Purple Oct.

Ember999

purple_octopus wrote:

Hi Ember,
You have been great, so sympathetic and supportive :T I guess I'm holding out for that magic solution, which is what stops me from initiating Bankruptcy.

Thanks again,
Purple O x

ps the smiley hiding behind the sofa is fantastic

I'd like to see you avoid Bankruptcy as well...I don't think it's an easy solution to a difficult problem. I do know that talking about it will ease the burden a little and it's good to see you reaching out in that way. I can't wave my wand (I'd scare everybody :eek: LOL) but I will sprinkle some Lavender on my Heather this evening for you and send you some good vibes. But you know what? the power of positive thinking is a remarkable thing and if you can reach inside yourself and harness that strength you will get through this, with the love of your man and support from your family, friends and us lot on here. Keep posting and try to find a smile...it goes a long way in a harsh world

If you ever want to talk, you can PM me via MSN Messenger....

Ember x

purple_octopus

:wave: I do look forward to your emails Ember. I'm quite happy most of the time really, despite the situation day to day life if fine and even normal. Myself and Mr Purple O do have our "reality check" days and then things are very difficult, but we get through it. Talking to you and the others has been amazing, to think that people can accept and offer support, despite my own stupidity, is incredible, hope I can help others through my experiences, like you have.

Purple O x

rizla01

It's just a thought but if you are able to sell up you would get more money for your house than if the 1st Charge (mortgagee) sells it in order to get their money back.

You would have more money to pay off the other creditors. What i'm not sure on, and others may advise, is that you would perhaps be better off paying a large amount of creditors off than the one 75k debt.

Also, there have been grounds raised for suing a company that loans large amounts of money when they should have realised that it would cause undue hardship.

perhaps some-one would like to comment?

Riz

crystal_clear

Hi purple I am back again mainly because i note that no one has stepped up to confirm what i originally posted so i am posting this link and i hope u will follow it and ask there professional advice before doing anything i am confident they will answer your questions ... go give it a try and let us know the outcome please and good luck hun


http://www.insolvencyhelpline.co.uk/debt_solutions/bankruptcy_solutions.htm

tiger

Well I Personally Will Never Believe Some One Will Have That Much Debt

Nelski

tiger wrote:

Well I Personally Will Never Believe Some One Will Have That Much Debt

and your point is..........?
This person has come for some good advice and support not judgement.

purple_octopus

crystal_clear wrote:

Hi purple I am back again mainly because i note that no one has stepped up to confirm what i originally posted so i am posting this link and i hope u will follow it and ask there professional advice before doing anything i am confident they will answer your questions ... go give it a try and let us know the outcome please and good luck hun


http://www.insolvencyhelpline.co.uk/debt_solutions/bankruptcy_solutions.htm

Hi Crystal, I will read through the information on this link. Thanks for taking the time to write and show an interest.

Purp Oct