£117,000 in debt.

southernscouser

fishface-69 wrote:

Looking at the above realise that purple octopus hasnt posted for ages...anyone know how she is? If you're reading this please let us know hoe you are. My heart goes out to you & I hope you are doing OK & getting things sorted....

Well seeing as though she hasn't been online since the 24th September 2005 I don't think she's coming back! :rotfl:

oops_a_daisy

LOL southernscouser - didnt notice that :rotfl:

purple_octopus

Hi Everyone,
I've not been on the forum or MSE for nearly a year now and some of you may remember me as the one in £117k in debt last year. Well, I have just worked out that the figure is now around £114k and I'm shocked at how little has come off. I stopped visiting the forum because I felt I was not able to do anything except keep paying the monthly debts as best I could.

When my overdraft got too big (because monthly outgoings were not manageable) I moved more debt onto the 0% credit cards hence their balance is bigger then last year. Very depressing.

The figures now stand at:

First Plus 75k loan, still stands at 89k as it was last year. The capital does not go down until the last few years. It's gutting that they have had about
10k from me in the last year, none of which goes towards paying off the capital.

Credit cards (2 of them at 0%) £17,851
Bank Loan £6796
Overdraft £600

My circumstances have changed little, I am still living with Mr Purple O in a house on which I have a 135K mortgage, with the first plus secured loan on top (89k.) This is 224k's worth of debt on a house worth just over 200k.

We have not moved because Mr Purple O has not yet put his house up for sale (the one his ex still lives in and he contines to pay a joint mortgage on). I shall have to find the 24k shortfall by some kind of unsecured loan when we do eventually move, in order to get rid of first plus as I don't want to take any secured debt with me.

I do want to sell the house but it is not possible until Mr Purple O and his ex have dealt with their financial matter. Mr Purple O wants to use the proceeds of his future house sale as a deposit on another property for us, there is no question of him bailing me out. He bravely struggles to cope with living with someone who is hopelessly in debt.

Anyway, that's how things are today, I'll update again when things move forward. Thanks again for all those who contributed to the original thread, it was very kind of everyone to take the time.....

Cheers,
Purple

sparkle84

crystal_clear wrote:

Once again i find myself back here to give clarification !!!
I am sorry but to all those saying keep well clear of this Bramley manor
Yes i agree there is no need to look at them if just going to go on a DMP as i would assume they are a fee paying company and why pay for something if it can be done for free ... but my post was directed soley at Purple if she was to go bankrupt such as my friends are being forced down that road and had resigned themselves to the fact they were going to lose all debt except secured they were going to lose there home in the process...... little did they know that having taken out the second mortgage has left them little equity in there home and the OR / courts may decide that taking the home would serve no purpose so providing the mortgage and second mortgage dont go for forclosure they would be safe and could continue to pay both those (but all other debts in there IVA would be gone within bankruptcy)but after talking at length with Bramley they feel that even if they were to keep the house they would still be better off financially taking out a fresh mortgage through this company and apparently it is a guaranteed offer not just pie in the sky ....
I do hope this puts a stop to all the backbiting......
If Purple can go through CCCs or any other free same for a DMP then go that route dont pay anyone for a DMP but if bankruptcy is the only other option she has and it looks like she is going to lose her home then thats where my suggestion to go sound them out comes in ........ Hey this may not be for Purple but lets be fair here
Purple has her own mind and can see things for herself stop pre judging and allow her to take onboard whatever advice she wishes I am sure given her current situation she is glad of any ideas
Like i was always told DONT KNOCK IT TILL U TRIED IT !!!!!!
I really hope this has cleared any doubts others had or reasons to pull down my suggestion as a last resort and yet again i do not work or have any contact with this company or any other similiar I too have my own problems and have my own post on the boards but no one can help me with mine as i am in a catch 22 situation (off work sick) But if i can put in something that may help someone else I will Please dont knock me for that its not nice I am just trying to helppppppp with other ideas if needed as back-ups

Are you saying your friends are going bankrupt but because they have negative equity in the house the OR won't touch it and they are not remortgage with Bramley Manor this is rubbish they can't do that the OR has 3years to decide whether or no to sell there house and they cannot take out another mortgage or remortgage it while they are undischarged bankrupts

purple_octopus

Hi everyone,
A brief update from Purple Octopus, I know I haven't posted for a long time but just to let you know, I didn't go down the bankruptcy or IVA route. I kept paying all the bills, they haven't gone down significantly, except the personal loan, which will be paid off by next March.
My current dilemma involves a (sad) inheritance which may help me to ditch my First Plus albatross. I will inherit about £60K this year and I want to use it to get rid of First Plus by getting a remortgage on my house of about £29K to make up the £89K that I owe them. This will then help me to concentrate on paying off my unsecured credit cards and loans and help me in my goal to be "normal" again.
I have enough equity in the house to do this, but I wish I knew of some methods to reduce what I actually owe First Plus. So far they have had over £34K interest from me and I still owe them £89k despite the fact that I borrowed £75K to start with; so for just over a 3 year loan they will make over £63K interest from me and they get all their capital back, it's ludicrous. Okay, it was ludicrous of me to get into this situation and I don't deserve any sympathy for that.
All these brilliant battles Martin has started for us to reclaim unfair charges are great (and I have just started to do this myself) but there is no mention of unfair redemption penalties on secured loans like my First Plus Loan, if only........

Current Debts
Credit Cards £15100
Overdraft £2500
Personal Loan £4450
First Plus £89000 (approx)

southernscouser

Are you like a secret agent and thats why you can only post once every six months or something?

Crown

Hi Purple Octopus,

Im not sure if you have defaults on these accounts but if you are coming into an inheritence have you thought about offering Full and Final Settlement offers to all your creditors? With 60K a Im sure the offer would go a long way and you may be able to clear ALL your debts and n ot just the ALrge Loan.

Good luck with whatever you decide and it would be nice to see you post a little more more regularly

Kaz2904

ha ha! Secret agent, I like it! Can OH get a loan for 29k and buy a share of your house which you can then pay off? Don't know if it is possible but it is a legal way of doing things.

chevalier

Hi there purple
Isn't there something in the credit act about invidious interest? But it may not be retrosptective.

As it has been a while, have
a) kept on top of checking for cheaper deals on your insurances and utilities?
b) checked whether you house is in the correct banding for council tax (and mr purple o too on his other house?). If it is in too higher banding then you get a rebate for all the years you have lived in it not just this year.

I am sure you have not been complacent but I thought it was worth reminding you.

On another note, you might want to have a look at the debt free wannabee baby thread for ideas for having a baby on the cheap.....
chev

sammy115

I know the first plus loan seems like an albatross around your neck but could you not use the 60k to pay off your credit card debts first. Can you work out how much you would pay first plus if you multiplied the number of months left to pay the loan by the monthly amount, and compare this to the settlement figure. Whats the difference.

Then go on to https://www.whatsthecost.com and put your cc debts in and work out how much interest you might incurr on your credit cards. That would at least free you up from your monthly credit card payments.

Just a thought!