Worried About Losing My Home

PANDORA

I don't have all the details to hand but here is a rough SOA

Mortgage £80,000 £600
Standard Life Endowment 53 (for mortgage)
Prudential Endowment 55 (for mortgage)
Councill Tax 150 due to increase Apr
Friends Provident 12.34 for me
Scottish Power 71 - about to increase it to £111
Gas CH maintenance 23.06
House Insurance 8.63
Nat Ins contributions (OH) 8.40
Northern Rock loan 89.99 -my name only £4319 May 06
1st National (suite) 29.89 - clear in May 08
Car Insurance 25.73
Oxfam 6.00
TV Licence 12.00 quarterly
Bank Loan 241.00 my name - £12,000
Halifax Credit Card 130.00 my name - £5,945 12.94%
Lloyds TSB Cr Card 20.00 my name- £900 think about 12%

Credit Union 150.00 Balance £600 Shares £2000

Outgoings 1713

OH CC payments 74
Total 1787

My Wage 1,000
OH Pension 320
OH wage 800

Total income 2,120 (food, petrol, car tax, not included)

This isn't an exact SOA but will refine it along the line.

kel123_2

A few years back a judge made a ruling that:

If a partner took a secured loan out on a joint property without the signature of the other partner, then the second claiment cannot reposses or ask for the propterty to be sold to pay off the debt. The second claiment must wait untill the house is sold to claim their monies. The mortgage provider was RBS and the second mortgage holder (secured Loan) was Lloyds TSB.

How do I know this - When I started my business 2002/3 my business bank was Lloyds and our mortgage is with RBS and Lloyds refussed a business start up loan and overdraft because of this - the start of my demise as I was too far down the line to change or abort????? All that they quoted was a name, the ?????? ruling but I cannot rememder the name

Don't know if this fits your senario but!

PANDORA

Thanks for all the comments. I do have things i could sell on Ebay but wouldn't know where to start....... do I need to photograph items? My computer's in decline....... can't upload any more photos as not enough memory. Shopping wise....... I'm sure we could shave a bit off the bill but I do cook from scratch, make soups etc I have signed up to Quidco, Greasy Palm and Cashback Kings, surveys, daily clicks etc. Have challenged Council Tax Banding, hopefully will be successful and have cashed in a Savings plan to reduce monthly outgoings (though there is a route for that cheque).

PANDORA

kel123 wrote: »

A few years back a judge made a ruling that:

If a partner took a secured loan out on a joint property without the signature of the other partner, then the second claiment cannot reposses or ask for the propterty to be sold to pay off the debt. The second claiment must wait untill the house is sold to claim their monies. The mortgage provider was RBS and the second mortgage holder (secured Loan) was Lloyds TSB.

How do I know this - When I started my business 2002/3 my business bank was Lloyds and our mortgage is with RBS and Lloyds refussed a business start up loan and overdraft because of this - the start of my demise as I was too far down the line to change or abort????? All that they quoted was a name, the ?????? ruling but I cannot rememder the name

Don't know if this fits your senario but!

Nothing secured against property - all credit card debt

chevalier

Sorry to be thick but why are you paying two lots of endowments?
chev

PANDORA

1st was for original £40,000 Mortgage and second was for extra £40,000 when we re-mortgaged some years ago.

chevalier

Oh ok I was just worried you had counted it twice!
chev

kel123_2

It looks like your ins and outs are similar to mine. After some trimming of what I call pompus needs more for show than nesesity ie mobile phones, 2/3 holidays per year, take aways, meals out in the week (yes it hurt we came from 52k/year to 32k/year). We managed to achieve £197.50 free money after paying essentials. Payplan who I cannot praise enough sorted out £197.50 between our creditors. It took about 12 months to sort out and for the last 16 months we have been default free. We had letters and phone calls and once we got the saying REFER TO PAYPLAN (no matter what they said) they stoped. We even had a holiday (naughty) last year be it 7 days in an old boat on the broads and we have a takeaway once a month. To be honest we are doing what we used to do when we had young kids - enjoy things that don't cost money

Kel

PANDORA

Couldn't tell you the last time I had a holiday! I'm so glad I watched "It Pays to Watch" 4 weeks ago and found this site (though I have a permanent headache trying to get to grips with it............and not a lot of housework's getting done). Wasn't entirely sure where to post......and wonder why I have a curved arrow on the envelope beside my post? Takes a bit of getting used to...............but what a site!!!! Wish I wasn't working so that i could spend more time visiting all the boards!

kel123_2

Good old maslo got it right - no matter how high up the higherarchy you get, when push come to shove we all drop back to protect what we've got. My wife finds it difficult to accept that for the time being we cannot do what we used to do, probably because she brings in the money and I stay at home (I do all the cleaning and cooking but I don't wash and iron). She sees people around her bragging about holidays and stuff and she thinks i'm on a decent wage what about me!!!!! it still hurts but tommorrows another day and who knows?