some advice please , feeling sad

movingforward2010

Im in a lot of debt it all dawned on me in bed at 2am last night and i feel physically sick

I have a mortgage with my 2 brothers and my sister, so 4 of us on the mortgage
last summer my sister lost her job and with interest rate rises things got hard.

my current mortgage is £183000 and a secured loan of £17000

Last August we decided to put our house on the market to get something cheaper and poss move back home. I put it on for £202000, which generated a lot of interest and i received an offer of £200k - great pay off mortgage and secured loan.

The sale fell through , so house back on market , i n desperation we reduced the price to £195k no offers, nothing, market went very quiet , last week i had an offer of £188000 and accepted, we would still owe £12k to welcome finance, they told me they could remove the charge and the debt would become unsecure, they have now said they possibly wont do this - so ill be unable to sell. My solicitor said they shouldnt of really given me a secured loan on a 100% mortgage. Anyway im not sure what to do. really cant afford the mortgage

My SOA

Income £900 net per month

Outgoings

Car hp £225
loan1 £255
Mortgage £ 390 (included C/T, water,elec,gas)
loan 2 £110
CC1 £100
CC2 £50
CC3 £30
Telephone/net £25
Mobile £20
Petrol/parking £160
Insurance £45
Clothes/haircut/deodorant etc £25
car tax/mot £ 20
cigs/booze £0.00 (dont drink or smoke)

---

as you can see, ive lived off credit cards :o

Im currently staying at my mums alot so getting food there.
Im so scared :( , people keep telling me to go bankrupt, but if I do I'll loose my job ( civil servant in the job centre) not the best job but i enjoy it, plus as i dont drink the only time i see people are my friends at work.

I just want to move back home, i dont know how to pay everything , I know im stupid

affordmylife

nearly £400 per month mortgage and thats times three more people ?

sparky0107

Hi wxmlad
Welcome to the forum, in you SOA can you add percentage rates, for loans CC's etc, this will help the good people on the forum to give you some useful tips, also have you done the snowball calculator?

http://www.whatsthecost.com/snowball.aspx?country=uk

Again you will need % rates for the snowball calc to work, in the meantime there will be more experienced people to give you some very good advice

movingforward2010

sorry i ment £290

movingforward2010

sparky0107 wrote: »

Hi wxmlad
Welcome to the forum, in you SOA can you add percentage rates, for loans CC's etc, this will help the good people on the forum to give you some useful tips, also have you done the snowball calculator?

http://www.whatsthecost.com/snowball.aspx?country=uk

Again you will need % rates for the snowball calc to work, in the meantime there will be more experienced people to give you some very good advice

Car hp £225 - 9% £10k (VAUXHALL GMAC)
loan1 £255 - 17.8% £17k (welcome)
Mortgage £ 390 (included C/T, water,elec,gas) - base rate tracker + 0.89% £183000 (RBS)
loan 2 £110 - 12% £10k (HSBC)
CC1 £100 - 16% £1400 (CAPITAL 1)
CC2 £50 - 9.9 % £1900 (HSBC)
CC3 £30 - 21.9 % £800 (EGG - keep putting the interest rates up!)

In_Search_Of_Me

sorry slightly confused...what role do your siblings play in this? Is the mort secured loan in their names?
CCCS etc can offer free advice for you on debt management so would suggest that you get the figs togeather and ring them. Can you rent the house out: WHat do sibs play toward it?
Hang in there. The early stages are tough but taking control of your money rather than it controlling you is liberating I promise!
I'm sure someone who has more specialist knowledge will be on soo but dont panic, we're all in debt & understand how physically ill it can make you feel at times!

movingforward2010

yes its secured in all our names, they pay £290 too,the secured loan was to clear the credit cards(which got used again ) and to buy a car which got written off and the insurance wouldnt pay

i just dont even want to think about going bankrupt, is it true you can be forced to

i know debt isnt a good thing , but its nice to know im not alone, when im lying awake tonight worrying ill be thinking that theres people on here that are in the same situation and have things under control

mummytofour

Oh dear sweetie debt really can drag you down. But it is not the end of the world give cccs a call and see what they say. Is there anyway you can ditch the car finance? Rent the house out?
If the worst case of B/R happened you wont die and you wont go to prison, it really is not as bad as ppl imagine. Is the secured loan 17k total? And all of you pay the £225 each for it? Or just you pay the money?

movingforward2010

i just pay the secured loan, its £17k total.
i do a 50 mile round trip to work , so i need a car, i dont think that we could get enough rent to cover the mortgage

poppy10_2

If the house gets repossessed, everyone loses - try to negotiate with your bank and Welcome to allow a sale.

movingforward2010

poppy10 wrote: »

If the house gets repossessed, everyone loses - try to negotiate with your bank and Welcome to allow a sale.

thats what i hope to do , move back to my mums house and hopefully put all my unsecured debt in to a DMP or a IVA, i think i'll need a few days off work to sort things

Thanks for your help so far people

things look better now (well at least i think they do :T)

xx