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Please Help

me and my wife recently had twins and now cant afford to pay our mortgage and secured loan. we cant sell because there isnt enough money in the property and renting it out wouldnt cover our costs. What would happen if we stopped paying and just moved out as we see this as our only option. we really need and any advice will be very appreciated thanks

Comments

  • CCCS_Sarah
    CCCS_Sarah Posts: 1,555 Organisation Representative
    Have you fallen into arrears already on your mortgage and secured loan? I would recommend you come for an appointment ASAP for a counsellor to look at your full situation as it’s hard to give full advice via forums. When you say you have not enough to pay for your mortgage are you still paying your unsecured debt? If so STOP and offer these a token payment – even if its £1 per creditor. If it did come to it and you had to move you would be better coming to some arrangement with your creditors such as payment holiday for a couple of months or changing to interest only until house is sold as you would generally get more for your house if you sell it rather than letting it go for repossession.

    In the meantime have a look at ways of increasing your income. PT Job, Overtime. Are you claiming all your benefits you’re entitled to? To check go on a website called www.entitledto.co.uk

    Our helpline can be contacted on 0800 138 1111
    I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.

    CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
  • I am already on interest only and my only other bills are gas, elecy, water and council tax. the only other monies giong out is food, baby stuff and travel for work sorry if you get this message more than once the comp is playing up
  • jennynoo
    jennynoo Posts: 1,516 Forumite
    Hello Ginny

    Congratulations on the twins but sorry to hear about your struggles. I don't know what to suggest but Sarah's advice look good.

    Just wanted to say I hope things get better for you.
    :heart:Mum to DD born Oct 2009 :heart:
    :j DS born April 2013 :j
    Breastfeeding peer supporter with the breastfeeding network. National breastfeeding helpline 0300 100 0212.
    :question: Ask me if you have any baby feeding questions :question:
  • thanks very much
  • my mortgage is 86000 plus 5000 fee and my loan is 15300 settlement and the house was valued at 98000 to 105000. It all was all set up by a mortgage brokers called abacus on hamilton square on merseyside. and we were screwed over big time. my mortgage is I/O at 6.89% and the loan was set up by them aswell with welcome finance and the loan is at 18.9% yes 18.9%
  • ltm07
    ltm07 Posts: 966 Forumite
    Hi,sorry that i cannot be much help but hang on i there,some of the good people on here will be along shortly to offer advice.
    Debt at LBM(July 1st 07)-£35,053.92 Debt on 1st Anniversary of LBM(July 1st 08)-£33,170.11 (31st January 09)-£32,318.73Paid off so far £2,735.19(7.8%) Average paid off p.m. £143.95 L/H supporter 115 DFD target February 2018 DFD March 2028. PAD(Started 28/12/08) £253.77 £10 a day Feb £110/£280 WEDDING Paid off £1,585.96 Saved Up £925.40
  • thanks to everyone for advice got to go now
  • GingerSte
    GingerSte Posts: 2,486 Forumite
    Hi Ginny.

    First of all let me welcome you to the Debt Free Wannabe board. You're amongst friends here. Also, congratulations on the twins.

    If you want to, post a Statement Of Affairs up on here, and we'll have a look at trying to save you money in spending, and make sure you're getting all the credits that you're entitled for. Basically, it's just a list of all the money earnt and spent in a month (eg, Mortgage, gas, water, elec, council tax etc).

    Before I go, I would also say try not to let your current situation get to you. There are always ways of dealing with problems such as these. If you need to talk to anyone, just post on here.

    Regards,
    GingerSte.
  • tigerfeet2006
    tigerfeet2006 Posts: 14,030 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Hi and welcome to the board and congratulations on the birth of your twins :T . What a lovely gift.

    As GingerSte says pop up your SOA and let the good folks on here have a look and save you money http://forums.moneysavingexpert.com/showthread.html?t=562271

    Also as Sarah has said give CCCS a ring, they will be able to offer you some excellent advice and help.

    You will also find some excellent support and advice on here, the board is fantastic when you need help, so keep posting.
    BSCno.87
    The only stupid question is an unasked one
    Loving life as a Kernow Hippy
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