Secured Loan and debt

blueforyou

First post and delayed because I could not face my realities. I owe two months to Picture, with other credit card debts. I have domne my own SOA, but fear posting it. My plan is to agree with my non-secured creditors a lower repayment and so divert the 2saved" money to my secured loan with Picture. I am worrying more and more and sleeping less and less, however, your site gives me hope. Anyway, are there any other steps (apart from cutting back and reducing non-secured payments) that I have missed?. Has any one else done anything about secured debt reduction?. Picture have been fine so far, but any stories anyone has?

Thanks....

churchrat

hi
welcome and well done for posting-- that first one is always hard. I know its difficult but could you post your SOA? its really difficult for the clever poelple on here(not me!!) to help if they don't know your circumstances. Take a deep breath, gird your loins (?)!! and go for it-- believe me it can really help. We don't have much secured debt, but like most on here I know the stoach churning, bowel ripping middle-of -the -night terror that keeps you awake. Look on posting your soa as the start of a good nights sleep
take care
churchrat

rayday2

Have you thought of contacting a debt charity to do a formal plan for you? CCCS, Payplan, National Debt Helpline and face to face your local CAB can help you.

Sounds like a good idea to me, but with the formal support behind you from one of the above you could probably make it a little less stressful for yourself.

Also have you spoken to Picture and told them you plan to do something about it and see what level they are happy to take payments back at?

CCCS_Sarah

Hi Blue,

Well done for posting I know it’s not easy. Have you spoken to picture yet? The CCCS have a specialist Mortgage advice team that will be able to advise you how to approach picture and help you put a budget together. If you would like an appointment please call on 0800 138 1111.

Hope you get this sorted

Sarah

headoutthesand

Personally, if it was me in your situation, I would make sure that Picture is paid first.

Priority should be mortgage and secured loan, council tax then utility bills.

Picture is not just a bank loan, they can start proceedings to take your house from you.

I am really sorry at posting such a harsh and blunt response on screen but this really needs to be paid.

Don't be affraid of posting your SOA. No-one knows you and at the end of the day we are all on here for the same reason.

Oh and I have a loan with picture too so i am not judging you. I haven't put it in my signature as it can't be over paid with complications. I will deal with it when my other debts are cleared.

Please please post your SOA and everyone will try to help you

Good luck

HOTS

GeorgeUK

Can you get any of your creditcard debts onto 0% promotions?
Have you checked that your utility bills are competitive and possibly switch if they aren't?
If you are paying council tax over 10 months, can you ask to pay it over 12?
Have you been missold an endowment mortgage or PPI?
Have you reclaimed bank charges?

These are just some of the more common queries when trying to save someone money so though i'd try to make a start.

You could check your credit history at experian (free but cancel within 30 days). See if you have any late payments showing, defaults and how many credit checks you've had in the last 6 months.

Try going to whatsthecost.com and using the snowball calculator to see what payments are required and when the debts may be paid off.

blueforyou

Many Many thanks for all of your replies. I am doing an SOA in readiness for a CCCS appointment this afternoon. Thanks to Rob and Julie who spoke to me from CCCS and again all of you. I'll keep you posted.

My stomach has relaxed slightly!

CCCS_Sarah

blueforyou wrote: »

Many Many thanks for all of your replies. I am doing an SOA in readiness for a CCCS appointment this afternoon. Thanks to Rob and Julie who spoke to me from CCCS and again all of you. I'll keep you posted.

My stomach has relaxed slightly!

What time is your appointment? Let me know if there is anything I can help with.

Good Luck

S

blueforyou

Its at 4.45. I've pretty much done the paperrwork they sent me. thanks for your support!

blueforyou

CCCS appt went well. I learnt some thgings about non-secured loans I didn't know. Also, although it looks like repo is one probable outcome, the fact that cccs are there means it no longer scares me. Anyone been in a similar boat?

RAS

How many people do you think are on here?

Many of those who have a mortgage and/or a secured loan have been in a similar situation.

Just remember. Pay the secured debts and negoitiate the unsecured debt, even if it is only a £1 per month payment.