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  • FIRST POST
    Angie10
    Guarantor loan debts is destroying me
    • #1
    • 10th Apr 12, 7:21 AM
    Guarantor loan debts is destroying me 10th Apr 12 at 7:21 AM
    I Am currently in an unreal situation in which i carnt see any way out of to the point i just feel like i want to sleep and not wake up.

    I got made redundant 2 years ago everything from there has gone down hill my house is being re possesed im a single mum with a 3month old and a 10 year old child, ive been to the cab and my only option is bankruptcy but the problem is i had taken out 2 guarantor loans one with Flm and with Tfs they are charging me 435pound amonth if i dont pay they take it from my guarantor and they wont reason its killing me as there is no way i could put this on to my freind as she trusted in me but i carnt manage and feel so ashamed these people are like loan sharks they are awful companies i have been so stupid i feel as though im robbing peter to pay paul i took out these 2 stupid loans to try and keep my home which in the end is going now.
    Has anybody been in this situation? and seen light at the end of the tunnel?
Page 2
  • Angie10
    Statement of Affairs and Personal Balance Sheet
    Household Information

    Number of adults in household........... 1
    Number of children in household......... 2
    Number of cars owned.................... 0
    Monthly Income Details

    Monthly income after tax................ 520
    Partners monthly income after tax....... 0
    Benefits................................ 280
    Other income............................ 100
    Total monthly income.................... 900

    Monthly Expense Details

    Mortgage................................ 467
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 68
    Electricity............................. 15
    Gas..................................... 20
    Oil..................................... 0
    Water rates............................. 28
    Telephone (land line)................... 0
    Mobile phone............................ 15
    TV Licence.............................. 25
    Satellite/Cable TV...................... 0
    Internet Services....................... 10
    Groceries etc. ......................... 180
    Clothing................................ 20
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 25
    Childcare/nursery....................... 65
    Other child related expenses............ 36
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 12
    Contents insurance...................... 6
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 992


    Assets

    Cash.................................... 0
    House value (Gross)..................... 75000
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 75000


    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 8500.....(467)......7.11
    Total secured & HP debts...... 8500......-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    flm............................4800......245...... .0
    tfs............................5000......265...... .0
    Total unsecured debts..........9800......510.......-


    Monthly Budget Summary

    Total monthly income.................... 900
    Expenses (including HP & secured debts). 992
    Available for debt repayments........... -92
    Monthly UNsecured debt repayments....... 510
    Amount short for making debt repayments. -602

    Personal Balance Sheet Summary
    Total assets (things you own)........... 75,000
    Total HP & Secured debt................. -8,500
    Total Unsecured debt.................... -9,800
    Net Assets.............................. 56,700

    Created using the SOA calculator at
    Reproduced on Moneysavingexpert with permission, using IE browser.
  • Angie10
    Although done my income and exp i will still be in neg equ with the property
    • warwicktiger
    • By warwicktiger 11th Apr 12, 12:49 PM
    • 1,014 Posts
    • 1,253 Thanks
    warwicktiger
    Mortgage debt 8500? other debts 9800, house value 75000?

    Remortgage for 19000, other debts gone.

    Monthly mortgage payment 467 on 8500?

    somethings not right?
  • Angie10
    I carnt remortgage my house im to far in debt i carnt get a secured loan im in arrears by 8,500 with my mortgage repayments since i got made redundent my mortg company wnt me to pay double monthly installments which i carnt afford, i borrowed 69000 from the mortgage company and will still owe extra, as they will add the arrears on top of that im my home is now only worth 70,000 ive just started paying my monthly payments until i can get rehoused as ive no choice i have to keep paying until im evicted
  • Angie10
    the 467 is my monthly payments it was over 33years
    • gizmo111
    • By gizmo111 11th Apr 12, 1:13 PM
    • 2,259 Posts
    • 4,109 Thanks
    gizmo111
    Are you claiming all the benefis you ar entitled to? Doesn't seem much you are getting on a small wage.
    Have you worked out what you will be able to claim when you move into a rented property - why are you still paying the mortgage if you are being repossessed.

    Can your friend take out a loan in her name then you pay it - potentially halving the monthly payments.
    Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.
  • Angie10
    Hia yes ive been to the cab and im claiming what i can get they came to evict me from the house gave me an arrangement that i can stay in the property until they sell it but i have to pay monthly payments to be honest i will be worse off if i packed in work. Im on a housing list so scared id get the children taken off me if people knew what a mess im in they are all i have in my life. My freind wont do that im sure she wouldnt she has a mortgage and her partner would go mad. Its all my fault no way out from it! Guarantor loans shouldnt be allowed they are like loan sharks awful
  • antonia1
    Hi Angie - you really need to talk to your friend. I have just signed as guarantor for my sister on her rental agreement (standard for students), and I did it knowing that if she can't pay I will have to find a way to make the payments myself. If the situation were to arise tho, I would want as much notice from her as possible so I could start planning.

    Also, check http://www.turn2us.org.uk/benefits_search.aspx to make sure you are getting all the benefits you are entitled to.
    If saving money is wrong, I don't want to be right. William Shatner

    CC1 9400 9300
    CC2 800 750
    OD 1350 1150
    • gizmo111
    • By gizmo111 11th Apr 12, 1:57 PM
    • 2,259 Posts
    • 4,109 Thanks
    gizmo111
    Hia yes ive been to the cab and im claiming what i can get they came to evict me from the house gave me an arrangement that i can stay in the property until they sell it but i have to pay monthly payments to be honest i will be worse off if i packed in work. Im on a housing list so scared id get the children taken off me if people knew what a mess im in they are all i have in my life. My freind wont do that im sure she wouldnt she has a mortgage and her partner would go mad. Its all my fault no way out from it! Guarantor loans shouldnt be allowed they are like loan sharks awful
    Originally posted by Angie10
    I'm a social worker and I can assure you you will not have the children taken off you because you are in debt.

    I've just done a quick check on entitled to and you should be getting about 113 a week in child tax credits plus child benefit.
    Would private rented be better if you have to wait for a council place it could take ages and they won't rehouse you until you are evicted - stop paying the mortgage to get the deposit together and then move and claim some housing benefit.

    Your friend most likely has these loans on her file anyway - she needs to check. It is better if she puts it in her name at a lower rate as if you default she'll get stuck with payments anyhow.
    Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.
  • glasgowsaver2011
    I dont have any cards and couldnt even get one. No my ex husband wont pay anything towards his elest child he refuses to and has threatend with court action i need to get a grip but im not feeling that strong enough to go through that, i do get 100pound a month towards my second child my income includes tax credits i do think il get help with childcare costs. Ive never not worked though and the thought of not working would drive me even more crackers but i think in which way am i better off. I dont have any family support, My only option is to try and get a better paid job now rather than later.
    Originally posted by Angie10

    Its not court action needed, if he is named on the birth certificate, contact the CSA they will do the rest for you.
  • glasgowsaver2011
    Mortgage debt 8500? other debts 9800, house value 75000?

    Remortgage for 19000, other debts gone.

    Monthly mortgage payment 467 on 8500?

    somethings not right?
    Originally posted by warwicktiger

    I think there is a mis understanding on mortgage debt.

    It looks like debt on the mortgage account. rather than total outstanding has been calculated
  • Angie10
    Ive got all the paper work out i dont know if you have heard of ge money home lending they are a last resort mortgage company who charge extortionate rates, They shouldnt be allowed to do this but they do i have been taken to court by them i attended they sent there solicetor the judge was on my side he couldnt beleive what they were charging me but on the other hand i still have to pay something to stay there. Also regarding CSA that is another issue i was with my ex for 16 years from being 16 my life has always been controlled i knew knew any diff when santa came i had to provide for my elderst as he would say she got enough of everyone else and she had to have terry towelings and not disposible nappies thats how my debt started he was a saver but like he said i was waster he was right now its him having the last laugh now but i feel like i broke free to be happy which i am but s... has hit the fan for me. If that makes sense. My ex has me so scared ive applied 3 times for csa and have canx it because i suppose i feel guilty for ending up this way.
    • gizmo111
    • By gizmo111 11th Apr 12, 5:18 PM
    • 2,259 Posts
    • 4,109 Thanks
    gizmo111
    Ive got all the paper work out i dont know if you have heard of ge money home lending they are a last resort mortgage company who charge extortionate rates, They shouldnt be allowed to do this but they do i have been taken to court by them i attended they sent there solicetor the judge was on my side he couldnt beleive what they were charging me but on the other hand i still have to pay something to stay there. Also regarding CSA that is another issue i was with my ex for 16 years from being 16 my life has always been controlled i knew knew any diff when santa came i had to provide for my elderst as he would say she got enough of everyone else and she had to have terry towelings and not disposible nappies thats how my debt started he was a saver but like he said i was waster he was right now its him having the last laugh now but i feel like i broke free to be happy which i am but s... has hit the fan for me. If that makes sense. My ex has me so scared ive applied 3 times for csa and have canx it because i suppose i feel guilty for ending up this way.
    Originally posted by Angie10
    I think you're getting a little confused with the house.
    You are paying to stay there when it is in the process of being repossessed - you can't afford this so let it go. Stop paying as I said above.
    Re-apply for the CSA - there is nothing he can do to you - let the CSA sort it out.
    Go back to tax credits with your earnings and check what you are being paid. Don't forget to include the nursery fees as well.
    Your SOA will then look very different - as you will have most of your rent paid and your income will increase and outgoings decrease.
    You then need to pay off the guarantor loans and then save up for the BR fees. There is no rush to go BR.
    Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.
  • glasgowsaver2011
    Ive got all the paper work out i dont know if you have heard of ge money home lending they are a last resort mortgage company who charge extortionate rates, They shouldnt be allowed to do this but they do i have been taken to court by them i attended they sent there solicetor the judge was on my side he couldnt beleive what they were charging me but on the other hand i still have to pay something to stay there. Also regarding CSA that is another issue i was with my ex for 16 years from being 16 my life has always been controlled i knew knew any diff when santa came i had to provide for my elderst as he would say she got enough of everyone else and she had to have terry towelings and not disposible nappies thats how my debt started he was a saver but like he said i was waster he was right now its him having the last laugh now but i feel like i broke free to be happy which i am but s... has hit the fan for me. If that makes sense. My ex has me so scared ive applied 3 times for csa and have canx it because i suppose i feel guilty for ending up this way.
    Originally posted by Angie10
    If you are genuinely scared of your ex go to the police and tell them your concerns.

    You sound as if you are in a terrible place and need some help.

    My best friend found it all got too much and killed her self (almost a year ago)

    dont let it get that bad.

    You have two kids and a future, but the next few years may be VERY tricky!

    keep strong
  • Angie10
    Thankyou i do feel in a bad place ive been to the doctors talking changes all the rest i no what the prob is. Strange thing is my baby would never remember me but my elderst would be devestated i feel as though im being slfish but dont want my children like my elderst worrying thats som ething isnt right, But i love them so as i have nothing as long as they no im there thats whats important but mentally i carnt sleep nor cope with the mess ive got myself in! To me at the min i feel my children are better off with a family that can give them more! Im being morbid i know selfish its just finally snapped my denial has gone!
  • DVardysShadow
    On the SoA, as has already been pointed out, your arrears are not the mortgage debt - your SoA shows you have net assets of 56,700, which in turn would mean that you could easily pay back your friend.

    Your mortgage debt is the overall amount owed on your mortgage ie what you borrowed originally minus however much you have paid off plus the 8500 in arrears.

    Please take your time to get your head around this and to correct the SoA, which will be important as you work to resolve your situation. Apart from cutting the mobile phone and losing the TV, there does not seem to be anything much left to trim. I think you owe it to your friend to start getting the child maintenance money.
  • Angie10
    Yes you are right i have no spare funds for anything else! If i could right a book i think id be famous lol! on my life story. I just dont feel strong enough and rather take the easy way out which is being selfish for the kids and my freind who has trusted in me, my ex husband said if i apply for csa not only would he fight for custody he would pack in work so i get nothing. He lives with his parents owns his own home which he rents out and is nearly paid for pays 30pound aweek board to his parents and says i got the other house through the divorce and he does me a favour by picking up my daughter from school everyday when im working and that i get benifits from the government so there is no way in the world he would give me anything! also said if i couldnt afford to look after her myself then he will full time, with everything else going on im petrified
    • carslet
    • By carslet 11th Apr 12, 8:32 PM
    • 342 Posts
    • 278 Thanks
    carslet
    really all this sounds like BS to me
  • Angie10
    Here is me feeling sorry for myself and feeling helpless when my brother is fighting in Afghanistan my worry is nothing compared to theirs that has to keep me strong, so for all my woes ive someone to be proud of and im sure there is others in the world worse off so i shdnt feel so selfish xxxx
    • gizmo111
    • By gizmo111 12th Apr 12, 12:15 AM
    • 2,259 Posts
    • 4,109 Thanks
    gizmo111
    Yes you are right i have no spare funds for anything else! If i could right a book i think id be famous lol! on my life story. I just dont feel strong enough and rather take the easy way out which is being selfish for the kids and my freind who has trusted in me, my ex husband said if i apply for csa not only would he fight for custody he would pack in work so i get nothing. He lives with his parents owns his own home which he rents out and is nearly paid for pays 30pound aweek board to his parents and says i got the other house through the divorce and he does me a favour by picking up my daughter from school everyday when im working and that i get benifits from the government so there is no way in the world he would give me anything! also said if i couldnt afford to look after her myself then he will full time, with everything else going on im petrified
    Originally posted by Angie10
    Anjie10 - to get proper help with your debt you need to clarify how much yu owe on the mortgage in total including arrears, I am guessing that you have missed a 0 or two on your SOA and CAb have the full picture and that is why they have recommended BR.
    If your ex wants to fight for custosy/resisdency let him - thats another battle - but right now you need to concentrate on your finances. Threats from idiots mean nothing, sort this out and then you are in a place to fight for you and your childrens rights to a happy future. Remember he is ex for a reason.
    Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.
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