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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 3
    • billinghamfan
    • By billinghamfan 12th Apr 12, 8:19 AM
    • 254 Posts
    • 127 Thanks
    billinghamfan
    Hi

    In reference to your ex, alot of men do this (my mum is a solicitor I've heard it alot).

    To put your mind at ease about the custody threats why don't you call a solicitor most of them will give you either half an hour or an hour free consultation and you won't have to sign anything or be commited to using them. Once you see the full legal picture you won't have to worry about the threats anymore.
    • maginot
    • By maginot 12th Apr 12, 8:31 AM
    • 470 Posts
    • 373 Thanks
    maginot
    You need to put a claim in for CSA now! That money is for the children and ensuring they have a roof over their heads. If he quits his job, so be it. You will still get something from his benefits and I doubt he would really do this if he is on a good income.

    Next, you need to talk to the friend and get them to pay off the loan. This is what they agreed to when they became a guarantor, you can then try and pay them off over the long term. I know you don't want to do this, but you have stated you are unable to pay this and you are unable to favour one creditor over another!

    Then speak to a debt charity e.g. Payplan or CCCS and go through all in goings and outgoings. They will suggest whether it is better to have a DMP or bankruptcy etc

    Honestly, once this is done you will feel much better and can stop stressing over money all the time. Hope it works out for you!
  • SouthCoast
    For clarity can you please let the thread know the following:

    Realistic value of property = ...........
    Mortgage outstanding = .........
    Mortgage arrears = ......

    Total amount of unsecured debts = .....
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