Money Penny
Posts:12
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| 08-10-2007 2:38 AM |
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Dear All,
I am concerned over the way I have been borrowing from my credit cards to pay for the essential items in life, food mainly and I have been withdrawing cash to pay for another credit card. I have been on a couple of other money websites however they are not helping my case. They provide assistance in saving money, I've done that already however I still can't seem to make any difference to the day to day running of my finances.
I am married, have a good job but no matter how hard I try I just can't turn it around and I still find myself in a mess. I am just covering my mortgage and household bills. I have transferred over to cheaper gas and electric bills and have cut down on non-essentials like my sky package.
Any suggestions on what else I can do? Any help would be appreciated. |
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Miss MoneyPenny |
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Debbie Baker
Posts:109
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| 08-10-2007 10:39 AM |
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Hello Miss MoneyPenny - welcome to the site.
You have started on the right track by just asking for help. Many feel unable to ask for assistance as money is like a tabooed subject.
Feel proud that you have decided to do something about your situation. You have made a great start by reviewing where you can cut down on utility bill payments. I'm sure you've saved yourself hundreds od pounds in the process.
Have you managed to pluck up the courage yet to speak about the situation to anyone else who lives with you at your home? |
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Kind Regards
Debbie Baker
Tip Consultancy - Financial Recovery Specialists
07790 533884 |
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Money Penny
Posts:12
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| 08-10-2007 11:27 AM |
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Thank you Debbie,
I have just read your 'Debt Signals' - thats me all over I'm afraid. I just consolidated my credit cards into one almighty loan and I stupidly didn't cut up my cards. I was a bit down and went and bought a trampoline for my neice to use in my garden and it just escalated from there again. I can't actually tell you what I actually bought, nothing extravagant and I have nothing of any particular value in my home worth selling.
It has taken a bit of courage to ask for help. Its just me the house now, my partner has left which is why I am feeling pressured. |
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Miss MoneyPenny |
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Debbie Baker
Posts:109
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| 09-10-2007 6:47 AM |
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Have you managed to actually sit down and review exactly what you have coming in from your salary and what essentials you need to pay, including your mortgage and househols bills?
There is an income & expenditure for you to use on our document library, it is indepth and even provides space for the things you may not have thought about such as prescriptions.
Could you complete this and let us know how you get on? Always best to start somewhere. |
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Kind Regards
Debbie Baker
Tip Consultancy - Financial Recovery Specialists
07790 533884 |
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Johnny Debt
Posts:209
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| 09-10-2007 9:24 AM |
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Here is the Income & Expnditure link.
Keep asking the questions, and you will get answers. Some of us also have put our phone numbers in the signature (as below). Don't be afraid to call and have a chat.
There are a number of different solutions to debt:-
IVA
Full & Final Settlement
Debt Management Plan
Bankruptcy
Consolidation Loan
Home Rescue
Re-Mortgage
Debt Management Plan for example is not really a solution, but it does help take away creditor pressure and give you time to put a strategy in place that will make you debt free!! |
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Johnny Debt
07870 492521 |
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Money Penny
Posts:12
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| 09-10-2007 10:48 AM |
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| I am worried that I will lose my home - what is home rescue? |
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Miss MoneyPenny |
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Suzy Evans
Posts:51
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| 09-10-2007 11:36 AM |
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Hello Miss MoneyPenny,
It's understandable that you feel pressured, things can become difficult very quickly. I work in the Home Rescue market and work along side Johnny, Debbie and others to allow you to stay in your home and clear your debts.
We can look at your current debts/mortgage and agree the purchase and rent back of your property, where you rent it back from us, often for far less than you are currently paying. You will be able to stay in your home indefinately and the purchase process happens very quickly and there are no costs or fees whatsoever. Your neighbours will never know any different!
There are many flexible options available to you and you dont have to loose your home. I am pleased that you are looking into options before it's too late. It would be useful to know a little bit about your mortgage and unsecured/secured debts to see how we may help you. Please feel free to contact us or post on the forum if you want to discuss this in a more detail.
Office: 0208 898 8498
mobile: 07894 619 312
e-mail: suzy@7days2exchange.com
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Suzy Evans |
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Money Penny
Posts:12
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| 11-10-2007 2:06 AM |
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Thanks Suzy,
I've never heard of that process before, thing is, if I were to sell the house now, my ex will want half of what equity is available, he's being a real sh#! at the moment.
I have completed an income & expenditure and i have £300 per month left over to pay my credit cards and loan. This is once my mortgage and household bills are paid.
Wait for it - the minimum payments on my credit cards total £790 and my alliance & Leicester loan is £237.
It's not looking pretty I know.
Even if I were to re-mortgage I don't think I'll soley be able to pay the repayments each month.
Its all so depressing, whatever I avenue I seem to go down I have a closed door. |
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Miss MoneyPenny |
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Jamie Moodie
Posts:15
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| 19-10-2007 6:55 AM |
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Hi Money Penney
There is hope!
Reading your thread regarding your situation, I would like to say that a solution may exist now but without a complete picture of the financial and property situation I cant make the appropriate suggestions. You may wish to discuss this with Suzy or me via phone or email when it suits you.
Jamie Moodie
Managing Director
7days2exchange
07973178461
jamie@7days2exchange.com |
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Money Penny
Posts:12
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| 21-10-2007 4:34 AM |
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I have finally competed the income and expenditure form. It allows me £280 to pay my unsecured bills.
I spoke to the CCCS and they told me I should contribute £100 in them - they gave me a letter template to write letters to them all and tell tham I can't pay them in full. I am so worried, its making me sick. Is this what they call a Debt Management Plan? |
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Miss MoneyPenny |
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Jamie Moodie
Posts:15
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| 21-10-2007 8:32 AM |
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Hi Money Penney
We need to discuss this to progress further
Either post details or contact me direct
Kind regards
Jamie Moodie
Managing Director
7days2exchange
07973178461 |
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Jamie Moodie
Posts:15
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| 21-10-2007 9:16 AM |
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Miss Money Penney
Another thought
If you send me the following via my email I will provide you with some solutions to your situation.
1. current market value of your property
2. mortgage redemption figure (what you must pay your mortgage company back)
3. arrears on mortgage
4. Monthly mortgage payments
5. Secured debts, individually and total figure
6. Unsecured debts total
7. Monthly payments on secured debts
8. Monthly payments on all other debts (unsecured)
Address of property and details rooms etc etc
Regards
Jamie Moodie
jamie@7days2exchange.com
07973178461 |
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Money Penny
Posts:12
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| 23-10-2007 10:58 AM |
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Hello Suzy & Jamie,
I do not have any arrears on the mortgage. My mortgage redemption is £141,523.67.
Its currently a variable rate until I decide what to do. The house is worth £200 /210k.
I luckily don't have any secured loans on the property, my then husband wanted to consolidate again however I stuck to my guns and didn't allow it to happen.
I have £27k on credit cards and an unsecured loan with Alliance & Leicester for £12500. Ashamed, I am!
I am paying £790 on my credit cards, well I'm not actually paying the minimum anymore, I can't afford too. I'm just paying what I can.
Any advice would be helpful. |
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Miss MoneyPenny |
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Jamie Moodie
Posts:15
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| 23-10-2007 11:36 AM |
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Miss Money Penney
you are close to the bone for sale and rent back.
2 choices exist if you want to recover from your debt.
assuming you can sell your house with ex hubbys permission
1. sell your house on the open market
2. sell and rent back your house, covering of most debt and stay in your home for as long as it suits you.
at £210,000 we would buy at 170,000 thereby paying off your mortgage, your creditcard debt and 2k of your alliance and leicester loan.
your rent back would be at £950 per calendar month fixed for two years, then set again each two years according to the lowest two year fixed rates of the time
after six years renting we will pay a rental bonus back to you of 15k
there are a few combinations of this which we can cover in discussion.
I hope this gives you an attractive and secure option with which to recover from most of your debt now and stay in your home at a more affordable monthly payment and come out with some cash in 6 years time
Lookinf forward to talking
Jamie Moodie
07973178461
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Jamie Moodie
Posts:15
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| 23-10-2007 11:37 AM |
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PS excuse spelling I am flat out
J :-) |
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Johnny Debt
Posts:209
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| 24-10-2007 1:29 AM |
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| I can confirm that 7Days have helped us with a number of cases. Basically Eviction stopped and the vendor remaining in their home. |
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Johnny Debt
07870 492521 |
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Debbie Baker
Posts:109
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| 25-10-2007 7:56 AM |
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Hi Miss MP,
Following Jamies solutions for you, if you decide to sell on the open market or sell and rent your home back, this leaves the opportunity opne to complete a full and final settlement to all of your creditors.
This would mean negotiating with them so even the Alliance & Leicester loan would disappear and you would be completely debt free and still live in your home and no-one need know any different!
Never feel that your choices are limited. There are plenty of opportunites for you. You just need to ask any questions that you may be concerned about. |
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Kind Regards
Debbie Baker
Tip Consultancy - Financial Recovery Specialists
07790 533884 |
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Money Penny
Posts:12
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| 25-10-2007 8:33 AM |
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Hi Jamie,
Can you explain about a rental bonus - this seems a good idea to 'save' as £15k is a lot of money to have retunred back just for renting to you - how does this work for you and me? |
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Miss MoneyPenny |
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Jamie Moodie
Posts:15
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| 01-11-2007 7:42 AM |
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Hi MP
Sorry for delay in replying, I have been out and about and not paying enough attention to my in box.
The Rent Back "Rental Bonus" is something I came up with for people staying in their own home so they didn't take such a big hit on their homes over time and had an attractive wee pot saved away for six years.
How it works is I remortgage your property every 2 years to an interest only fixed rate which is the lowest on the market. At year six all our rent back clients get to share in the capital growth of the properties as I withdraw/remortgage out (in your case) the £15,000 and pay it to you. It reflects moderate growth in the overall property value and reduces the initial loss and is untouchable for the six years so people really get back on their feet.
Kind regards
Jamie Moodie
07973178461
jamie@7days2exchange.com
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Money Penny
Posts:12
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| 05-11-2007 1:58 AM |
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Hi Jamie,
Thanks for your response, I appreciate that helping those who have managed to get themselves into a pickle must be a pain for you!
I can't believe that £15k would be available to me in a few years - seems such a good idea. I just need to convince my 'ex' now to bugger off from the equation.
I can honestly say, I hadn't realised that there were so many options to dealing with my siuation. I have trawled through loads of sites and this is the only one which has given me sound advice and not pushed.
I just waiting to see what the Full anf Final IVA settlement has to offer. I still need to work out if I can offord to remortgage and still pay the monthly repayments to stay in the house.
Do any of you know a good mortgage broker? I am worried as I may not earn enough each month to make this a viable option anyway!
Thanks for all your help so far |
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Miss MoneyPenny |
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