I have a charging order on my property, and I am trying to raise some funds to clear the debt, however a restriction has been put on and my mortgage company cant release the funds unless I pay the charging order, If I dont pay my home may be repossesed, If I increase my mortgage to clear the whole debt I wont be able to afford the repayments, if i sell my house I wont have enough money to put a deposit on a new home, I have made what I think is a reasonable offer to settle the debt, given the fact that 2 thirds of the money owed is interest but the company working for the bank wont even ask if this is acceptable or not
2006-10-15 22:41:47 · 14 answers · asked by John-Boy 1 in Business & Finance ➔ Credit
Been to citizens advice, useless, cant afford solicitor
2006-10-15 22:49:42 · update #1
Go to your local citizens advice centre. They have specialists who are expert at dealing with debt problems and crucially they won't charge you for their service. They tend to negotiate directly with banks to sort out a repayment agreement and make it less of a worry for you.
2006-10-15 22:45:13 · answer #1 · answered by Anonymous · 4⤊ 0⤋
if there is a charge on your propery we have already got far beyond the point at which citizens advice can help you, and far beyond the point at which they are going to be reasonable.
You are going to need to clear the debt. Which means making them an offer they do find accetpable. They are in the driving seat here, you owe the money, selling the house pays them the money, why would they want to be reasonable about it, it wont be them homeless will it.
You have 2 choices, either try to make the increased repayments, or sell the house, move into rented, and at least not have a repossesion on your credit file.
2006-10-16 07:58:17 · answer #2 · answered by alatoruk 5 · 0⤊ 0⤋
Sorry to hear about your predicament but if you sit back and look at the situation just borrowing more money does not solve your issue.
You have a charge that you agreed to have put on the property
You cannot afford to pay a bigger mortgage
If you sell you wont have enough deposit for a new house.
Why should the company who you owe the money legitimately ( interest or not ) care?
The house can be sold and they get their money why should they worry.
What you need to do is have someone look at your finances properly and come up with a plan that is realistic and based on your individual circumstance ( Citizans Advice or a friendly local accountant would be 2 places to start)
there is not enough information in your note for anyone to give you any real advice on how to solve the issue. the best you can get from the info is for sympathy but thats not going to help.
Get proper advice or provide more details.
Size of charge, income, outgoing etc etc.
2006-10-16 05:54:11 · answer #3 · answered by commentator 2 · 1⤊ 0⤋
Go to see an insolvency practitioner who will sort the matter out for you and help you to re-structure your affairs. Their fees can usually be paid at the end of the deal or deducted from monies raised.
Remember, anyone can screw their finances so don't be embarassed. Also remember that people with debt problems pay these guys' fees.
Do it and put your mind at rest.
2006-10-16 11:08:19 · answer #4 · answered by des c 3 · 0⤊ 0⤋
I think you need to be more financially educated- read a book called rich dad poor dad, it will help!
I have learnt so much from this book and would say it is one of the best ones i've ever read in my whole life!
People don't have financial education that they should, most people are trained in school to get good grades and find a good safe job that will give you a good pension at the end.
People don't see what financial mess they are in untill they read this book!
You need to have your own business!
2006-10-16 05:59:47 · answer #5 · answered by little.lost 4 · 0⤊ 0⤋
For all these problems u idiots do not follow the advice. When U R sick what do U do ? Go to ur doctor, When U R financially sick what u should do ? Listen Go To Yr lawyer he will fix it. He is the only doctor u can go to? Rush Idiot Rush I know u r in USA so what that is where ur lawyer can help u handsomely Run now u will be safe
2006-10-16 07:31:23 · answer #6 · answered by Loganathan Raja Rajun R 3 · 0⤊ 0⤋
Go and see a financial advisor... or mortgage advisor. i am one and am dealing with a case exacly like this at the moment.
Usually there advice is free unless you use them. The likes of northern rock lend and help with costs too.
If you can get hold of an advisor to find you a sub prime lender to help you remortgage, many lenders will go 100% loan to value.... If you are in the UK, in the south east i might be able to help you my email address in on my profile. let me know.
good luck
2006-10-16 05:57:55 · answer #7 · answered by Emma B 2 · 0⤊ 0⤋
No such word as "can`t" there are solicitors who have Saturday morning surgeries for the very fact that people like yourself cannot afford, the first hour is normally free so stop worrying & seek them out .
2006-10-16 06:03:08 · answer #8 · answered by edison 5 · 0⤊ 0⤋
Consolidation might be an option. Try taking a look at http://debtconsolidation.hammocksurvivalguide.com/ for some useful articles on the subject.
2006-10-18 13:21:41 · answer #9 · answered by Roger B 2 · 0⤊ 0⤋
Have you tried contacting the Citizens Advice Bureau, they should be able to advise you.
2006-10-16 05:49:32 · answer #10 · answered by Anonymous · 0⤊ 0⤋