I am in so much debt ( or should i say me and my wife are ) that we just dont know what to do. my mortgage company is taking me to court for re-posession of our house. credit card companys are on our backs and other creditors are on our backs too. im not bothered by them but its the mortgage, i dont want to lose our house and have a 4 month old son, is there any way im going to be able to stop it? we can pay the normal monthly amount but its the arrears we cant afford. normal payment is £470 but they want £790. advice welcome please.
2007-02-08 12:47:19 · 13 answers · asked by karl p 3 in Business & Finance ➔ Credit
hello if you can get the money to stop the eviction you need to make an appointment to see the judge at your local court this costs 25 pound seek advice from the citizens advice burea asap
good luck
2007-02-08 22:27:03 · answer #1 · answered by welshwalesdragon 2 · 0⤊ 0⤋
Hi.
My sympathies extend...
I have avoided all debt for a couple of decades now, but did run into mortgage difficulties once.
I persuaded the lendor to switch it all to an interest - only repayment schedule for a couple of years.
They were quite happy with this, as it meant that they knew the thing was being paid off. Which it was eventually, and all is well.
I sleep well, and so do the family.
As for credit cards, store cards etc, I use them judicially now, within reasonable repayment prospects, and indeed remain totally clear at the end of each month.
I hear that you can put "all your eggs in one basket", as in having a single creditor, as opposed to a multitude of folks chasing you.
This is perhaps the way to go.
Win the old lottery ? - Don't rely on it. I would need a fair win just to break even ! (Not a good gambler)
I have a personal friend that seems good at sorting such matters out, for peace of mind, and would happily recommend him, and forward details, if you wish.
All the best with it,
Bob.
2007-02-09 02:39:30 · answer #2 · answered by Bob the Boat 6 · 0⤊ 0⤋
Well, we ARE living in a world full of debt............! Call your creditors try to get lower interest rates on your cards, tell them you are transferring your balance to a lower interest rate card and that usually works. Sell something, sell anything........ Get an extra job on any free time. Set up a budget, live within your budget and pay yourself first. Meaning, Pay the house, keep food on the table, and the electric. Creditors aren't going anywhere and if you can handle the calls, go ahead and deal with it a bit longer. If they do become out of hand you can report them. Harrassment is illegal. As you begin to save up enough, start by paying off your lowest bill and only the minimums on the rest until you can completely pay off one. Then you can move on to the next. It can be done. Check out daveramsey.com. Do not file for bankruptcy.......... Push yourself like you never have before........... Good Luck!!
2007-02-08 13:41:43 · answer #3 · answered by Claire 3 · 1⤊ 0⤋
Get all your bills consolidated into a small feasible fee. this will allow you to make payments to all your debt collectors. Their are a ton of web-based programs for consolidation. This is the last step before you file bankruptcy. This should keep you out of bankruptcy. For food needs, try and shop at whole food stores; big chains where you can buy in bulk for less money. Since you have a child, their should be government programs that are catered to be an benefactor.
2007-02-08 12:57:52 · answer #4 · answered by Anonymous · 0⤊ 1⤋
I thought it was 'chapter 13' in the states.
I dont think we have a sensible approach such as this in the UK.
If you evicted by the mortgage people...the council will be obliged to re house you....so DONT just hand back the keys.
2007-02-12 08:19:40 · answer #5 · answered by knowitall 4 · 0⤊ 0⤋
You need to get a part time job for when you are not at your regular job,or make your wife work somewhere on the days that you have off.Life is tough buddy suck it up and do what needs to be done.
2007-02-08 13:08:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
have you seen the advertisements for to become debt free where the government will write off a percentage of your debts and then help you reach smaller manageable payments
2007-02-08 12:53:52 · answer #7 · answered by angie 5 · 0⤊ 0⤋
When you are dealing with a mortgage company your best bet is to talk directly with them................because they really don't have to do anything extra for you if the don't want to. But, in all actuality they just want their money. If they are already taking you to court it may be too late................But your first step is to discuss this with them first....................Sorry I couldn't be of real help.
2007-02-08 12:52:36 · answer #8 · answered by Nagitar™ 7 · 0⤊ 0⤋
In a world of debt - try my best and help others by talking to them where needed.
2007-02-08 12:50:41 · answer #9 · answered by Chris cc 1 · 0⤊ 0⤋
FILE CHAPTER SEVEN BANKRUPTCY IMMEDIATELY. IF YOU ARE NOT IN THE USA, I AM NOT KNOWLEDGEABLE OF WHAT TYPE OF PROTECTION THE COURTS HAVE SO THAT YOU CAN START OVER AND GET YOUR DEBT DISCHARGED
YOUR SITUATION IS TOO FAR GONE FOR CONSUMER CREDIT COUNSELING, AND YOU NEED MONEY TO SETTLE WITH THESE CREDITORS
IT SEEMS THAT YOU HAVE NONE AT THIS POINT. SEE IF YOUR FAMILY CAN HELP, SEE IF YOUR EMPLOYER WILL GET YOU AN ADVANCE, OR POSSIBLY TRY SELLING BEFORE THEY REPOSSESS THE HOME.
IF YOU ARE DEALING WITH A COURT ISSUE YOU MAY WANT TO SEEK LEGAL ADVISE
2007-02-08 14:10:51 · answer #10 · answered by Audae216 2 · 0⤊ 3⤋