Severe Debt - HELP
Scooby Regular
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From: Liverpool
Originally Posted by In Despair
I have hundreds and hundreds of DVD's which quite frankly aren't a necessity anymore.
You never know, a few sympathetic people on here may pay a few quid more than they would have done on E-Bay to help you out, just a thought.
Good luck
Scooby Regular
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From: I have never shagged a sheep
best of luck mate.
I must admit, im faily frightened of being in the same situation, only on a smaller scale. I only earn around £12k a year have a mortgage cc personal loan utility bills car to run etc etc. Its hard to live life when all i seem to do is work. I live on my own and work roughly 20 miles away Ive made the decision to try and sell up and move closer to work hoping it might help me.
If it wasnt for my mum and dad id probably looking at ccjs by now.
I have applied for working tax credit and get a measly £2.50 a week.
All the best mate hope things work out for you. Im sure youll be fine
Steve
I must admit, im faily frightened of being in the same situation, only on a smaller scale. I only earn around £12k a year have a mortgage cc personal loan utility bills car to run etc etc. Its hard to live life when all i seem to do is work. I live on my own and work roughly 20 miles away Ive made the decision to try and sell up and move closer to work hoping it might help me.
If it wasnt for my mum and dad id probably looking at ccjs by now.
I have applied for working tax credit and get a measly £2.50 a week.
All the best mate hope things work out for you. Im sure youll be fine
Steve
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From: Passing ...............
Originally Posted by watto52
best of luck mate.
I must admit, im faily frightened of being in the same situation, only on a smaller scale. I only earn around £12k a year have a mortgage cc personal loan utility bills car to run etc etc. Its hard to live life when all i seem to do is work. I live on my own and work roughly 20 miles away Ive made the decision to try and sell up and move closer to work hoping it might help me.
If it wasnt for my mum and dad id probably looking at ccjs by now.
I have applied for working tax credit and get a measly £2.50 a week.
All the best mate hope things work out for you. Im sure youll be fine
Steve
I must admit, im faily frightened of being in the same situation, only on a smaller scale. I only earn around £12k a year have a mortgage cc personal loan utility bills car to run etc etc. Its hard to live life when all i seem to do is work. I live on my own and work roughly 20 miles away Ive made the decision to try and sell up and move closer to work hoping it might help me.
If it wasnt for my mum and dad id probably looking at ccjs by now.
I have applied for working tax credit and get a measly £2.50 a week.
All the best mate hope things work out for you. Im sure youll be fine
Steve
. How the hell do you manage on that, with all of the above ??Also i thought you drove a bus ?? My mate owns a bus company & he pays a half decent wage to his drivers
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From: Scotland
Yeah but they're scottish pounds, which we all know aren't valid in England
My father in law is a bus driver and the new Polish drivers only know one route each............they have been know to ask Taxi drivers for directions
Even funnier when you see tourists in Edinburgh asking the bus drivers if they go past so and so street etc.... the bus driver saying .... sorreee I'z onzeee zknow zee root to zee caztle !! Classic
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Originally Posted by sti-04!!
Thats only £800 a month . How the hell do you manage on that, with all of the above ??
. How the hell do you manage on that, with all of the above ??To do the same nowadays and deal with mad house prices,people are borrowing huuuuge amounts of money for mortgages 5x salary,extended terms ,interest only,spending lots on car loans/credit cards etc
It is very easy for it to get out of control.Current society mindset is appalling.Live for today.All wrong and people will learn.
Crikey,even the 'poor' used to shop by catalogue,now they have everything and don't think of paying it back!!
Scooby Senior
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From: Passing ...............
Originally Posted by SiPie
LRT (Lothian Regional Transport) are paying £20k a year 
What kind of buses you driving....? Tonka ones?
What kind of buses you driving....? Tonka ones?
I dont drive buses, though Lothian "used" to be one of my biggest customers
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From: Jasey@Work
Originally Posted by lozgti
Thats part of the problem.People being unrealistic.If you were on what was once the dizzying heights of £40k+ a year you would be buying a house worth £120k with about £100k mortgage.
To do the same nowadays and deal with mad house prices,people are borrowing huuuuge amounts of money for mortgages 5x salary,extended terms ,interest only,spending lots on car loans/credit cards etc
It is very easy for it to get out of control.Current society mindset is appalling.Live for today.All wrong and people will learn.
Crikey,even the 'poor' used to shop by catalogue,now they have everything and don't think of paying it back!!
To do the same nowadays and deal with mad house prices,people are borrowing huuuuge amounts of money for mortgages 5x salary,extended terms ,interest only,spending lots on car loans/credit cards etc
It is very easy for it to get out of control.Current society mindset is appalling.Live for today.All wrong and people will learn.
Crikey,even the 'poor' used to shop by catalogue,now they have everything and don't think of paying it back!!
Cost of living shooting up.
Wages being driven down by cheap and often illegal work force.
Who loses - the working classes
.Who cares - Nobody
.
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From: The land of Daisies and Bubbles!
Originally Posted by lozgti
Crikey,even the 'poor' used to shop by catalogue,now they have everything and don't think of paying it back!!
I agree things are much worse now - but there was plenty of bad debts around 30 years ago too.
Scooby Senior
Joined: Mar 2003
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From: Next door to the WiFi connection
Call the people you owe the debts too, explain the situation, explain that your current favoured option is bancruptcy and this is your last port off call, see what they can do. Im telling you now there is a good chance they'll say something along the lines off. the 20k loan you have with us we'll cut back to 8k which you can repay over 5years or something with no interest on top. They would much rather see you giving them 8k rather than nothing from going bankrupt. Now when you've done that ring the credit cards and everywhere else. 60 odd grand could easily be windled down to at very least half of it if you try and push them. That will give you some breathing space and you try and use that space to live again on what you earn rather than borrowing more all the time...
HTH's
HTH's
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From: here
Originally Posted by lozgti
Thats part of the problem.People being unrealistic.If you were on what was once the dizzying heights of £40k+ a year you would be buying a house worth £120k with about £100k mortgage.
To do the same nowadays and deal with mad house prices,people are borrowing huuuuge amounts of money for mortgages 5x salary,extended terms ,interest only,spending lots on car loans/credit cards etc
It is very easy for it to get out of control.Current society mindset is appalling.Live for today.All wrong and people will learn.
Crikey,even the 'poor' used to shop by catalogue,now they have everything and don't think of paying it back!!
To do the same nowadays and deal with mad house prices,people are borrowing huuuuge amounts of money for mortgages 5x salary,extended terms ,interest only,spending lots on car loans/credit cards etc
It is very easy for it to get out of control.Current society mindset is appalling.Live for today.All wrong and people will learn.
Crikey,even the 'poor' used to shop by catalogue,now they have everything and don't think of paying it back!!
Couldn't agree more. A lad at work has credit cards & store cards galore and sees no problem spending £170 on a shirt & £200 on a pair of jeans. I keep telling him he is on 20k p.a. not a 20k per week footballer.
The problem at the moment is you can juggle your debt by passing it on to another interest free balance tranfer card when your current deal runs out but when the bottom falls out of this a lot of people are gonna be in for an almighty shock.
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From: I have never shagged a sheep
Originally Posted by sti-04!!
Thats only £800 a month . How the hell do you manage on that, with all of the above ??
Also i thought you drove a bus ?? My mate owns a bus company & he pays a half decent wage to his drivers
. How the hell do you manage on that, with all of the above ??Also i thought you drove a bus ?? My mate owns a bus company & he pays a half decent wage to his drivers
I only just survive, if it wasnt for my parents id be in big trouble by now.
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From: Passing ...............
Originally Posted by watto52
Yep, thats all i earn. I work for stagecoach and there policy on wages goes on the cost of living in the area you work. Pi55es me off really cause the big boss has given himself a millon pound pay rise.
I only just survive, if it wasnt for my parents id be in big trouble by now.
I only just survive, if it wasnt for my parents id be in big trouble by now.
Scooby Regular
Joined: Sep 2000
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From: Notts, UK
Originally Posted by lozgti
Thats part of the problem.People being unrealistic.If you were on what was once the dizzying heights of £40k+ a year you would be buying a house worth £120k with about £100k mortgage.
I do hope the thread starter sorts it out but the figures frighten me.
I earn a similar amount to the thread starter, around £45k and my mortgage is £60k. I have a small car loan, £6k, and the usual Sky, Broadband, gas, electric, mobile and household bills, but no other debts.
So I haven't got a clue how someone would manage on £43k with a £200k+ mortgage with loans and credit cards.
Seeking professional advice is the only way out IMO
Cheers
Lee
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From: Arborfield, Berkshire
Originally Posted by jaytc2003
House prices are allegedly on the rapid increase again so you may get more than the 250k. New build houses are relatively cheap these days (4 bed detached for about 160k) so go for one of these. There value will increase rapidly as well over the next few years so allowing you if you wanted to go back to what you had.
You could always try a nick leeson
You could always try a nick leeson
Simon.
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Originally Posted by ScoobyTal
It appears to me that you are living far beyond your means..
Hard Steps to take but .....
1. You are on a fantastic wage and all your money seems to be going on dept repayment.
2. You live in a 250K house but also have a massive mortgage.
3. You probably drive a expensive car that is just to expensive to run ??
SO THIS IS THE DIFFICULT BIT ....
You need to get back on to dry land before you drown because at the moment you are living a lie..
Move to a smaller house for a few years (you cant afford the one you have got)
Sell the Cars buy a sensible one for a few years
Set up a long term plan to pay of your debts in will take years but you will get there.
You probably think this is bolloxs but its the only way forward stay away from these debt people they are for mugs.
You are not in that bad a situation you owe in real terms 20k if you sell your house why not move to a 180k house ??
I think its reality check time.
BTW I bet there are loads of people on here in 100s of thousands of pounds worth of dept.
I am not, I have a new golf gti, and a 30k mortgage ..... I only earn 28k a year and have never been given a penny that I havnt earned, I only live in a 145K house ( I cut my cloth accordingly!!!)
Things ain't that bad they will work out if your wise
Good luck
Tal
Hard Steps to take but .....
1. You are on a fantastic wage and all your money seems to be going on dept repayment.
2. You live in a 250K house but also have a massive mortgage.
3. You probably drive a expensive car that is just to expensive to run ??
SO THIS IS THE DIFFICULT BIT ....
You need to get back on to dry land before you drown because at the moment you are living a lie..
Move to a smaller house for a few years (you cant afford the one you have got)
Sell the Cars buy a sensible one for a few years
Set up a long term plan to pay of your debts in will take years but you will get there.
You probably think this is bolloxs but its the only way forward stay away from these debt people they are for mugs.
You are not in that bad a situation you owe in real terms 20k if you sell your house why not move to a 180k house ??
I think its reality check time.
BTW I bet there are loads of people on here in 100s of thousands of pounds worth of dept.
I am not, I have a new golf gti, and a 30k mortgage ..... I only earn 28k a year and have never been given a penny that I havnt earned, I only live in a 145K house ( I cut my cloth accordingly!!!)
Things ain't that bad they will work out if your wise
Good luck
Tal
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From: Scoobynet
62k debt on a 43k salary doesnt sound that bad at all!! I know many people who left uni with debts of £25k+.
There must be 10's if not 100's of thousands in the UK in a far worse financial situation than you mate, dont think you are the only one.
Consumer debt has been propping up the economy for years in the UK now. Its become stupidly easy to borrow vast sums of unsecured money, and as the government have allowed house prices to boom - this has fuelled the borrowing frenzy.
There will almost certainly be a correction at some point however, and it will be very nasty. If I was in your situation I would simply cut back on spending as much as possible, and try and pay off the loans as quick as you can. As has been said, downgrade the car, drink less etc.
There must be 10's if not 100's of thousands in the UK in a far worse financial situation than you mate, dont think you are the only one.
Consumer debt has been propping up the economy for years in the UK now. Its become stupidly easy to borrow vast sums of unsecured money, and as the government have allowed house prices to boom - this has fuelled the borrowing frenzy.
There will almost certainly be a correction at some point however, and it will be very nasty. If I was in your situation I would simply cut back on spending as much as possible, and try and pay off the loans as quick as you can. As has been said, downgrade the car, drink less etc.
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^^ exactly your debt is nothing compared to other people. Just thing of it that you have brought a new BMW M5 and then you burned it down. Seriously your not in that much trouble, hell you could easily sell your house and move into a 200k one and then build yourself back up from there.
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From: London Town
take a 2nd mortgage totalling upto 105% of the house value. guarantee an immediate payment of all the debts from this raised capital. reduces your monthly debt payment and allows you to get your mind straight. sure, you'll be paying a high rate for a mortgage, but it will be over 25 years etc so you can relax and take the hit, and i rekon your debts like the loans are much higher rate than the 9% apr ****e places like firstplus would charge for the 2nd mortgage.
anyway this will get you to a point of no personal loans or credit card debts, just one payment to the first and 2nd morgage.
anyway this will get you to a point of no personal loans or credit card debts, just one payment to the first and 2nd morgage.
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From: Next door to the WiFi connection
Originally Posted by Ted Maul
take a 2nd mortgage totalling upto 105% of the house value. guarantee an immediate payment of all the debts from this raised capital. reduces your monthly debt payment and allows you to get your mind straight. sure, you'll be paying a high rate for a mortgage, but it will be over 25 years etc so you can relax and take the hit, and i rekon your debts like the loans are much higher rate than the 9% apr ****e places like firstplus would charge for the 2nd mortgage.
anyway this will get you to a point of no personal loans or credit card debts, just one payment to the first and 2nd morgage.
anyway this will get you to a point of no personal loans or credit card debts, just one payment to the first and 2nd morgage.
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From: Jasey@Work
Originally Posted by davegtt
Hows he going to do that on his own when his misses isnt prepared to help him?
Besides - she's being more helpful now - apparently
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From: Next door to the WiFi connection
Fair enough if shes willing to let him do that then its definately an option, your basically chucking everything into one payment over 25 years which should help you get back on your feet, off course any more debt racked up after this though would result in no security to fall back on like they have now. Good luck with it
Thread Starter
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Update as of today.
My parent's have come up with £10K for me, which is a mssive help as it gives me the opportunity to negotiate an immediate settlement with two credit cards with high APR (who are aware of my situation but have refused to suspend interest). They've also said they will give it to me, rther than lend it to me. It won't actually be given to me because of tax implications but they will directly pay off the cards that I can negotiate with.
My wife is now talking to me, and the rows at home have stopped for the moment. She has vowed to be as helpful as possible and this will start with help doing out monthly budget and stuff. We've already changed our shopping habits (Asda now instead of Tesco - I had never realised the massive difference in prices between the 2). Neither of us smoke, so no cost there, but we've agreed to cut down on the luxury foods (i.e. ready meals) and go back to basics. Certainly I have a lot more support now than I did, and I think some of that must have been shock on her part.
Anyway, I feel a little better now than last week. Roll on next Tuesday when I have my intereview with a debt councellor through the CCCS.
My parent's have come up with £10K for me, which is a mssive help as it gives me the opportunity to negotiate an immediate settlement with two credit cards with high APR (who are aware of my situation but have refused to suspend interest). They've also said they will give it to me, rther than lend it to me. It won't actually be given to me because of tax implications but they will directly pay off the cards that I can negotiate with.
My wife is now talking to me, and the rows at home have stopped for the moment. She has vowed to be as helpful as possible and this will start with help doing out monthly budget and stuff. We've already changed our shopping habits (Asda now instead of Tesco - I had never realised the massive difference in prices between the 2). Neither of us smoke, so no cost there, but we've agreed to cut down on the luxury foods (i.e. ready meals) and go back to basics. Certainly I have a lot more support now than I did, and I think some of that must have been shock on her part.
Anyway, I feel a little better now than last week. Roll on next Tuesday when I have my intereview with a debt councellor through the CCCS.
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From: same time, different place
I've no doubt that your wife's reaction was shock, hope you give her a big kiss for being supportive.
I thought the reaction on here was OTT about her being a bitch and not helping. Can you imagine a thread starting "I just found out my wife has racked up 62k debt on shoes handbags and evening dresses". Somehow I don't imagine a flood of "you should help her as much as possible to pay it off" type posts.
I thought the reaction on here was OTT about her being a bitch and not helping. Can you imagine a thread starting "I just found out my wife has racked up 62k debt on shoes handbags and evening dresses". Somehow I don't imagine a flood of "you should help her as much as possible to pay it off" type posts.