| T O P I C R E V I E W |
| frpen |
Posted - 10 January 2011 : 17:39:43
hi have a mortgage of £82.000 since 2007 and since then took a loan of £5000 and have 3 credit card debt totaling £4800 and other debt of £1500 . it has come to a stage where i don't know what to do. i lost my job a few months ago and recently got employed but wage is too low debts and income problems are mounting. seeked citizen advice bureau help last where i was paying £1 to creditors and got my mortgage to interest only when suddenly lost my job got into arrears. financially my situations is not getting any better. NEED HELP ADVICE ANYTHING. |
| 4 L A T E S T R E P L I E S (Newest First) |
| frpen |
Posted - 11 January 2011 : 21:30:04
well there is no equity on the house . im trying to get hold of a second job get my income a bit higher if not what do i do? |
| Richard P |
Posted - 11 January 2011 : 19:50:28
HI Frpen
welcome to the forum
BR is a good option for some people, in your case it depends how much equity or not in your house ?
have you tried to write to all creditors explain sitation and see if they will allow you an new DMP (very unlikely but worth a try).
you are still left with the lump sum outstanding but if the prospect of getting work and increasing wage is viable this could be a good option.
Richard |
| frpen |
Posted - 11 January 2011 : 16:22:00
tnx for your reply i have recently found a job .but wage not very good and still looking to get another 2nd job.lord knows i want to keep the house but the strain is just getting more and more. example got paid last month £ 500 pounds which all went to mortgage and the tax credit i get with direct debits going out was left with £65 and still have the same money today. |
| gettingoutofdebt |
Posted - 11 January 2011 : 12:29:23
What are the job prospects like, are you likely to get employment soon?
Is the property in negative equity and are you likely to be able to afford the mortgage in the near future if you are looking to keep the property?
It all revolves around what you want to do with the property and your job prospects. If the property is in negative equity and you are not likely to get a job in the near future then BR may be the best option for you. |
