Hi Samcor 71 Sorry - I said yesterday you should ring the helpline but the number doesn't seem to be there anymore! Follow Melanie's advice and either use the experts link on the left hand side of the screen or pop onto the IVA site. Don't feel bad about asking any questions, no matter how small, as that is how we've all learned. Once you've spoken to someone you will feel much better. x
Thanks for reply, I am off on Tuesday due to hospital appointment so will be calling up to try and get more information
After thinking real hard and looking at all options we have decided to go for it - pity as we have just paid out £900 on our debt management plan which we are about to start and thought would be the best way forward
Just not sure how the house works - we have 125% together mortgage with Northern Rock we thought by porting to a cheaper property would work but the charges involved is mental so we have looked at every option and bankruptcy although hard is the best way forward
Thank you once again - has anyone else gone for bankruptcy with Northern Rock together Mortgage? As we have not default on any of our payments will that count against us as people are saying that we should default?
We took out the 125% together mortgage in 2007 and we have a fixed rate for 5 years. We had hoped that by porting the mortgage, selling this property and buying a cheaper property as the market is so down we would be in a better position as Northern Rock was willing to do a 106% mortgage if we ported the same product - problem is the charge was so much we were looking at a shortfall of £10 000 which we dont have the money to pay in.So which ever way we look at it we are stuck with a property that is in negative equity. We were told we could not do a Debt Management with the £30 000 unsecured loan we have as Northern Rock would cap the mortgage and make the loan secure We then thought debt management would be the best obtion for us - as we have never been in this position the whole situation is very hard to come to terms with and it worries me dearly. Which is why we have just paid out £900 to the debt company to deal with our debts. Problem is I dont know whether that was the right choice therefore I really want to speak to someone who can advice me of the options we have. We have now for the first time gone into "miss payments" thanks to entering a debt management plan which worries me even more as it does not look asthough HSBC wants to agree with the arrangement - they are suggesting a "Managed loan" which is not what we want as it is another loan
I am so confused and feel so ashamed about it all we live a very basic life dont go out - birthday and Christmas presents dont exist and I cant remember the last time we bought any clothing
I just dont know anymore - all I do know is that I do not want to run away from my problems as I take full responsibility for it and I want to face it and sort it to the best way possible
The only rule we have on the forum is that there is no blame and definately no shame.
That is a cardinal rule and you must not break it !
You need to focus on what is right for you and the family.
You need to understand the following before you leap into any debt solution:-
1. Your income ( how secure is it) 2. Your outgoings ( realistic ones ) 3. Your regular disposable income 4. Your debts ( length of loans, credit cards secured or otherwise ) 5. your assets ( house, car etc etc etc)
then you need to overlay your aspirations as a family.
i.e.
would like to keep home don't want great aunt nelly to find out want to retire early etc etc etc.
Once all of these have been reviewed you can seriously look at a debt solution and apply all the above to each solution to see if it works for you.
If you want to speak to an expert you can use the link below and contact one via their own webpage.
they will all be happy to speak to you without charge. You may feel batter just to bounce your ideas off them .
Hope you are having a lovely easter and a good rest
I have sent you an email hopefully it is the right address and you will be able to pick it up when you are back at work - email address stated support@revivauk.com. If this is not the right one please can you let me know
Can I speak to the experts by phone
Posted - 27 March 2009 : 20:44:48
