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panda51

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  1. Yes i went to see CAB in person. Spoke to national debtline, and business debt line last year, cccs... Its complex they all say... as it is treated as Business debts ( outside of remit of CAB, NDL) Also with 2 of the properties in Scotland, it is further complicated..... The mortgage company for the Scottish properties have not yet repossessed... I am in huge arrears. Lender is the TMB, based in England. The reason they have not yet repossessed is due to huge admin cock-ups on their part, which have bought me time... eventually they either will, or i have to try to sell myself, but either way there will be a shortfall over over 200,000 - if not more .... 270000 if dont get mcuh for them So with the credit card debt and this, it will be well over 330,000 i owe, maybe 400000. So... i dont know what to do. I apparently cant do a dmp as i have no disposable income....only income is the bTL income.. Same with IVA at present.... #The only light as the end of the tunnel is a possible lump sum IVA as my parents may be willing to give me some money to do this... Does you or anyone else know much about these, and also if there is any way i can save my English properties!!!
  2. Ford, My residental property in has a little bit of equity- maybe 20000. 2 of my buy to lets in England also have a bit of equity, say 30000.So i maybe have 50000 equity in total. I have 2 great tenants. i am paying these 3 mortgages, no arrears. The rent on these 2 buy to lets covers all 3 mortgages. If i just had these i would be fine..... However the big problem is i have 2 buy to let properties in Scotland... these are with lenders closed to new business so on 4.85%, cant remortgage as there is negative equity of a large sum ( in region of 100000 each property), and of course, I have 17 defaults. The mortgages alone are 2500 per month and although fully rented, the there is a huge shortfall per month of over £1000 per month... i would love to get rid of these, but i cant ...All owned in my name, no limited companies. I did struggle to carry on paying these, which accounts for alot of the huge credit card debt... Its a mess...
  3. The bigger picture - (I have Residential house and 4 buy to let properties, so 5 mortgages in total, but the monthly income from these does not cover the monthly mortgages, and overall all combined together ( total property values minus total mortgages), there is a huge amount of negative equity. I have no earned income due to ill health.). They class this a business debts i believe, where do i go please to get help with this?
  4. Ok i will look. Thank you so much for your help. Do you think requesting this will annoy the card companies who for now are accepting this £1 per month? I dont want to rock the boat, til i work out what i can do....
  5. hmmm... forgive my ignorance, what is the purpose of a CCA request? How does it help me? I read what it is....
  6. Hello Ford, So are you saying that after 6 years, even though it no longer shows on my credit file, the card companies can still sue me, and then get a CCJ and then it goes back on my credit file for the same debt for another 6 years? So keeps going on and on?
  7. Hello, Thanks for your email. My situation is a lot more complicated that just this, but i didn't want to confuse things. The credit cards are the one area I have 'dealt' with for now, with the £1 per month payments... so i wanted clarity on that first please if anyone knows. The total debt on these cards and bank accounts is approx. £130,000. (I have Residential house and 4 buy to let properties, so 5 mortgages in total, but the monthly income from these does not cover the monthly mortgages, and overall all combined together ( total property values minus total mortgages), there is a huge amount of negative equity. I have no earned income due to ill health.).
  8. Hello, this is my first ever post!!!! I am looking to clarify some information i have heard please if anyone can help. I got into and am still in a big financial mess due to long term ill health and not being able to work. I had 13 credit cards and 4 bank accounts that all defaulted about 2 years ago. They are with all the main institutions... Halifax, RBS, MBNA , Barclaycard, HSBC etc. I have standing orders set up paying them all £1 per month, as advised by the debt charities i spoke to. All have frozen interest and charges, and have not sold on the debt due to my ill health. This is what i want clarity on please: 1. After 6 years, I understand all info relating to those cards disappears from my CRA files, but what happens to any debt still left unpaid? Does this just get written off? Clearly at the rate of £1 per month, in 6 years, only £72 will have been paid off of each card! 2. is it a good idea to continue paying £1 per month for all this time? Thanks you all in advance.
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