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Help - suffering from long term illness & in debt


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Hi everyone, this is my first thread - been spending the last couple of weeks reading through as much of this site as possible. I now need morale support & advise on what I shoud do next.

 

Basically to keep it short I have for over 14 months been suffering with a long term illness, before this happenend I was in a really good job earning £45k+. In the last 14 months I have borrowed to support myself & two babies (9mths old) , hoping that the hospital were right & that I would be able to go back to work. However I have got worse & can't work, even though I want too. I now have credit card companies chasing me, loans, the bank yesterday froze my account & called in my overdraft. I have managed to get hold of my credit file & rating & it is showing as excellant - this wont be the case as of this month as I am now 1 month in arrears & I don't know how I can make next months payments. I applied on the 6th March 07 for DLA & I was declined so I appealed & today a medical doctor came out to me & did an assessment - so fingers crossed I will be able to get this. I have been getting Income support & incapacity benefit. I don't know what is the best thing to do I am worried I will lose my home & I am more worried about how I am going to suppport my children. :confused:

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Hi, and welcome to CAG. Sorry to hear of your situation. The first thing you need to do is contact all those creditors - in writing. Basically you can get all the creditors to freeze interest and charges and accept a payment of £1 per month. There are letters in here

http://www.consumeractiongroup.co.uk/forum/general-debt/20758-creditors-dcas-letter-templates.html

which you can use.

 

If you have a CAB locally you could ring them (keep trying as phone constantly engaged) and they will send you a pack of letters out, which are more or less the same as those above. I am only suggesting using the CAB ones as I did as I think it carries more weight than if you just send the letters yourself.

 

If you can get these people off your backs asap you will be able to start thinking about the bigger picture. They should accept your offer - they did with me - eventually.

 

Best of luck:)

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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Hi P&C,

 

Can you give us some more details of your debts, ie, how much and who to, and if these are secured or unsecured.

Do you have a mortgage? If so do you have any arrears, and do you have any equity.

Does your illness mean you will never be able to work again, or just for the next few years, sorry you are suffering in this way.

Which benefits are you claiming at present?

How old are yourchildren and do you have a partner?

Consumer Health Forums - where you can discuss any health or relationship matters.

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Hi Goldlady, thank you for your reply so quickly to my post. I am normally so calm & I class myself as an intelligent women but at the moment I can't see the bigger picture as I am so stressed. I will speak to the CAB & get help - will this effect my credit rating if I do the above?

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Hi p&c - unfortunately this will affect your credit rating, however if you act quickly most creditors will put a note on your credit file showing there is an arrangement in place rather than defaulting you. Mine did that - or at least some of them did. But it is much better to contact them quickly - before they get a chance to start hassling you - as I suspect that is the last thing you need.

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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It's a good idea to call someone like national debt line.

 

Really, at this stage, the most important thing is to pay priority debts (mortgage, tax, utilities) , and start to get a handle on what your basic living expenses are. once you do this, you can put any disposable income into a debt management plan.

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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i've asked a mod to move this thread to general debt.

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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Hi P&C,

 

Can you give us some more details of your debts, ie, how much and who to, and if these are secured or unsecured.

Do you have a mortgage? If so do you have any arrears, and do you have any equity.

Does your illness mean you will never be able to work again, or just for the next few years, sorry you are suffering in this way.

Which benefits are you claiming at present?

How old are yourchildren and do you have a partner?

 

 

Hi Gizmo

Here goes - I am embarrased to list the below!

*Egg Credit card - £2000 owing (received letter today saying they are giving ,e formal notice that they are ending my agreement)

*Platinum Barclaycard £4800

*MBNA card £4000

Barclays account overdraft £6000 - I have never had charges up until the last 14 months & now I am getting them constantly.

*Natwest loan originally owed £25k I got a figure today that I now owe £9k.

* Egg loan originally owed £25k now owe £10k - just had a 2 month payment break.

 

I have a mortgage of £140k & my house was recently valued at £245k. I am struggling to pay the £800 a month mortgage - been using my overdraft to pay for mortgage each month & credit cards to pay utility bills etc.

 

The hopsital consultants are not sure at present but have said they hope to see some improvement in the next 24 months - I am awaiting my next lot of surgury due in March.

 

I have a little boy aged 9 months old & a little girl 2 years old.

 

One of the payments I am making sure I am keeping up with is my life & critical illness cover - it is £67 per month but I want to make sure that if the worse happens my children are going to have a lump sum of money to be cared for, arranged for a family member to take them on if the worse happens but I want to make sure they have money to llok after them.

 

I am claiming income support, incapacity benefit, and child tax credits. The income support takes off a percentage off my incapacity benefit as the law says you only need a certain a amount to live on.

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hello :) i take it reading the post either the youngest is 9 months or you have 2 at 9 months :) either way youre in the best place now and you will start feeling the stress slip away if you take the advice of these lovely people here

i know where youre coming from having little ones most of us do ;-) you arent alone honestly

good luck x

honey x

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Hrm... what type of mortgage is it? Is it repayment, or interest only?

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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hello :) i take it reading the post either the youngest is 9 months or you have 2 at 9 months :) either way youre in the best place now and you will start feeling the stress slip away if you take the advice of these lovely people here

i know where youre coming from having little ones most of us do ;-) you arent alone honestly

good luck x

honey x

 

 

Thank you - the support I have read on here has been fantatsic for alot of people. I feel I don't have the fight in me at the moment but I know for my kids I have to get my finger out!:lol:

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Hrm... what type of mortgage is it? Is it repayment, or interest only?

 

Around 14 months ago I changed it over to interest only - I thought the reduced payments would give me some breathing space. My plan was I would once better & back at work change back over to repayments. I am in a 5 year fixed rate - got 2 years left on this product.

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Thread moved to General Debt :)

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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As you are claiming income support are you receiving an interest payment towards your mortgage from the DWP?

 

Hi, I am not - haven't heard of this? I will make enquiries about this in the morning. Would they automatically pay me this as they asked for all my mortgage info when I applied for income support or is it something I have to apply for?

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I'm not sure how you actually claim it, but there is some information here,

 

I think they pay nothing for 36 weeks, 50% for a following 16 weeks and then 100% thereafter.

 

This may interest you as somewhere to discuss your illness

 

Consumer Health Forums

Consumer Health Forums - where you can discuss any health or relationship matters.

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