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help me please with my journey to the straight and narrow


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hello to all, I have been reading this forum on and off for some months now and it has inspired me to sort out my financial affairs.

 

I currently am in the situation where I have the following debts:

 

Northern Rock mortgage of £150,000, 218 interestautolinker.com autolinking image only payments remaining.

Northern Rock loan (tied in with mortgage) of £30,000.

Both the above started June 2007, however the paperwork was completed March 2007 and I have copies of the online agreement.

 

Egg loan, started November 2005. 19 payments of £200 remaining against a balance of circa £3700. (currently in dispute under cca)

 

HSBC gold credit card, opened sometime in 2004 with balance of £5000.

(currently in dispute under cca)

 

capital one credit card opened in january 2008, balance of £4500

 

amex credit card, opened in march 2008, balance £400

 

a&l unsecured loan started n june 2008, balance of almost £6000

 

I have enought salary to cover the payments but due to sme bad personal circumstances and a rising mortgage - some months i have a double figure sum to eat and travel and live on.

 

when i moved house in 2007 i was confident and moving up in the world with a nice house but several events have broken that dream.

 

I am not someone trying to walk away from my debts - after my problems in 2008 I took on extra finance in order to try to sort things out and this in hindsight has made thing much much worse with the debts even more above my income.

 

my question is what can i do?

 

the site is full of tales of woe and this makes me very worried. i think that as long as i dont shy away from the problems and try to deal with them properly i wont have a problem.

 

i dont know how i can manage the debt and still keep a roof over my head.

 

i also hear that it is possible to go down routes and agree legally to reduced payments. how do i go about this and where can i read more about this?

 

all help very much appreciated.

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The first thing you have to do is write down your priorities - mortgage, council tax, food, gas and electricity, travel expenses to work. What is left after you have met the essentials is what is left for your creditors, even if it is only £20.

 

You borrowed to get out of debt and realise that was a mistake but what is done is done and it just has to be dealt with. You have 2 agreements in dispute so they will be on hold until the disputes are resolved. The agreements are all fairly recent and the law on how agreements should be presented was changed in 2006 (effective from 1 May 2007) so these agreements are more likely to be properly executed and enforceable in the event of creditors taking you to court. You can CCA them if you want to check the agreements.

 

Decide what you can pay your creditors on a pro rata basis then send them letters of proposals for reduced payments.

 

There are a number of letters in here that may help you:

 

Creditors and DCAs - Letter Templates & Budget Planner

 

Let us know how things develop and you will get advice as you go along.

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Please do not get too down hearted, you are not alone in your situation, and believe me there are those much worse off. I say this to make you feel less worried.

 

You appear to be well in control of your other accounts, so we will help you with this one. Pinky has already given you information to get you going.

Every journey begins with a single step :):)

 

Please note: I have no qualifications in this area - my advice is learned from the wonderful members of this Forum. Thanks to you all for your help.

 

If you have found my post helpful please leave a short message by clicking the star to the left of my profile - Thank You

 

The only person entitled to your Personal Finance details is a Judge not a DCA

 

Move all banking activity to another banking group if you have a dispute - your funds can be used to offset debts within the same group.

Be careful with Banking details (card/account numbers) as these can be used to take unauthorised payments.

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