WE WERE ALL YOUNG ONCE!!!! help me please!

[danieldavid11]

5 years ago as a young 22 year old, I ignored my parents (obviously) and everybody else and decided to get a brand new car, I also made the "sensible" decision not to go on HP but to just get a bank loan, of course I knew better than everybody about paying it all back etc.

 

Needless to say, or I wouldn't be here, it has all since gone pear shaped and thanks to credit cards and consolidaiton loans the loan has more than doubled to £23500 and the repayments are crippling me. I decided 7 months ago to stop living on credit cards and my ever worsening overdraft and to fight back with the bank.

 

My Mum and Dad said that they would re-mortgage their home to give me £10000 to offer the bank as a full and final settlement and of course I would sell sell the car, but I bought an MG and so it is worth only £3500, a drop of some £11000 oops! But it is my only asset.

 

So far the bank have repeatedly turned down my offers of £14000, I have transferred some of the debt to an interest free card in my dads name, and I am at my wits end. I am 27 and am now scared that my entire financial future is on the line. A lady from the bank said that they would not listen to my offers for settlement until after a default notice had been served, but after then, it is no turning back, and am scared that they will still say no, although after next month it is irrelevant as I will not be able to pay the £450 repayment any way.

 

My research tells me that an IVA isn't likely to work for me, and all I hear about bankruptcy is nightmare stories. I am trying to be responsible and get the bank back as much money as I can, but I don't want to ruin my own one shot at life, as selfish as that sounds.

 

Sorry to waffle on, but I would really appreciate any help that any of you can give me

 

Thanks

 

Dave:-o :-|

[Guest NATTIE]

I don't know the answer to the questions you have asked but by replying to this it should bump this up the threads so that others who may be able to offer advice can respond

[cleungs1]

I am glad I never had that oportunity when I was young, however seeing your plight and that you want to do something about it I can only ask you to go and speak to your local C.A.B. unless someone come along with a better advice good luck.

[Tigs33]

Go the to the Citizens Advice Bureau, they can sort out with you details of your income and expenditure and see how much you can afford to repay your debts, they will also give you template letters to send to all of your creditors asking to freeze any interest and make arrangements to repay the debts.

 

Good luck.

[gizmo111]

5 years ago as a young 22 year old, I ignored my parents (obviously) and everybody else and decided to get a brand new car, I also made the "sensible" decision not to go on HP but to just get a bank loan, of course I knew better than everybody about paying it all back etc.

 

Needless to say, or I wouldn't be here, it has all since gone pear shaped and thanks to credit cards and consolidaiton loans the loan has more than doubled to £23500 and the repayments are crippling me. I decided 7 months ago to stop living on credit cards and my ever worsening overdraft and to fight back with the bank.

 

My Mum and Dad said that they would re-mortgage their home to give me £10000 to offer the bank as a full and final settlement and of course I would sell sell the car, but I bought an MG and so it is worth only £3500, a drop of some £11000 oops! But it is my only asset.

 

So far the bank have repeatedly turned down my offers of £14000, I have transferred some of the debt to an interest free card in my dads name, and I am at my wits end. I am 27 and am now scared that my entire financial future is on the line. A lady from the bank said that they would not listen to my offers for settlement until after a default notice had been served, but after then, it is no turning back, and am scared that they will still say no, although after next month it is irrelevant as I will not be able to pay the £450 repayment any way.

 

My research tells me that an IVA isn't likely to work for me, and all I hear about bankruptcy is nightmare stories. I am trying to be responsible and get the bank back as much money as I can, but I don't want to ruin my own one shot at life, as selfish as that sounds.

 

Sorry to waffle on, but I would really appreciate any help that any of you can give me

 

Thanks

 

Dave:-o :-|

 

To start with repayments seem high - are you payng PPI on this loan. Is this your only debt as you mention consolidation.

 

How much do you estimate charges?

 

What are your ingoings and outgoings per month?

 

Have you got car up for sale?

 

Your parents should not under any circumstances put your unsecured debt onto their property and make it secured.

 

I do not understand your one shot at life comment?