Please help someone!

[pentre]

Am long term sick from work, but still techncally employed. during sickeness debts have built up now approx 20,000 to five creditors. have home (160000) and own 95% equity. My ill health is likely to continue indefinatley (mental health breakdown). Can i legally enter into a 5-10 year agreement on a re-morgage in these circumstances. I do not know how long my current employer will continue to pay me. Have lost all other assets, and have dependants. How can I get out of this mess - bank has recalled all cheques and cards. am desparate failing to take medication because I cannot think straight. Please help someone!

[neverending]

Hi
Am I correct in saying that you have about 150k equity in your house?
If this is the case then I would speak with a mortgage broker and look into a remortgage with no income proof.
You are probably paying large late payment fees on your unsecured debt and you need to act as soon as possible.Have you informed them that you are currently off work sick because they can be sympaphetic and may stop interest etc for a while.
If you do remortgage and supply all the info required fully and honestley then you are not doing anything illegal.It is up to the bank to lend or not.
Just be aware that you will be turning short term debt into long term debt
regards

[pentre]

Hi

You are correct in your deductions. I tried to contatc my creditors using CAB services and advice, none of them responded positively to my communications. Each creditor is either a government agency or a high street name. But not one was willing to discuss a period with 0% interest or suspending interest and late fees/charges etc. This situation has gone on for a long time more than six months. Whilst I was able to make repayments from savings the companies increased without request or enquiry the loan amounts. I know some people will say I should not have used the credit - however I have been taking heavy medication that prevents 'normal functioning' as well as electro therapy which coulds judgement further. NOone wants to hear the problem or help sort it out. I am facing county Court action - yet I am medically unfit to defend myself. Life is not worth living.

[pentre]

Can a bank take the whole of a month's income to pay off an overdraft and leave a family without means to survie?

[Welsh Boy]

pentre

Am I reading this right, are you saying you have 150k equity in your property and owe unsecured £20k? If this is the case then remortgaging would resolve your debt worries. In answer as to a bank taking a persons full salary and leaving them no monies the simple answer is I have seen them do this on numerous occassions to clients of mine if money is owed to the bank. Best advice is deal with this asap before it gets worse possibly look to open a new bank account with company that is not one of your creditors. Best of luck.

[MelanieGiles]

Hi Pentre

Welsh Boy is a mortgage broker who I know very well and specialises in the sort of lending you are looking for. It is worth exploring mortgage options, and I do not feel it would be difficult to find a lender for you, but you must be sure that you can afford the mortgage repayments. Alternatively, you could sell your property, pay off the debts and downsize.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[pentre]

Welsg Boy & Melanie

I tried to as my exisiting lender to increase the exsiting mortgage to cover my problems. Even though I have successfully paid of my original 25 year mortgage (2 years ago) and all that remains is a small second mortgage <£10,000 with 30 months left to pay. I have heard nothing from them since they found out about my credit report. Apparently this was fine until Jan this year.
How do I go about finding the best avaiable deal. I am not a bad person but somone who finds themself in (hopefully) temporary difficulties.

[MelanieGiles]

Welsh boy is best placed to answer that, but will probably need to speak to you directly as to find a quote for you he will need to ask you for some personal information.

His real name is Tony Parsons - and you can contact him on his mobile which is 07970-438874 or the following website.

http://www.allmortgageproducts.co.uk/


Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Welsh Boy]

pentre

Your case seems very straight forward to me and if you care to email me on antony.parsons@btopenworld.com or ring my mobile that Melanie has given then I will take it from there, you tell me what you want to do and I will build your new mortgage around that.

Regards

Tony

[thebear29uk]

Hi Melanie

I was going to call you tomorrow to ask for Tony's details. I'm assuming he is who I need to speak to about my mortgage options. Can you please confirm this for me.

Many thanks

Dave

[MelanieGiles]

Yes Dave - I did e-mail this to you the other day, but you have obviously not received that. I can honestly recommend him as one of the best brokers in the business.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[thebear29uk]

Thanks Melanie

I've just checked all my email accounts and can't find your email so I'll call the office tomorrow to verify my email address.

Dave

[jannette92]

If you have had your monthly salary taken to pay off your overdraft because you have gone over the limit. Contact your bank immediately this happened to us we told them we had a family to feed and this would put us in dire straits. They agreed to a reducing overdraft whereby they took it back at £100 per month providing we didn't go over the limit again . Admittingley there were a couple of blips during the period whe they took it back again but we got straight on the phone and as they could see we were attempting to reduce the overdraft they were happy. Glad to say when our IVA was approved we only owed £250 as opposed to £1200 previously.
Best advice is not to bury your head in the sand but to make the call straight away they seem to be more sympathetic then.

[pentre]

thanks 4 your advice i did contact the bank and they agreed to re-instate the overdaft an pay it off over six months. i am really greatful for that advice. we can now buy food

[DebtDummy]

Am long term sick from work, but still techncally employed. during sickeness debts have built up now approx 20,000 to five creditors. have home (160000) and own 95% equity. My ill health is likely to continue indefinatley (mental health breakdown). Can i legally enter into a 5-10 year agreement on a re-morgage in these circumstances. I do not know how long my current employer will continue to pay me. Have lost all other assets, and have dependants. How can I get out of this mess - bank has recalled all cheques and cards. am desparate failing to take medication because I cannot think straight. Please help someone!

Pentre, your medication is important. Without it you can't concentrate and make the appropriate decisions for you and your family. So, first thing is to please resume your medication. I can assume your GP is aware of your ill mental health. Have your GP make a referral to the CPNs. Have him/her do this quickly. This way you will have a psychiatric nurse, someone who will come and check on you routinely ensuring you are taking your medication. S/he may also be able to help you with your financial problems by giving you contacts.

You say your ill health is likely to continue and you don't know how long your employer will continue to pay you. Contact MIND the mental health organisation. The London headquarters telephone is:02085192122. Explain to them your situation and they will point you in the right direction in your area. I wish you well,pentre. Please take your medication or your mental health will deteriorate. You have dependents and yourself to remain healthy for.

You stated you have dependents. Can they assist you in anyway possible? Even if it's only cleaning the house, cooking, grocery shopping,taking out the rubbish, etc. It will ease some of the burden of being the provider off your shoulders.

Take care and do not enter into any legal/financial matters until you feel better within yourself and thinking clearly. Be careful about signing financial forms during this time in your life. Also, if you belong to a union seek help regarding your employment situation or a free consultation with an employment solicitor. Use the yellow pages.

All I have left is my humour.