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Hi all,
First things first - big thanks to Niddy for setting this place up. Let's hope the sterling work he did on MSE will continue - and even gain strength - here.
Now I say in the thread title that my situation is "dire", but I guess it's all relative. For some, I'm probably in a fairly enviable situation. But I see things as rather desperate, and incredibly precarious.
Let's start with assets :
FLAT ONE
Value c. £105,000.00
Outstanding c. £70,000.00
- property on interest only mortgage on lender's standard variable rate
FLAT TWO
Value c. £165,000.00
Outstanding c. £143,000.00
- property on interest only mortgage fixed until 2012
FLAT THREE
Value c. £175,000.00
Outstanding c. £170,000.00
- property on interest only mortgage on lender's standard variable rate
Of course these figures for sales only apply if I could actually sell the flats. They are conservative figures based on what I think I'd get if I put them on the market tomorrow, but I might have to wait some months before they actually sold. At the height of the "boom", they'd each have sold for around 20% more than the prices I've put above.
And now for the fun bit.... To try and protect my identity from prying eyes, I'm going to remove the names of my lenders.
CREDIT CARD ONE
Outstanding c. £4,300.00
CREDIT CARD TWO
Outstanding c. £4,500.00
CREDIT CARD THREE
Outstanding c. £4,500.00
CREDIT CARD FOUR
Outstanding c. £5,500.00
PERSONAL LOAN ONE
Outstanding c. £12,000.00
CREDIT CARD FIVE
Outstanding c. £4,000.00
I have requested, and been sent, my CCAs in the past and I've had Niddy look over them. It was a while ago, though, and I've forgotten exactly where we ended up. I can post them on here a little later, if it will help.
My fear is that my properties come into jeopardy here. I am desperate to sell them as I want to make a fresh start, but the property market at the moment makes selling them incredibly difficult.
I'm very lucky in that my lenders are being VERY good with me. I've been paying reduced amounts (vastly reduced) for about three years and with the exception of L****s *S*, none of them ever really call me an ask me for more money.
But my fear is that a change in BoE base rates will make my mortgage payments go up and I'll struggle making both the reduced payments on my debts AND my mortgages.
My only hope then would be to get some of the debts made U/E so I can put all my effort into getting those that are bona-fide cleared off ASAP.
First things first - big thanks to Niddy for setting this place up. Let's hope the sterling work he did on MSE will continue - and even gain strength - here.
Now I say in the thread title that my situation is "dire", but I guess it's all relative. For some, I'm probably in a fairly enviable situation. But I see things as rather desperate, and incredibly precarious.
Let's start with assets :
FLAT ONE
Value c. £105,000.00
Outstanding c. £70,000.00
- property on interest only mortgage on lender's standard variable rate
FLAT TWO
Value c. £165,000.00
Outstanding c. £143,000.00
- property on interest only mortgage fixed until 2012
FLAT THREE
Value c. £175,000.00
Outstanding c. £170,000.00
- property on interest only mortgage on lender's standard variable rate
Of course these figures for sales only apply if I could actually sell the flats. They are conservative figures based on what I think I'd get if I put them on the market tomorrow, but I might have to wait some months before they actually sold. At the height of the "boom", they'd each have sold for around 20% more than the prices I've put above.
And now for the fun bit.... To try and protect my identity from prying eyes, I'm going to remove the names of my lenders.
CREDIT CARD ONE
Outstanding c. £4,300.00
CREDIT CARD TWO
Outstanding c. £4,500.00
CREDIT CARD THREE
Outstanding c. £4,500.00
CREDIT CARD FOUR
Outstanding c. £5,500.00
PERSONAL LOAN ONE
Outstanding c. £12,000.00
CREDIT CARD FIVE
Outstanding c. £4,000.00
I have requested, and been sent, my CCAs in the past and I've had Niddy look over them. It was a while ago, though, and I've forgotten exactly where we ended up. I can post them on here a little later, if it will help.
My fear is that my properties come into jeopardy here. I am desperate to sell them as I want to make a fresh start, but the property market at the moment makes selling them incredibly difficult.
I'm very lucky in that my lenders are being VERY good with me. I've been paying reduced amounts (vastly reduced) for about three years and with the exception of L****s *S*, none of them ever really call me an ask me for more money.
But my fear is that a change in BoE base rates will make my mortgage payments go up and I'll struggle making both the reduced payments on my debts AND my mortgages.
My only hope then would be to get some of the debts made U/E so I can put all my effort into getting those that are bona-fide cleared off ASAP.
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