Not sure whats best for my current situation

RumbleBee · Joined: 11 Apr 2008 Posts: 2

Hi,

Myself and my wife have the following

Mortgage - £100,000 (3/35 years)
Secured Loan on House - £40,000 (3/20 years)
Various Credit Cards totalling £15,000
Utility bills and Council Tax
Car repayments - £100 monthly

The last valuation of the house a few years ago was at £120,000. I'm not sure how this will have changed in 2 years.

Our combined monthly income is around the £2,000 mark (give or take for overtime). On paper, we can just about pay what's needed, but general day to day living for us both and our children always leaves us with late payments and the need to borrow from family.

Due to my wife losing her job last December we have struggled with the mortgage and secured loan and have resorted to selling a garage (we have 2) which will allow us to catch up. My wife now has a new job, but looking into the future the problems will still be present.

Thanks,
Andy

David · Posted: Thu May 15, 2008 5:53 am Post subject:

Need to have more details of any other assets you might have. You indicated that you sold a garage. What is the value of the other one? It might be possible to re-structure your current mortgage and secure loan into one mortgage (might be difficult). Also how many creditors do you have making upo the £15,000?
An IVA may be possible - lets have some more information please

RumbleBee · Joined: 11 Apr 2008 Posts: 2

Hi,

Thanks for your reply.

Since postig nmy initial query I have paid to get the house valued. Value is £130,000

The value of the sold garage was £3500. The remaining garage is still used. Yes combining both the mortgage and secured loan would be ideal, but our current mortgage provider are unable to help with this and due to the fact that late payments have a been a frequent occurance in the last 12 months my credit rating has took a hit.

No other assets owned.

Regarding the £15,000. This is for 5 Credit Card's
Myself: £4000 - Yorkshire Bank
Myself: £2000 - Capital One
Myself: £500 - Barclaycard
Wife: £4000 - First Direct
Wife: £3000 - Capital One
Wife: £2000 - Barclaycard

In addition to the above we both have overdrafts that are relied upon in full.
Myself: £500
Wife: £750

Thanks,
Andy