ascoile
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She can't get a loan because she is in arrears. No one is going to lend someone who is in that situation money. Would you? |
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Rich T
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Here's a thought, why dont they either get a better paid job or learn how to live within their means? |
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CanadianBlondie
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If they are having that much trouble, it might be an idea for them to consider whether home ownership is right for them at this point in their lives, or perhaps they have other debts that make it difficult for them to pay their mortgage. If the problem is "other" debts, often, people can keep their homes if they declare bankruptcy (at least here in Canada they can); perhaps they should visit an insolvency professional (Trustee in Bankruptcy) to explore their options. |
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muriel l
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I can tell you what not to do. This site is rampant with scammers that want one of two things.
One, for you to send them money up front for a loan. This makes no sense and you will never see your money again.
Two, for you to send your bank account number so they can deposit the FAKE loan into your account. Your account will be wiped out. |
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Caz300
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I deal with arrears professionally, your friends best bet is not to ignore the problem it will not go away, be honest and upfront with the mortgage company.
Ask them to send out a mortgage counsellor, this will prove to the company that your friend wishes to clear the debt and has a positive attitude towards the problem.
They will then help him/her to fill out an income and expenditure form which will see where all the money is going to and from there they should be able to advise how the money should be divided between the companies.
Bankruptcy and Trust-Deed should only be considered as a last resort as this will mean anything on hire-purchase will automatically go, including furniture and especially cars. It seems an easy option to start off with but it has hidden dangers including affecting work options and future credit once the thing is over and done with.
Hope this helps. |
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Mental Mickey
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Sounds to me like they're completely f**ked and have been living way above their means for years. There is no way they are going to get a remortgage on a remortgage, and not much chance of being able to repay any of the existing debt let alone any new debt. I's say he or she is looking at the very realistic prospect of bankruptcy. I'd suggest start talking to the creditors now, possibly with the aid of the Citizens Advice Bureaux before things get way out of hand, though I fear it is already too late for that. I'd seriously consider declaring myself bankrupt before the bank does it for me. If they end up in a council house then so be it. I think you'll only be delaying the inevitable - unless there is any kind of chance they will be appearing on a TV quiz show in the near future or have a rich Great Aunt who is about to kick the bucket and name them sole beneficary - neither of which is pretty likely... |
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sam
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Getting another loan is not the way forward. It looks like a quick fit solution but its not. I so regret all of my loans and credits. One option is to be declared bankrupt - another to go to one of those places that sorts out all the debt for you. Alternatively is there anyway they can rent out a room in the house? Writing to the Mortgage company is a first - they need to be made aware of the situation. There is a solution out there. Some big cut backs for a year or 5 will make a huge difference - good luck to them. |
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Margaret
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Ask the mortgage lender to extend the repayment years and pay less a month..... the only thing then they will have to pay more interest........... |
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INACTIVE
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They need to either increase income or reduce expenses in other areas. Getting loans to pay loans is not very wise. Your friend should consider a part time job or business, taking in a boarder, selling the home and downsizing, selling unused items around the house, or whatever it takes to stop the cycle of continuing to add debt to refinance debt. Nobody needs a loan to pay a loan. |
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Kirks Folley
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I would suggest that they get out now, how can they afford to pay a mortgage and a loan if they cannot afford the mortgage on its own. They will just have more debts piling up around them. |
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Lord Charlemount
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May not be what they want to hear, but time to face reality. Your friend should think about selling up (market is still good) and either downsizing to smaller house (if there is enough equity in sale to put down deposit and they can find another lender to take them on) or perhaps take the equity, clear any other debts and rent and start rebuilding their credit history. |
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julie g
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sell up before repossession |
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Sally
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I can't help them with the remortaging, but a relative of mine was having similar money problems and went to see a company called Ideal Finance Solutions. He swears they gave him some really good advice and the numbers of several people who could help time.
Their website address is http://www.idealfinancesolutions.co.uk.
There is a section on the website about personal debt and re-mortgaging. |
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kokopelli
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There is no hope. If he has re-mortgaged already and still needs more money, if he got another loan within a very short time he would be in the same position again and need more money yet again. The problem is not in the re-mortgaging but something else that keeps getting him to that point. He needs to grapple with that problem first. |
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gordon m
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This sounds like a very dire situation. If they can not live within their means under the current mortgage payments then getting another loan would be a temporary respite (cash in bank) followed by almost certain repossession later - and possibly even bankruptcy.
My advice would be to seek other options such as selling their home and get things back on track until they are ready for the commitment needed to have a mortgage.
I have added details of a company in the source box below that may be of interest.
Whatever, tell them not to take on any more debt, it will most likely result in major problems for the future. |
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peter
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Get easy loan.Bad credit? no problem..I think the below website helps you. |
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