Uptoeyeballs
Registered User
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- 4
I am new to the forum and was wondering if anyone could offer me some advice... To cut a long story short, I owe approx. 70k in unsecured personal debt - all except the credit union have been restructured for the last two years. I am currently earning just under 60k pa but my husband is now unemployed (previously self employed). I have been on interest only on my mortgage for the last two years in order to try and pay off some of my unsecured creditors - however, my lender has recently said I should prioritise my mortgage and just pay what I can to other lenders, to which I have to agree. I currently owe about 340k and my house is worth roughly 250k and am 6 years into a 35 year term.
One of my biggest creditors who I owe almost half my debt to has agreed to further reduce my payments for a period of six months, however, one of my credit card lenders has flat out refused - saying they made a five year agreement with me two years ago and that's it or else they'll pass it for legal collection. They've said this will mean they will go for a charge against my home...
My question is - what happens if I just cannot commit to the amount they want me to pay? When I agreed to it my husband was bringing some money in - but now its just non - existent. My parents have offered me 10k to clear my biggest creditor who I owe 29k to but they are saying that 85% would be the minimum settlement - so that's out of the question. Has anyone else managed to settle with BOI and if so, for how much? I have no problem paying for the next ten years although I fear that I will be pushed down the debt arrangement route if my credit card lender won't negotiate with me any further - I am scared to death especially listening to all the headlines which talk about taking your health insurance, engagement rings etc etc.
I am well aware of the stupidity of all the borrowing that I did when we had two good salaries coming in, especially trying to borrow my way out of it in the early days instead of admitting I was in over my head.. I've been to MABS and they can't add anything further to what I have done myself - any positive advice would be appreciated, and apologies for the essay!
One of my biggest creditors who I owe almost half my debt to has agreed to further reduce my payments for a period of six months, however, one of my credit card lenders has flat out refused - saying they made a five year agreement with me two years ago and that's it or else they'll pass it for legal collection. They've said this will mean they will go for a charge against my home...
My question is - what happens if I just cannot commit to the amount they want me to pay? When I agreed to it my husband was bringing some money in - but now its just non - existent. My parents have offered me 10k to clear my biggest creditor who I owe 29k to but they are saying that 85% would be the minimum settlement - so that's out of the question. Has anyone else managed to settle with BOI and if so, for how much? I have no problem paying for the next ten years although I fear that I will be pushed down the debt arrangement route if my credit card lender won't negotiate with me any further - I am scared to death especially listening to all the headlines which talk about taking your health insurance, engagement rings etc etc.
I am well aware of the stupidity of all the borrowing that I did when we had two good salaries coming in, especially trying to borrow my way out of it in the early days instead of admitting I was in over my head.. I've been to MABS and they can't add anything further to what I have done myself - any positive advice would be appreciated, and apologies for the essay!