W
what to do
Guest
Hi guys,
I have some questions I hope you can answer regarding the proposed new bill and how it may help me.
I am currently working abroad but will be returning home this Summer. My current salary allows me to cover my personal debt but not by much. When I return home it will just about cover my outgoings (hopefully). My decision to return home is due to my contract expiring so I don't really have an option.
Anyway my current out goings are:
Mortgage (joint owned with brother) 700 p/month - 50k negative equity
Bank loan (unsecured) - 55k - 1,100 p/month
Credit union loan (unsecured) - 35k - 600 p/month (mother is guarantor)
Credit card (unsecured) - 10k - 250 p/month (minimum repayment)
So total unsecured 100k and outgoings of approx 2,650 a month.
I've really struggled with the repayments as I have only bare minimum to cover living expenses. My spouse has a property of her own and separate loan (all debts above are in my name only).
When i return home my salary will be approx 2600 - 2900 a month so it will be tough to meet my repayments.
Basically my questions are:
1. What are my options in terms of the new bill?
2. Would it be possible to exclude the credit union loan from any potential insolvency agreement as i am not sure what impact it would have in terms of my mother being guarantor
3. Can i just deal with restructuring the unsecured debts and leave the mortgage as is?
4. Would I qualify for an agreement?
Apologies for the long email but I am just struggling to cope with not seeing any light at the end of the debt tunnel and its impacting life at home so ANY solution would be a great relief.
I have some questions I hope you can answer regarding the proposed new bill and how it may help me.
I am currently working abroad but will be returning home this Summer. My current salary allows me to cover my personal debt but not by much. When I return home it will just about cover my outgoings (hopefully). My decision to return home is due to my contract expiring so I don't really have an option.
Anyway my current out goings are:
Mortgage (joint owned with brother) 700 p/month - 50k negative equity
Bank loan (unsecured) - 55k - 1,100 p/month
Credit union loan (unsecured) - 35k - 600 p/month (mother is guarantor)
Credit card (unsecured) - 10k - 250 p/month (minimum repayment)
So total unsecured 100k and outgoings of approx 2,650 a month.
I've really struggled with the repayments as I have only bare minimum to cover living expenses. My spouse has a property of her own and separate loan (all debts above are in my name only).
When i return home my salary will be approx 2600 - 2900 a month so it will be tough to meet my repayments.
Basically my questions are:
1. What are my options in terms of the new bill?
2. Would it be possible to exclude the credit union loan from any potential insolvency agreement as i am not sure what impact it would have in terms of my mother being guarantor
3. Can i just deal with restructuring the unsecured debts and leave the mortgage as is?
4. Would I qualify for an agreement?
Apologies for the long email but I am just struggling to cope with not seeing any light at the end of the debt tunnel and its impacting life at home so ANY solution would be a great relief.