All I need is 10k!

WASHER · 16 March 2010 at 1:46PM

smug wrote: »

Dump bloke.
Sell BTL Property.
Spend mornings watchin Jeremy Kyle.

No need for the last comment, the OP came here for help. Sometimes it's useful to have a little tact.

g_attrill · 16 March 2010 at 2:12PM

I have to agree - I think you both want to have it all ways, and it's not really possible.

He wants his son to be brought up in a family life but doesn't want to pay for it, or to be living with you.

You want to get rid of the debt but want to keep your house and the income. (I think it is sensible to keep hold of it if at all possible)

Firstly check out precisely what CGT you would have to pay - it might be less than you think. But I think perhaps you might also want to keep it as somewhere to live should it not work out with the father?

Then talk to the father about precisely what income you have, what debts you have and are paying and how these debts were run up (presumably while bringing up his son) and that you need him to help more, otherwise you will have to move into the rental house.

flippy178 · 16 March 2010 at 2:44PM

Even if you had £10k it would only be a temporary solution. You would pay off your debts and then what? You need a longer term plan for yourself and your child. Even if you stay with your partner for the next 20 years then you need a higher income - kids are expensive! And if you don't stay with him, then you definitely need it.

You have a property which is a huge advantage - people on here often advise selling but I did that once to pay off debts and now regret it. My life changed, I didn't deal with my debts properly and now I have no forseeable way of getting another mortgage. I would suggest keeping your property and dealing with your debts as others have on here, by writing to your creditors to offer reduced payments and talking to a debt charity about a debt management plan. There is lots of advice at the top of the Debt Wannabee board. It may affect your credit rating but you have the advantage of already having a mortgage and a property.

Then you need to think about getting a job - yes, childcare is a nightmare and expensive but tax credits are available to pay for some costs. If it is really impossible, then could you increase your Ebay income and work from home?

WASHER · 16 March 2010 at 2:51PM

The problem is with tax credits, they will take her partners income into account as they live together. If her partner is on £30K, she would only get the absolute basic, hence the reason I am no longer working full time, it doesn't pay to work sometimes especially if you are working for the minimum wage and have a child or two.

Do you have family around who would offer childcare, say a few nights a week whilst you worked? I know your OH will do shifts so it is difficult to work around him.

immoral_angeluk · 16 March 2010 at 3:23PM

I'm sorry but I can't not comment on the OH. The big problem you have here is him, I'm sad to say. He is pinning you down financially and mentally and it doesn't matter if he's a copper or not that still isn't on. He should be supporting you, not making things 10x harder.
He doesn't want the child around tenants? What the hell kind of attitude is that?

With the greatest of respects you need to stop defending him and have a think about how he is treating you and your child.

daedana · 16 March 2010 at 3:26PM

All I seem to need is money. Unfortunately haven't really seen that.

yorkshire-lad · 16 March 2010 at 4:24PM

From what I have read in the op, it seems you have applied for a 10k loan to pay off cc's, which you can't meet the minium payments.

If you simply had a 10k loan,your debts wouldn't disappear,your just robbing peter to pay Paul. If you can't meet the payments now,how could you meet your loan repayments?

IF you did get offered a loan,you would clear your cc's,freeing credit up,if you struggled in the future,you may end up spending on these,and just being in the same boat.

Could you possibly post an soa so that we may be able to help where you can cut back etc. Otherwise,speaking with a debt charity,CCCS maybe the only option.

Good luck.
YL

baxgttdi · 16 March 2010 at 5:01PM

I was halfway down replying to this then read the last 3 posts and now think I can cover my 6 paragraph reply with the sentence "I agree with what immoral angeluk said" lol

Tsia · 17 March 2010 at 12:18AM

thanks so much everyone.. I have read your comments and taken them all in.

Its ludicrous to sell my property.. my head tells me there is no way I SHOULD SELL THAT WHEN IT IS my only REAL income. PLUS having that is making my £30/40k work for me. (if I ever wanted to sell.. to get round CGT i just have to move in to it for 6 months)

I am currently paying min payments on the C cards..(£25 b card, £65 cap1, £65 vanquis) plus £30 in charges from abbey overdrft.. sorry.. i stand corrected san- tan- durrrrrrrr! ... and the debt wont go down at that.. maybe sometimes £10 more.. but they are slapping on charges of £50+ a month and my min payment typically on capital one card account is £60. so I am not getting anywhere really fast.

I consider offering token payments and freezing intrest etc etc.. I would be happy doing this on 2 card accounts and keeping the barclay card paying off more cos its the lowest apr at 5% only for life (deal when opened)
the others are stupid amounts of %.
so how do I go about doing that? just write to them? is there a sample letter on here I can copy?
Will it effect my credit rating doing such a thing?
what is a cccs? it it what writing to them asking to freeze intrest means?

I dont want and IVA.

If I write to them asking to freeze intrest and offer token payments is that classed as an IVA?

so many questions.. sorry,

Last month i looked into this online and a debt company for £25 a month was willing to do it all for me.. but why should i pay them when i can do it myself? .. if only i knew how

(

just so confused..

custardy · 17 March 2010 at 12:28AM

but £35K equity
so say £30k cash
£10K to your debts
£20K in the bank
how long would it take to clear £20k in revenue from the house?
its your house/money but as it sits you are struggling along
obviously going on the thread ytou have other issues but many peopel would be happy to be in the position of clearing debts and coming out with cash in hand

for you to work you need your partner on board
though a part time job could see you clearing off your £10k in a couple of years easy

All I need is 10k!

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