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The road to happiness
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MrsMoo2U
Posts: 4,005 Forumite
Hi, I have finally decided to make the plunge and post a diary to help me along the way.
Short history of me
45 years old
Married twice
1st marriage abusive so I walked away and am proud to say I was strong enough 1989 - sold house for profit and I received £12000
bought small house for £35000 (market crashed the same year)
Met 2nd husband who had £7000 debt which I paid off
Was married 16 yrs during which time my husband gave up work on two seperate occasions for 12 -18 months per time.
Sold my little house after 12 years for £37000 (not much profit and by time add in what I spent would have been a loss) Balance of mortgage os £21000 so cash received £15000
Bought new house 1999 for £800000 @100% mortgage - hubbys idea and used the cash to pay off (his) debts and buy furniture for new house
Husband built up more debts - remortgaged 1994 for £83000 - he left me two weeks after signing up for the mortgage. Signed the whole house over to me (at that time it was worth roughly 140000) So single on low wage with £850000 mortgage PANIC yes there is a pattern emerging here.
Pulled through and was on my own for 3 years.
Met up with an old friend from my teenage years who I had always loved in Dec 2008. We started to see each other
Dec 2009 I got a new job in Wales (bf had house in Wales and we wanted to move there) Feb 2009 started the job and moved to Wales. Still had my own house
July 2009 approached by somebody who wanted to buy my house and was offered £120000. Had it valued and estate agent said that was the worth of it. I thought that was great. I am not greedy, I was still in profit as I only owed £82000 by this point so I sold it and used every penny of profit to buy my own apartment in Wales ( bf and I not married and I need my security should anything happen to him - been through so much I really need to be sure that I will be ok in the future)
Surveyors down valued the apartment ( I appealed but they only reviewed it on the day I had to exchange or lose the property) by £10000 thus mortgage offer reduced. Also completed on sale just before fixed date so redemption charge was withheld until I completed on purchase.
All of this meant that I had to max up my credit cards to be able to raise the difference in capital for the apartment. I was already putting down 30% deposit and needed to use my saving to make up the difference thus meaning that I now own an apartment with an £84000 mortgage worth £130000.
I know that it sounds like I have been foolish to pay more than the surveyor has valued it but there are four other apartments in the block identical that have been valued by other surveyors companies for the full asking price. I am pursuing a complaint with the company and will go to ombudsman if needs be.
Anyway. this leaves me about £17000 in debt on 3 different credit cards and one old loan that has another 18 months to run.
CC1 Virgin 0% until June 2010 = £7700
CC2 MBNA 0% until Feb 2010 = £2300
CC3 Mint 3.9% until June 2010 = £6600 (however I did have to take a cash advance at the last minute so £2700 of this is at a very high rate(not sure quite how much yet) which will be paid off first and so the 3.9% will be cancelled out I think - I know this was stupid but because the redemption fee was held back I had to take a short term cash loan)
I think that I have realised that I will have to rent out the apartment and continue living in my bf house in order to help pay off the debts at least for the foreseeable future. Not sure how the mortgage company would respond to this though.
Anyway - sorry for long post but just wanted to start somewhere. Havent been able to sleep properly for the last two weeks when it all came to a head.
Good thing is I now have the apartment keys
Bad thing. I have no flooring/curtains/suitable furniture (redemption fee due back but I think I will have to use this to get the flooring done etc to make it livable)
Good thing - I have furniture to sell from my previous house which should help to pay towards the debts and I have lots of clothes that arent suitable to my new lifestyle so Ebay here I come.
Look forward to hearing some ideas and pointers in the right directions.
Short history of me
45 years old
Married twice
1st marriage abusive so I walked away and am proud to say I was strong enough 1989 - sold house for profit and I received £12000
bought small house for £35000 (market crashed the same year)
Met 2nd husband who had £7000 debt which I paid off
Was married 16 yrs during which time my husband gave up work on two seperate occasions for 12 -18 months per time.
Sold my little house after 12 years for £37000 (not much profit and by time add in what I spent would have been a loss) Balance of mortgage os £21000 so cash received £15000
Bought new house 1999 for £800000 @100% mortgage - hubbys idea and used the cash to pay off (his) debts and buy furniture for new house
Husband built up more debts - remortgaged 1994 for £83000 - he left me two weeks after signing up for the mortgage. Signed the whole house over to me (at that time it was worth roughly 140000) So single on low wage with £850000 mortgage PANIC yes there is a pattern emerging here.
Pulled through and was on my own for 3 years.
Met up with an old friend from my teenage years who I had always loved in Dec 2008. We started to see each other
Dec 2009 I got a new job in Wales (bf had house in Wales and we wanted to move there) Feb 2009 started the job and moved to Wales. Still had my own house
July 2009 approached by somebody who wanted to buy my house and was offered £120000. Had it valued and estate agent said that was the worth of it. I thought that was great. I am not greedy, I was still in profit as I only owed £82000 by this point so I sold it and used every penny of profit to buy my own apartment in Wales ( bf and I not married and I need my security should anything happen to him - been through so much I really need to be sure that I will be ok in the future)
Surveyors down valued the apartment ( I appealed but they only reviewed it on the day I had to exchange or lose the property) by £10000 thus mortgage offer reduced. Also completed on sale just before fixed date so redemption charge was withheld until I completed on purchase.
All of this meant that I had to max up my credit cards to be able to raise the difference in capital for the apartment. I was already putting down 30% deposit and needed to use my saving to make up the difference thus meaning that I now own an apartment with an £84000 mortgage worth £130000.
I know that it sounds like I have been foolish to pay more than the surveyor has valued it but there are four other apartments in the block identical that have been valued by other surveyors companies for the full asking price. I am pursuing a complaint with the company and will go to ombudsman if needs be.
Anyway. this leaves me about £17000 in debt on 3 different credit cards and one old loan that has another 18 months to run.
CC1 Virgin 0% until June 2010 = £7700
CC2 MBNA 0% until Feb 2010 = £2300
CC3 Mint 3.9% until June 2010 = £6600 (however I did have to take a cash advance at the last minute so £2700 of this is at a very high rate(not sure quite how much yet) which will be paid off first and so the 3.9% will be cancelled out I think - I know this was stupid but because the redemption fee was held back I had to take a short term cash loan)
I think that I have realised that I will have to rent out the apartment and continue living in my bf house in order to help pay off the debts at least for the foreseeable future. Not sure how the mortgage company would respond to this though.
Anyway - sorry for long post but just wanted to start somewhere. Havent been able to sleep properly for the last two weeks when it all came to a head.
Good thing is I now have the apartment keys
Bad thing. I have no flooring/curtains/suitable furniture (redemption fee due back but I think I will have to use this to get the flooring done etc to make it livable)
Good thing - I have furniture to sell from my previous house which should help to pay towards the debts and I have lots of clothes that arent suitable to my new lifestyle so Ebay here I come.
Look forward to hearing some ideas and pointers in the right directions.
Some days there aren't any trumpets, just lots of dragons. Courage doesn't always roar. Sometimes courage is the quiet voice at the end of the day saying, I will try again tomorrow -- Mary Anne Radmacher
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Comments
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Hiya, just wanted to welcome you to diary land - keep posting it really does help xxxx:j6 debts cleared since joining MSE:j:eek: Remaining debts... Very / Halifax Loan/ A&L / Virgin cc / Lloyds / Sister :eek::smileyheaGetting Married 04.12.10 - The MSE way :smileyhea:dance: Making this house a home :dance:0
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Thank you.
Well today is definitely not a NSD as I am going to have my hair cut and coloured. As it hasnt been touched since May though I look like a witch.
New me hopefully will give me a new incentive. I will try not to feel guilty about spending the money but I am sure that I will.Some days there aren't any trumpets, just lots of dragons. Courage doesn't always roar. Sometimes courage is the quiet voice at the end of the day saying, I will try again tomorrow -- Mary Anne Radmacher0 -
Well, having not had my hair cut for 6 months I finally decided to treat myself. Off I went to the hairdressers all excited. I have always loved getting my hair done and it was always the one thing that I would spend my money on. So this was a real treat. Having not lived here for very long I went to the recommended salon. WELL if I was a bit depressed before I went in - imagine how depressed I was when I came out having had the junior washing my hair tell me all of her problems about how her bf had left her last night! Wasnt too sure about the colour that I had been talked into then it was over to the stylist who also happened to own the salon. What could go wrong? WELL he proceeded to tell me that his new business venture had gone down the pan, he had split up with his partner of two years and he had been told by the doctor to give up coffee or he would be dead! All of this whilst he had started cutting my hair without even asking what I wanted. 11/2 hours later I left (£60 lighter) not liking my hair and feeling like crying my eyes out.
Good thing - I learned that there is always somebody worse off than me
Other than the hair dressers I only spent money on one more christmas present which I have already budgeted for (a bit cheaper actually) and so I would say that a pretty good day really.
I am about to check out the canned food recipes site to see what I can make with out of date new potatoes, beans, oats and curry sauce!Some days there aren't any trumpets, just lots of dragons. Courage doesn't always roar. Sometimes courage is the quiet voice at the end of the day saying, I will try again tomorrow -- Mary Anne Radmacher0
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