Bad advice now we are suffering

waterman17 · 30 March 2007 at 12:59PM

Are we beyond help with these finances

House value 170000

Mortgage 150000 int 7.33% 900 per month 22years
Loan U/secured 17000
Taken out 03/05

Welcome 22000 int 1.8% pm 400 per month 10 years
loan secured
Taken out 12/05

Endeavour 13000 int 10.9% 290 per month 10 years
loan secured
07/05

There must be somebody out there on these excellant forums who can advise us or are we beyond salvage

Any advice would be gratefull
We both work full time with a monthly income of 3000+ pm mostly goes to bills

elantan · 30 March 2007 at 1:04PM

can you do a full soa so we can see if we can help ?

Crown · 30 March 2007 at 1:08PM

Hi and welcome to DFW.

without knowing what your income its hard to offer any advice, Please can you post a SOA. details can be found at http://forums.moneysavingexpert.com/showthread.html?t=107280

I would also advise you contact the CCCS and book an appointment to speak toa debt counseller. Dont worry there not therapists but will go through all your financial statement with you and be able to offer advice one way or the other.

Can I ask if you have secured loans as a result of consolidation? I myself fell into the Secured Loan/Consolidation trap like many others on here.

Look forward to further details.

Best regards

waterman17 · 30 March 2007 at 1:21PM

To all
Thank you for the advice and what a releif
People do care
Yes we went down the road of consolidation etc
I will do a SOA asap
But once again a wieght has been lifted

chevalier · 30 March 2007 at 1:33PM

so just for clarification, you actually have negative equity on the house because your mortgage plus the secured loans is more than the value of the house?
chev

LandyAndy · 30 March 2007 at 1:41PM

What are the repayments, apr and term on the 17k unsecured loan?

Do you have any credit card or overdraft debts? Don't forget to put them in your soa.

Is your mortgage interest only? The repayments look a bit low for a repayment mortgage at that interest rate - I make it £916 per month just on interest. Same goes for the welcome loan - 22000 at 1.8% pm =396 interest.

All the above figures subject to my notorious innaccuracy with calculators!

Having said that - you've come to the right place so get that soa up as soon as poss.

LandyAndy

danno_4 · 30 March 2007 at 8:17PM

Hi mate,
Need to know total cost of debts mate before offering advice.
regards
danno

Gemmadm · 30 March 2007 at 9:40PM

Hi your interest rate on the mortgage is really high. Have you thought about a remortgage or is that not an option. If you post your SOA, we can see if there are things that can be lowered or cut out completely. Are you making the payments at the moment on all loans.
Gemxx

waterman17 · 1 April 2007 at 7:32PM

My SOA

Below is a rough template;

Monthly Incomings:

My salary - £2,100
Partners salary - £500-700 depending on hours
Benefits - £100
MOD pension £500
Rent £500 this is form our property in the South which we cannot sell for the asking price of 170000 so we were adviced to rent it out

Total - £3600 approx

Monthly Outgoings:

Mortgage/Rent - £900
Loans £290 & £450
Council Tax - £100
Gas - £20
Electric - £20.53
TV License - £10.99
Sky £45.99
Phone - £20
Food - £100
Car Insurance - £16.00
Petrol - £10
Life Insurance £20
My partner pays Allclear £250
Rent £550 we are in rented property in Cumbria due to Job re-location

Total: £2,800

I await your responce

livinginhope · 1 April 2007 at 7:33PM

You have £800 spare every month,I can't see a problem?

waterman17 · 1 April 2007 at 7:36PM

Correct
just thought it could be tighter and maybe get advice how ?

Bad advice now we are suffering

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