Desperately Need Help/Advice
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If I can help it I'd rather not liquidate the car or house. The car isn't mine to sell and the house is jointly owned so again I can't do anything with it without getting permission.
Is that the only option I have?
No, it's not the only option. You need to ring a Debt helpline such as National Debtline and they can work through this with you; there will be a payment solution, you need to find the right one for you. National Debtline are very helpful and staffed by friendly people who are there to help; they know what they are talking about!0 -
Any chance of partner getting some income or benefits if can't work?
Any chance of getting a lodger if you have a spare room?
You need more income!! And that is what I am trying to see if there is any chance of.
Others will comment on SOA for you, I don't have the time now.
And I know you said you felt ashamed, but don't be, the majority of people in the UK are in a pretty much the same boat as you with debts they can't manage right now!! You might get the odd comment on here from the disapproving dept, but on the whole we are a tame bunch!
Because of my salary benefit isn't possible. My partner is trying to get for but there are mental issues involved that make that harder0 -
Thank you, that's the light at the end of the tunnel I was hoping for. I'm not trying to get out of paying what I owe but just want to manage it better. I think for the first time in years I will now sleep better tonight just knowing there is some helpNo, it's not the only option. You need to ring a Debt helpline such as National Debtline and they can work through this with you; there will be a payment solution, you need to find the right one for you. National Debtline are very helpful and staffed by friendly people who are there to help; they know what they are talking about!0 -
My friend is on Employment support allowance and her husbands income plays no part in this and is not even looked at.
Do you know for sure that she can't get benefit of any sort, has she contacted benefits agency?0 -
Thank you so much to everybody for your help and advice, I can't tell you how grateful I am that you've not judged me and offered help.
I now know that there is light at the end of the tunnel, it might be a long way off but it's there.
Thank you0 -
Your general living costs don’t strike me as being particularly high for two adults, apart from your mortgage taking up a big chunk of your income as andydownes says.
If your partner isn’t able to get some income soon it looks like you may need to go down the debt management route. Bear in mind that making reduced payments on debts will mean you default, which will have a negative impact on credit applications for 6 years.
If you started a free DMP and interest was frozen you could clear your total unsecured debt in around 8 years based on this budget. Give us a call on 0808 808 4000 though, as an adviser will be able to discuss everything in detail with you.
James
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Your mortgage payment is high for a £160k mortgage on 3.5%. What term is that over? I would not normally recommend extending the term of a mortgage but one option is to extend to a maximum of 35 years to bring the payment down to give you some breathing space until your partner is working and you can get straight again.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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Also sell the car asap. If it is not yours presumably it is your partners. He cannot really justify keeping a car which presumably that £18k odd loan is for when he is not working.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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enthusiasticsaver wrote: »Also sell the car asap. If it is not yours presumably it is your partners. He cannot really justify keeping a car which presumably that £18k odd loan is for when he is not working.
Especially as the only car related expense currently shown on the SOA is for petrol/diesel - unles the car is currently SORN'd off-road then there should also be costs somewhere for the car insurance /servicing / MOT etc ?0 -
Your partner needs to make sure they have explored every option for benefits or work that is available. If mental health prevents them from working then could they be eligible for any support based on this?
The car... OK you may need to tell us WHY this can't be sold. Who owns it, what's the story? You don't have to tell us, but it really will help us advise you in the best direction. If it's not in your name then it wouldn't necessarily be considered an asset in certain circumstances, but likewise it would also be classed as an unnecessary expense more likely.
Property - again this should be your priority right now. You need to keep a roof over your head. DO not let this or council tax lapse.
Are any of your debts secured on your property? This is really important.
Right now you may be nearly 1/3 of the way through your mortgage as it were, but you have amassed debts to almost the exact same amount. It's important you work out where that money has gone, because without your unsecured debt payments you could afford to live on this salary. I know you were out of work for 6 months but I expect the problem only escalated then?
I'm not saying any of this to judge you - but it's really important you know HOW you got here, otherwise resolving it will be very very hard indeed.
You have options - the easiest (on paper) would be to increase your income as a house hold. You could enter a DMP as pointed out by James above. Your rating will be trashed which is not a completely bad thing but you will struggle to get a good mortgage rate.
You can sell up and start again completely from scratch. You would have a small amount for a rental deposit and no stress hanging over you. Credit rating will be untouched and you can rebuild. You're likely to be off the housing ladder however.
Ultimately the decision is up to you, and I would recommend speaking to either national debtline or one of the other FREE charities available to talk everything through before you decide on what path is right or you.DFW Nerd #025DFW no more! Officially debt free 2017 - now joining the MFW's!
My DFW Diary - blah- mildly funny stuff about my journey0
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