Still living at home....

leb2005

This Message has been deleted

southernscouser

Hi Leb and welcome to MSE. I can assure you that you are not alone.

For us to help you as best we can can you list all your monthly incomings and outgoings. Also include with your debts, who they are with, how much for, EXACT APR, loan length and how long left to go, and credit card limits. This way we can see how to save you money and how to juggle your debts so you are paying the least interest.

I would tell all to your dad but before you do supply the information I have asked and wait for the replies. That way rather than just saying "dad I'm in debt" you can say "dad I'm in debt and I'm ashamed of myself blah blah but this is what I'm doing to sort it out"! If you go with a plan he might be more inclined to help you.

Do you know how much your dad is willing to offer you for a deposit and is this a gift or a loan?

margaretclare

Well, you'll have to level with your father first, won't you. He obviously thinks he's doing you a kindness, but he doesn't know the true state of affairs, does he? Before you take his money and use it to pay your debts you should really put him straight. He may be willing to help you with a deposit on a house but he may not want his money used for your debts.

The advice about paying off debts before saving is because the amount you're paying in interest on any loan/card etc is always going to be more than you can get in interest on savings. Having said that, it's always good to have a 'cushion' of 'rainy-day money' tucked away for...well, for rainy days!

Aunty Margaret

ms_london

Could you perhaps post your incomings & outgoings? How old are you? A partner of 10 years leads me to believe that you are probably old enough to NOT be living at home???

Thats generous of your parents to offer you the money for a deposit, but you need to let them know about your debts. You are not in a position to move into your own place, it is a huge financial step, it isnt just about having a deposit, there are legal fees, moving costs, furnishing the place etc etc.

I suggest that you ask your father to hold onto the money until you have paid your debt off, or at least a large % of it, that way you will still have some money to look forward to.

southernscouser

ms_london wrote:

Could you perhaps post your incomings & outgoings? How old are you? A partner of 10 years leads me to believe that you are probably old enough to NOT be living at home???

Thats generous of your parents to offer you the money for a deposit, but you need to let them know about your debts. You are not in a position to move into your own place, it is a huge financial step, it isnt just about having a deposit, there are legal fees, moving costs, furnishing the place etc etc.

I suggest that you ask your father to hold onto the money until you have paid your debt off, or at least a large % of it, that way you will still have some money to look forward to.

I wouldn't listen to ms_london, look at the state of her finances compared to mine!

ms_london

southernscouser wrote:

I wouldn't listen to ms_london, look at the state of her finances compared to mine!

You cheeky get!! :0)

2 more days, whoooooooooooooooooooooooo!!

kevker

I agree southernscouser, ms_london has obviously made a complete hash of getting herself out debt and deserves to be publically flogged for it. :rotfl:

southernscouser

ms_london wrote:

You cheeky get!! :0)

2 more days, whoooooooooooooooooooooooo!!

And she likes to rub it in!

rchddap1

It is a good idea to post all your incomings and outgoings here so people can help you further.

However, I will also lend support to the 'be honest and tell parents the full picture' camp. If they give you money to spend on a house it isn't fair to then spend it on paying off your debts. Also, if you would like to get a house you need to know your exact financial situation anyway (to make sure that you can afford it).

it isn't just a mortgage you need to worry about, but solicitors fees, electricity, water, gas, council tax, buying furniture, tv license, telephone line, internet connection etc....it all adds up and in your situation I would suggest that you prepare a detailed budget to make sure that you can afford it before you even approach a bank / lender.

If you think through things carefully you'll be fine, but don't jump into buying a house just because someone says that you should. At the end of the day you are the one who is going to have to pay the bills and you are the one who could end up in bigger trouble if you can't.

ms_london

kevker wrote:

I agree southernscouser, ms_london has obviously made a complete hash of getting herself out debt and deserves to be publically flogged for it. :rotfl:

Oi you!!! Stop picking on me!!!

southernscouser wrote:

And she likes to rub it in!

True Nah, just kidding. Just happy thats all, it hasnt sunk in yet to be honest.

It'll be your DFD before you know it :0) xx

kevker

ms_london must be counting the hours now!Well done and I love the way we managed to hijack this thread.