I dont know where to start

pania

life insurance provided by jobs are quite a lot of the time conditional on te person either "working for the company at the time of death" ie an industrial accident or not beig on sick leave etc. also what about the OP's children.if they have sufficient insurance purely to cover the mortgage then there would be no future provision for the childrens financial welfare, hence under FSA guidlines when recommending a fully protected mortgage they dictate that advisors disregard any non-mortgage related insurance products and recommend mortgage based life insurance to ensure that the existing insurances provide for further financial provision.
therefore in all instances i would say leave this insurance in place unless the situation is so dire that the only option is to cancel.

angels11

Hi Pania,

Many thanks for that advice i will certainly make all those changes. As for the mortgage would you be so kind as to make that enquiry for me, and i am certainly going to look into chaging the mortgage. I definitely did ask them to go on interest only and they are saying that i have asked for reduced payments - is that the same thing? I may also ring them on Monday to check that.

Thanks for all your kind words once again. I will keep in touch and let you know how i get on, on Monday. XX

angels11

Pania,

Who were those mortgages with and i might make some enquiries or what are the best sites to visit for these type of mortgages. I dont really want to go back to my financial advisor because i feel such a fool for getting into this mess anyway.

Many thanks XX

nearlyrich

angels11 wrote: »

Pania,

Who were those mortgages with and i might make some enquiries or what are the best sites to visit for these type of mortgages. I dont really want to go back to my financial advisor because i feel such a fool for getting into this mess anyway.

Many thanks XX

Hi Angels welcome to DFW, no need to feel a fool, it can and does happen to many people, you have come to a good place and are doing something about it;)

angels11

Morning everyone out there,

After my LBM yesterday i did manage to get some sleep last night and now feel i can start moving forward.

We are going to a family christening today so we will make sure we dont spend too much.

I am think about asking my parents for my inheritence early, my sister got hers when she bought her first house as the houses were so expenxive, think she got about £20k which would just sort us out so much. I just darednt ask them and i dont know what to say and again i would feel like a failure if they knew how much debt i was in. My sister isnt like that, saying that she did get £20k so she wouldnt need to to use her credit cards!! Any ideas anyone? XX

pointypenguin

It would be really nice if you managed to get money from your parents to cover some of the debt. But you need to address how you got into this situation in the first place as otherwise with £20k, you will clear most of the debt but then in a few years you may be in the same position again.

Sorry to put a negative spin on things but sometimes these things get worse as people do not break their habits or make changes for the long term, A bit like when you are on a diet, a crash diet will never mean you lose weight in the long term.

angels11

Hi everyone,

Ive just been getting some quotes to take out a loan to pay off everything and we would be better of by £250 per month. Yes this was for 7/8 years but i cant see us pying it off any quicker anyway.

Is this a good idea?

pania

hello!!!!!!!! don't do anything rash!!!! BRB......

maz1964

hiya angels11 and everyone

i have ready your full thread and i can relate to a lot of the stuff you are experiencing at the moment

i would say definately dont do anything rash as pania says

also i agree with pointypenguin, i wish someone had told me about not using any money given to me or like in my place i consolidated my previous debts to my mortgage and now 0we again the debts and mortgage..

im now learning all about budgeting and this site is helping me still everyday

your situation can be remedied so do not despair, granted it looks scary at the moment but trust me and the others on here, you are taking the right steps

all i can pass on is really look at your spending habits on the credit cards albeit i know you said about doing up the house, i know its easy, but now your home is your palace, look at doing things with a budget and really assess all your fixed costs ie phone heating food bills, and also then look at your variables, the ones you spend money on without thinking,

also another tip, i now withdraw a set amount out of the bank on a monday and thats my budget money for my groceries and fuel for the car and onces thats gone i dont spend anymore unitl i get next week monday money

but i guess everyone has to find their own way , but that was i tip i found on this site and so far its working for me, also i record everything i spend in a big book. and keep all my reciepts too,

anything else pls do not be afraid to shout up about it, we are all here to help each other and get out of debt as fast and as mentally able we are able to

good luck and keep happy, you have a new bundle of joy soon arriving you want to be able to enjoy those moments without the worry of this , so maybe its best all this has now cropped up now so you have time to sort out now

ciao for now have a fun day to all

MAZ

angels11

Thank you

I cant tell you what it feels like knowing you are not on your own when these things happen and there are other people in the same position.

XX