Help really Worried we are going to go under!

imcognito

beckseven wrote: »

Hi imcognito. Congratulations on your pregnancy-I'm due my second baby on the 24th January and know how scary it can be when you are in a financially dicey situation with kids already and a baby on the way. However you will find a way out of this. It will be hard but you will be able to do it. At the moment I am hacking my dishwasher tablets in half with a knife to make them last till payday and I wouldn't have DREAMED of doing that three years ago and I now buy Asda smart price sausages which I would have shuddered at 6months ago! BTW I saw that the chef Nigel Slater gave the smart price sausages a good review recently! You are doing really well with your shopping being only £200 a month-puts me to shame. I'm no expert at mortgages and DMP etc but other people on the forum are. You will find a way out of this and you are not stupid-like the rest of us on here with debts you learn from your mistakes-I should know-some of my debts came from splurging on £165 Coast dresses and spray tans when a top shop dress and bronzing powder would have made me look just as good-now I can't even afford to go to Primark!. Good luck and stay positive and keep us all posted with how you are doing. I know it is hard but try not to get stressed as there will be a way forward for you and the most important thing is that you and your family are healthy.

I am soo like you! Believe me thats how a lot of our debt started, the tanning the nails! The nice clothes for me and kiddies

Oh hadnt thought of that for dishwasher tablets.

I need to find an Asda are they generally best (cheapest!)

TBH My grocery is way over that with my nipping out to get milk (ahem!) but I am determined to make it become that you know?

I have just worked out figures - DH putting kids to bed tonight! - I am scared to write them down but think it will be best. Off to update the sig now and see how it looks LOL!

Thanks

imcognito

beckseven wrote: »

Hi imcognito. Congratulations on your pregnancy-I'm due my second baby on the 24th January and know how scary it can be when you are in a financially dicey situation with kids already and a baby on the way. However you will find a way out of this. It will be hard but you will be able to do it. At the moment I am hacking my dishwasher tablets in half with a knife to make them last till payday and I wouldn't have DREAMED of doing that three years ago and I now buy Asda smart price sausages which I would have shuddered at 6months ago! BTW I saw that the chef Nigel Slater gave the smart price sausages a good review recently! You are doing really well with your shopping being only £200 a month-puts me to shame. I'm no expert at mortgages and DMP etc but other people on the forum are. You will find a way out of this and you are not stupid-like the rest of us on here with debts you learn from your mistakes-I should know-some of my debts came from splurging on £165 Coast dresses and spray tans when a top shop dress and bronzing powder would have made me look just as good-now I can't even afford to go to Primark!. Good luck and stay positive and keep us all posted with how you are doing. I know it is hard but try not to get stressed as there will be a way forward for you and the most important thing is that you and your family are healthy.

Sorry forgot to say Congrats on your baby too! you are due very near me, Im the 26th!!

Have you foudn outwhat you are having yet?

Merlot

imcognito wrote: »

yep stupid!!! am gonna get exact figures for debt tonight and log my LBM!!!!

Am also going to get dh to read this thread in a minute (hes bathing the boys as we speak) so he can see for himslef! Maybe when he sees 20+ people telling us we are stu[id he might agree! :d wonder if he will reply??

We will get there! I am positive!

You haven't been stupid, if you think that, then that applies to us all on the Dfw board, you have had your head in the sand for a little too long....but not anymore.:T

Hello Mr imcoginto:hello: .

Merlot.x.

imcognito

Ive updated the sig!
Am scared!!

imcognito

BTW Thats an ideal date!! Chances are not, but hey I can dream!! and hope and pray!

right?!

beckseven

It's so hard to write the figures down the first time you do them isn't it? You've done it now and now you can watch them go down. I find Asda the cheapest-I always spend much less there than at Tescos but also buy bits and bobs at Lidl. The old school board have a shopping thread and also have cheap but nutritious meal plans on there as well. Why don't you try starting a diary as well-i've got one on here and it keeps me on the straight and narrow-kind of! My scan is not this monday but the next and I'm not going to find out the sex-I want a nice surprise after all that pushing-must admit it is tempting to ask though! I've got a little boy whose two and a half and would be happy with another little boy (despite the screaming tantrums he has started to have this week!) but a little girl would be lovely too to take to ballet lessons and dress up-but I bet I'd be terrible with buying girls clothes!

tyllwyd

imcognito wrote: »

Sorry - Wannabespendthrift said the following:

"FWIW you need to do something before your two years are up with the remortgage - I can't see your hubby getting approval for a new deal on just his salary. Going BR will affect any possible re-mortgage rates also, assuming the OR didn't make you sell the house."

My questions were:

What can we do now whilst we are still locked in our deal (2 years left)?

Will they really not give him (my DH) a mortgage based on his salary if he has paid the current mortgage on his own for over 2.5 years - providing of course we get through this mess - 2 years down the line?

Thanks hope that makes it slightly clearer, will ask over on moprtgages board too!

I think people were talking about the possibility of a new fixed rate/tracker deal or remortgaging with a different lender - I assume you could continue with your current lender at its SVR (whatever that might be by then). Is the mortgage interest only for as long as you want, or does it have to change to repayment at any time?

If you have to pay a huge redemption fee, it is difficult to see what you could do to improve the situation with your mortgage in the short term - even if you could get a better deal elsewhere, it would be wiped out by the redemption fee. You've probably got a lot more flexibility to sort out the credit cards & loans at the moment, and if you can improve that situation in the next two years at least that makes things a bit better when your deal does run out. But who knows, maybe in two years time the SVR will be less than you are paying now??

imcognito

tyllwyd wrote: »

I think people were talking about the possibility of a new fixed rate/tracker deal or remortgaging with a different lender - I assume you could continue with your current lender at its SVR (whatever that might be by then). Is the mortgage interest only for as long as you want, or does it have to change to repayment at any time?

If you have to pay a huge redemption fee, it is difficult to see what you could do to improve the situation with your mortgage in the short term - even if you could get a better deal elsewhere, it would be wiped out by the redemption fee. You've probably got a lot more flexibility to sort out the credit cards & loans at the moment, and if you can improve that situation in the next two years at least that makes things a bit better when your deal does run out. But who knows, maybe in two years time the SVR will be less than you are paying now??

Hi Yes, as far as I know we can continue at interest only for as long as we can. We are going to work on th credit cards first then the loans and see how much we can wipe off before the SVR kicks in and hopefully remortgage at that point.

With hard work I believe we can do it I guess all depends on how well DH does at work. If he doesnt get theovertime we are !!!!!!eed, so I think his decision to possibly move/go contracting comes at the end of the year.

hypno06

Head over to the "up your income" board on MSE.....there are loads and loads of opportunities for making a bit extra money, that you can fit in around OH work, kids etc.

Some of them are a lot of effort for a little return, but all those little returns will add up and you can use them to either pay the debt, make up the shortfall in a poor month, build up an emergency savings fund, or use for treats and days out.

The only thing that is stopping you from sorting this out is discipline - if you truly WANT to get it sorted without jeopardising your future credit rating, and ability to get a mortgage in 2 years then you WILL. But that is an effort and you have to put that effort in. That may mean changing your views on things, but that is all part of the journey.

Believe me, I have spent the last couple of years finding an extra £1200 a month to make up our shortfall. It has been difficult, but I have managed to do it using the tips from this board, the support of the forum users, and a lot of sheer grit and determination.

Join the challenges on this site, enter competitions, get freebies from the freebies board, play free bingo, go mystery shopping, get matched betting, quidco, pigsback, ebay and amazon - all available to you when you are at home.

Combine that lot with cutting back and being sensible and not spending the excess on a "good month" and you will soon be knocking that debt back. Seriously, given the income coming in already, you have a very workable amount of debt there.

Good luck!

monday_blues

hi there, have been reading your thread with interest and you sound so motivated now, compared to the first posts. well done and good luck in your journey, I shall continue to watch how you're doing.

with regard to your mortgage, just a quick bit of input : if you did decide to downsize and sell, and you have this 13k penalty, check with your lender as you may be able to port the mortgage (we done this and so long as you buy another property within 6 months of the first one being sold, they refunded our redemption penalty), while I dont know property prices in your area, if you could physically buy cheaper, then your redemption penalty would be a lot smaller than 13k if you could port it. perhaps worth asking about. and with a smaller mortgage, perhaps you could pay repayment instead of interest only, or part and part. good luck,