Heartbreak home

pawpurrs

baileysbattlebus wrote: »

I must admit I don't have a lot of sympathy - she's mortgage free, earns £1500 a month, pays £20k school fees, which is more than she earns.
Is spending £500 a month to ferry kids back and forward to school.
I'm sure if she took the kids out of private school, put them in local schools, sold her car (shudder to think of the insurance costs). I'm sure she would be able to manage. The kids are all old enough to understand that there is no money for school.

I suppose one thing she doesn't have to worry about is repossession - compared to some she is lucky - she does have options, very big options for cutting back.

exactly what she should do , I can understand not wanting to pull them out just after their dad died, but she cant afford to keep going on like that, wonder if she sold in the end?

baileysbattlebus

OH's overdraft limit is £15k, it's been that for years - has used part of it once to pay for a car while we were waiting for money to cleared and transferred, he does't normally use it - but it's very handy to know it's there. It came with his account.

poppysarah

pawpurrs wrote: »

exactly what she should do , I can understand not wanting to pull them out just after their dad died, but she cant afford to keep going on like that, wonder if she sold in the end?

Would it have been fairer on them to do that than put them through a move and a repossession?

Jorgan_2

I've had to read this again to make sure I've taken it all in properly.


'So I bought this house for £405,000, which was about £100,000 cheaper than the house I sold.

Since then, I've spent at least £90,000 during the years we've lived here, repainting, re-plastering and putting in a lovely new bathroom and kitchen.'

She sold and bought with approx. a £100k difference but then went onto spend £90k on the new home. Once fees are taken into account, the move & work done have put her in a worse position financially.

She has gone public with her story, how many others are out there like her though?

baileysbattlebus

Jorgan wrote: »

I feel sorry for the circumstances that put her in her initial position- the death of her husband, but after that my blood begins to boil. I struggle to see how people can spend £90k on a property when all they have done is some painting, replastered & put a kitchen & bathroom in. That lot could have been done for less than £20k, probably nearer £10k.

Which one of her neighbours is called Jones'? She was certainly trying to keep up them.

"The house has a lovely outlook on to fields, and I have installed a gorgeous beech kitchen with oak floors and granite work surfaces, which opens out on to a conservatory which overlooks the garden."

It's probably by some bespoke kitchen company, one their kitchens could cost more than some houses.

*Louise*

I'm sorry, but apart from the death of her husband, I can't bring myself to feel sorry for her.

All she has to do is take the kids out of private school, saving 26k a year (including the petrol) and she doesn't even need to downsize.

There's people out there who can barely afford to eat...sheis lucky to have what she has.

baileysbattlebus

poppysarah wrote: »

Would it have been fairer on them to do that than put them through a move and a repossession?

She doesn't appear to have a mortgage - I guess life insurance would have taken care of that when her husband died.

firesidemaid

neverdespairgirl wrote: »

My overdraft facility is £8k, although at the moment I'm in credit.

i too have a 7k overdraft - i got a+l to match it when i moved from rbs.

i never used to use it either and then a+l changed their overdraft fee structure. now i am permanently 6.5k overdrawn, the money is in isas and i 'make' £30+ a month (which goes off the mortgage;))

morg_monster

this has been on this board before, in july i think. i posted it and felt a bit sorry for her, and another user posted it at the same time and slated her. both i think valid responses. Its a shame they haven't updated it I would like to know what happened to her. it's so sad when people can't see past money (ie the keeping up with the jones's bit) to what's really important in life.

Above all else i think this is a horrible lesson in the importance of having good life insurance (once you have someone in your life who you have financial responsibility towards). If the husband had been a bit more responsible they wouldn't even have got in this mess in the first place; the thought of having such an expensive house and 4 kids and leaving no provision for them is just awful.

Jorgan_2

morg_monster wrote: »

Above all else i think this is a horrible lesson in the importance of having good life insurance (once you have someone in your life who you have financial responsibility towards). If the husband had been a bit more responsible they wouldn't even have got in this mess in the first place; the thought of having such an expensive house and 4 kids and leaving no provision for them is just awful.

It also shows the need for people to be better educated when it comes to all things related to money, be it insurance, mortgage or just monthly budgetting.