I have been incredibly stupid

cornishinfens

Basically i think i am up Poop Creek and the paddle is floating off in the rapids...

I have a Northern rock mortgage - no probs

About a year ago i secured a 10 thousand loan on the property, then recently i went to get rid of this with a 25K loan... again wouldnt have been any problems. But,

The 25 k loan was to pay of absolutely everything inc bank loans and the 10 k secured loan... but after my car was deemed unfit to be on the road and i had to get another i was left with less money to pay the first secured loan.

so the upshot is i have less money coming in than going out - mortgage can't be renewed so stuck with northern rock and about 150 pcm mortgage increase. from 525.00 to 675.00

I still have 5,500 in the bank but the settlement figure for the first loan is 11,300 inc redemption fee's (i hadn't factured these in)

I'm selling absolutely everything and going to get rid of the car in order to try and get money together as i dont want to lose the house.


will only get about 3 k for the car now - and whatever i can for furniture (oak tables etc.)

I had thought about a larger unsecured loan of around 40k (i'm in a secured job) if i'm eligable.

What advice is out there? other than a life preserver!!

Cheers

**added** forgot to mention that there is noequity in the house at the moment - due to current climate

kazwookie

Hi

Are you sure your job is secure? to me no job is safe in the current market.

Good luck

cornishinfens

Yes, i'm in the emergeny services

_Andy_

You won't get an unsecured loan for £40k, max will be £25k.

debtdesperado

Hmmm... I don't think the suggestion is getting a bigger loan to sort things out (I think you can safely say if you've tried that twice, it won't work third time lucky!).

Do an SOA and post it up on the debt free wannabe bar as there is some really good advice about on cutting right down on your monthly costs.

How many bedrooms have you got in your house? perhaps it's time to get in as many lodgers as you can, to boost your monthly income?

Plus if you work in the emergency services, is that shift work? If you're doing something like 4 on, 4 off, what about looking round for another job to fill the gaps? It definitely helps to be too busy to spend any money!

Best of luck

MrsTinks

debtdesperado wrote: »

Hmmm... I don't think the suggestion is getting a bigger loan to sort things out (I think you can safely say if you've tried that twice, it won't work third time lucky!).

Do an SOA and post it up on the debt free wannabe bar as there is some really good advice about on cutting right down on your monthly costs.

How many bedrooms have you got in your house? perhaps it's time to get in as many lodgers as you can, to boost your monthly income?

Plus if you work in the emergency services, is that shift work? If you're doing something like 4 on, 4 off, what about looking round for another job to fill the gaps? It definitely helps to be too busy to spend any money!

Best of luck

Very difficult to get a second job as shifts can change and if you get stuck on a job then you could be there several hours over your shift time. However there is usually overtime or if ambulance then there is private jobs about sometimes like transport jobs, police might be able to get some security work I guess? Fire service... honestly don't know...

SOA buddy and let's have a gander...

http://www.makesenseofcards.com/soacalc.html

Stick it on the DFW board