'How close to the brink are you?' 2009 poll results/discussion

slummymummyof3

We are a 1
Safe jobs and savings to cover 6 months wages incase something dire and unexpected occurred.

Good luck to all those who are in a postion that is not as fortunate!

MJay

Scoring a 3 like most voters, I am sad to read some of the entries judging others for being in difficulty...

I am thankful for my situation... On (almost) a fixed income (due to disability) and able to 'top up' with occassional work so I am managing at the moment (despite having a mortgage for many years to come).

In the face of possible short-time or possible redundancy, my son has had to go to work abroad during the week so he can keep his home and family. My daughter lives in fear for her mortgage because her husband is in the housing industry.

For many debt isn't something you choose, it is forced on you through circumstances or difficult choices at different times in one's life.

I rejoice in this website and its ability to help people make GOOD choices in some aspects of their spending.

Sending out the force for those in difficulty.

kingmidas1962

this wasnt the best time for a recession - my hubby and I entered an IVA in 2006 - after a difficult first year we were managing fine, and things were looking up - then he got made redundant last September. Panic:eek:

Luck started to change when the company that made him redundant still awarded him his Christmas bonus - they had said they would but we doubted that they'd stick to it...then through sheer determination and a good match between him and a job vacancy he secured a new job on Xmas eve and is now gainfully employed again.:beer:

So - unexpected bonus aside the main reason why I chose the rather comfortable number 2 is that our mortgage company have been fantastic and let us make a greatly reduced payment for 2 months while we lived on my salary alone - and will let us spread the arrears over the rest of the mortgage term - mortgage companies get such a bad press, but ours (the Leeds) have been superb and never made us feel that we were in trouble.:T I'd like them to know that we think theyre great!

2009 is the year of onwards and upwards for us....ironically with the reduced mortgage payment we've managed very well on my salary short term and even managed to squirrel some cash away for a holiday! Its not long now till the successful conclusion of our IVA and its been a sobering lesson - and has taught us a lot about budgeting. Never ever again...

TurnaroundSue

kingmidas1962 wrote: »

this wasnt the best time for a recession - my hubby and I entered an IVA in 2006 - after a difficult first year we were managing fine, and things were looking up - then he got made redundant last September. Panic:eek:

Luck started to change when the company that made him redundant still awarded him his Christmas bonus - they had said they would but we doubted that they'd stick to it...then through sheer determination and a good match between him and a job vacancy he secured a new job on Xmas eve and is now gainfully employed again.:beer:

So - unexpected bonus aside the main reason why I chose the rather comfortable number 2 is that our mortgage company have been fantastic and let us make a greatly reduced payment for 2 months while we lived on my salary alone - and will let us spread the arrears over the rest of the mortgage term - mortgage companies get such a bad press, but ours (the Leeds) have been superb and never made us feel that we were in trouble.:T I'd like them to know that we think theyre great!

2009 is the year of onwards and upwards for us....ironically with the reduced mortgage payment we've managed very well on my salary short term and even managed to squirrel some cash away for a holiday! Its not long now till the successful conclusion of our IVA and its been a sobering lesson - and has taught us a lot about budgeting. Never ever again...

Good to hear your OH has found new employment, but I would question the mortgage company's reason behind letting you pay your arrears off over the term of the mortgage....... so they make more interest:eek: . If I were you, and this is only my advice, is to try and catch up with the arrears repayments if you can so that you are not paying any more interest on your mortgage than you need to.

Good luck and really pleased to hear that things are looking up for you all.

kingmidas1962

Thanks so much for your concern:D - I know what youre saying - and we will pay back more than necessary, if we can.

I have no illusion about the fact that basically mortgage companies are in it to make money - and ultimately a few hundred £ added to the total debt over the remainder of our mortgage won't attract much interest (I've done the sums). Sometimes you have to choose the lesser of two evils, and out of not being able to pay the mortgage for one month against paying half of it for two months and therefore not being listed as a defaulter (amongst all our other financial problems!) was the lesser. Once we are out of our IVA we dont want any defaults to show against our mortage - in case we want to shop around for a better rate, when we can!

The best thing about this website is that people read your stories - and you get free advice, so thanks again.