Mortgage payment difficulty advice

getmore4less

silvercar wrote: »

I've just read this whole thread and things really don't add up.

Working in IT on contract work should pay loads more than 15k. Anyone seriously earning 15k would work through personal contracts or an umbrella company, not their own limited company. Apart from a better tax treatment, the point of umbrella companies is allow invoicing for contract work.

I have friends in the IT industry, earning decent money, some have found that they need to put more effort into dove-tailing contracts, others have decided that they are prepared to travel that bit further to ensure contracts on decent money. They all invest time and money in ensuring that their skills are kept upto date. AFAIK none of them have been without work for more than 2 weeks.

You either need to get professional career advice from people within your line of work or to rethink your career.

If you have seriously been earning the max you can with the skills you have, you could have a far less stressful life stacking shelves in Tesco.

I think you missed one of the key points.

The OP has chosen to only work for a few(2-4) month each year and do something else with the rest of it(not earning).

Spartacus_Mills

gemini24 wrote: »

I applaud incogni2's optimism and never cease to be amazed at how many other borrowers in such a predicament have the same thoughts when it comes to services/possessions they cannot live without.

I earn my living by representing lenders at court to obtain possession orders against borrowers in arrears. Without people like incogni2, I may not be able to meet my own outgoings but there doesn't appear to be much of a shortage of work currently!

Borrowers prepared to do whatever it takes to keep their homes mostly keep them, those that won't, don't.

I would add I have attended court numerous times to be informed the borrowers would not be in attendance as they were on holiday. Says it all I guess.

Yup, and that is the OP's attitude to a tee.

He seems to think his SKY and slacking at home are more important. Nothing to stop him getting off his butt and stacking shelves.

Quite frankly the sort of fool who thinks keeping Sky is important as otherwise he would be down the pub having a drink watching the footy is either a completely selfish jerk or a first class WUM. When you are in a desperate position you concentrate on the mortgage, utilities and council tax. The essentials. Not bloody satellite TV.

Spartacus_Mills

incogni2 wrote: »

How “unsustainable”? Almost all debt is either sustainable or unsustainable dependent on circumstances. As you suggest earlier, if I got a job stacking shelves or something, it would instantly become sustainable again. All we can state with confidence is that it is unsustainable at this moment (and for the previous three months). Before that it was sustainable. Or is that once something is momentarily unsustainable then it remains so indefinitely? Surely not?

I don’t really feel that I am worthy of either your love or your ire, only your disapprobation. Oh, and I didn’t put you in “this awful situation we are now in”. I’m not like the former head of the RBS or something, you know.



I’m sorry, is this a value judgement of some kind?



Well, it certainly does help with the boredom when sitting at home all day, yes.



Just to clarify, it has been 3 months. The middle ages lasted for roughly a millennium. Let’s hope that my period of unemployment doesn’t begin to rival that, eh?



And in the circus of the Internet, you are what? The ringmaster?

No, just another troll.

Oh the irony of that last comment. You have come here, asked for advice and when given it you behave like a petulant child. Whether you like it or not Sky is not essential your mortgage, the utilities and the council tax are. I strongly suspect what you want are a load of replies to tell you what you want to hear rather than reality.

You sit at home all day. LOL. What a loser. You could work but you do not want to. Nothing to stop you taking on manual work or shop work or for that matter bar work.

FWIW people like you did help put us in this position by witlessly chasing up house prices to unsustainable levels. Your mortgage is twice your previous rent. Go figure.

It is your wife I pity. Being married to a useless, lazy, no mark slacker must be a real let down.

Kez100

I think the sheer importance of the problem has been lost.

This is a home and huge borrowing we are talking about. Losing your home while in negative equity is a big issue. It can even be a lifetime issue if left with a large deficit following auctioned reposession. It's important to avoid that at all costs.

When we had NE in the 1990's and wanted to move we lived for 6 months on tomato pasta to save to get ourselves out of it. I've not eaten tomato pasta since but it did the trick at the time. Cut all your expenses to the bone and grab a paying job - any job; that's my advice. Make the mortgage interest and repayment payment a priority.

gemini24

Kez100 reinforces my point exactly.

As I get to see borrowers' financial details, I can only conclude that many television and on-line shopping companies would go out of business without their customers purchasing "must have" items on their credit cards, paying a minimum of £7.50 postage and packing per item, ordered via their newest model available mobile 'phone whilst viewing on their bang up to date huge television or whizz kid computer purchased on another credit card and sitting on their leather sofas they are paying "interest free" for over 5 years.

Well done Kez100 for being sensible and realistic.

SouthCoast

No shelf stacking jobs locally. They have been taken by the former Woolies employees.

gemini24

On a helpful(ish) note, if there is negative or no equity in the property, a lender is far less willing to press for possession as they lose financially, but if there is some equity, these are the borrowers prone to repossession.

If a borrower is in the former position, they are better placed to bargain with the lender. In the latter position, it becomes almost impossible to keep the property if agreed payments cannot be met.

Ilovejackbauer

If you get a concession for a few months say three, a) you won't get any arrs charges because you have an arrangement in place, you wont affect your credit file until the second month when your arrs are more than 1 x NMI.
At the end of your concession hopefully you will have found work, if you maintain your nmi for six months you could consolidate your arrs ie add them to your capital balance, this means that your nmi could go up slightly as the int will be based on a higher capital balance. However, of course you will affect your credit file for the time you are in arrs.

poet123

Having read through this sorry thread,what stands out to ne is the OP is a self indulgent.excuse making,just do enough type of individual.

He relies on his wife to keep the wolf from the door,whilst he does just enough to keep himself in unecesary items,fish tanks,cigarettes, sky sport et al. Now even his modest contribution is declining and he is whining about seeing the real possibility of having to do some hard graft. He needs to grow up,wind his unprofitable company up,and step up to the plate and get a job,reduce his spending,and accept that most people cut their cloth according to their means.

I speak as a higher rate taxpayer,as is my OH,we are a team we work hard and play hard, fund 2 kids at Uni,and have a realistic attitude to money....I suggest the OP tries it,or as sure as night follows day a few months down the line he will really wish he had taken this advice.

getmore4less

Ilovejackbauer wrote: »

If you get a concession for a few months say three, a) you won't get any arrs charges because you have an arrangement in place, you wont affect your credit file until the second month when your arrs are more than 1 x NMI.
At the end of your concession hopefully you will have found work, if you maintain your nmi for six months you could consolidate your arrs ie add them to your capital balance, this means that your nmi could go up slightly as the int will be based on a higher capital balance. However, of course you will affect your credit file for the time you are in arrs.

The op has been refused interest only because of LTV.

As it happens any payment that fails to meet the interest due will result in the amount owing going up automaticaly(all the debt is secured)

The offers were reduced payment of £500 for 3 months or £250 for 6 or extend the loan to 35y £170 reduction.

Current payment is £1554.56 interest only would be £1225.75 so both the reduced payment offers result in interest getting added and best avoided IMO best choice is the extended term till income improves.