spoken to cccs and no solutions - what next?

mysuni

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LilacPixie

Sorry I have none.

Iwould say is you are strugling to pay anything other than £1 to you mortgage you will struggle with rent too.

Do you have equity in your home?

Have you been made unemployed recently or got ill??

RAS

Hi

Can you provide the same sort of information here http://www.makesenseofcards.com/soacalc.html

So we can better understand the situation. How were you paying the mortgage previously?

mysuni

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amersall

mysuni wrote: »

i will try and get the soa done.

the problems started 3 years ago when i had to cut my hours from 37.5 to 25 to fit in with school. i have increased back to 36 as of last month. as well as reduced hours meaning reduced income my parents who had previously agreed to pick up my daughter from school which is why i picked it (private) went back on the agreement and they also decided that the baby that i was just about to have which my dad was going to look after whilst i worked would have to go to nursery.

this meant that 3/4 of my money was going to school/nursery. as it was a "short term" situation and not knowing what was coming made up the shortfall using credit cards. anyway in those 3 years both my husband and i have had to have unexpected surgeries which has meant lengthy spells without pay and using up of savings and then the inevitable bank charges for unpaid DD which then used up all income and before you know it we're in a terrible mess.

the cccs budget said that we are £750 short but we are not insolvent. we have about £65k equity in the property.

i should add that my youngest is 3 1/4 and has been taken by the school early as they are very low on numbers. the total annual fees for them both is £7891 but the nursery fees for just the youngest were £9560. If i moved them to a local state school i would also have to go back to part time work to be able to do the school run as my parents are now doing 3 pick ups a week for me.

lastly looking around there are suitable rental properties for £700 p/m compared to £1300 that we are paying now.

i am sorry but i would put my children in a state school, that money saved there would go to your mortgage, i would sooner keep my house than have a private school fees to pay, my yearly income is only 9500 and i pay every thing out of that! i am suprised bbs and ge were accepting you couldnt pay mortgage as school fees are not a priority debt like a mortgage is

RAS

mysuni wrote: »

i should add that my youngest is 3 1/4 and has been taken by the school early as they are very low on numbers. the total annual fees for them both is £7891 but the nursery fees for just the youngest were £9560. If i moved them to a local state school i would also have to go back to part time work to be able to do the school run as my parents are now doing 3 pick ups a week for me.

lastly looking around there are suitable rental properties for £700 p/m compared to £1300 that we are paying now.

Even if you go into rented can you seriously afford that sort of fee when you can get free education for them both?

You would possibly get tax credits plus five free half days.

Do you want to put a roof over their heads or a posh education which might require moving to a poorer area?

mysuni

I don't think that you understand that my youngest cannot start at a state school until September 2010 at the earliest and that is if there is a space. Even with the 5 2.5 hour sessions free at nursery it costs more to send 1 to nursery then 2 to the private school. As soon as the youngest is old enough for school and provided the lea has spaces for them they will be transferring to state school. at the moment they couldn't offer a space to my older one so i can't save on her half of the fees. Also as i said i work 45 minutes away from where the local state schools would be so i would be back to paying for after school club or going part time so either way i lose. it is not about a posh education it is about spending the least amount of money on childcare for the youngest so that i can work longer hours.

fatbelly

mysuni wrote: »

he suggested either selling the property and finding a rental property as the budget can't be trimmed any further than it already has been. the other alternative was to stop payments and wait for repossesion and sort out a rental property in the meantime.

If you have 65k equity in the property, the sell-it-yourself option is preferable.

I have heard (though don't know the details) that GE have an 'assisted voluntary sale programme' - might be worth a chat with them to slow them down from court action

mysuni

thank you fatbelly. that seems like a useful suggestion.