I need a short term loan now!!!

Argyll_2

I've got myself in a bit of a situation here and would appreciate some advice.

I currently have two mortgages. One for my family home which is in joint names with my partner at £615pm and the other which is a flat and is in my sole name at £290pm. A friend lives in my flat and covers the mortgage but he has just informed me he is moving out at the end of the week so I will have the additional cost of that mortgage as well.

But wait there's more! Me and my partner are splitting up (her choice) and I'm the only one that is contributing to the household as she refuses to pay for anything! She is currently earning about £500pm but I haven't seen any of it. She states she is using it to pay her overdraft off (while I add to mine!)the cheek of her!

Anyway I already have a credit card bill of £8800 that is on a 0% deal until May and an overdraft of £1300. The news yesterday that my friend is moving out of the flat was a shocker. I now not only have an additional £290 mortgage to pay for but also additional council tax and utility bills now. This frankly is going to cripple me!

However I have put the flat up for sale yesterday and hope to make around £60,000 equity which will settle my debts but that won't be until about 3 months time. In the meantime I'm going to be snookered. My soon to be ex-partner doesn't give a damn about all this and I'm worried sick.

My ex-partner put £50,000 in to the house we live in now and I'm prepared to hand the house over to her lock stock and barrel but the mortgage company probably won't allow this because she doesn't earn enough to pay for it on her own!

Today I was so furious with her attitude that I was going to cancel all direct debits to the house including the mortgage but that would mean I would be blacklisted and the house repossessed and she would be homeless and obviously I don't want that but I don't know what to do!

I can't remortgage the flat because I plan to sell it soon and would lose out in early redemption penalties. I can't rent it again due as it's up for sale. I can't get another credit card because I'm £8800 on debt already. Any advice would be appreciated.

Argyll_2

I take it with the lack of response I'm snookered!

jobbingmusician

Contact both the mortgage companies and explain your current situation - ask for a payment holiday or to pay interest only for a while.

Contact the council - you should not have to pay council tax on an empty flat. Surely your friend has to give you more than a week's notice - morally, even if you didn't think to specify it????

DON'T PANIC!!

Advertise for a lodger in your house. (Try Loot if you live in an area covered by it). Find out about the rent a room scheme if you don't know about it. This in itself should keep you afloat for the time being.

If I think of anything else I'll come back.....

andymac746

Do you have kids? If not first things first and kick her out!! Let her spend her £500 a month on legal fees. Dont give her the house put it up for sale too (if no children again) get what you deserve. You do have to pay council tax if a property is empty but at a vastly reduced rate.

Just my 2p worth

jobbingmusician

Not sure he can kick her out - didn't she put £50k into the house when they bought it?

Greentea

Sounds like you need a solicitor!

roswell

sign the morgage over to her :-) take what you get for your flat and let her worry about paying for the house :-) Just my 2p worth to.

Argyll_2

andymac746 wrote:

Do you have kids? If not first things first and kick her out!! Let her spend her £500 a month on legal fees. Dont give her the house put it up for sale too (if no children again) get what you deserve. You do have to pay council tax if a property is empty but at a vastly reduced rate.

Just my 2p worth

We have kids m8.

Argyll_2

roswell wrote:

sign the morgage over to her :-) take what you get for your flat and let her worry about paying for the house :-) Just my 2p worth to.

Can't sign the mortgage over to her as she doesn't earn enough to pay for it on her own.

beach_3

You may still be able to rent the flat even though up for sale. Some people want short term rentals. Speak to your mortgage companies, let them know you are having temporary difficulties with paying.

I agree you should try to rent out a room in your house if you have a spare

trencherpilot

Try a local rental agency, they are usually desperate for new properties and you may get more rent as it won't be a friend living there!

If you have kids, stay in the house. A friend of mine had to move out and ended up paying the bills for his ex wife as she stayed with the children. The irony was she left originally and got a court order to evict him when she got custody.

Offer her an out package and when she accepts, get it in writing and change the locks!!