Not to winge or anything...

Badger_Lady

I just wonder if anyone is in a similar situation...

6 months ago, I split with my long-term partner... we had just bought a flat together under 100% mortgage, and I was determined to keep it myself, so he moved out and I stayed.

The mortgage company won't allow me to take his name off the mortgage because it is for 6 x my salary (more than their limit, obviously!), but my ex does not intend to claim his half. I can't re-mortgage without hefty penalty until May 2007.

The problem is: while we were together, he wasn't working and 'couldn't be bothered' to claim benefits, so we steadily got into a lot of debt - well, £9,000. All of this is in my name exclusively - this is my own fault, so I am prepared to take it on.

I am lucky - £4,000 is now owed to my parents, so is interest-free and without time-limit. £2,500 is on my Barclays Student Overdraft at maximum limit (although I actually never graduated and have had the account for 5.5 years), so is low-interest and apparently without time-limit. The remaining £1,500 is on credit cards at an average 14.5%APR... I have applied for other credit cards with good balance-transfer rates but not been accepted.

Main problem is - I'm not paying any of this back. I earn a good salary for my area, but my 1-bedroom flat is hugely expensive. I do NOT want to step off the property ladder - I have strong opinions on this!!! I can't take a lodger because there is no spare room. But I am spending £20 a month more than I am earning.

I have worked extensively on my monthly budget - I'm a young single gal, but when I go out with friends I drink only soda water, I eat in a well-subsidised staff canteen and spend hours finding the cheapest food in the supermarket, and I annually search and switch on all utility/insurance/etc providers. I can't cut down my spending any more without being thoroughly miserable (I think).

Am I right - am I basically stuffed? Or is there anything I can do to get out of debt (or at least stop getting further into it)?

Sorry to bring my own problems to the forum - I just haven't seen anyone else like this!

queenofthedump

any chance you can squeeze in a second job

lilac_lady

What about selling on ebay, amazon or having a car boot sale with a friend? If you can't take a second job why not try and sell Avon or something similar at work? Keep going, you've got the right mind set to do this.

Badger_Lady

Thanks guys - I guess it is coming to that. I think I've sold about everything that anyone would buy on a boot sale etc... but you're probably right - the only thing to do is find a part-time job.

I really, really appreciate the support. (Not been able to talk to anyone about this before...)

CLAPTON

it sounds as if you have already made all the economies you can but it might be worth your while posting you Statement of Affairs here... you never know someone may spot something to help..

Badger_Lady

Oo - what's one of those?

tyllwyd

You sound as if you are on top of things - but if your mortgage is for six times your annual salary plus you are paying off debts, then no wonder you are struggling.

Are you really only short by £20 a month? Because that doesn't sound so difficult to make up, in the scheme of things. Intenet-type money earning things don't pay much compared to the hours you put in, but it should be possible to make up £20 if you do things like sign up for all the online surveys you can find, write consumer opinions at Ciao and Dooyoo, and (if you can get on their books - they aren't recruiting at the moment) maybe try answering questions for a company called AQA. You could try direct sales for one of the MLM companies. Or you could do something like domestic cleaning or babysitting etc for a few hours a week - not much fun, but better than running up debts.

moozie_2

Badger_Lady wrote:

The mortgage company won't allow me to take his name off the mortgage because it is for 6 x my salary (more than their limit, obviously!), but my ex does not intend to claim his half. I can't re-mortgage without hefty penalty until May 2007.

Hello there BadgerLady

Sorry to hear about your situation. It is very brave of you to take on the £9,000 debt and not try to apportion some to your ex OH.

I agree with the advice you were given about additional work and posting your SOA, however, I am wondering about this statement. How do you know your ex will not be claiming his half of the property? Did you get this in writing? I don't know what the legal position would be if he ever decided to make a claim but best to be covered.

Best of luck in gettting everything sorted.

CLAPTON

A Statement of Affairs (SoA) is a rather grand term for simply stating your incoming and outgoings and debts so people can offer suggestions and ideas that suit your specific circumstances.

If you browse the bulletin board you will see examples but the general format is

: statement of income:

: statement of expenditure
this should be quite detailed but excluding debt repayment

: a subtotal to save us all having to add it up

: statement of all debts including
outstanding amount, monthly repayment , APR
a subtotal of the total debt and of the total repayments, to save us having to add it up

also add a brief details of you situation, partner, any children, rent or own property, value of house and mortgage, any special circumstances that are relevant

Badger_Lady

Hi moozie - you're absolutely right, I have no legal protection from my ex. But realistically, I currently have £1,000 equity in my home and legal / estate agent fees when selling will be much more than this, so I'm not too worried at this stage.

Tyllwyd - I haven't heard of these things before... is there a thread or a link?

moozie_2

Badger_Lady wrote:

Hi moozie - you're absolutely right, I have no legal protection from my ex. But realistically, I currently have £1,000 equity in my home and legal / estate agent fees when selling will be much more than this, so I'm not too worried at this stage.

I can see you have other things on your mind right now but please give some thought to making a legal arrangement with your ex on this as if the property's equity increseases significantly or he builds up debt that he can't off cload to someone else, he may see the property as an opportunity.

If you do a search for mystery shopping or online surveys on google, you should come up with some of the sites for the suggestions by tyllwyd.

Good luck.