Uh-oh We're in trouble!

wishus

I'm starting a new diary... my OH is a bit of an ostrich. He ignores things, shifts money from his bills account to his spending account, forgets what he's moved where, spends it, payments get missed, charges get incurred, charges accumulate...

The post arrives and doesn't get opened. This week a case goes to court because he didn't post back about a speeding ticket he got off the cameras. He nearly ignored it completely, but it was worrying him, so I went through the papers and hopefully he has sent it off today - just in time. Worst case scenario - the judge takes a harsh line, he loses car, job and subsequently house as well. I don't think this will happen, but it's a wake-up call, isn't it?

Still, going through the statement of means, we worked out he spends £100 more than he earns - on a good month! I am overdrawn before payday to about £600 these days - I've been a bit too relaxed lately about my spending too. I have savings of £1200 - it's not worth the hassle of transferring any money to cover very small charges, but I've been debating what to do about OH. I've lent about £4K to him to cover past debts over the past 4 years, but they just keep mounting up again. He owes his ex and her dad still too.

The roof needs fixing - badly. I don't think the £600 I'd have left would cover repairs.

I need to start cutting back too as I've moved in with him this year and my tenant has just come to the end of her contract and isn't renewing, so my mortgage won't be covered.

Got to work out exactly where the money is flowing in and out. The problem is, my OH gets down very easily, which leads to ostrich-syndrome, so fun remains important.

I'm going to look to see where I can pare our outgoings right down without OH feeling like his life is over.

wish me luck!

hypno06

Good luck - my advice would be to grab a pen and paper, and get brainstorming - what you spend, what comes in, what you don't want to give up, what you want to be able to do, what NEEDS to be done, etc

Then you can start looking at things objectively and putting things into some sort of priority order.

gargrave50

Hi, good luck. I've been the ostrich in the household for too long and I'm taking control now (so am feeling very jubilant at the moment!). Would you consider posting an SOA, sometimes a fresh eye on your expenditure makes you really think about where you could cut back your spending. With your mortgage, is there the option to go interest only for a period until you get a new tenant?

wishus

Hi - yeah, provided we can both get an objective eye on ingoings and outcomings :rolleyes: that will be something I will do!

wishus

gargrave50 wrote: »

With your mortgage, is there the option to go interest only for a period until you get a new tenant?

Not sure, I've looked into changing to a buy-to-rent mortgage and it wasn't worth it.

kissjenn

Hi, just did the usual long reply and promptly lost it.

Re the let out house - 2 quick questions and I can fill in more depending on answers, do you have written permission from your mortgage company and are you a registered landlord?

wishus

Hi,

I do have permission from the mortgage company, and I let through an agency.

kissjenn

What's your strategy for dealing with void periods or do the agency usually get you another tenant quickly.

Also you could consider self factoring and save the agency fees?