Do I have to start worrying about debt?

angeljay

Yes I agree I need to make that descion, but if I sell how do i pay all the fees involved with selling?

I can look into my finances and work everything out, maybe still look for a second job for the extra money.

anh1904

Angel, we're trying to help, so see through the negative comments, but there's this thing called a "light bulb moment" which I think you need to find first.

As and when you really want to address the situation, there are (and will be) plenty of people on here to help you all the way.

TotallyBroke

angeljay wrote: »

The Major worry I have at the moment is the house, what will happen when rates go up they will only make my payments higher, like i said should i remortgage the secured part and add the unsecured part to my debts?

What will happen is you will have to sell the house and then pay off any shortfall. You will not be able to remortgage any part of it with the level of debt you have and your income and outgoings.

What you need to do is to reduce the amount of mortgage you have so that when rates go up and you remortgage for a better deal you will be borrowing less.

So please follow the advice for your own sake. This month start ringing companies and checking out websites for better deals. Start daily clicking and inlist in mystery shopping etc to earn extra cash. Find that parttime job even if it is a Friday night in a nightclub. Go on holiday, totally relax and then come back a new person and knuckle down and pay off the debts.
Make attempts at the cutbacks suggested and you will plod on until the loans are paid off when you will have spare cash available. Pull your finger out and commit to the cutbacks and you will have a slight surplus which once added to a debt amount will make a huge difference.

RAS

angeljay wrote: »

Yes I agree I need to make that descion, but if I sell how do i pay all the fees involved with selling?

I can look into my finances and work everything out, maybe still look for a second job for the extra money.

Hi

With respect to the unsecured debt and sale costs, your ex would be jointly liable for any short-fall, although this would be joint and severally (meaning that if your ex refuses to ccontribute there is very little you can do, BUT it would trash his credit record if you do not pay).

So you need to talk to him about the negative equity.

Ther other option is the lodger, which would give you something to throw at the other debts.

angeljay

My ex does not care about the debt, they have said that as they are on benefits and are paid what the government believes they should live off what more can they pay towards any payments?

They have also trashed their credit already so to be honets they dont care about that!

TotallyBroke

Then you need for yourself to stop their rating affect yours.
I'm not sure if you can do this while your Ex is still on the mortgage, maybe someone else will know for definite, but maybe inform the credit reference people that you are no longer linked to your Ex. This will improve your rating and possibly give you a better footing when applying to remortgage in a couple of years.

Do you have an airport or hospital or even school near you. These people can be great lodgers as sometimes they may only need a bed for a night or two. The income will also keep you below the level of paying tax on it.

Katie-Kat-Kins

Some students look for monday to friday term time only lodgings so register with your local uni and any further or higher education colleges too. Or foreign students for all week term time only.

Also try local churches and missions. A friend of mine is active within a Christian Mission and they often have people on placements that need low cost housing, they also tend to be excellent tennants, the mission or church pays their rent and they tend to be reliable honest types.

LittleMissAspie

angeljay wrote: »

I do all my food shopping online, i budget and buy only what I need, i take pack lunches to work so that is how much it comes too. I also have 2 cats which do cost a bit each month which I have included in there.

I don't know how you are managing that. We spend £120 per month on groceries for two people, plus our cat has her own budget of £15 for food, litter and vet bills. We don't even buy cheap fillers like pasta or rice, we eat lots of protein and veg, and few carbs. The cat gets top quality food too. Check out the old style board on here for food ideas and you should be able to halve that.

Katie-Kat-Kins

LittleMissAspie wrote: »

I don't know how you are managing that. We spend £120 per month on groceries for two people, plus our cat has her own budget of £15 for food, litter and vet bills. We don't even buy cheap fillers like pasta or rice, we eat lots of protein and veg, and few carbs. The cat gets top quality food too. Check out the old style board on here for food ideas and you should be able to halve that.

I can take a pretty good guess at how grocery spending gets out of control......

Ready meals?
Pre-prepared jars of sauce?
Single portions?
Drink?
"good" cuts of meat?
Organics?
A few extras and treats each time?
Something that just happened to be on special offer?
Premium brands?
Pre-prepared salad or veg?
Wasting things because they go out of date before you can use it all....
Paying for delivery of online shopping
etc etc etc

You need to get over to the old school board for proper advice on this, post your weekly shopping list and meal plan and they will advise you.

You need to stop throwing things out, if it is near its use by date can you use it, freeze it, will it last another day or two (most things do), if you really haveto chuck it learn from it and don't make the same mistake again!

You need to cook from scratch, for example a jar of bolognaise sauce can cost £2 but you can make your own with a jar of tomatoes, 40p or less, a few herbs and an onion.

You need to plan so you aren't buying more than you need and get the most from what you buy.

Sit down the day before your next shop write down what you have in the fridge and cupboards with a note of any use by dates that are approaching. Then make a list of what meals you will have each day of the week, make sure you use up what you have in and only buy what you need. Make sure that for example if you make chicken casserole on monday you either use a whole pack of chicken and freeze the leftovers for another day or use what you need of the chicken and use the rest up the next day in say chicken pasta bake.

You would be amazed what you can save, and what you can freeze too!