Its so unfair why wont someone help?

Heddwen_2

I am not entitled to JSA or any other benefit (besides the Working Tax credit and our full Council Tax benefit as on low income).

We were advised to switch from JSA to Working tax credit by the person who worked out our WTC as with my husband working (even so few hours in the past) I was not entitled to a penny other than the NI contributions. Infact I was spending more to catch the nus into town to sign than the NI was. Plus as I could only find a job so locally I am not entitled to Travel to interview funds and.

Yes we do have subs with Di Agostini, but thats about the total outlay of our social life as we dont go out EVER plus the mags are the average cost of a few nights out once amonth anyhow. Life is mundane as it is!

I dont take offence as you have pre-apologised.

Thanks

Heddwen_2

Have done a search on Google for DMS (Debt Management Service) and cant find anything on this particuar company.

Perhaps I am looking wrong - anyone shed some light? Or a link would be better!

Thanks

nh

True, you must give yourself some pleasures! I hope it all works out OK for you and your hubby. I really feel for you, I just think it would be such a shame to lose your home over £2000 arrears in order to keep a business going that may not succeed. I know your husband wants to keep it open but can't you force him to see that you may end up homeless unless you nip this in the bud. I think it is a real shame that BOS won't let you re-mortgage to sort out the arrears (tho maybe they think you may just get into the same position in a few months' time). All the best...

zcaprd7

I didn't mean renting your current house out - I mean selling it and then renting somewhere to live (or move back into parents temporarily).

Heddwen_2

No and we cant afford to rent either.

Thats what I said!

::)

System

Heddwen

Did you see these numbers from Martin's Questions and Answers on the Main Site?

"The best thing to do is seek independent free debt counselling advice NOT from debt management and consolidation agencies, they just want your cash.

There are a number of agencies that do this. All are free, funding either by charity, government grant, or funding from the debt industry itself.

The main ones are

Consumer Credit Counselling Service: https://www.cccs.co.uk 0800 138 1111
National Debtline: https://www.nationaldebtline.co.uk 0808 808 4000
Federation of Independent Advice Centres: https://www.fiac.org.uk 020 7407 4070
Citizens Advice: https://www.citizensadvice.org.uk"

westernpromise

Bubbles burst usually when people least expect it. Generally they continue to rise well past the point at which people start warning they are bubbles, and there comes a point known as the 'widows and orphans' phase where it appears that all the prophets of doom have been wrong and that the market is going to expand indefinitely. This is the point at which all those who have the most to lose invest.

The main thing to realise is that just as the forming of the bubble is not a rational process, the bursting isn't either. It's more related to the dynamics of mob behaviour than economic rules.

The conditions for the market bubble to collapse are essentially an increase in supply. This could be caused in one of two ways - people having bought to let getting nervous about selling at the top of the market (perhaps the tipping point may occur if rising interest rates increase repossessions and people start to panic). The other (much longer term) possible cause is an increase in people trying to sell to release equity for retirement, accompanied by falling population levels meaning there is less underlying demand.

Typically, bubbles burst with falls of anything between 30-50% of value. You can see this in the tech bubble, the last housing price, right back to the South Sea and Tulip bubbles. The wierd thing is that they still take people by surprise - every time "things are going to be different", or there is a "new paradigm".

Hard hats on, and get ready for the roller coaster!

Good analysis.

FWIW, I think those looking only at interest rates to argue against a crash are looking the wrong way.

The average Briton now has £4,500 of non-mortgage debt (http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2004/01/09/ndebt09.xml&sSheet=/news/2004/01/09/ixhome.html). That's £9,000 per couple - and if this is on credit cards or lousy high street bank overdrafts, it's already costing 15 to 20 per cent per annum. It's already at 1989 crash levels, IOW.

Then there's the rocketing council tax bills to consider. That and the mortgage have to be paid before the credit cards, so if those continue to rise, that leaves less to service those huge card debts. Taken together, that means that many people's true exposure is not so much to the mortgage as to their other debts. And those could soon start to feel very, very expensive.

nh

Regarding a possible house price crash,

We bought our current house nearly two years ago for £170,000 and we thought it was a shame we were buying at that time because we thought prices were as high as they were going to go. Well, prices in our area have risen about 20% since then and the forecast for this year is 15-20%. It is madness, I know so many people who are waiting for this 'crash' to get their foot on the ladder but prices just keep on rising.

Heddwen, have you had your home valued? You might be surprised at how much it is worth. Lots of people live in rented accommodation all their lives (especially abroad). I know rising prices gives you equity but there are benefits to renting as well and maybe you could sell your house and rent for, well, for as long as you need to. It would be preferable to being repossessed.

robnye

hedwin,

you have my ????? (i was going to say sympathy but it seems such a cr@@py word)

I do believe, that any result will be from your determination to resolve your current financial circumstances. I also think that you should print all of this thread out and get your husband to read it (all first, then discuss later) - being of the male species, it some times takes my better half a little while for me to se ereason..... ha ha

situations like yours occur all to frequently these days. sometimes due to misfortune, sometimes due to unfortunate circumstances (very few diliberately, but those are other stories)

There has been plenty of suggestions and advice listed on this forum, most with reasonable arguments for and against.

1) the BOS have obviously asked some one else to help you - beware their costs may be added to your debt....!!!!

2) Husband whilst exploring the self-employed wonders of the world, needs to reassess his spending - especially credit card. you might have a credit card now, but will you be able to take advantage of a 0% when the time runs out.

i am very aware that some postings - while being full of positive actions/ideas may come across as being negative.... there are plenty of people who have gone roound the same vicious circle, but as their postings have stated, every one is different.

I wish you the best of luck.

regards
rob nye

johnllew

Our house is a 2 bed mid terrace with gardens. We have also tried renting out our spare room but that put us in a hole as well.

westernpromise's suggestion to rent out a bedroom to a lodger makes excellent sense especially as £4250 will be tax-free. How did it "put you in a hole"?

There is guidance here: http://www.inlandrevenue.gov.uk/pdfs/ir87.htm