Mum has house but no money

sjcollett

is it possible she could take a lodger to help boost her income a bit?

hethmar

Tell her to sell up and move into a smaller more manageable place and pocket the difference.

mlz1413

If your mum now has no mortgage then that money should be put to the c/c debt now.

She could also take in a lodger as she lives in a 3 bed semi, £4250 or approx £80pw can be under rent-a-room scheme.

I'm thinking that if your mum had the same mortgage for 25 yrs the monthly payment might only have been small per month, ie less than £100. so that may not be enough to really pay down the c/c debts, if so your mum ought to take advise so that the interest is stopped and she can actually tackle the debt.

Also as pointed out before she needs to stop using the cards and work out a budget that she can stick to.

Thrugelmir

For some people its difficult to accept whats happened. Yes she paid off the mortgage but obviously struggled to meet the outgoings.

My Mum lives alone and has just finished paying off her mortgage after years of slog and really hard times. Unfortunately in the mean time she has run up debt (expensive debt too! credit cards).

You need to persuade her to come clean and speak to someone to address the issues. Equity release isn't the answer. As its merely transferring debt and possibly creating problems for the future. Moving house isn't easy so try and support your mother as much as you can.

RAS

Hi


Ask her to come over to the Debt free wannabee forum and we can help.

She will benefit from putting her debts into www.senseofcards.com and then running the snowball.

Also she could take a lodger, tax-free for a year to make a dent in things.