please read, sick of debt :-(

shelldanielle

hey, Im new to this forum I need to get my finances sorted.

I owe quite alot of money but at the moment its my catologues that are crippling me I wish I never bothered getting them as many of you would agree.
This is my situation....

I moved into my first home september its a council house and is adapted for my son whos disabled.
My bf moved in shortly after and we are claiming joint income support, my bf has his flat up for sale and before he moved into my council home we thought he had a buyer for the flat but it all fell through apparently the bloke buying couldnt find the right mortgage.The bloke was buying to rent out.

so were in a sticky situation if one or both of us work we wont be any better off actually worse off.

were not paying rent as we get housing benefit etc but as we still have my bf's flat we have to pay a mortgage and secured loans as well as his other smaller debts.

so if we worked we would have to pay rent for our home aswell as the flat that we are not living in.
The flat is first floor so cant carry my son up the stairs.

keep with me .....

jan we got another viewer and they really liked the flat and put an offer in and the sale started rolling so heres us thinking wooo we get that pressure off our shoulders but after a phone call from the estate agents today he cannot get in touch with the buyer so the estate agent has told us he thinks its falling through again surely even if they decided they didnt want to buy it they would get in touch its killing us not knowing!!

we have still been looking for work just incase the flat sells but no luck,
I feel phyically sick!! all this pressure is overwhelming really.

I have spoke to next and they have allowed me to pay £40(paying £140 before) for three months, freemans has let me pay £70(paying £140 before) for a few months. Argos i pay £40 a month anyway and the only one that hasnt been helpful is LITTLEWOODS!!

LITTLEWOODS MAKE ME SO MAD!! I have explained the situation and all they care about is them getting there money each month I currently pay £150 a month and cannot afford that and they have told me the lowest they can let me pay is £120 the women on the phone was being well funny with me. They keep telling me that it will affect my credit rating and to be honest i couldnt give a monkeys if they dont lend me credit ever again all i want to be is debt free and be able to go into work and save up for things i want but i cant even do that at the moment.

I also have a personal loan which I pay £180 a month on.
If it wasnt for my bfs dads help with paying his mortgage and secured loan every month we would be in deep water.

We cant keep asking his dad for money hes lent us way to much.

do you think the sale has fell through? surely they would of rang just to say it had but estate agents cant get in touch. I could see light at the end of the tunnel hoping this sale would go through but i feel like ive just been picked up and buried in a deep hole!!

We cannot afford to go food shopping and to be honest i dont even know how we eat.

i dont feel like it will ever get any better.

Tixy

Hi Shell

Its frustrating about the house sale, however I think if I were you I would plan and assume that the house will not sell for the next few months and then plan your finances around that to see what you can and cannot afford.

It would probably help you (and us) if you could complete a statement of affairs so we can see how much you have coming in and going out and the full extent of your debts. We'll also help make sure you are prioritising buying food above any unsecured debt repayments - we can provide template letters for you to send to your creditors (including Littlewoods).

The statement of affairs form is here - http://www.makesenseofcards.com/soacalc.html

If the house does not sell this time could you afford to sell it for less than the current price (if its costing so much and is unused) or would it be possible to let it out to at least cover the mortgage?

shelldanielle

hello thanks for your quick reply I will look at the templates.
We cannot afford to do the flat up it need a bit of work and wouldnt be suitable for letting.
I have discussed putting it on the market for lower with my partner and he feels that if he puts it on lower he will get lower offers than he has been having now.
It is on the market for £79,950 and the women who wanted to buy put an offer of £65,000 which he accepted.
Since its been on the market he has had offers of £50,000 but as he also has his secured loan it wouldnt totally pay all of his debts.

shell x

scooby088

hey hun have you tried citizens advice bureau they are extremely helpful, if you can sort your other debts until you get a good price for flat then try and do that. littlewoods cannont legally enforce this as you do have rights even though you owe them money, citizens advice bureau can act on your behalf and get your repayments right down. they are great with advice you take all your debts to them and they help you to plan so you can still afford to live. hang in there

shelldanielle

thanks scooby I think I will defo go to citizens advice would i need to take all my debt papers etc?

shell x

Im hanging .... just lol

Percy1983

To be honest I know of a few people who just won't accept there property has lost value, If you are willing to accept £65k then put it up at £70k. I say this as I am looking for a house and as much as I would offer under the asking price I wouldn't even think of offering £65k if you have it up as £80k and there is probably others who are thinking the same. You are free to keep rejecting low offers, surely you can tell you estate agent to give a straight no below a certain amount.

As mentioned a SOA would be helpful but from the sound of it everthing would be under control if you got rid of the flat.