My SOA really need help please

needing-help

dancingfairy wrote: »

If you were able to go interest only on your mortgage for a while you should be able to get that credit card paid off which would then eliminate that shortfall each month.
I'm not sure how it would affect your ability to get a new deal on your mortgage though so don't just take my word for it but it might be worth looking into.
df

I'm not sure if we could change the mortgage with it being a tied in fixed rate but will definitely look into it.

Thank you all for your help, you are all wonderful.

And thanks also to whoever reported/removed the unhelpful posts

Ames

I will just say that if you decide to go for a DMP then make sure you speak to a few different charities. They all treat disability differently - CCCS took my DLA as income but didn't allow disability expenditure, CAB said that there was no way any of my DLA should be going to debt repayments. So get a few different opinions and go with what's most comfortable for you.

vandanfc

Who/what does the £172 mortgage insurance cover ? Will this payment or part of it stop when they stop paying out ? If you do stop paying some or all of it then this would cover the current shortfall.

RAS

You are paying £172 per month to get cover which repays £209 per month? How many thousands have you paid out over the years to get back about £2500, at a guess? Does it include life insurance for both of you? And will it pay out if OH loses his job/is off sick?

Do you have PPI on the loan, card or HP?

needing-help

Sorry for the delay in replying.

The mortgage insurance covers us both for accident, sickness and redundancy and also life cover. There is also serious illness cover for the kids.
We have it set to cover 25% for me and 75% for my husband since he is the main wage earner. We don't really want to cancel it because we would be really stuffed if my husband lost his job.

I didn't take out ppi on any of the loans or the credit card. I didn't think I would need it.:(

chivers1977

needing-help wrote: »

Sorry for the delay in replying.

The mortgage insurance covers us both for accident, sickness and redundancy and also life cover. There is also serious illness cover for the kids.
We have it set to cover 25% for me and 75% for my husband since he is the main wage earner. We don't really want to cancel it because we would be really stuffed if my husband lost his job.

I didn't take out ppi on any of the loans or the credit card. I didn't think I would need it.:(

I would suggest cancelling this insurance and then using Martin's tips to get life cover for you and OH and separate ASIU for your OH for as much as the mortgage as you can get covered. I suspect you have a bundled product which is always much more expensive than separate products. The serious illness cover is just something that they put on the policy to make you think that they are giving you something great - it's not. I bet you would save at least your shortfall if not more. WE have ASIU for my OH which for 44.01 per month is paying out £950 pm and you can get standalone life cover (2 nonsmoking 33 yr olds quoted on BTW) for around £15 :money: