Anyone's advice would be appreciated!

Dibdob

Seaxwyn wrote:

Like you I've been with natwest for years (19 to be precise) and since discovering this site I have opened a new current account with Alliance and Leicester, who offer to match your current overdraft and give you 0% overdraft for a year.
Sx

If I change my bank, will another bank take on my overdraft debt when it is at its hilt? Don't you have to clear your overdraft first?

Thanks for your tips! Feel a bit weird uncomfortable posting so much personal info on here, and especially when people say its the worst one they have seen ever on here!!!! Have to say that when we got mortgage, hubby was in a better position with income etc. Things change, sometimes through no fault of your own, and it kind of snowballed from there.

Thanks for your good wishes most of you! Watch this space.....

tryhard_2

hi dibdob
can understand you feeling weird but generally peolple here are supportive and give good advise.
if you are thinking of opening a alliance and leicester account - use quidco you'll get cashback and go onto referrer's board, you'll get £50 as well when someone refers you.
see if you can get a water meter - might bring your water bill down. most water companies will give you an estimate if you ring them.
can your OH ebay/sell stuff on amazon to raise extra cash when he is not working?
good luck

tryhard_2

you also need to look at your food bill - cannot see it in your SOA

Dibdob

Thanks tryhard. I did include food bill in total, but forgot to type it! Spending £180 on food monthly.
Am going to look for ebay things on day off this week, and try and sell.
Was thinking about changing back to alliance and leic after reading so many reports on here, but my o/d is £3000 and alliance is £2500 I think? Need to read up properly. Also didnt know if I was able to claim back bank charges over the years...again more reading.
Also heard about Quidco and went to site, but dont understand it!!!I need more time to sit and read it! Worth going there though if it brings in pennies!!

lynzpower

I am going to echo what everyone else is saying here. You cannot afford that mortgage. As you say you will struggle when interest rates go up, as they are set to.

I have just sold my flat ( awaiting exchange- fingers crossed) as we too would have found it impossible to manage increased interest rates. We are moving to rented. This property ladders all nice in theory but if you cannot afford it then you are heading straight into the mire.

Basically you cannot afford 2 cars, so Id get rid of one. If you cant get shot of the gifted one, sell the other one this should give you some money towards debt payments.

I would also be aware of the Cahoot loan. I really dont want to be the doommonger here but my OH has one of those and his rate has gone up from 6.9 to 11.8 in 6 months. They give a days notice and it all seems to be legal & above board. Its crippling.

You clearly need to start earning more- both of you, be it from selling stuff, or your OH working full time permanently to be making up this quite large shortfall.

I really hope you are OK? It cant be easy seeing all this written down & our comments cant be easy to hear. Sending you a hug. But bottom line is time is of the essence, you are getting into more and more debt daily.

Hugs
Lynz xxx






TOTAL IN DEBT : £14997.83 to creditors.banks
add £11670 loan to family member = £26,667.83




Shaving a few quid off here and there is not going to help really.

lynzpower

lynzpower wrote:

I am going to echo what everyone else is saying here. You cannot afford that mortgage. As you say you will struggle when interest rates go up, as they are set to.

I have just sold my flat ( awaiting exchange- fingers crossed) as we too would have found it impossible to manage increased interest rates. We are moving to rented. This property ladders all nice in theory but if you cannot afford it then you are heading straight into the mire.

Basically you cannot afford 2 cars, so Id get rid of one. If you cant get shot of the gifted one, sell the other one this should give you some money towards debt payments.

I would also be aware of the Cahoot loan. I really dont want to be the doommonger here but my OH has one of those and his rate has gone up from 6.9 to 11.8 in 6 months. They give a days notice and it all seems to be legal & above board. Its crippling.

You clearly need to start earning more- both of you, be it from selling stuff, or your OH working full time permanently to be making up this quite large shortfall.

I really hope you are OK? It cant be easy seeing all this written down & our comments cant be easy to hear. Sending you a hug. But bottom line is time is of the essence, you are getting into more and more debt daily.

Hugs
Lynz xxx

tryhard_2

quidco is a cashback site - you can buy loads of stuff through them and each transaction brings you cashback - e.g doing home insurance through barclays using quidco gives you £125 back, amount varies depending on companies; if ur home insurance is due for renewal worth looking at this as barclays will give you £50 back if they cannot beat your renewal quote
HTH

tryhard_2

lynz - congrats - had seen your flylady challenge re selling house; hope all goes well with exchange of contracts