Drowning-any advice plz

Richard_S

melons wrote:

hi.
Thanks for the replys.
no rebate they just knock it of a following tax bill.
He earns too much at the mo for tax credit.when he gets the work,we should be putting away for a rainy day i.e for when his work goes quiet but we can't because we paying arrears off all the time trying to play catch up.In 2000 and 2001 he had poor years work wise and our lower tax bill following reflected this .Ive had a look at the iva and don,t want to go down that route.especially since i read your name goes on a public register !
I will get him to speak to the cccc people tomorrow.
The other loan we took out at 16% for the IR is a re-mortgage.
Our main mortgage which is with the biggest lender ? is around 6% interest rate.Do you think it's in our best interest to try and re-mortgage with them at the lower interest rate ,i'm sick of the high interest rates we get hammered for as self-employed people.
p.s i only found out last week his re-mortgage was at 16% ,he keeps me in the dark about his financial affairs but now i know it's consuming me with worry over it.

Hi Melons,

If you can re-mortgage and pay off the high interest debt it would certainly make sense, you have enough equity in the house for security but it's the volatility of your O.H's income that's going to cause concern. There will almost certainly be a penalty for repaying early so you'll need to factor this into your calculations.

Are you able to prepare a budget income and expendiure and cash flow for the self employed income, that always gives a lender the impression that you've thought things through and are able to meet your commitments. You can download spreadsheet templates from the Microsoft web site to make your presentation more impressive, or I can email some that I've adapted for our use.

You'll certainly benefit from talking to the CCCS, it can be uncomfortable listening to a objective view of your finances but it does help you to confront yr problems.

All the best,

Richard

chevalier

Just wanted to know if you are involved in the financial decisions, I was worried by the comment that you have only just found out that the remortgage was at 16% APR, I wouldn't be worried if I had had that hidden from me I would be livid.

However if you can do a Statement of Affairs then this will help us to help you. You OH may have to face up to the fact that he can't be a contractor anymore, but will have to find permanent (but maybe lower paid employment). This way you will know what money is coming in and can plan accordingly. Not knowing what money you have to play with is a night mare.

Even if he stays contracting there will have to be a lot more control over the finances, so that you don't get in this position again.

Please contact payplan or cccs, they will put your mind at rest by giving you FREE impartial advice, about what is best. You will have to have all your paperwork sorted out though, so that they know what your financial problems are. And in doing that you would be getting the information that you would need to post a Statement of Affairs on here. I am sure there are things that we could suggest you cut, to help with debt repayments.

I am not sure whether you work? Are you children still young enough that any money you made would be eaten up by child care?

Sorry for the long post
chev