Help needed

DarnIt_3

You have equity in your house, have you spoken to you provider to see if you release some to pay off your unsecured loans? I can't imagine adding 30k to your mortgage will cost you £875 a month as your repayments already are?

jellybean39

BeautyandtheBeast wrote: »

Hi and welcome!!

I have big debts as well, I can keep my head above water by doing extra tuition - could your line of work mean that you could offer a service in some similar way? xx

Not trying to sound like im not trying but i work 60hrs a week hairdresser and have just been diagnosed with early onst arthritis in my joints wonderful!!! have never been off sick in years just feel like its all falling when i work so hard.
Going to put my car up for sale and walk the 2 mile to train station and get the trasin in everyday.
Think i might start clearing out and doing car boot sales . ni i dont think i will!!!!!!
Daughter going to uni but will still live at home and works so should be ok with that.

jellybean39

DarnIt wrote: »

You have equity in your house, have you spoken to you provider to see if you release some to pay off your unsecured loans? I can't imagine adding 30k to your mortgage will cost you £875 a month as your repayments already are?

Yes i done just that this morning they said wont let us pay off debts but would give us 20k for a new kitchen lol soon as i mentioned paying any off they said no so much for honesty eh?

jellybean39

Thank you to everyone for your advice u r amazing xxxxxxxx

jellybean39

jellybean39 wrote: »

Yes i done just that this morning they said wont let us pay off debts but would give us 20k for a new kitchen lol soon as i mentioned paying any off they said no so much for honesty eh?

20k would have been xtra 324 a month would have sorted alot out but they wouldnt do it.
Not missed any payments yet and credit score good but with all commitmentsw no one would touch us.

jellybean39

so as we have looked at all options of borrowing i can move some around to a lower interest as i still have a crd that will allow me but cant do a whole amount so is that wise as that will mean an xtra payment? hubby finally reaslised this morning when i started crying that we need to sort this so he will sit with me tonight and start to get the ball rollin he just burys his head in the sand.
Do u write to creditors? have always paid more off but think thats why were in this mess as there aint enough to pay everything hence the fact od to the hill?

Pollycat

jellybean
I think the worrying thing is that according to your SOA you have a shortfall of £677 each month.

That's a massive deficit and your SOA doesn't have any petrol or car maintenance even though you have 3 cars.
Even though there are areas in your SOA that you could shave a bit off, it's not likely to bridge that gap.

It's the mortgage & secured loan which together (£2556) take up the whole of your salary every month that's killing you.

Maybe it's time to talk to one of the free debt charities.....

I hope this doesn't sound too disheartening.

daydreamer1

Hi

Just a suggestion, but as you say the hire purchase is for the cars, not sure if this is for all three, or just 2, but have you thought of downgrading to get rid of some of the HP?

Giving your car back to the dealer/financer then getting an old banger? Assuming the the HP is for all three cars, you are spending approx. £250 per month per car, just to have it. If you gave the car back, that would free up a good quantity of money every month. If you do need a car, the get onto autotrader or similar and pick up a banger for a few hundred quid. The logic being, that if you pay, for example, £400 for a car, it will last a year, maybe two before it needs a bit of work (mine was £250 this year), but taking into account that you wouldn't be paying finance, the difference between the cost would be £3000 for the financed car for 12 months, or £850 for an old banger (Car plus some for the inevitable MOT bill). If both you and your OH did this, in a year, you could see your outgoings reduce by nearly £5000, or £400 per month, even taking into account a contingency for unexpected repairs.

I realise that this may not be ideal, but it a possiblity if you wanted to reduce payments yet still have a car. If it does break and the repair bill is high, the scrap yard will give you roughly £150 for it and you just get another one. This is my logic anyway! 18 months on and my first banger is still going strong with only £250 bill for MOT fixings.

Combine this with a few other suggestions, ebaying/car booting anything that is surplus to requirements (be ruthless!), to clear and close some of the smaller accounts like the Next one and you could find yourself with enough money each month to cover expenditure and give you some breathing room to think about what you would like to do next.

Anywho, just a thought, *goes back to lurking*.......

jellybean39

daydreamer1 wrote: »

Hi

Just a suggestion, but as you say the hire purchase is for the cars, not sure if this is for all three, or just 2, but have you thought of downgrading to get rid of some of the HP?

Giving your car back to the dealer/financer then getting an old banger? Assuming the the HP is for all three cars, you are spending approx. £250 per month per car, just to have it. If you gave the car back, that would free up a good quantity of money every month. If you do need a car, the get onto autotrader or similar and pick up a banger for a few hundred quid. The logic being, that if you pay, for example, £400 for a car, it will last a year, maybe two before it needs a bit of work (mine was £250 this year), but taking into account that you wouldn't be paying finance, the difference between the cost would be £3000 for the financed car for 12 months, or £850 for an old banger (Car plus some for the inevitable MOT bill). If both you and your OH did this, in a year, you could see your outgoings reduce by nearly £5000, or £400 per month, even taking into account a contingency for unexpected repairs.

I realise that this may not be ideal, but it a possiblity if you wanted to reduce payments yet still have a car. If it does break and the repair bill is high, the scrap yard will give you roughly £150 for it and you just get another one. This is my logic anyway! 18 months on and my first banger is still going strong with only £250 bill for MOT fixings.

Combine this with a few other suggestions, ebaying/car booting anything that is surplus to requirements (be ruthless!), to clear and close some of the smaller accounts like the Next one and you could find yourself with enough money each month to cover expenditure and give you some breathing room to think about what you would like to do next.

Anywho, just a thought, *goes back to lurking*.......

Thanks !!!!
One of the cars is my daughters which she pays for herself prob need to change that on my post my car on;y worth about 3k devalued since i bought it so not sure if it worth sellling cause 8k outstanding that was 20k!!!! which i have paid off still have 15 months left. hubbys loan 7k which his prob worth more than the loan just . we are so rural where we are buses there aint and train about 30 a week so its trying to wigh up which is best would walk but ten miles from work! trying to find someone to car share with but as i work 10 hour days at start really early its proving difficult.

RAS

What does you daughter contribute to the household? She will be getting a student maintenance loan?