Financial Pickle - where to start???

backtothebeginning

I have just left my husband and am currenty staying with my parents. My 2 year old baby is with me and my husband is seeing her regularly. The marriage is totally over and there is no going back. I haven't notified anyone 'officially' that we have split up so am not receiving any benefits etc.

My facts are:
*Currently I have £13k debt on credit cards. I am managing to cover the minimum payments each month and pay extra off too.
*I work part time for my husband - this is going ok for the time being but not really a long term solution. This is my only income at the present time.
*My husband is living in our marital home and is going to buy me out - I should expect to receive between £10k and £15k. Until that happens, I am still contributing to the mortgage payments.

Living with a baby at my parents house is not ideal so I am looking to move out asap. I am edging towards renting a furnished property and paying off my debts with my settlement figure but I also think that maybe that money would come in handy as a deposit to buy somewhere instead but then I would still have my debt and I don't think I would get a mortgage on a part time salary.

Any suggestions and advice would be greatly appreciated....

edinburgher

Living with a baby at my parents house is not ideal so I am looking to move out asap. I am edging towards renting a furnished property and paying off my debts with my settlement figure but I also think that maybe that money would come in handy as a deposit to buy somewhere instead but then I would still have my debt and I don't think I would get a mortgage on a part time salary.

Any suggestions and advice would be greatly appreciated....

How much do you earn? Because you might be fine getting a mortgage *if* you earn a lot. I don't think the fact that the job is p-t is as relevant as the amount earned as this will determine a) your debt to salary ratio and b) the affordability of any property. You're unlikely to get a mortgage if a high proportion of your wage goes to debt and there is a good chance that a bank wouldn't want to give you substantial further credit as well (in the form of a mortgage).

I'm sure living with your parents and a child isn't ideal, but persevering as long as you can is probably a good idea. My family (parents and 5 kids) lived with my Gran in her 3 bed semi for 6 months and while it wasn't ideal, we all survived (just about)