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Need advice please!
skinterint
Posts: 7 Forumite
Hi all,
I've been lurking on these forums for quite a while and know there's a lot of well-meaning people here with good experience to share. I'm hoping that some of you might be able to advise me on my own particular financial problems, because at the moment I just don't know what to do.
Income:
Self-employed, a couple of years ago this was good (£45-50k), now it's dropped substantially (£25k, if I'm lucky). Cheques come in very infrequently and never in time to make the mortgage or other payments. There's no buffer to meet these, my overdraft is maxed out and therefore I'm constantly incurring returned DD fees, etc.
I'm currently trying to get back into full time employment in IT, but my skills are out of date. I've identified an option where I can re-train for free if I work for a particular company who will also pay me c.£20k in year one, rising to £35k in year 2 and £50k in year 3. Sounds like a good deal, but I don't know how I could afford to pay mortgage, bills, travel to London from Oxford and feed five hungry children in the early years!!! Any other re-training is going to involve significant expense.
Most jobs I qualify for just won't give me enough to feed five children and pay mortgage/bills/debts. My wife can't work as she's registered disabled and on Disability Benefit.
Mortgage:
£180,000 mortgage on house worth approx £300,000. This is a self-certified mortgage (and, scarily, is approx 7 times my current salary :eek: ). There's a redemption penalty (I think 3%) if we move providers.
Debts:
Approx £7,000 of unsecured debt on debt management scheme (Payplan), which I pay off at £150 pm. Struggling to make payments.
£600 overdraft and £4,000 on a credit card which is not currently part of the debt management scheme (but looks like it will be soon!)
What would you do in my situation?
Thanks for listening,
Skinterint
I've been lurking on these forums for quite a while and know there's a lot of well-meaning people here with good experience to share. I'm hoping that some of you might be able to advise me on my own particular financial problems, because at the moment I just don't know what to do.
Income:
Self-employed, a couple of years ago this was good (£45-50k), now it's dropped substantially (£25k, if I'm lucky). Cheques come in very infrequently and never in time to make the mortgage or other payments. There's no buffer to meet these, my overdraft is maxed out and therefore I'm constantly incurring returned DD fees, etc.
I'm currently trying to get back into full time employment in IT, but my skills are out of date. I've identified an option where I can re-train for free if I work for a particular company who will also pay me c.£20k in year one, rising to £35k in year 2 and £50k in year 3. Sounds like a good deal, but I don't know how I could afford to pay mortgage, bills, travel to London from Oxford and feed five hungry children in the early years!!! Any other re-training is going to involve significant expense.
Most jobs I qualify for just won't give me enough to feed five children and pay mortgage/bills/debts. My wife can't work as she's registered disabled and on Disability Benefit.
Mortgage:
£180,000 mortgage on house worth approx £300,000. This is a self-certified mortgage (and, scarily, is approx 7 times my current salary :eek: ). There's a redemption penalty (I think 3%) if we move providers.
Debts:
Approx £7,000 of unsecured debt on debt management scheme (Payplan), which I pay off at £150 pm. Struggling to make payments.
£600 overdraft and £4,000 on a credit card which is not currently part of the debt management scheme (but looks like it will be soon!)
What would you do in my situation?
Thanks for listening,
Skinterint
0
Comments
-
Hello and welcome
It's not easy to advise you without the full details of your situation. Please take a look at this post http://forums.moneysavingexpert.com/showthread.html?t=107280 and put a statement of affairs (soa) together. Then the advice will start flooding in.
It does sound like you are living beyond your current means. Perhaps you can consider wither alternative employment to supplement your income or moving house to reduce your mortgage...?
Anyway, post your soa and I am sure we can find some cutbacks for you!
PS I didn't think you could have credit outside a DMP? How does that work then?Leason learnt :beer:0 -
Even earning £20k you should be eligible for £150 per week Child Tax Credits0
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"My wife can't work as she's registered disabled and on Disability Benefit."
If she's on DLA, have you checked that you are not entitled to Council Tax rebate, or any other things due to disability premiums?
http://www.entitledto.co.uk/
Lin You can tell a lot about a woman by her hands..........for instance, if they are placed around your throat, she's probably slightly upset.
0
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