£80,000

DVardysShadow · 17 January 2012 at 11:27PM

merlot123 wrote: »

I've just added your debt, I make it £92,888, unless you have made a mistake in the figures.

there is £25000 in the house.

merlot123 · 17 January 2012 at 11:28PM

james, can you make the amendments to your SOA, and then we can see the actual figures etc.

Honestly, there is a solution to this debt issue, we can help you further once you have put the correct figures in the SOA. I know it's late and its dark, and everything always seem worse at nightime, but make sure you get some sleep, you cannot solve this issue tonight, but you can start an action plan tomorrow once you've had a decent nights sleep.

merlot123 · 17 January 2012 at 11:31PM

DVardysShadow wrote: »

there is £25000 in the house.

I wondered if the OP had over estimate the value of house, alot of people generally do. With the selling fees etc, there may not be much left.

OP, is the house value correct? If in doubt, have a look on rightmove and see if you can see a similar property to yours in the same location and see what they are on the market for, take a look at a few to take an average.

DVardysShadow · 17 January 2012 at 11:44PM

merlot123 wrote: »

I wondered if the OP had over estimate the value of house, alot of people generally do. With the selling fees etc, there may not be much left.

OP, is the house value correct? If in doubt, have a look on rightmove and see if you can see a similar property to yours in the same location and see what they are on the market for, take a look at a few to take an average.

At this point, I doubt it is worth the effort to value the property any more accurately. As I pointed out earlier, it cannot be released to downsize and for renting, the extra for rent over a mortgage will probably wipe out more than the interest wiped out by the released equity.

The SoA, with errors corrected, shows that OP needs to find another £1000/month somehow by saving or extra income. Coming to terms with that and looking at the feasibility over the next few days is the first move.

thejames · 17 January 2012 at 11:46PM

merlot123 wrote: »

Firstly, welcome to MSE and the debt free board.

You have done something tonight many others on the board haven't and that is post an SOA, it's not an easy thing to do, and certainly never easy seeing it in black & white.

I recommend a slow cooker to make cheap meals.

Also can you Ebay everything that isn't stuck down, every little does really help.

You are not alone with a debt figure like yours, and Martin Lewis say no problem is unsolvable and yours is no different.

I do think you need to think about contacting a debt charity as you are currently overspending each month, granted you can reduce your mobiles and grocery shopping, but you need to think long term. How an earth are you going to repay your capital on your mortgage, you need to address this along with your debt. Being on an interest only mortgage should be seen as a short term measure, but with debts at your level it could be sometime before you start repaying the capital.

I've just added your debt, I make it £92,888, unless you have made a mistake in the figures.

merlot123

Hi

I will have a proper look tomorrow and fill it out with as much detail as possible. I'm feeling a bit sorry for myself at the moment so I'm going to bail out and come and check out tomorrow thanks guys xx

thejames · 17 January 2012 at 11:48PM

merlot123 wrote: »

I wondered if the OP had over estimate the value of house, alot of people generally do. With the selling fees etc, there may not be much left.

OP, is the house value correct? If in doubt, have a look on rightmove and see if you can see a similar property to yours in the same location and see what they are on the market for, take a look at a few to take an average.

We had it valued this time last year they valued it at 240.000 to 250.000 I know it's pointless selling x

thejames · 17 January 2012 at 11:49PM

merlot123 wrote: »

james, can you make the amendments to your SOA, and then we can see the actual figures etc.

Honestly, there is a solution to this debt issue, we can help you further once you have put the correct figures in the SOA. I know it's late and its dark, and everything always seem worse at nightime, but make sure you get some sleep, you cannot solve this issue tonight, but you can start an action plan tomorrow once you've had a decent nights sleep.

Will do thanks

hp48910 · 17 January 2012 at 11:50PM

Welcome, Couldn't read and run.

I'm quite new to this and only started my diary at New year so can't really give you any other advice than that of previous posters. However, you're in the right place, that's for sure. The people on this forum are amazingly supportive and will do all they can to suggest the best way forward.

I'll be subscribing to your thread and wish you luck for your journey :O)