Loan to pay off overdraft

blacksta

pauletruth wrote: »

your on 120k and been living on your overdraft oh dear that really is very impressive, what are you doing with the 2307 you get every week. this is serious if your not coping on that level of income then you need to do some serious thinking what would happen if your income disapeared.

They dont earn the 120k anymore - Husband lost his job.

meer53

blacksta wrote: »

They dont earn the 120k anymore - Husband lost his job.

The OP says husband lost his job 2 years ago and now earns 120K.

It might be a good thing that Natwest are taking this action, it will give the OP and her family a chance to start again, she sounds as though she has realised where they were going wrong before. Good luck to her xx

Workingthroughitslowly

Just to clarify, husband does currently earn £120k. The debts were racked up 2 years ago a when he lost his previous job.

Since then we have in part been playing catch up and in part ignoring the situation because it didn't seem that much of an issue.

Pauletruth: the money goes on pretty dull stuff to be honest. We have a large-ish mortgage, commensurate with husbands salary, school fees and a pretty good standard of living which we have just continued. suppose we've just been in denial.

Anyway I will get myself over to DFW. Thanks

pauletruth

so you have been paying about 9k plus for each child and have been living beyond your means. nothing diffrent than someone on the dole needing an extra 30 quid for fags and food.

i should be being empathetic and saying well done for getting sorted. however it sounds like this was forced on you. you may have a really smart and posh life style but if your not saving anything then your more vunerable than a lot of people. on that income you should be saving a lot.

did you not tell the childrens school that you had problems they may have been willing to have helped.

if you house is taking that much of your income now whats going to happen if the intrest rate goes up to 5- 7-10%.
this may sound daft but you may want to produce a detailed budget and do some cost cuttings.

Workingthroughitslowly

I'm not for one minute suggesting that we are better than anyone else who overspends, whatever form that overspend takes. My husband lost his job it wiped out our savings and we accrued debt. I offered that information as an explanation not an excuse.

We have never had any reason to speak to the school as we have not had any difficulty meeting our liabilities (in relation to the school or any other organisation).

Natwest have for whatever reason decided they would like immediate repayment of the overdrafts, Emmzi is right that with some severe cutbacks we could pay them back in a few months but it is finding 10k overnight that is causing problems.

I posted this because I was also concerned as to whether there was any specific reason they wanted a loan although I suppose the answer is they could invoke penalties if repayments of a loan were defaulted on.

As meer53 says this probably has been just the wake up call we needed and I now need to move beyond worried sick to driven and determined. Starting work myself after 7 years at home is going to be a big step forward:T

I'm sure there'll be plenty of support and advice on DFW. Thanks all

geoffky

good luck and think of what you can do once debt free...you are a very lucky person having that much income..most live on £200pw..i bet you feel better getting it out in the open...debt destroys a lot of things and is a shackle on life.

Workingthroughitslowly

geoffky wrote: »

good luck and think of what you can do once debt free...you are a very lucky person having that much income..most live on £200pw..i bet you feel better getting it out in the open...debt destroys a lot of things and is a shackle on life.

You are absolutely right and I feel all the more foolish for being in this position because it was unnecessary.

I'm relieved I can see a way forward.