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withdrawn full & final settlement
Comments
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Is this some kind of a wind up?
You stated that about 5 years ago you remortgaged and paid off a £14k debt and had another 19 creditors. The mortgage was interest only.
You then state in post 15:
"I have been in a horrendously difficult financial situation ever since but debt free but one day in the near future the !!!! will hit the fan - I am nearing retiral and have a massive mortgage to pay off with no means of paying it."
So you are debt free now? Did you pay off the other 19 creditors with the mortgage money?
If you've been paying off your debt slowly but surely over the last 5 years to the other 19 creditors you must have more spare money than 5 years ago.
The worst thing for you is that you haven't actually paid off the £14k debt, you only shifted it to your mortgage and as you are only paying interest you are still not paying it off.
I suppose the up side is that you had the benefit of that £14k but you'll never have to (or be able as you stated in post 15) pay it back.
Have you wondered or looked into what is going to happen when you retire? If you can no longer afford the interest only, will you lose your house? Do you have an endownment policy that is going to mature to pay off the capital? I thought youhad to with interest only mortgages.
Things for you to think about.
If you really are struggling you need to post your SOA to see if people can suggest ways of reducing your outgoings.
Use this link:
http://www.makesenseofcards.com/soacalc.html
Poo
I wish it was some kind of wind up! I did pay off all the debts but two which I couldnt manage with the funds but have done now.
Yes I totally get what you mean that I am NOT REALLY DEBT FREE - I have only moved the debts to a vessel which I have been able to pay faithfully every month for the last 5 years and am free from automated phone calls, letters and harassment!!
The reason for the remortgage was the break up of my 30 year marriage and settling with my ex in order to keep the family home (with 3 teenagers still at home) The mortgage company did not insist that I had an endowment policy and of course I couldn't possibly have afforded one as I was getting the maximum mortgage possible to repay the small joint mortgage, settle with ex and repay as many of the debts as possible. I don't have the luxury of remortgaging again now (perhaps with a high street lender as my credit history is now clear) as the sales job that I got the mortage on the strength of, does not now allow me to earn anywhere near the bonuses I got 5 years ago.
To be honest I could not possibly think for too long about what is going to happen to me in the future.0 -
OK so maybe now is the time you started to think about the future - it's not getting any further away you know!
If you post up your SOA using the link in my post then everyone on here will be able to offer some fantastic suggestions.
It's so difficult sometimes to see the wood for the trees when you're in the thick of it and fresh eyes can usually spot the glaringly obvious.
There is so much that you can do, make a start by claiming back that PPI if it applies. Put the past behind you and look to your future. Is it right that you don't actually HAVE to retire because you hit a certain age? If your health allows could you continue to work on past your retirement age?
Any chance you kids will be leaving home any time soon? If not are any of them in a position to help out with the finances - paying a little keep?
When they eventually fly the coup you could think about taking in a lodger - maybe a Mon-Fri person (professional), or a full on lodger (it's not so bad and you do get used to it).
Good luck anyway,
PooOne of Mike's Mob, Street Found Money £1.66, Non Sealed Pot (5p,2p,1p)£6.82? (£0 banked), Online Opinions 5/50pts, Piggy points 15, Ipsos 3930pts (£25+), Valued Opinions £12.85, MutualPoints 1786, Slicethepie £0.12, Toluna 7870pts, DFD Computer says NO!0 -
OK so maybe now is the time you started to think about the future - it's not getting any further away you know!
If you post up your SOA using the link in my post then everyone on here will be able to offer some fantastic suggestions.
It's so difficult sometimes to see the wood for the trees when you're in the thick of it and fresh eyes can usually spot the glaringly obvious.
There is so much that you can do, make a start by claiming back that PPI if it applies. Put the past behind you and look to your future. Is it right that you don't actually HAVE to retire because you hit a certain age? If your health allows could you continue to work on past your retirement age?
Any chance you kids will be leaving home any time soon? If not are any of them in a position to help out with the finances - paying a little keep?
When they eventually fly the coup you could think about taking in a lodger - maybe a Mon-Fri person (professional), or a full on lodger (it's not so bad and you do get used to it).
Good luck anyway,
Poo
I have already resigned myself to working well into my 70s if I can but recently had a serious spell of poor mental health due to work stress and whilst before I felt fit and healthy, I'm now beginning to panic about keeping my job never mind working for another 15 years (Im 56)
The kids may leave home soon but at the moment they are contributing a little to the household bills.
I'll have a look at posting a statement of ingoings and outgoings (I presume thats what SOA is) but I have been over it with a fine toothcomb and can't see any areas for cutting back. My only hope is if the FSA rules that interest only mortgages should not have been sold without an endowment and it is all paid off for me (and pigs might fly):A:A:A:A:A:A:A:A:A:A:A
0 -
Sorry I can't help you with the PPI reclaiming but there's plenty on here who probably could.
Please use this link to do your SOA (income/expenditure accounts) and I'd start a new thread off as well if you do post. Make it a new start for yourself.
http://www.makesenseofcards.com/soacalc.html
You sound like you could do with a bit of a break and to many on here I believe, voicing their concerns and posting their SOA's has been a turning point for them. Read some of the other threads, read some of the diaries. Many of them are inspirational. You can't help but become motivated.
Good luck,
PooOne of Mike's Mob, Street Found Money £1.66, Non Sealed Pot (5p,2p,1p)£6.82? (£0 banked), Online Opinions 5/50pts, Piggy points 15, Ipsos 3930pts (£25+), Valued Opinions £12.85, MutualPoints 1786, Slicethepie £0.12, Toluna 7870pts, DFD Computer says NO!0
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