Please Help need info on a loan

bambi22

ILW wrote: »

People who have not run up a ton of debt sometimes take a year off because they can afford it.

this may be the case but unfortunately due to some peoples circumstances they do accumulate debt within their life time due to unforseen circumstances etc.. so unless your post is going to be of some use then please dont post at all.

DCFC79

bambi22 wrote: »

this may be the case but unfortunately due to some peoples circumstances they do accumulate debt within their life time due to unforseen circumstances etc.. so unless your post is going to be of some use then please dont post at all.

What was wrong with ILW's reply ? :think: :huh:

He was just explaining how some people take a year off.

Hazzinho

You have way too much debt for your salary, you are high risk. You are asking banks for over 50% you annual wage in addition to your existing debt.This will make the total debt more than you're annual wage, banks have to assume you won't pay off the existing debt. They also know you won't be earning £22k once you're off on maternity leave.Kids are really expensive too. Can you stay at your parents or something? You should go on the debt board to be honest, you may get some useful advice.

McKneff

You still havent mentioned any financial help from babys father which I asked in an earlier post.

jamesd

Your general situation is clear enough:

1. You can't afford to have a baby but you do plan to have one.
2. Your debt compared to your income is huge and enough to block all reasonable debt consolidation or other borrowing methods.
3. You won't get another loan from any lender when you tell them that you're going to be taking maternity leave because that also reduces your ability to repay and responsible lending rules will bar them from doing it.
4. You will need a formal or informal debt management plan if you proceed as currently planned, because it seems clear that you will not be able to afford to pay your debts.
5. Even without the baby your financial situation is poor enough that a DMP would be sensible.

So what I suggest is:

A. You consider again whether you do or don't wish to have this baby, since ability to pay for the costs of a child is a critical part of a decision to have one.
B. If you do wish to continue, you produce a statement of affairs for your finances as they will be after the child is born and start to arrange a debt management plan for that time with your creditors now, so that you will have this part of your worries taken care of before birth. You are choosing to default rather than being forced to, so don't expect a particularly welcoming reception from them.

Avoiding defaults and debt management plans seems to be unrealistic given your current plan and it's best to get these things done sooner rather than later if your plans don't change.

sistafromanothermista

McKneff wrote: »

People take time off according to their budget to be honest.

Is there any reason why you cant go back to work after 3 months.

I know it will be hard leaving baby but its a case of needs must.

Is the babys father not in the picture. If not get on to the CSA.

If he is, what is his income.

Very true, i was back at work after 2 weeks (legally couldn't go back before then) as i had bills to pay!!!!!!

DevCoder

My DW was back at work 3 months after as it was needed to pay the mortgage. The difference between working (and thus paying £1400/month nursery fees) and not working so saving this fee, was about £200.

Didn't work as we had to sell to repay debts, rent for one year and then fortunately got ourselves back on the ladder.

We talk about whether we did the right thing in selling, renting then rebuying and although we sold a very nice house (to us) and don't have the same now we both agree that we appreciate what we have and that had we tried to stick out the original debts then the stress (which was very high given the recent birth) might have torn us apart.

Theblueone

There has been some blunt words spoken in the above posts but unfortunately for the OP they are right!!!!

You have to tailor your maternity leave to what you can afford and six months is unsustainable for you.(and I might add - the vast majority of the population).

Just remember being a good parent is not about amount of time spent with a child but the quality of the time spent.

27col

This sounds like another bolshie newbie who doesn't like to hear the truth.

AMILLIONDOLLARS

OP please do not be put off by the advice you have been given by others. They are just trying to give you a reality check of your situation. Time to move over to the Debt Free Wannabe Board and post your Statement of Affairs, the folks on there will give advice on cutting back your expenses inorder for you to survive Maternity Leave. I think you will need to move back home, if you're not there already, and help from your baby's father must be considered. The time has come to stop borrowing as this baby will be with you for the rest of it's life and is depending on you to do the right thing by it. You can't bring a baby up on credit.

One more thing, If you have PPI on your cards, it might be a good thing to cancel it and look into the possiblity that you may have been missold the policy. If this is the case make a claim use the money to reduce your debt.

Good luck for the future.

AMD