Help with mortgage interest

wildz

How rubbish is this (will get to that in a minute) OH going bankrupt. Began a job in January and was finished in May (they could'nt afford to keep him on) as he was self employed he cannot claim JSA, I cannot get WTC as i earn around £17000 (we have no little kids) we have no savings and are struggling. The rubbish thing is my OH being told that he cannot claim SIM as the mortgage is in joint names, how are you supposed to survive. The mortgage is £600 amonth, due to his business failing we now have to stand the extra payments. My take home is £1174 a month. As we are getting desperate we may have to now approach the lender to go on interest only, the mortgage is not going to get paid off til we're in our seventies anyway. Is this correct we can't claim SIM as its in joint names?

sammyjammy

You can only claim SMI when receiving income based benefits, your husband is not entitled to Income based JSA as you work foull time, this is why you cannot receive SMI, nothing to do with whose name the mortgage is in.

Depth_Charge

wildz wrote: »

How rubbish is this (will get to that in a minute) OH going bankrupt. Began a job in January and was finished in May (they could'nt afford to keep him on) as he was self employed he cannot claim JSA, I cannot get WTC as i earn around £17000 (we have no little kids) we have no savings and are struggling. The rubbish thing is my OH being told that he cannot claim SIM as the mortgage is in joint names, how are you supposed to survive. The mortgage is £600 amonth, due to his business failing we now have to stand the extra payments. My take home is £1174 a month. As we are getting desperate we may have to now approach the lender to go on interest only, the mortgage is not going to get paid off til we're in our seventies anyway. Is this correct we can't claim SIM as its in joint names?

Hi

Just following from the last poster with a directgov link on SIM

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/On_a_low_income/DG_180321

opinions4u

The mortgage is £600 amonth, due to his business failing we now have to stand the extra payments. My take home is £1174 a month

What do you spend the other £574 on?

beecher2

Post a Statement of Affairs either on here or on Debt Free Wannabee for help with budgeting in order to survive on the £574 you have.

holly_hobby

OP already started a previous thread, and recd advice, on this subject .... https://forums.moneysavingexpert.com/discussion/comment/54602049#Comment_54602049

Holly

wildz

The rest of my pay goes on all the direct debits from council tax to life insurances etc. There is nothing left for food or fuel (we are living off the sale of OH van he used for business) i have £25 left out of my pay at the end of the month.

beecher2

I'd sort out that Statement of Affairs ASAP as I'm sure there are savings to be made if your bills excluding mortgage, fuel and food are coming to over £500. There's no guarantee you'll be allowed to go onto interest only so I'd try to deal with this as a matter of urgency. Could you take in a lodger?

wildz

My daughter still lives with us (she's 25) and her 9 month son, she works 16 hours at a local supermarket and pays her way. My son works in Manchester and during the week lodges with his girlfriends family then comes home at weekend, i do not take any money off him, he has just started with a decent job after being unemployed for a couple of years after Uni.
I can probably get cheaper Life insurance but its a bit difficult at moment as my OH is going through bankruptcy. Where do i get one of these statement of affairs things from?

thanks

Hovel_lady

Link for the Statement of Affairs here:

http://makesenseofcards.com/soacalc.html

I'd suggest posting it on the Debt Free Wannabee board when it's done.

wildz

Thanks. Have completed the SOA and posted it. I already know that my wages do not cover the food bill.