£75k+debts

beentherewornthetshirt

I agree, the house should go, you seem to be living way above your means.

An IVA would not be a viable option as you rightly say your creditors would want all their money and as you are not insolvent an IP wouldn't entertain a proposal.

[Deleted User]

You can still give up the car and swap it for a 8 year old diesel vauxhall corsa and run it on chip fat. The solution to transport for someone in debt is never to buy a new or near new car on HP.

There are hundreds of things you can do you just need to research them.

clovis_2

beentherewornthetshirt wrote: »

I agree, the house should go, you seem to be living way above your means.

An IVA would not be a viable option as you rightly say your creditors would want all their money and as you are not insolvent an IP wouldn't entertain a proposal.

So it's likely payplan will suggest
1. sell up and pay
2. remortgage and pay
3. consolidation loan and pay

option one is the ideal if we can finally let go of this house, that way we are much better off each month cos no debts
with the other 2 still got to find the payment (and not get into more debts).

Whichever option because my portion of the equity is > the debt , it needs to be payed with that but getting the money is the question....

Bestthingsinlifearefree

clovis wrote: »

OK

will do but I'll be back in a while, need to gather everything for payplan and can post here too,

thanks everyone,

(P.S. I think we need to just move, but I need to convince someone else too)

Hi clovis,

The best way to convince your OH is by having an exact SOA. That will prove in black and white if you can afford the house or not.

Also you need to check if there are redemption penalties in your mortgage.

There may be creative ways forward. e.g keep the house but rent it out so it is paid for. Rent a cheaper / smaller house and once you are back on an even financial keel move back to the old house. This way you cut your costs and keep the house and avoid transactional costs.

I have tagged / will keep an eye on this thread and when the SOA is added I will try and give some positive imput (if I can:rolleyes: ).

The most important thing is to make informed deciscions to secure your families financial future.

The thing to focus on, think about, is that it is not your income that is / has been a problem but your spending.

There are some good brains on this site and people who have been in the poo and got out of it.

First we need all the info, then we can look at ALL the options and you and your OH can decide on the best strategy and make an informed decision.

clovis_2

Yant1 wrote: »

You can still give up the car and swap it for a 8 year old diesel vauxhall corsa and run it on chip fat. The solution to transport for someone in debt is never to buy a new or near new car on HP.

There are hundreds of things you can do you just need to research them.

Wel my car is an r reg diesel megane, and I do use the veg oil but no above a 30% ratio as it can damage the car if too much veg oil is used.

My wifes car is newer, but she has to transport the three sprogs around and she needs a reliable and safe car for that.

It's about 6 miles to school so she does need the car, we don't get school buses for primary school.

clovis_2

Bestthingsinlifearefree wrote: »

Hi clovis,

The best way to convince your OH is by having an exact SOA. That will prove in black and white if you can afford the house or not.

Also you need to check if there are redemption penalties in your mortgage.

There may be creative ways forward. e.g keep the house but rent it out so it is paid for. Rent a cheaper / smaller house and once you are back on an even financial keel move back to the old house. This way you cut your costs and keep the house and avoid transactional costs.

I have tagged / will keep an eye on this thread and when the SOA is added I will try and give some positive imput (if I can:rolleyes: ).

The most important thing is to make informed deciscions to secure your families financial future.

The thing to focus on, think about, is that it is not your income that is / has been a problem but your spending.

There are some good brains on this site and people who have been in the poo and got out of it.

First we need all the info, then we can look at ALL the options and you and your OH can decide on the best strategy and make an informed decision.

A voice of sanity in the middle of my nightmare. WE just need to both get that lightbulb lit. And I am hoping that this is the wakeupcall. I like the idea of the SOA for my OH, I think she knows but is really in denial, it is terribly difficult to even discuss this together sensibly but I'm hoping things will improve soon.

THANKS VERY MUCH.

Bestthingsinlifearefree

If you have internet access at home or can e-mail this thread etc I suggest you get your wife to read this thread and she can see the imput / advice / thoughts of neutral, MSE'ers about the best way forward.

This will help the family to have it's "lightbulb" moment.:beer: You and your OH must tackle this as one team, one strategy to improve and protect your families financial position and BOTH be committed to turning things around.

Keep posting :beer:

clovis_2

Bestthingsinlifearefree wrote: »

The thing to focus on, think about, is that it is not your income that is / has been a problem but your spending.

Just spotted that bit, that is so spot on, from my point of view.

Trouble is, lots of our friends are self employed or freelance, earns loads more but pay much less tax. I have lost count of the times this has been a cause of argument, with me being paid soooo little and paying sooo much tax.

[Deleted User]

6 miles is cyclable though, or even walk-able. By the age of 8 I was walking my 6 year old sister 3 miles to school before that nan took me before she got ill. My mum and dad always had to work as this was before minimum wage and dinner was beans on toast or cheese on toast.

Could get her a grands worth of honda civic would be more reliable then a brand new merc AMG lol.

Would get rid of the HP debt, one of many but its a start

Bestthingsinlifearefree

clovis wrote: »

A voice of sanity in the middle of my nightmare. WE just need to both get that lightbulb lit. And I am hoping that this is the wakeupcall. I like the idea of the SOA for my OH, I think she knows but is really in denial, it is terribly difficult to even discuss this together sensibly but I'm hoping things will improve soon.

THANKS VERY MUCH.

I know it can be tough.

I had to explain to my wife the other night that we (at the moment) could not afford a conservatory at the moment (plus we don't really NEED one though we WANT one). She was not happy but once I explained the maths of it she saw the light.........well more or less:rolleyes: WE have gone from 2 salaries to one due to having our little boy.

Hence tough decisons need to be made to protect our finances.

You need to put it it in black and white i.e if we dont radically change our ways ultimitely the house will be repossessed.

I am a dad with a little baby. The most important thing is not the a conservatory or the holiday or what ever but your families financial security.

To build and protect your families finances yes TOUGH decisions and SACRIFICES have to be made.

If your wife knows you are looking at all options and you are taking positive decisions for your families financial future I am sure she will understand.

But lets take one step at a time and look at the overall picture first.