Advice Needed, Sell up and rent! Massive debt

roxy84

hi again. I know its not totally by boyfriends fault, but i cant help but blame him he bought a £23000 bmw car the month after our baby was born. He gets over £50k a year working away on the rigs so that was his excuse but he didnt take into consideration that we were gona b down a wage and have more money going out

roswell

sell the car then and the house.

alm721

I would try and keep the house if poss. You should be able to rent cheaper but bear in mind that most landlords run credit checks on tennants so if your credit history is bad as you say then you may find yourself struggling to find somewhere, or at least having to find several months rent in advance. Who knows were proprty prices will go in the next few years but if they do continue to rise, even very steadily it will just become harder to get back on the property ladder. Good luck

seven-day-weekend

First of all put your SOA on here so that people can see what's what.

Sell the car, buy a cheap one, then pay off your mortgage arrears then pay off the £14000 loan if there is enough money.

Then if you have space in youi home (the baby can sleep with you for at least a year )have a lodger. You can earn up to £4250 a year from the Rent-a-Room scheme without paying any tax. Put the lodger's money towards the debt with the highest interest.

Good luck!

shakerbaby

Such young lives ruined by greed and debt. When I was your age i was travelling the World. I pray your marriage lasts though reading the train crash of your finances I really doubt it will. So much owed by someone so young. Tragic.

gothtrails

roxy84 wrote: »

hi again. I know its not totally by boyfriends fault, but i cant help but blame him he bought a £23000 bmw car the month after our baby was born. He gets over £50k a year working away on the rigs so that was his excuse but he didnt take into consideration that we were gona b down a wage and have more money going out

Not sure if I'm doing this right - new to site and too early in the morning. I have been where you are and it is not pleasant. The threat of repossession - debt etc. When my first child was born 16 (oops nearly 17) years ago, we had too much debt and not enough income (down to one wage after the birth etc). Honestly if I had known then what I know now I would have sold up and rented - you are 22, what is six years in the scheme of things if it enables you to be debt (and more importantly stress-free). The way things look at present interest rates will go up before they go down. The idea in life is to be happy and live it, not to be weighed down with a millstone round your neck. You can have a lovely house without having to own it - for now. If you chose to do differently in a few years time, so be it. I hope this is of some use to you. Chin up and good luck. CJ

seven-day-weekend

shakerbaby wrote: »

Such young lives ruined by greed and debt. When I was your age i was travelling the World. I pray your marriage lasts though reading the train crash of your finances I really doubt it will. So much owed by someone so young. Tragic.

Hi there.

Please note Martin's request at the top of the board:

Pls remember Debt-Free Wannabee's for support and help not judgement
http://forums.moneysavingexpert.com/announcement.html?f=76

quantumleap

shakerbaby wrote: »

Such young lives ruined by greed and debt. When I was your age i was travelling the World. I pray your marriage lasts though reading the train crash of your finances I really doubt it will. So much owed by someone so young. Tragic.

That is a very harsh judgement and NOT what this site is for. I would suggest that if you don't have anything constructive to add to this thread that you say nothing at all.

Roxy, You're debt is significant and clearly both you and your OH need to understand why this sort of debt has accumulated. If you want to be debt free you do need to deal with the cause of the debt.

I would suggest with that sort of debt you guys must have quite a few things you could sell, I'm sure for example that a nearly new BMW would sell for quite a few pounds. If your OH is paying it off via finance he needs to speak with them and explain he can't afford it and see what can be done.

You need to post a SOA on this thead in order to avail of the advice you really need.

Have you spoken to CCCS / Payplan or CAB? If not, I'd suggest you do.

silkglade

shakerbaby wrote: »

Such young lives ruined by greed and debt. When I was your age i was travelling the World. I pray your marriage lasts though reading the train crash of your finances I really doubt it will. So much owed by someone so young. Tragic.

I think that you are totally out of order placing this post and if that is the only way that you can feel "GOOD" about yourself then I "PITY YOU".

If this is the only kind of "advice" that you are able to give, then i suggest you keep your comments to yourself.

This board is supposed to be judgement free and supportive.

If you are in a relationship then i pity your "other half" that they are involved with such a shallow person.

chunky79

shakerbaby wrote: »

Such young lives ruined by greed and debt. When I was your age i was travelling the World. I pray your marriage lasts though reading the train crash of your finances I really doubt it will. So much owed by someone so young. Tragic.

Howvery rude!

personally it generally takes something like this to make you realise how strong your relationship is!!

Keep your chin up missus and ignore the rude comments those who judge tend not to own any mirrors!!