Just don't know where to start?

leannethomas

hi,

I will just go right into my situation i think, well here goes.
In 2004 my husband and i decided to buy a house after 7 years of renting, we moved in in july 2004 after everything went through fine. The following april it started to go down hill from there, with my husband getting a phonecall from his employer n the 29th april stating he was out of a job after being with them for 7 years, due to the company going into administration. He got no notice at all, so that was that. So obviously he started looking for more work immediatly. He found a job, got laid off and again found another job got laid off and thats all its been till march 12th this year where he has started (im hoping) a good secure job (not as a road worker anymore). But during the time he was in and out of work we have built up so much debt just trying to survive that we are completely out of options now. We owe £14,500 on our credit card alone because my husband had to draw out cash to pay our mortgage. We already had a secure loan of £35,000 on the house to pay my brother back (because he lent us the deposit for our mortgage) and also to pay previous credit. Plus our interest only mortgage of £117,000. We have asked my brother to lend us some again and because the money he had was for his extention on his house (which he has now completed) he doesnt have any left to lend.

I do work but because we have a 11 year old son i am only employed part time, but over the last 2 years when my husband has been at home i have been doing as much overtime as my boss can offer me, although i am only on £6.48 an hour and employed to work 22.5 hours a week.

So...what to do next? Do we try to remortgage, get a financial adviser in to help, or well i just don't know.

Considering my husband has another job and most of the people that have been there have been there for an average of 10 years, it seems secure.

Ideally taking into account what we can afford to pay out on his new wages (and mine) we could probably afford to up our mortgage and consolidate everything into one payment and have a repayment mortgage. BUT he has not been there very long and our house is only worth about £155,000 now.

Does anyone have any advice for me? Im desparate and fed up with our bad luck where work is concerned. Not really sur how im still sane, i think im kind of on auto pilot. Need to get back on track before i go mad, need to keep it together for my son.

Thanks, take care and good luck to everybody who is having problems, i hope you get help to sort them out.

love lea x

raq

Hi and welcome

Personally I wouldn't consolidate anything. Your best bet to do first is an SOA ( Statement of affairs ) and someone , actually lot of people will be along shortly with a lot of help.

All the best, and yes there is light at the end of that long tunnel

rayday2

We have one loan secured on the house which was a consolidation and I wish we had not done that, we still could not cope and went on and run up see below!

If you can't manage you need to stop take an honest hard look at your outgoings and see what you can cut back and if you need to do anything more drastic.

Its definately worth looking at other options before you consolidate no harm in checking every option out!

Kaz2904

Yes definately do an soa. I would advise against getting another loan as it ought to be much cheaper to pay off your credit cards by snowballing. When you write out your soa please find out the apr's of your cards and be aware that if you have been drawing cash on them then it will be more expensive as it has a higher APR.
I know you say your husband has a secure job now but still better to try and cut down your living costs to a small amount and repay the credit cards as psychologically you will get a boost from clearing them 1 at a time. You will also not end up in the same position in the future if your DH is laid off again (never say never). You're certainly in the right place for advice.
Could you up your hours with work to do full time? If your son is 11 now then he is going to be getting towards that expensive age where he grows every 2 weeks and needs new clothes!

yellowmonkey

Hi.

Just like to say you have made the first step by posting. Well done :T

ym

angchris

it must be a big relief that oh finally has found a stable job, dont consolidate as things should work themselves out given time. don`t put these debts on to your mortgage as you will then be paying interest for 25/30 years whereas if you tackle them independantly you can get them paid off much quicker. things should start looking up for you now if you can get a repayment schedule up together. you need to look at your monthly outgoings (post them on here) and get them down to a minimum be frugal with the money you do have and this should release that extra little bit each month to throw at your debts. keep your food/clothes/entertainment bills to a minimum each month and try to limp by each month, it will take time but im sure you will get there in the end, goodluck...angchris