My SOA - thoughts please...

Sandgrownun

Yes, it's a tiny one bed cottage. No room for more than one kid in the bedroom, no room for even a bed settee in the lounge. So unless we co sleep in a double with a newborn and a preschooler (safe?) or ds sleeps in the bathroom? Or ds sleeps in the lounge, but the front door opens into it from the road and its not a great area, plus he'd be right next to the kitchen and all the danger. It just doesn't seem responsible to me.

Sandgrownun

Ps I'm sure 100 years ago a family of 5 would have lived in it, but not sure it would cut it with today's standards of child welfare!

samtoby

Although not ideal I would move back into the house.

I am assuming your other child is young. I would do what a couple I knew did. They used the one bedroom for their two young children. They had a bed that came down off the wall and was put away almost looked like a cupboard. They used every way to live on the breadline and by the time their youngest went to school they were in a position to sell and move somewhere larger. I know it woukd be hard and they found it hard but they would say it was the best plan from experience.

Bankrupcy is a last resort and I feel you are in a position to sort this out with out the damage of bankrupcy.

Crunch some numbers at the options. Good luck

samtoby

It must have a double bedroom? What are the measurements of the rooms?

HappyMJ

Sandgrownun wrote: »

Thanks, but if going BR does it matter what price I get? Surely it's in the interest of NRAM to get the best price? I'm not being in unresponsible just wondering whether its worth the stress of selling the house whilst heavily pregnant/with newborn?

Thank you. I have a phone interview with step change tomorrow, will they do the same?

Thanks for remembering me and explaining x

It is in the interest of NRAM to get the best price but they won't spend anything on doing it up or presenting it in the best possible way for sale. They will sell it in it's current state. If you do decide to go BR then it doesn't really matter what they get for it at all so you could just let them deal with it to avoid the stress. If you don't want to go BR then you really should consider selling it yourself and finding the money for the shortfall....but £35,000 is a big shortfall to find and you can't usually sell unless you clear the negative equity. You would need to borrow money on an unsecured loan and you could only do that if your credit rating is perfect and your salary high enough and it's borderline...and you will then be paying a much higher interest rate on an unsecured loan.

19lottie82

Sandgrownun wrote: »

Inspired by the Is Bankrupcy the best option for me thread? here is my SOA...

Mobile phone............................ 37
If this is a contract, cancel ASAP and change to a cheap sim only or PAYG
Groceries etc. ......................... 400
This is quite a lot for 2 adults and a child, aim to reduce to £250
Clothing................................ 100
On what? Cut this to £30
Contents insurance...................... 35
This is ridiculous. My contents insurance is £5 pcm!
Presents (birthday, christmas etc)...... 40
Half this and buy for your child only. Others will understand.
Haircuts................................ 30
Too much, get clippers for the boys and visit hairdressing colleges for yourself (and extend time between visits)
Holiday................................. 100
You can't afford this
Emergency fund.......................... 50
Reduce to £20 But ONLY if this is actually going in an emergency fund. If not, ditch all of it.

QUOTE]

closed

If you redo the soa cutting out all the fat, including the rented property and extra costs associated with running 2 places, it looks a whole lot better, then it's just a matter of making the small house sleeping arrangements work for a while until finances improve. Removing holiday and emergency fund and haircuts alone removes the deficit

the car is costing £400pm +
rent 500
excess groceries 200 at least
clothes 100
2 lots of council tax/utilities/insurance
£200 in unsecured debt repayments

thats a salary

Sandgrownun

samtoby wrote: »

Although not ideal I would move back into the house.

I am assuming your other child is young. I would do what a couple I knew did. They used the one bedroom for their two young children. They had a bed that came down off the wall and was put away almost looked like a cupboard. They used every way to live on the breadline and by the time their youngest went to school they were in a position to sell and move somewhere larger. I know it woukd be hard and they found it hard but they would say it was the best plan from experience.

Bankrupcy is a last resort and I feel you are in a position to sort this out with out the damage of bankrupcy.

Crunch some numbers at the options. Good luck

samtoby wrote: »

It must have a double bedroom? What are the measurements of the rooms?

It does have a double room, you'd probs get a double and a Moses basket /crib, but they are only good for a few months, no room for cot.

I get what you're saying, but it would cost £449 mortgage to move back in as opposed to £500 rent in my current house (friend rents to me) so I'd be paying similar to live in cramped and slightly damp accommodation, with no garden in a dodgy area with rubbish schools, whereas now we had a 3 bed with garden, in lovely area with great schools, one of which ds is at the preschool of. I get about the responsibility of paying back debts but is this really best or fair for my family? I've tried to resolve this issue for 7 years, including working 60 hour weeks whilst very heavily pg and also with a near newborn. It's nearly killed me and I think I need to think more about my family responsibilities than debt now - but I do feel guilty believe me.

woohoo_postingid

Sandgrownun wrote: »

It does have a double room, you'd probs get a double and a Moses basket /crib, but they are only good for a few months, no room for cot.

I get what you're saying, but it would cost £449 mortgage to move back in as opposed to £500 rent in my current house (friend rents to me) so I'd be paying similar to live in cramped and slightly damp accommodation, with no garden in a dodgy area with rubbish schools, whereas now we had a 3 bed with garden, in lovely area with great schools, one of which ds is at the preschool of. I get about the responsibility of paying back debts but is this really best or fair for my family? I've tried to resolve this issue for 7 years, including working 60 hour weeks whilst very heavily pg and also with a near newborn. It's nearly killed me and I think I need to think more about my family responsibilities than debt now - but I do feel guilty believe me.

But it's not costing you £500, it's costing you £750 !

Sandgrownun

woohoo_postingid wrote: »

But it's not costing you £500, it's costing you £750 !

Why? Rent is 500?