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What would you do?

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  • shonzyd
    shonzyd Posts: 303 Forumite
    and do you own this house you are planning to extend????
    Trainee Building Surveyor


    DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013

    FINALLY IN MY FIRST HOME
    !!! WAHOOOOOOO! :beer:
  • shonzyd
    shonzyd Posts: 303 Forumite
    your choice to have a baby is entirely up to you. you have'nt stated how old you are so i dont want to argue about waiting etc, BUT like we've stated just be realistic. If something was to happen to you both (god forbid) what will you be leaving to your kids. A mountain of debt and nothing to show for it
    Trainee Building Surveyor


    DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013

    FINALLY IN MY FIRST HOME
    !!! WAHOOOOOOO! :beer:
  • MrsHunter
    MrsHunter Posts: 45 Forumite
    Thanks for your input everyone. My initial question was in reference to the extension and I agree that it makes more sense to pay the debt off. Thank you. It is just in relation to having another child that I disagree but that's a personal choice. Thanks again.
  • ValHaller
    ValHaller Posts: 5,212 Forumite
    1,000 Posts Combo Breaker
    MrsHunter wrote: »
    As I said, having another baby is not up for discussion. They are financially stable thank you. Our debt is under control and being paid off. My husband has a much better job than he did when we got in to debt and we are managing fine.
    As already stated, you have posted on a forum, so it is up for discussion. You have a 3 bed house, so if you have another child 2 of them will have to double up - it is not impossible. At the core, what you are doing is seeking approval here for extending your house while on a DMP and hiding that behind self justification that you need it for another child.

    So now the 3rd child is not an issue, let us deal with the extension. A DMP is a gentler and more civilised alternative to debtors' prisons or CCJ's which may make it difficult to continue in certain lines of work and may result in turfing you out of your house. Part of you deal is that within your means you do somewhere between your best and your utmost to pay your debts off in exchange for not having the hide sued off you.

    On a DMP, you get a reliable car which gets you to work and back. You do not buy the luxury model to stand on your drive to make a statement. Similarly you do not divert money which should be going to pay off your creditors into building an extension when you house is big enough for your family and leaves room for the 3rd child you desire.

    Note that I am not suggesting that your DMP requires you to stay at work and not have the child. Apart from that, I suggest that every aspect of your plan is up there for discussion.
    You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'
  • I'd use the extra £300 a month sell the £20k worth of stuff, offer full and final settlements wait a year or two then have a child.
    "All truths are easy to understand once they are discovered, the point is to discover them."


  • :T g:Great post ValHaller, that's exactly what i wanted to say but am not as articulate as you :o

    OP, take this advice seriously and consider the impact on everything before having another baby.
    Good luck for the future.
    DEBT FREE AND PROUD:D
    'Better to remain silent and be thought a fool than to speak out and remove all doubt'
  • MrsHunter
    MrsHunter Posts: 45 Forumite
    ValHaller wrote: »
    As already stated, you have posted on a forum, so it is up for discussion. You have a 3 bed house, so if you have another child 2 of them will have to double up - it is not impossible. At the core, what you are doing is seeking approval here for extending your house while on a DMP and hiding that behind self justification that you need it for another child.

    So now the 3rd child is not an issue, let us deal with the extension. A DMP is a gentler and more civilised alternative to debtors' prisons or CCJ's which may make it difficult to continue in certain lines of work and may result in turfing you out of your house. Part of you deal is that within your means you do somewhere between your best and your utmost to pay your debts off in exchange for not having the hide sued off you.

    On a DMP, you get a reliable car which gets you to work and back. You do not buy the luxury model to stand on your drive to make a statement. Similarly you do not divert money which should be going to pay off your creditors into building an extension when you house is big enough for your family and leaves room for the 3rd child you desire.

    Note that I am not suggesting that your DMP requires you to stay at work and not have the child. Apart from that, I suggest that every aspect of your plan is up there for discussion.

    You are completely right and put very nicely too. Although I genuinely don't care about a bigger house other than room for the kids. Do you know if we are likely to need 20% or more deposit if we are ever to get another mortgage? ( I'm talking distant future here)
  • MrsHunter
    MrsHunter Posts: 45 Forumite
    conisme wrote: »
    I'd use the extra £300 a month sell the £20k worth of stuff, offer full and final settlements wait a year or two then have a child.

    Yeah that's what I was thinking of doing. It's not worth 20k at the mo tho x
  • shonzyd
    shonzyd Posts: 303 Forumite
    MrsHunter wrote: »
    You are completely right and put very nicely too. Although I genuinely don't care about a bigger house other than room for the kids. Do you know if we are likely to need 20% or more deposit if we are ever to get another mortgage? ( I'm talking distant future here)

    It would completely depend on income at that time, purchase price, credit history etc, lots of factors to consider. 20% is a good target
    Trainee Building Surveyor


    DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013

    FINALLY IN MY FIRST HOME
    !!! WAHOOOOOOO! :beer:
  • It is worth something though, £300 extra in 12 months is £3600 plus whatever you could raise for selling the stuff,even if you made £20k its near half of the original £43k DMP starting amount.

    If I am correct from what I read here so far then your DMP started in Oct 2011 which was 17 months ago.

    £150 x 17 per month means you have so far paid off £2550 of what you owe? So you now owe £40450.

    A lot of creditors may accept a Full & Final settlement around 50% when negotiated with which Stepchange would do for you. You could be debt free this year. Then you can save for an extension and have another baby.
    "All truths are easy to understand once they are discovered, the point is to discover them."


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