New to the Forum

elmac_2

Hi everyone, I registered on the site just before Christmas and have only just plucked up the courage to do anything about it. My circumstances have changed in the past couple of months, we were already struggling financially, well just kind of keeping our heads above water, but my husband had a heart attack at the end of February and has been off work since and at present we are not sure when or if he will be able to return to his present job as he is a joiner and he already has Rheumatoid arthritis as well. He was already finding it really difficult to keep going working before his heart attack. The company he works for only pays statutory sick pay, so his income is now about a fifth of what he was earning before. We had no savings at all and although we have had a bit of help from friends and family things are starting to get really tricky.
We have a repayment mortgage (£59,000 at last count), a bank loan
(£10,000) and two credit cards (about £5,000 between them) I've just managed to get )% interest for nine months on other cards so have transferred balances, and a £2000 loan we took out to pay for a dyslexia programme for our son. Our big bank loan had insurance so it is getting paid for us but the rest is down to us. I work almost full time so we have been told that there are no other benefits available to us. We have two teenagers still at school and the Tax credits crew overpaid us 4/5 years ago and we have received nothing from them since!

If we didn't have so much debt we could manage on my wages and the sick pay if it was just the mortgage and the bills, but hey I wouldn't be on here if I was in that position would I? I am 55 and my husband is 57 and we have no pensions apart from the state ones I really want to be debt free but I can't see how we can do it. I think we may be working till we're 90 at this rate.
I would love to hear how others managed to see the light at the end of the tunnel, as far as I can see its been switched off due to rising electricity costs!
Look forward to chatting with others who are in similar positions to me.
elmac

planbetter

Still up and worrying - like me. Tomorrow you will get loads of useful replies. I have just started here and the sheer volume of ideas is very encouraging - it's like looking out on an entirely new lifestyle - not of drudgery which is what I feared but ingenuity and integrity. Keep coming back - it really cheers you up and you don't feel so alone.

postingalwaysposting

welcome elmac, sorry to her about your husbands health problems, I hope he gets better soon. For most of us on this forum the first thing we ask for is a statement of affairs (soa) this includes all your incoming and out going and all your debts with apr's. You seem to have made a great start already. This prob sounds like a very hard and legthly task and it is but in the first instance its the best way to help. You have come to the right place and you are not alone 1000's use just the dfw board each month. Keep posting and welcome onto the debt free path, you will get there

*zippy*

Hi elmac :hello:

Do call the tax credit people, your circumstances have changed so perhaps you are now due something. Check the website below to see if there is anything else you are entitled to.

http://www.entitledto.co.uk/

Well done for posting, you will get lots of help tomorrow when it is busier on here. We are all in the same boat so theres lots of support and people to chat to :grouphug:


zippy x

disco_3

Have faith with the vast knowledge and help you get on this forum.

You are not alone with any problems, just remember that. We have all either been there or going through the same. Well done for posting in the first place.

Its friendly here with only advice not judgement.
:hello:

hypno06

Hi there! If there is anything that we can do to help you switch that light back on in that tunnel then please shout!

Def check out the tax credits thing - they must have overpaid you by masses if you haven't had anything for the last 5 years.

And if you feel able, check out SouthernScouser's sticky above which will tell you how to prepare the infamous Statement of Affairs that might give the DFWers other clues as to how we can help!

Good luck, and keep posting now that you have made the first move!

newleaf

Just want to say hello :wave: and add my best wishes for your husband's recovery. There's nothing like a health scare to put things into perspective. You've already been given good advice by PAP, Zippy & Hypno, so I look forward to seeing your SOA go up. Good luck.

Sea78

Hi! Welcome to the board - would echo what's been said already, post a SOA and get ont o the tax credits people now things have changed.

Sea xxx

jo1972

Hi Elmac :hello:

Welcome to the boad

I've only been posting for just over a week and have found tons of inspiration from the people on here, no judgement just help. We all know we're in trouble whether it be through fault of our own or not and the last thing we need is judgement.

I hope your husband recovers very soon and look forward to hearing your progress with your financial stuff, the guys on here will soon have you sorting things out once they've seen your SOA. I'm still trying to get figures together for mine but it's looking scary already :eek:

Have a nice weekend, no more panic just feel confident that you are dealing with it

Jo.x

mae

Hi I haven't read through all the replies so forgive me if I'm repeating what someone has already said but have you asked you mortgage lender if you have the type of mortgage when you can have a payment holiday? May help tide you over for a few mths?
If not have you thought about changing your mortgage to interest only for a little while that way even though you are not actually paying anything off it you are still keeping up your payments and won't get bad credit rating or have your house repossessed.
This may save you a bit each moth and free some cash up?
Good luck you

Seaxwyn

HI Elmac

I'm sorry to hear of your troubles and wish your husband a speedy recovery.

As others have said - ring the Tax Credits people today. I was in the same situation as you, had not been paid any tax credits for a long time due to previous overpayment. When I rang to tell them our income had dropped they were immediately reassessed and I got a nice sum in back payment too.

It's nice to hear that the loan insurance worked for you -that's the first time I've ever heard anything good about it!

Very best wishes and please keep posting, you will get lots of support on here.