Back from the brink of disaster....now to pay off £160,400 interest only mortgage :-(

elantan

What Lois said

[Deleted User]

Hiya Kate and Welcome!!

You have certainly the first step in posting here and a diary can make you much more motivated to keep on track!!!

We can all spend way too much at times but keeping yourself accountable here can really help !
Be warned it does get addictive tho.... :rotfl:

Cheapskate_Kate

aww thanks

Courgette

Hello Kate. Welcome to the boards and good luck in your journey. Don't beat yourself up too much, okay :cool::)

kirstypark

go on, go on, can't wait for the next chapter, it all sounds rather familiar. Don't be embarressed about past mistakes, it's called life and most of us have regrets that we have wasted cash in the past. All we can do is change our futures...

Welcome...:beer:

Cheapskate_Kate

This is really cathartic - but looking back - wow- I don't know what I was thinking.....how much of a better position I could have been in had I realised how messy things would get.

The mortgage for the house went in my name only - because it was my deposit from the flat and because my OH had bad credit that would stop a mortgage application even in those days. Somehow Northern Rock offered me 110k interest only mortgage on a part time admin salary. The mind boggles now doesn't it. I can't remember the rate - probably didn't even care at the time - I was barely looking at how much it would cost per month because the mind was focused on paint colours and settees. We went with interest only - we told ourselves it was because I was going to go on maternity leave and then have a year out looking after the children. then I'd be back to work and get that top well paid job! Really it was because we couldn't actually afford a repayment mortgage.

So fast forward a bit......I didn't go back to work, we took out a loan for a car, we ran up credit card debt, we took equity out of the house when house prices were still rising, 20k for a new kitchen, 10k for a bathroom, 10k to pay off debts which were then run up again and god we even took equity to pay for our wedding. And all this time the mortgage remained as interest only.

So by the beginning of 2007 things were getting really really bad and perhaps an inkling of realisation began to hit us. Direct debits were bouncing, we were using credit to buy food and still we thought the way out was to get more credit. I tried to get work but it just wasn't happening. Then I found out I was pregnant with my twins and still the true realisation of the dire states of our financial affairs didn't hit us so we merrily went out and bought a new car.

Shortly after my boys were born was the most stressful time of my life. My husband decided this 'wasn't what he wanted', 'he needed time to think' he was 'confused', needed to 'find himself' again. Well, its such a cliche but he found himself somewhere he shouldn't have been.

And so we eventually separated and I was left with 20k debts, 160k interest only mortgage, a leaky roof, but....and the shining beacon in this story.....my 4 beautiful children.

I think I'll call this period of my life as the BC part.....Before Change. Then there was the transition period which I'll perhaps write about tomorrow before we get to where I am now which I've decided to call AD - after disaster.

Cheapskate_Kate

kirstypark wrote: »

go on, go on, can't wait for the next chapter, it all sounds rather familiar. Don't be embarressed about past mistakes, it's called life and most of us have regrets that we have wasted cash in the past. All we can do is change our futures...

Welcome...:beer:

Oh it is all too familiar believe me! At least I've learned from my mistakes and certainly hope to change my future. I'm sure my waffle is very boring but thanks so much for reading. I need to get motivated and spur myself on to tackle this awful mortgage

Lois_E

No, it's not boring.

Matt_The_Chippy

It's quite moving reading that actually.

Thistlewhistle

:wave:Hi Kate:wave:

I've been reading your thread and want to say that I think you're going to fit in so well around here. We're all capable of looking back and finding fault with how things have gone in the past, berating ourselves for choices we've made etc etc.

However, if we keep looking back, we miss the future.:D

You've drawn a line and stepped over it.
This means you're on your way back.

Feels good doesn't it!:dance::dance:

I'm subscribing to your thread to keep abreast of your progress and to remind me to keep egging you on!

Thistle x

Ps myself, elantan and Tilly make the tea & coffee round here!!:rotfl:
Find yourself a cup and join the tea party!!