Siobhan

siobhan25

Hi

I need help and any advice that anyone can give me.

I am 25 and have a mortgage of around £75k and unsecured debt of around £20k.

My partner has just left, all the debt is in my name including the mortgage.

I have had my flat valued at £125k and now I dont know whether I would be better off selling my flat and paying off the debt and maybe increasing my mortgage or stay put and try and work through it.

Am really desperate and at the stage where my min monthly payments almost total my monthly salary so am behind in council tax.

Any advice would be most welcome.

Thanks

Siobhan

RAS

Hi

This has to be quick, so welcome but excuse if I am blunt at all.

In order to advise you, people need to know about your income and other outgoings.

Can you go to this stickie and do an SOA http://forums.moneysavingexpert.com/showthread.html?t=107280

listing everything you can think of. Then people can see where you are at and help you cut your costs if possible.

How big is the flat? Can you take a lodger. No tax to pay if the income is less than £4,500 ish.

Can you go interest only on the mortgage for a little while?

And in the end if you have to sell and rent, it is not the end of the world, though you have a fair bit of equity.

GirlRacer_2

Hi Siobhan, welcome aboard. Could you post up you statement of affairs (see southern Scousers thread for 1st time posters). List all your incomings and outgoings and we'll see what we can do.

siobhan25

Will do SOA now.

Thanks for quick response.

southernscouser

Hi Siobhan. Welcome to the site.

If you wanna post a picture of yourself aswell as your SOA I'll be happy to take a look.

GirlRacer_2

southernscouser wrote: »

Hi Siobhan. Welcome to the site.

If you wanna post a picture of yourself aswell as your SOA I'll be happy to take a look.

SS Behave yourself

tigtag02

southernscouser wrote: »

Hi Siobhan. Welcome to the site.

If you wanna post a picture of yourself aswell as your SOA I'll be happy to take a look.

Siobhan - meet SS, our resident perv

He's harmless enough and a great advise giver too

Rikki

southernscouser wrote: »

Hi Siobhan. Welcome to the site.

If you wanna post a picture of yourself aswell as your SOA I'll be happy to take a look.

Behave SS.

southernscouser

Look, I flirt with anyone. I don't have any prejudices. If you're female, you're fair game. If you're male, you go to the reserves list.

Rikki

southernscouser wrote: »

Look, I flirt with anyone. I don't have any prejudices. If you're female, you're fair game. If you're male, you go to the reserves list.

We wouldn't want you any other way. :T

siobhan25

:rotfl:

Harmless flirting, actually making me feel a bit better, particularly as was filling out my SOA, not my happiest mo!!

Monthly Incomings:

My salary - £1,170

Monthly Outgoings:

Mortgage - £420
Council Tax - £119
Electric - £85
TV License - £10.99
Phone/Broadband - £40.79
Mobile - £25
Food - £200
Factors fees/buildings Ins - £ 25
Total: £925.78

DEBTS

Bank of Scotland Visa – Balance £2,670(limit £2,750) APR 19.9%

Bank of Scotland Personal Loan – Balance £8,000 APR 9.1% Length of term 86 months, 74 months to go (Monthly Payment £163.67)

Overdraft - £2100

Career Development Loan - Balance £7,300 APR 13.8% Length of term 59 months, 35 months to go (Monthly payment £176.14)

Debenhams Store Card - Balance £235, limit £250. Min payment £10 APR 29.9%

MORE INFO
My salary is going up at the end of this month to around £1500 per month.
My fixed rate deal on mortgage will expire in Sept~( Im currently on a rate of 4.4%)
I am three months in arrears on my credit card and my career development loan and two months in council tax.


My credit rating is poor but have been told would be able to get a higher int mortgage but worried will just be in same position 6 months down the line.
I have a two bed flat so a lodger may be an option.

I think thats everything.