Can't pay mortgage and bills

clarelouise

Hi

I don't know if this is in the right place or not but I have a problem paying my mortgage.

I am divorced with a 3 year old, my ex husband and I both own the property I live in but I am really struggling to pay the mortgage and all the bills, I work and get tax credits but I'm still struggling. My ex has said he will move back in and take over paying everything but then my son and I will be stuck with no where to go.. What can I do?? Selling is not an option as we are in negative equity and my sons dad already pays above the amount he is meant to.. Help please..

pmlindyloo

clarelouise wrote: »

Hi

I don't know if this is in the right place or not but I have a problem paying my mortgage.

I am divorced with a 3 year old, my ex husband and I both own the property I live in but I am really struggling to pay the mortgage and all the bills, I work and get tax credits but I'm still struggling. My ex has said he will move back in and take over paying everything but then my son and I will be stuck with no where to go.. What can I do?? Selling is not an option as we are in negative equity and my sons dad already pays above the amount he is meant to.. Help please..

Since the property is in negative equity then this is a difficult one.

A few options (some may not be possible without knowing all the financial details)

1. Speak to your mortgage lender and see if they will allow you to go a) interest only 2)extend the term

2. Sign the house over to your ex (if the lender agrees your ex can afford the mortgage repayments) and you rent privately.

3. Speak to CAB and ask about any mortgage rescue schemes.

http://www.adviceguide.org.uk/england/debt_e/debt_mortgage_problems_ew/debt_how_to_sort_out_your_mortgage_problems_e/mortgage_rescue_schemes.htm

BigAunty

See the Shelter website - their sections on relationship breakdown and how to prevent mortgage arrears and repossession.

Go to the debt wanabee forum and post a statement of affairs - they will explain how to. The members there will help you come up with a debt management strategy, one that could write off debts or reduce them to token sums.

You are in the wrong forum - you can double check your benefit entitlements on the Turn2us onlien benefit calculator but if can't get any benefits, then spend your energies in upping your income and decreasing your household expenses.

Also, download the MSE budget planner and work through the site to see if you can slash general spending.

help4help2013

http://england.shelter.org.uk/get_advice/relationship_breakdown

thorsoak

Are you claiming child tax credit?

fluffymovie

pmlindyloo wrote: »

2. Sign the house over to your ex (if the lender agrees your ex can afford the mortgage repayments) and you rent privately.

I really would urge against this course of action as signing away an asset could be seen as deprivation.

If you move into a private rent property, the value of the asset would be used but as you are in negative equity, this would be nil so you would still own a house or half, but you would be entitled to max benefit.

clarelouise

Thanks everyone. I have cut back as far as I can and I get tax credits etc already so it's just not possible to keep the house on any more.

fed_up_and_stressed

Suggest you get specialist advice speak to cab or the moneyadvice service at ways to try to reduce /manage your debts.