My ship is sinking

DawnW

you may not like this idea, but on the other hand it might save you a lot of stress. Why not sell the house and rent somewhere on your own and start off all over again? If you have a bit of equity you could even pay some off your cards.

simonts

DawnW wrote: »

you may not like this idea, but on the other hand it might save you a lot of stress. Why not sell the house and rent somewhere on your own and start off all over again? If you have a bit of equity you could even pay some off your cards.

Thats certainly my fallback plan come May next year when I probably wont be able to get a mortgage on my own thats for sure, The bit that scares me is that it was hard enough to get on the market last year let alone a year or two down the line

DawnW

simonts wrote: »

Thats certainly my fallback plan come May next year when I probably wont be able to get a mortgage on my own thats for sure, The bit that scares me is that it was hard enough to get on the market last year let alone a year or two down the line

remember that there is more to life than 'being in the market, or on the ladder or whatever'. We don't know what house prices are going to do in the short term - they could even go down. I personally do not own a house at the moment, though I could afford to do so. It is more important to me to live somewhere really nice (much nicer than I could afford to buy, in a lovely location) than to be able to say I own a property (or rent it from the bank or whatever). I have no debts, and savings in the bank. Ultimately it is your choice, but remember, as far as we know, we only have only one life at our disposal. Good luck with whatever you decide to do.
D.

simonts

Well I have had a think and a few fights about this with the ex, I am going down the road of renting the house out for six months initially while I get back on my feet. I am in the handy situation that my family runs a local estate agency so I can avoid the fee's involve.

Going rate for a modern two bed here will pretty much cover the mortgage payments and free up an enormous amount is salary to throw into my creditcards..At a push maybe £800 per month

HairyHandofDartmoor

I wouldn't rush into selling the house. With some budgeting you could spend less and have more money to overpay on your debts.

I would accept the Egg 0% offer as it will save you money in the short term. Cancel unnecessary insurances, cut down on the food bill (a single person shouldn't need to spend more than £100 per month, although you may have to cut out a few luxuries and start cooking more from scratch), and keep a spending diary so you know where every penny is going.

I was able to trim £500 per month from my budget by doing similar things to this.

Do you have any spare capacity on the Nationwide card? As you don't owe much on this card you could pay this one off asap and then when your statement says 0, ring them and ask if you can do a balance transfer from one of you other cards onto Nationwide. I would ask for a low life of balance offer if they do one, as it is more sustainable in the long term.

Read Martin's article on balance transfers. If you can gradually get all your credit card debt onto low interest you will find you are paying them off much quicker, especially if you can trim down your budget to free up money for the debt overpayments.

Ignatius_A

simonts wrote: »

Well I have had a think and a few fights about this with the ex, I am going down the road of renting the house out for six months initially while I get back on my feet. I am in the handy situation that my family runs a local estate agency so I can avoid the fee's involve.

Going rate for a modern two bed here will pretty much cover the mortgage payments and free up an enormous amount is salary to throw into my creditcards..At a push maybe £800 per month

Remember to factor in a few month's "empty" time, to cover for when you're between tenants. You also should register with the Inland Revenue, as rental income is taxable (although you can currently knock off the amount you spend in mortgage interest (not capital) payments and repairs (but not improvements))

Hope this helps

FunkyCEO

Could (should?) your ex partner be paying more also? (assuming she's working).

Total 'joint house/living' costs are:

Mortgage: £667.90
Council Tax £100 estimate
Gas: £35.00
Electric: £41.50
TV License: £17 estimate
Sky: £40 estimate
Water: £15
Direct Debit AXA INSURANCE UK P: £12.56 (took the lowest)

Total of £928.96! or £465 split by 2 people.

You mentioned that your ex partner was paying £200 plus the above in red which is really only appox £357.

Can you ask her to pay more? (even £50 per month could help you alot)

simonts

Credit card companys dislike me, It started when we got the mortgage...I assume its because I am now linked to my ex's credit rating who has a Default for not paying her capital one credit card.

simonts

FunkyCEO wrote: »

Could (should?) your ex partner be paying more also? (assuming she's working).

Total 'joint house/living' costs are:

Mortgage: £667.90
Council Tax £100 estimate
Gas: £35.00
Electric: £41.50
TV License: £17 estimate
Sky: £40 estimate
Water: £15
Direct Debit AXA INSURANCE UK P: £12.56 (took the lowest)

Total of £928.96! or £465 split by 2 people.

You mentioned that your ex partner was paying £200 plus the above in red which is really only appox £357.

Can you ask her to pay more? (even £50 per month could help you alot)

She used to pay £250, Last year I got a £4k rise so I let her reduce what she was putting in, Bad move as she cant have been as poor as she claimed..since we split she went out and bought a horse paying £110pm to stable it.

Every time I try and approach her about money she just puts a wall up or goes off on one.

Lucie_2

FunkyCEO wrote: »

Could (should?) your ex partner be paying more also? (assuming she's working).

Total 'joint house/living' costs are:

Mortgage: £667.90
Council Tax £100 estimate
Gas: £35.00
Electric: £41.50
TV License: £17 estimate
Sky: £40 estimate
Water: £15
Direct Debit AXA INSURANCE UK P: £12.56 (took the lowest)

Total of £928.96! or £465 split by 2 people.

You mentioned that your ex partner was paying £200 plus the above in red which is really only appox £357.

Can you ask her to pay more? (even £50 per month could help you alot)

I know things aren't always black & white, but I see it the same way as FunkyCEO - if she won't move out then she has to contribute more. House bills should be a 50:50 split. Either that or she moves in with the horse :rotfl: (sorry, I'm not laughing at you, but it's time to get tough)