Struggling - need a loan?

shouldiauctionit

I am severely struggling with depression right now. The kicker is I just bought a house like 7 months ago and I am feeling trapped now. I need out. I've looked at a quick sale company who've done their survey and have offered me an amount which leads me to the figures below.

So my reason for selling is that. And now I need a loan to get the remaining money to settle up. Here's the details:

4 year fixed rate mortgage = 4k to terminate
Outstanding mortgage after sale = 20k remaining.

My salary is 36.4k. Been working here for 4 years. I worked out I can pay that amount down in less than 2 years.

What's the best way to approach this? Will the bank manager help me reduce the 4k at all? Can I get a loan from them or should it be Zopa or someone like that?

Pixie5740

Are you positive you want to sell the property after only living there for 7 months? Were you a first time buyer? Many people feel buyer's remorse after purchasing a property and have a what-the-hell-have-I-done moment.

If you are intent on selling (where will you live if you sell it?) then do not use a quick sake company. They'll just cost you more money than if you sell using a conventional method and won't be able to sell it any quicker. It's a bit like using We Buy Any Car where you only end up getting a fraction of what your car is with.

You will need to settle the whole mortgage if you sell the property. Whether that's a loan from your bank, Zopa or elsewhere will depend on your affordability and credit history.

DCFC79

What's the cause for depression ?

Are you getting help for it ?

Rossim1985

Please please please get help for depression. I suffered with it 3 years ago and I did make rash decisions because I was often not in the right frame of mind to make a sensible, well thought out choice.

My depression just prolonged my debt problem at the time and also made my job a nightmare.

Do feel free to PM me if you want more help / more insight into what I faced and how I got myself out of it.

boo_star

Rossim1985 wrote: »

Please please please get help for depression. I suffered with it 3 years ago and I did make rash decisions because I was often not in the right frame of mind to make a sensible, well thought out choice.

My depression just prolonged my debt problem at the time and also made my job a nightmare.

Do feel free to PM me if you want more help / more insight into what I faced and how I got myself out of it.

This.

Are you being treated for your depression? You may not be thinking rationally.

Are there any family members who are aware of your condition to turn to, perhaps being able to judge whether it is the correct course of action?

shouldiauctionit

I had a bit of a plan relating to my depression but I'm a bit isolated from my family where I am.

I plan on seeking treatment, and I did go to somebody a while ago but I should probably keep going (but it is £40 per session).

It is a rash decision but I've given it a few months and I am just steadily feeling worse and worse.

boo_star

shouldiauctionit wrote: »

I had a bit of a plan relating to my depression but I'm a bit isolated from my family where I am.

I plan on seeking treatment, and I did go to somebody a while ago but I should probably keep going (but it is £40 per session).

It is a rash decision but I've given it a few months and I am just steadily feeling worse and worse.

Speak to your GP. There are NHS psychiatrists for it (although you may need to go to a group session to be assessed.)

19lottie82

OP do you really think you will feel better if you get rid of the house but in turn take on a 5 figure amount of debt? I don't think you will and you will regret it further down the line, only to feel even worse!

Coveredinbees!!!!

Go to your gp it's free. Do that before you do anything else!!

tiger_eyes

shouldiauctionit wrote: »

I plan on seeking treatment, and I did go to somebody a while ago but I should probably keep going (but it is £40 per session).

I know it's difficult to make rational decisions when depression is severe, but I have to highlight this for you. If you're willing to take on £24,000 of unnecessary debt to get rid of your home, £40 a session for therapy is nothing. Your £24,000 could pay for six hundred therapy sessions. Six hundred! That's once a week for eleven and a half years - by which time, if you remained in your home, your house probably would have doubled in value and you would have had over a decade's security and comfort. I realise finances aren't everything, but this cost-benefit analysis where £40 is too much for therapy but you want to pay £24,000 to get rid of your most valuable asset is crazy. Go to therapy.

DCFC79

Ill repeat my previous question, whats the cause for the depression ?

Is it because your isolated from your family, I take it you mean your a long distance from them ?

Where would you move to if you sell the house ?

Its an expensive decision.

Why not get the help for the depression, could your parents not come to see you for a weekend say.