Struggling - need a loan?

JKSandy

"I plan on seeking treatment"


Don't plan, do. Make and appointment today.

fruitisbad

Can you rent the house out for enough to cover the mortgage?

Herzlos

Good point; renting it out for the mortgage fee will free you up to rent wherever you want, whilst keeping the investment.

What are you planning to do once you've sold the house?

Taking on £24k in loans (plus whatever you spent on the move) seems like a very major decision; you'll be paying the loan off for years.

I'm not convinced you can pay £24k off in 2 years from a £36k salary, as that's presumably something like £24k/year after tax. Can you throw half of your post-tax income into a loan repayment? If you're spending that much you're probably cheaper just paying the mortgage and moving out.

HappyMJ

You said in another thread you are selling for £15k less than you bought it for. You also said it's financial suicide which it is. You have equity in this property now. Selling is going to create a major problem being the huge debt you will have. I have a £15,000 loan over 3 years and that costs me £443 per month. It's a huge cost. Even on £36k it's a huge chunk out of your monthly salary that it will make it appear you are working for nothing and make your mental health issues worse and maybe leading you to give up work entirely which is the last thing you need.

Your house might be on a busier road than you had expected but any person not suffering from whatever mental health issue you have can overcome that. You must see your GP. I really would not sell. Buying and selling housing should be seen as a long term investment.

27col

I would have thought that the last thing a person with depression needed was a £24,000 debt and nothing to show for it.
At least with a mortgage you have somewhere to live and a bricks and mortar asset.
It sounds as if wanting a quick sale has made you vulnerable to some rip-off merchant.

csgohan4

Dump the quick sell company quick, they will pressure you, phone you, knock your door, mail you and pester you until you sell for a fraction of the cost. They know your vulnerable, they must be got rid of.

See your GP, if you have Depression, they will refer your to the Community mental health. If you think of ending your life, you need to go to AE and get help from the psychiatrists asap.

http://www.rethink.org/about-us/our-mental-health-advice/crisis-contacts

photome

if you take on a £24000 debt and lose your job your depression will be much worse than it is now

go the the GP seek help for the depression BEFORE you make the decision to sell

tlc678910

Hi, as mentioned by someone else already how about renting out your house? If you aren't in a place to organise this yourself a good agent can organise almost everything.

You would need permission to let but although you haven't been in your house long (they often say you have to have held your mortgage a couple of years I think) you could definitely try asking - provide evidence of your depression and explain you need to live nearer to family right now. If you get this permission all you would need to do is organise landlord insurance (might be around £300). Then instruct an agent. If you don't get permission try appealing.

The agent can find your tenants (and check their credit & references), organise your gas safety check and certificate, organise installation of smoke and carbon monoxide alarms and advise of anything else needed. They may be able to deduct the costs for this from the rent you are paid so if you were able to stay with family or friends you would need very little up front money. An example of ongoing agent fees could be 10% of rent or 12% with "rent warantee" where the agent has insurance to pay the rent if your tenants won't. Fees can be cheaper but I would try not to choose an agent based solely on fees but more on their reputation and their experience/professionalism.

Tell your agent they must only consider people who can prove they have sufficient funds to pay the rent, good credit scores and good references. I know others may argue you should give people a chance but I don't think your mental health would withstand problem tenants so hold out for this.

You also need an Energy Performance Certificate to rent out but this should have been done as part of your house purchase you can find it at the register online using your address if you don't have a copy. No need to pay for this again.

If you are able to lodge with family/friends or rent a room you might benefit your mental health and your finances. While you are renting out you will be building on your asset and avoid making a rushed decision that you may regret.
Good luck with everything
Tlc

a_man

shouldiauctionit wrote: »

I am just steadily feeling worse and worse.

I went through severe depression and my debts played part in it. I was where you are now. I was thinking about taking my own life. Actually, I began to plan it... Found a website that asked me to keep reading for the next 5 minutes. What was most important takeaway from that: you can do IT at any time, there's no rush. Why not to wait a little while and first do something you always wanted to do? You've got nothing to lose now. If you just want to play the guitar -- go and do it (I did). Believe me -- money is the easy part. They come and go and come again. Living for yourself is tricky one. Go and do something that makes YOU happy, no matter what other people think or say. Living for yourself will make you feel better and when you're feeling better, people will like you more and your decisions will be more rational. Go and get your guitar or whatever it is -- now.

MEM62

You really need to seek help with your depression before making any decisions of this magnitude. From your original posit I think that it is unlikely that you are thinking clearly at present.

If you sell the house where will you live? If you rent you must be able to meet that cost as well as dealing with the £24 debt that bailing out of your house now will cost you. You will feel no less trapped - just trapped in a far worse position.