I could lose my new house what can I do please help

sarf_london_guy

Hi, a friend told me to join this. I have just bought a new house in Kent and I think I may lose it because I have borrowed too much. I have a wife and one child age 11 and have just moved from a ruff area so my child can have a better upbringing at the moment its like heaven every one is nice & I don’t have to worry about my child joining a nasty gang & maybe get dragged in to the nasty way of life, also myself & my wife love it here. I dread to think what I would do if I lose our house. I fill like I am about to let every one down if I lost my house. I am keeping it under my hat at the moment. I have to pay out a minimum of £2000 a month, I sell stuff online and I am earning has been re-adjusted from £2000 to £1000 a month. What can I do? I have trouble sleeping some nights worrying about it. I have also had some health problems over the last month, and I wonder if this is brought on by my debts.
If any one can give me some advice may I thank you in advance.


I hope I have done this correctly I am new here

immoral_angeluk

Did you know that you wouldn't be able to afford the repayments when you bought the house?

JCD_Capulet

hi sarf london guy, if you post up your full statement of affairs someone will be along shortly to give some advice. Well done to you for joining, you've taken a step in the right direction.

in_debt_again_but_dealing_with_it

Welcome Sarf you are in the right place for advice. Firstly stay calm (easy for me to say I know), someone will be along soon with good advice as we are all in much the same boat on here. Start preparing your SOA (statement of affairs) theres a link in the stickies on page 1. Take care.
IDA

sarf_london_guy

No I was earnings £2,000 plus a month & my earnings has been reduced to £1,000 plus

elantan

i would deff get your soa together first...is it a repayment mortgage with a short term as it seems to be a big amount to pay every month to me ....get your soa together we'll see if we can help from there

sarf_london_guy

the £2000 a month is including my other dets my morgage payments are £800 then narsty credit cards & lones

tallyhoh

Contact the working tax credit immediately (I am assuming here that you get some already??) and tell them that your earnings have been reduced.

Post your SOA (incomings/outgoings etc) as soon as you can & let the people here see where you can make savings.

spud30

sarf_london_guy wrote: »

No I was earnings £2,000 plus a month & my earnings has been reduced to £1,000 plus

That's a huge drop in earnings - why did your employer do that

madmoney_2

i agree with tally - check out https://www.entitledto.gov.uk to see if you are claiming what is owed to you.
xxx

RAS

OK

You need to differeniate between you priority debts and your CCs etc. In the short-term you must pay the mortgage first and any secured loans. Pay the CT next, then your utility bills. The CCs are going to have to whistle for a while.

You need advice from one of the debt charities see here http://www.moneysavingexpert.com/loans/debt-help-plan#help

In the short-term, set up a new bank account (could you get one with Alliance and Leicester as they offer a 0% overdraft for one year). Get your salary and benefits paid in there and set up DDs for the mortgage, secure loans and utilities. Then send £1 standing order to the other debtors.

Make talking to Working Tax credits and Child tax credits absolute priority. Have a look at www.entitledto.com to see how much you should be able to get.