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

liz105

can I ask how you managed to get a mortgage when your income is selling on ebay?

If it only takes 4 hours online a day both you and your wife could get full or at least part time work? 2 incomes plus £1k a month and there shouldnt be a problem with the bills.

And you should pay your TV license. Its £9 a month. The rest of us do. Sorry, but I cannot stay quiet when someone admits to something like that.

mouseclick

liz105 wrote: »

can I ask how you managed to get a mortgage when your income is selling on ebay?

If it only takes 4 hours online a day both you and your wife could get full or at least part time work? 2 incomes plus £1k a month and there shouldnt be a problem with the bills.

And you should pay your TV license. Its £9 a month. The rest of us do. Sorry, but I cannot stay quiet when someone admits to something like that.

I don't think his company sells on ebay, and regarding the TV licence, he is honest enough to say he doesn't have a licence, even to the people who knock his door! It's his risk, but I don't think he loses any sleep over it.

I just contacted him on MSN, he is working out his outgoings, he says he will have it done by noon tomorrow. You are right though, he has plenty of time, and he is a very clever bloke. He just has to find a direction to go I suppose, hope he finds it!

A_Nice_Englishman

liz105 wrote: »

And you should pay your TV license. Its £9 a month. The rest of us do. Sorry, but I cannot stay quiet when someone admits to something like that.

Could you let us know where you got your TV licence? Best price I could find was £11.29 a month

mouseclick

A_Nice_Englishman wrote: »

Could you let us know where you got your TV licence? Best price I could find was £11.29 a month

Nothing on Quidco :rotfl:

Debt_Free_Chick

I really don't see any point in looking any further than ....

sarf_london_guy wrote: »

Mortgage
Abbey started in Jan 07 2 years contract
Balance £177.998 monthly payments of £798.93 going up to 800 & something because of interest rise.

On income of £1,000 a month, you are probably only going to pay your Council Tax and not a lot else. As Rayday2 said, you simply must be putting a lot on credit cards - which means your debt is increasing and it will continue to increase unless you up your income.

Forget paying your debts or switching balances around - you simply cannot even exist on your current income. I would guess that you need around £1,600 to pay your essential bills - possibly more. Which is why you need to do an SOA - not for us, but so you know what you need to house, clothe & feed your family.

Even when your income was £2,000 a month, you can't have been paying all your bills AND your debt repayments - I estimate you would need at least £2,400 to do that and that's ignoring the minimum repayments on your credit cards.

Your situation is really dire. I'm sorry, but I think your chances of keeping the house are very, very slim. Even if you offered all your creditors a token payment of £1 a month, you would not have enough. You simply can't live with a mortgage that costs £800 when your income is only £1,000.

Getting a regular salaried job is an absolute must - but I think even that is going to be too late. I imagine you will be defaulting on some of those debt repayments this month - and I have a horrible feeling that Nemo Personal Finance will not be easy to deal with.

I can only see bankruptcy - either petitioned by you, or your creditors. Sorry to be doom & gloom, but it's difficult to see that you will suddenly start earning another £22,000 a year - which is roughly what you need.

Sarahsaver

But between them they COULD earn 22k a year thats only 11k each.
YOu get more than 22k a year if you are on tax credits. Something does not sound right here.

chevalier

You REALLY need to tell your wife. You can't bear this burden alone, financially, or emotionally. I am sure she was in the loop when it came to moving to this new house, so now she has to be in the loop when it comes to trying to save it.

You BOTH need to be working as well as having the online business if you are going to succeed in this. So sit her down and sort it out. How do you think she would feel if in 3 months time you had to sit her down and say sorry love but the house is being repossessed, if you hadn't said anything to her before this! I would be :mad: :mad: :mad: !

You also need to get your child on board too ie can they get a paper round or similar for their pocket money?

There are lots of ways to save money. But the most important one is both partners knowing that they can't spend. If you don't tell your wife then how can she budget for the weekly food shop, meal plan etc.

best of luck
chev

lynzpower

Are you signing on as Jobseeking? You could bne entitled to council tax benefit too. Those tax credits, might increase.

bioth of you need to be working full time. I agree with sarahsaver, once this is sorted i suggest it will be way easier to cope. it will be hard, but you should be able to keep hold of your house.

where are you in Kent?

rayday2

The age of the child concerened and with minimum wage there is no reason at all why they both can't work full time. Even if its filling the shelves at Tesco if the house is worth it do it.

If its not sell up but the way you are living now you will still walk away with a lot of debt.

Its very obvious you can't afford life now because of the number of cards loans etc you have took out since buying the house. To be blunt you can't afford to run a pocket money business you need to be in full time employment.

Sarahsaver

Car boot sales? THat way you all get a day out together and you all muck in together. You need to be strong all together;)