Who to pay or not to pay?

Will_I_ever_Learn_2

I have a loan and 4 credit cards and up to now I've managed to get by, but they are creeping near the limit or got there so I'm now stuck. But (due to an inherited house), I'm struggling as I have to pay bills (Council Tax, insurance etc) on both the property I live in and the one I've inherited. Once the house is sold I can clear my debts but in the meantime I'm a bit stuck.

What my question is is who should I pay - is there a priority?
Why can't the bank believe me that I will have the money soon. Its so annoying that I'm stuck like this. Any suggestions what to do?

Thanks

TwistedPsycho

My first question on this is have you spoken to the council about the tax. IS it being used? Council Tax earns discounts if one or no people live their on a regular basis, like 2nd "summer" homes. I would enquire with the council on this one.

Again on the Insurance front unless you have a mortgage you don't technically have to have buildings insurance (although I would not advise NOT having it... you never know whats around the corner) but is there anything of value to cover in contents insurance?

Have you put one of the houses on the market? If so why not take a copy of the advert into the bank, ask to speak to the bank manager. Are they aware that this is a property you inherited through the loss of (I am assuming) someone close to you? Although obviously they are in business and do not have to have a heart, I am sure even bank managers have a heart!

Good luck with this. It is something you pose a question that raises my interest without it being anything like my scenario!

TP

Will_I_ever_Learn_2

Sorry for taking so long to come back. I can't use this in work anymore so I have to go to the Internet cafe and been really busy.

I contacted my bank (Barclays) and they don't want to know. They say that the house might take ages to sell (it won't its in a popular area), so they can't rely on this money - i've banked with them for 18 years always managed my accounts and the first sign of difficulty this is how i'm repaid. Well as soon as the money comes through I will dump them.

On a more positive note, I took your advice on the Council Tax issue and they are refunding me some money, so that has really helped me.

MissKJ

You need to assume the debts are yours until the cash is actually in your account. Then you can tell the grovelling person who rings you to suggest "how they can help you with investing it" where to get off.

Harsh as it may seem, the bank are right, they don't know how long it will take to sell. Post your SOA of everything you pay out, on both houses and lets see what people can help you with. Is it possible to see if you can get a short term rent on one of the houses while it's for sale?

Will_I_ever_Learn_2

You are right, I will tell them right where they can stuff it when the money comes through and take great pleasure in doing it.

The property isnt rentable due to it not being only mine, repairs being done etc.

The payments going out are more than my month salary at present, so I've been getting money from credit cards (I reduced this to a reasonable point before I inherited) so each month the credit card bills go up and up.

I get £1171 a month after tax

Loan - £443 (owe about 18k in total)
rent - £350
cards - £157, £160, £70 and £150 minimums this month
Council tax - £63 plus £65 (but getting refund on the £65) - paying this on credit cards
travel - direct from salary so zero
water £37
tv licence £13
then there's food and stuff (going out what is going out I can't afford to anymore!!) - paying for this on credit cards

My house share will be about £65k so it will pay everything off. Feel awful that I'm using it to pay debts but my circumstances meant I got into a lot of debt and i'm useless with money too I will admit.

Will_I_ever_Learn_2

....Plus house insurance of £19 in case of fire.



I've cancelled my life assurance policy because i can't afford it.