Advice on high debt costs.

CollB

Buffythedebtslayer wrote: »

OK..... my first suggestion is work out a clear amount you owe each month, as in down to the last penny.

My gut tells me you need a more regular income, or to sell one of the houses, to be able to manage.

In any case although it doesn't seem like it right now, this can be solved. All debt problems are solvable. Ok. And you are in the right place XX

Thank you so much. The positivity you showed has made things seem less bleak. You are right, it's solvable.

CollB

mgdavid wrote: »

this doesn't add up; if you are both not claiming any money transfer on divorce, why would your wife (STBX) 'block' the sale?
Is there more to the back story that you haven't said?

Yes, we were married in Malta where her family is from and she is applying for an annulment. Her legal advise told her to put a restriction on the house saying she has a right to live there, even though she has no intention to. The reason they gave was to make sure I don't object to the annulment by making it the only way I can ever sell the house. I have offered signed documents to promise that I would never object to the annulment but they rejected them. It's a mess. Things were amicable between us, but she wouldn't remove the restriction on a house I have owned and paid for for 15 years and she never even paid £1 towards any of the bills. Annulments can take up to 5 years I have been told and even then it might be rejected.

agrinnall

CollB wrote: »

Just from experience, there is often a big difference between accepting an offer and selling a property. Often it takes months then falls through. There are a lot of time wasters out there.

Then pick your buyer carefully. I think you're just looking for reasons not to pay off your debts.

lessonlearned

1. Stop going overdrawn........you are just racking up costs.

2. £1k a month on a £20k credit bill, sounds crazy, even if it's 30 per cent. Negotiate.

3. £15k loan on high interest - how high.

4. You wife can't possibly live in three properties all at once, so surely only one sale can be blocked.......:D

(Have you got your own solicitor yet - re the divorce). Sounds like you need good legal advice.

5. Sell one property to clear off the worst ie highest interest debts and keep your current account in the black.

6. Any property will sell if you price it correctly and, unless you want to restrict your pool of buyers to investors only, then you will have to sell it with vacant possession.

I suggest you work out the highest interest debts and tackle them first. I also second the advice to ask your creditors to either freeze or reduce the interest.

But first of all tackle that overdraft. You need to try and avoid penalty payments and extra charges for going over your overdraft limit.

Buffythedebtslayer

The Annulment sounds like a nightmare, is it because Malta is a Catholic country? She won't get "divorced" in the normal sense?

Very frustrating I would imagine.

I hope you can sell one of the other properties, in a way you are sort of fortunate to be able to do that? sort of.......

Read some of the diaries and challenges on the other boards, I have said this often over the years I have been here, but people do amazing things.

Keep posting

Buffy X