Mortgage Advice Please

k1mmie

Thanks sazzacat. The trouble is my husbands income is very good - therefore we are not entitled to tax credits of any kind. All the outgoings and mortgage increases have spiralled. The fare situation is not an area of negotiation asthe fare is set by the bus company and the schools or local government have no control and as it is not their nearest school we are not entitled to assistance. Same with my daughter and her college fares. As these are set are by the train company and do not give student discounts. The mortgage company are aware of all this and the figures but just insist on us paying over and above our monthly payment - which is not possible at this particular time.

firesidemaid

it sounds like you really need to sit down and do an soa and cut all unneccessary spending.

paying the mortgage is one of the things that you have to do - you say that you have accrued mortgage arrears, did you contact the bank in advance? there are other bills etc that come behind your mortgage in importance.

visit the CAB or similar. do your own soa. reduce your spending on food. stop spending on clothes, going out etc etc until your arrears are paid. can you meet your current mortgage repayments?

if you can pay all that you owe then at least you may then be able to go interest only for a while.

could you rent a room out to gain some extra money? good luck x

k1mmie

Hi Sazzacat. Have sat down with hubby. We do not go out at all. Food is normally run out before the month. Do not buy clothes for us only necessary for kids (uniform etc). We have struggled to pay the monthly payments, but this is doable. Have cancelled all other direct debits for the time being. Have to deal with those seperately. We asked the mortgage company if they can help out and they said no! We asked if we could go on an interest only mortgage for a while and they said no, don't do one. They came back after an income and expenditure form and said you have more going out than coming in but we need an extra £350 per month. This month we paid the full mortgage payment plus £100 of arrears (which was a struggle) and the mortgage company called and said when are we getting the rest? We can do the monthly payment but will struggle with any extra and definately all the other bills! Hubby been for an interview that may change matters drastically (although offered him the contract, the company have now decided to restructure and this could mean no poisition longer available). Watch this space! Thanks.

firesidemaid

i will cross my fingers for you.

keep making the mortgage payments and overpay each month - even if it is only by £10 - at least they will see you are trying.

there are threads on here about ways to make extra money eg. mystery shopping, online surveys etc. take all the coupons you can find to the supermarket (asda and tesco will take coupons off your bill even if you don't buy the item - as long as they sell it).

all these little extra bits add up and can help pay back your arrears.

do you buy weekly/monthly travel tickets for your kids to save money too?

take care and good luck x

k1mmie

Hi. I am a member of grassroots mystery shopping and this brings a small amount every now and again. I am however looking to go back and struglling after being out of the work force for the last 15years. However, trying all different job avenues (one will pay off eventually). I buy the kids a weekly bus ticket - they do not do a monthly (only a term which they told me was no cheaper just convenient at a cost of £320 per term). SO pay £42 a week for their pass, plus another £30 for my daughter to get to college. So as you can see trying to cut down where possible. All the best for your advice - it is much appreciated and good to get a response. Keep you updated. Thanks.