Young and in debt :(

Retrievermomma31

EDIT:
Deleted

sourcrates

Hi,

Theres no "quick fix" unfortunately, how much equity do you have in the house ?
Would the house sale clear your debts ?

If you go Bankrupt you may lose the house and its proceeds.

enthusiasticsaver

The only relatively quick fix is to sell the property providing of course there is enough equity in it to pay your nan back. Neither a dmp nor bankruptcy will help you with that.

bellaboo86

Post a statement of affairs and i'm sure people will give you ideas about where to cut back.
without wishing to pry why does your grandma need her money back? What timescale do you have to pay her back?
Could either of you work overtime or get a second job?
What about a lodger? Are any of your friends wanting to move out?

Grumpelstiltskin

If you only had a deposit of £11k how on earth did you get a mortgage on your small salaries?

National_Debtline

Hi Olivia and welcome to the forum.


As sourcrates and co. suggest above, you should beware of "quick fix" solutions. While I appreciate your grandmother have some pressing needs, rather than jumping straight to the idea of bankruptcy or selling up, you first of all need to properly assess your situation. That means completing a Statement of Affairs http://www.stoozing.com/calculator/soa.php and posting the results here if you can. At the very least, contact one of the free debt advice charities for further support.


Dennis
@natdebtline

Retrievermomma31

bellaboo86 wrote: »

Post a statement of affairs and i'm sure people will give you ideas about where to cut back.
without wishing to pry why does your grandma need her money back? What timescale do you have to pay her back?
Could either of you work overtime or get a second job?
What about a lodger? Are any of your friends wanting to move out?

Grumpelstiltskin wrote: »

If you only had a deposit of £11k how on earth did you get a mortgage on your small salaries?

National_Debtline wrote: »

Hi Olivia and welcome to the forum.


As sourcrates and co. suggest above, you should beware of "quick fix" solutions. While I appreciate your grandmother have some pressing needs, rather than jumping straight to the idea of bankruptcy or selling up, you first of all need to properly assess your situation. That means completing a Statement of Affairs


Dennis
@natdebtline

Hi everyone,
thanks for your replies!
Today I found out that I had been succesful in an interview and am soon to be starting in a new better paying job, which has taken a lot of the pressure off.
My partner is hoping to hear back about a job too.

Now we need to decid whether to pay extra on our loans each month to get them paid off in 2 years, or to enjoy this extra income and let the loans continue 'naturally'

:beer:

Oakdene

olivia.denny wrote: »

Hi everyone,
thanks for your replies!
Today I found out that I had been succesful in an interview and am soon to be starting in a new better paying job, which has taken a lot of the pressure off.
My partner is hoping to hear back about a job too.

Now we need to decid whether to pay extra on our loans each month to get them paid off in 2 years, or to enjoy this extra income and let the loans continue 'naturally'

:beer:

I thought the major issue was your nan needed the loan repaying urgently?

MallyGirl

or pay back your Nan?

AllyMac

Well that's your slippery slope right there.
One minute you're desperate for money and asking about bankruptcy.
You have debts. (a lot, for a 19yo on a low income)
You have experienced how quickly that can go wrong.

Yet when you suddenly have more money about to come, you think you might just "enjoy it".

I advise you to enjoy it paying off your debts!

Believe me, you'll enjoy spending all the more when you have no debts, some savings, and you can spend without a care.

It's foolish not to pay off what you owe - it's all the more foolish when you *know* circumstances can change in an instant.

What happened to paying back your family?

RainbowLaura

Depending on equity, perhaps it would be best to sell the house and pay off your debts before things get any worse? It sounds positive that you have a new job, but if there is an alternative such as living with family for a while it may be best to get fully on your feet again before buying another home. Good luck.