Mortgage and Good Salary but can't get a loan

Acmt

Is moving home for a short while to save the rent payments a viable option?


Unfortunately not as the Property I own is quite rural and some distance from the place where I work. I don't drive and the public Transport would not have me in work for the time that I start nowhere near it infact

ReadingTim

You seem to be subsidising your parents (living costs, healthcare). Whilst this is very noble, it doesn't seem like you can't afford to.

-taff

You need to cut your costs or increase your wages.
As above, you can't borrow out of debt, you're just increasing the amount of debt over a longer period.
Go to the debt free wannabe bords, they will help.

System

Acmt wrote: »

I can make repayments but this is leaving me zero amount to live on each month. If I had a small repayment of one repayment a month it would make things much more manageable

Then you need to look at your spending and would you lend money to someone who has none spare? I can guarantee there will be somewhere where you're wasting money. A Starbucks or Greggs a day on the way to work justified by "its only a couple of quid it can't do any harm" or "well I owe £5k so a couple of quid won't make a difference" is £60-£90 a month or between 10-20% of your total outstanding debts over a year.

One small repayment a month is actually making your debt larger and just kicking the can down the road and you'll be back again in a year or two saying you're skint again.

EssexHebridean

Tarambor wrote: »

Then you need to look at your spending and would you lend money to someone who has none spare? I can guarantee there will be somewhere where you're wasting money. A Starbucks or Greggs a day on the way to work justified by "its only a couple of quid it can't do any harm" or "well I owe £5k so a couple of quid won't make a difference" is £60-£90 a month or between 10-20% of your total outstanding debts over a year.

One small repayment a month is actually making your debt larger and just kicking the can down the road and you'll be back again in a year or two saying you're skint again.

Bit harsh - it appears from comments made by the OP on this very thread that the root of the problem is paying his parents living costs as well as his own.

Sorry though OP - I'm with the other person who says you simply can't afford this right now - they need to start covering the cost of the home they live in, or you need to sell it, as simple as that really. It's a fabulous thing to be able to help your folks out, but you getting made bankrupt won;t leave them in a good position either!