How to get out of this situation

niwtdrn

My brother is having massive problems at the moment and I have no idea what advice to give him.

He owes 75k on his mortgage and is struggling so much and has been for years. When he first got the house he was in a good job with a good wage. Over the last 5 years he has been made redundant twice, the last time it took him a year to find a new job and he was on jobseekers. He got into debt trying to keep up with the mortgage payments. Other bills mounted up as well because he couldnt afford everything on jsa.

The last few years has been spent trying to catch up with everything and it seems like no matter what he does the situation doesnt change.

As an example he got paid two weeks ago and is already minus money in his bank. Still has two weeks to go until payday and still has bills to pay. He is now in a minimum wage job.

He has just been diagnosed with depression because he is feeling like there is no way out of all this. He is saying it is killing him and he doesnt see a light at the end of the tunnel.

He has tried selling the house a few times over the years and it would not sell. No interest in it from anyone. He reduced the price by 40k and still nothing.

He cant rent it out due to the mortgage he is on. Already tried the "we buy any house" places who offered 40k.

Does anyone have any advice i could pass on to him please?

Arklight

Can he get a lodger in?

Robots

Has he spoken to CAB or a debt charity about his debts? Step Change were great with me and provide all sorts of advice as well as setting up a debt management plan.

It!!!8217;s hard to see the light at the end of the tunnel when you!!!8217;re getting letters and phone calls etc. If he gets on a plan at a payback cost he can afford, it will be a massive weight off his shoulders.

pmlindyloo

If he is on minimum wage then it is possible that he is entitled to working tax credits.

How old is he and how many hours a week does he do?

You could post on the Debtfree Wannabe forum. They are a very helpful lot over there and may have some suggestions for him.

ashe

1) Get a lodger in on Rent a Room

2) Investigate all debt options via appropriate advice

3) Help him create a budget and stick to it

4) Look at all ways he can save money, using this site. Look into all the added income forums for ways he can make additional income, make sure he is enrolled on and knows how to use TopCashBack sites. If he does not have an addictive personality, look at the matched betting forum and see if its something that might work for him as its a very good way to make extra cash.

Huskymumma

You say your brother can't rent out his property because of the mortgage he is on. Has he actually explored this, as in talking to his mortgage lender to get temporary permission to let the property out? (known as consent to let). You can also rent a room in your home and not pay tax on £7500 income from it per year. This could help massively. I know not everybody would like a stranger in their home but I advised my 20 year old daughter to do this, and when she did her depression lifted as he financial problems came under control and her housemate became a good friend. She finally started having a life beyond paying bills and mortgage.