Debt Help!!!

fatbelly

sourcrates wrote: »

I hope you manage to find yourself work pretty soon, as no amount of benefit is going to pay that whopping mortgage payment.

Pixie5740 wrote: »

You really need to start claiming whatever you can including SMI (although this is a Loan not a benefit) and maybe speak with your mortgage lender too. See how your mortgage lender can help, it's easier to do it now than wait until you start defaulting.

Definitely try for a payment holiday on the mortgage.

SMI is pretty crep these days - there is a 39-week waiting period.

I was thinking about 'New style' JSA, UC and council tax support. It won't add up to a lot but you're not in a position to turn down cash

fatbelly

mrtr0113r wrote: »

Meanwhile I've got £5K, but that will only last approx 5 weeks, so hopefully I'll be back to work soon and can get back with paying these off without ruining my credit rating with CCJs/Defaults or IVA's

Your non-mortgage expenditure is £1100 per month, so if you can get a payment holiday on your mortgage and stop paying the non-priority debts you can make this last five months.

I know you're worried about your credit rating but defaults are not applied until 3-6 months of missed payments.

ccjs can't happen before this and are unlikely after. You are not going to need an IVA at least not in the near future.

zippygeorgeandben

Did you receive any severance pay?

enthusiasticsaver

You have obviously been struggling with debt for some time in spite of your relatively high salary. Borrowing more is not the answer and will just compound the problem. You will need some sort of debt management plan so offering nominal payments to give you some breathing space is a priority as is talking to your mortgage provider.

I am amazed you got that Myjar loan. Did you declare your unemployment?

tlc678910

Hi,
I'm sorry you are in this position. Loads of people using these boards have high debt relative to their income but when you are a high earner you have the added problem of finding it difficult to get another job that pays enough.

I hope you get the job you went for but realistically unless you get a similarly high paid role immediately you are going to have to take quite drastic action.

You need to stop paying your non secured debt and although it will be great if the mortgage give you a payment break, you need to think carefully what you will do if they don't. You need to ensure you use your money to keep you going until you are working again. You will not be able to borrow any more money now - as you need to not pay your debts. Your house would not be immediately repossessed - that would take a long time.

I am a mum and my younger child is 11 months. I went back to work when he was eight months so I do understand how your wife will feel but she may need to go back to work ASAP. If you can both get jobs (even jobs that pay a more ordinary amount) you may be able to hold the important things together if you stop paying the debts.

If you have no childcare then look for things where you may be able to be on different shifts. If your wife won't work and you can't get another high paid job then sooner or later you will lose your home, so going back to work sooner than she would like is the less bad outcome.

Forget your credit rating. As others have already suggested it is the least of your worries. Fortunately you like your house so where lots of people feel they must protect their credit to get a mortgage in future you don't need to get credit to do this.

It's scary stuff (when you are used to paying everything) but I urge you (and your wife) to get jobs ASAP, and default on your non secured debt - unless you earn enough to pay them. If you are fortunate to get a similarly high paid job then great but don't avoid taking action while you wait.

Good luck - hope you hear you got that job. If you do let us know and continue to take action so you can never be in this position again.

Tlc