Really need advice. How can I get cash for fertility treatment!

heidi3333

Please help. I haven't posted on this forum for years but could really do with some advice.

I'm single, 43 and had my daughter 3 years ago via IVF treatment using a sperm donor. It cost me £6000 but at the time I could easily afford it as I had a lot of savings. At the time I only ever wanted 1 child.

However, for the last few years I've been incredibly broody and would love to try for a sibling for my daughter (she would also love a brother or sister) but I am really struggling to get a loan for the treatment - I need £6400. I was confident I'd get a loan to consolidate my debts and then some extra on top for my treatment but I've been trying for over 6 months with no success. I have frozen sperm waiting in the fertility clinic from my daughters dad and it's really upsetting me that's I can't get the funds together.

I bought my first house in Jan last year and have a mortgage of £72000 left to pay. My house has been valued at about £85000. I work part time and have a salary of £19,000; I also make another £2600 a year in overtime shifts and £1200 a year by letting out my flat on Airbnb. I also get tax and child credits which are £4800 a year. Altogether I have an income of £29,600 although the extra hours and Airbnb I have just started over the last few months and they aren't 100% guaranteed every month.

I have a lot of unsecured debt which I mainly got into due to furnishing my house and an overpayment of my tax credits last financial year which I had to pay back; this left me incredibly short for 6 months. I ended up having to take out credit cards and high interest loans to keep my head above water. Prior to this I was managing fine financially.

My unsecured debts are:

I owe my Dad £2000 - ends Sept 2020
OVerdraft of £2000 which is usually maxed out. This is ongoing.
118 money loan of £2500 - ends Feb 20201 (high interest)
RBS bank loan of £14000 - ends in 2026
Satsuma loan of £450 which ends in 1 year (haven't started paying yet - high interest)
MS Credit card of £4000 which is interest free for 1 year
4 other credit cards totalling £1800 which I'm paying interest on.

So approx £27,000 unsecured debt ☹️

I have now paid back my tax credit overpayment and so am much better off financially but I can't get a loan. I've tried remortgaging my house and getting a second mortgage (secure loan) but to no avail. I'd like to borrow £9000 to pay off my 118 loan which I pay £177 a month to and then use the remaining £6400 for my treatment. My repayments would be the same as I'm currently making to my 118 loan but obviously over a longer period.

I realise that having another baby would make my finances really tight but that would be only temporary as most of my debts will be cleared in a few years time. Unfortunately I don't have the luxury of time with my ticking time clock.

I am starting to give up hope and am mentally exhausted by it all. Aside from selling my house (which I don't want to do!) is there anything else I could try??

I'd really appreciate any advise.

Thanks so much

Annie35

I think you need to go over to the debt-free wannabe board, they will help you get a plan together to whack the debt.

Do your soa first or they'll just ask for it http://www.stoozing.com/calculator/

I don't think you'll have much luck with consolidating, as it's considered just another loan (lenders can't trust you'd pay the existing debt, so it's not assessed INSTEAD OF,, it's ASWELL AS)

AnotherJoe

Sell the flat?

Candyapple

£27k with a salary of £19k - I know it's not what you want to hear but sorry to say that I think you have no hope of getting another loan.

Have you tried entering your details into the eligibility checker to see if you'd be able to get a money transfer card?
https://creditcards.moneysavingexpert.com/?money-transfers&_ga=2.99446235.45280330.1556557070-216531164.1556557070

Although given you have high interest cards/loans, I'm going to say it will probably be a dead end as your credit history is not good.

I'll move this thread over to DFW to see if anyone else has any suggestions.

sourcrates

Have you given thought to adoption at all ??

tacpot12

I read this article very recently (it's only a week old): https://www.bbc.co.uk/news/uk-48008635

Given the very low chance of success, I think you should consider very carefully the wisdom of getting to debt for something that you desperately want but is very unlikely to happen for you. Would it not be better to look to adopt a sibling and use the money you will save to provide for this additional child?

I was adopted and have had a completely wonderful life as a result of my parents wanting children but being unable to conceive them naturally.

enthusiasticsaver

I don't think you will get a loan for £6.4k on top of £27k you already owe plus your mortgage if you only earn £19k even if you have other insecure means of income. Presumably the tax credits are to pay for childcare so you cannot count those. Also how would you pay the bills and debt repayments while on maternity leave as you won't have enough leeway to save with all the debt repayments? I also think it would be incredibly irresponsible to take on more debt when you obviously are already in trouble financially. You have a daughter to think about.

Having said that I do understand the wish to have a child but I think you may be letting your heart rule your head here. Can you get a second job to find the IVF money or do more overtime? You need to be pay8ng down the debt you already have, not take on more.

AnotherJoe

Just to repeat, from what you wrote, you seem to have a flat as well as a house.

Is that right?

heidi3333

Hi thanks for the replies.

It's not looking great I think I may have to delay things for a year and then try and remortgage then when I have more equity but I'll be 44 then so not sure it's worth it. I'll have my treatment abroad where I conceived my daughter and the chances of success are much higher.

I only have one property - my flat. I have considered selling it but I've spent thousands decorating it and it would break my heart to sell it.

I have considered adoption but I'd need a house with a spare room and I don't have one so it wouldn't be possible.

I'll have a look at the balance transfer card link but I've tried recently with no success

La_escocesa

Does the fertility clinic offer a payment plan?

heidi3333

La_escocesa wrote: »

Does the fertility clinic offer a payment plan?

Hi I'm not sure but I've been thinking of asking them. I certainly haven't seen anything about a payment plan on their website.