Help will i go to jail

Ironfist

Hi in what way

beanielou

Ironfist wrote: »

Thank you for your helpful comments really appreciate it and totally understand were you all are coming from.

I agree with there are ways to shave down my soa and save.
Initially an iva looks better at first glance
The fort of being in a dmp for such a long time
Really depress me even more and its wrong of me but makes me feel what's the point of living,
I cant help this feeling wrong of me i know but cannot help it.
As growing up i was fortunate to say i went on luxury holidays.
Ive also said when i have children i cant wait to take them to Florida and experince what i did as a child even if just once.
The thought to never be able
To do this saddens me.
Ps i have not being on holiday in over year p years which does not bother me.
If it wasn't for my eldest son i would rent and have a fresh start 3 years down the line.
Or so, but Security and routine is important for him.
Sorry for the depressing post!!

Pets wise i have a french bulldog and a pug
And fed the n royal canin which they have always done
Dla i use for anyfin regarding additinal cost from
Having a child with a disability.
Tv was just an example he has thrown stones at my car, he broke the hoover not so long back
Tbh this does not cover the cost.
Dla is up for renewal this april so i could get more , less, or the same.
It

As you say in this post if it wasent for your son you would rent & have a fresh start.
YourSOA is tight.
Can you sustain this for years?

Ironfist

hi home ownership obviously is ideal but its not life or death. I think i would be alot happier with afresh start and rent oppossed to a long term debt problem and living in a house what needs considerable essential work in the next few years
My heads all over the place back n forth back n forth

monetxchange

Just a quick thing on the renting idea. Whereas it would take the pressure off in terms of house renovations etc, it's a brutal market out there. I was a long term renter (18+ years) and it often isn't as cost saving as you'd think. If you get a slightly lazy landlord, it can take ages to get them round to fix things like boilers, which could mean even more stress when you've got the kids to think of. Anything you invest into sprucing up the place is lost money. You'll also need a hefty amount to start you off - some places are a months' rent paid in advance plus a deposit of six to eight weeks' rent too. There will also be credit checks when you apply to rent, if there's anything on your file that you think may cause an issue.

When you move out, it can take a good while to get deposits back. The deposit scheme allows for a generous amount of time for it to be finalised (once mine was six weeks plus as the landlord 'was on holiday and didn't want disturbing'). So you could be several thousands short and needing it for the next place, if you choose to move. Another trend I encountered was the 'check out' thing where they go through the place with a fine tooth comb and dock the deposit for often minor things (ie, I got charged £80 for a missing screw in a cheap chair). You end up giving in as you need your deposit back for cashflow reasons. This could be a recipe for a lot of fees if your child is breaking a lot of things at the moment.

Is there any scope for selling up and buying a cheaper place, or at least one that requires less work? I know that's a lot, but could be worth doing the figures on.

monetxchange

Also to add I rented three different places where the landlord suddenly decided to sell up at the end of the tenancy, meaning so much uncertainty and constant moving. Then you see that it didn’t sell and they end up renting it out again and you could have stayed all along! Well within their right to do so, but it’s a big upheaval if your child needs stability.

[Deleted User]

Ironfist wrote: »

hi home ownership obviously is ideal but its not life or death. I think i would be alot happier with afresh start and rent oppossed to a long term debt problem and living in a house what needs considerable essential work in the next few years
My heads all over the place back n forth back n forth

An IVA would protect your home and be done and dusted in 6 years. Where do you think you'd be in 6 years time if you sold up and when into a rental? Unless you can get some social housing I wouldn't go into the private rental market with a child that requires stability and routine, and two dogs. A private landlord in England and Wales doesn't need a ground to evict you and long term is anything over 6 months.

Ironfist

Hi yess i know theres negatives but im edging towards a fresh start and debt free than living life with no future holidays and a house what needs so much work, god knows were the money will come from living here.
With our situation there will be no foreseeable increase in earnings.
I just want to try enjoy life why my children are young i don't want to be a slave to debt and my house. A fresh start and learn from our mistakes maybe whats best.
Also my wife always said she would love to have 3 children so in the future its possible for another baby
It would not be possible living here in a 2 bedroom house and being a slave to debt.
We have tried to sell our house several times but no offers apart from stupid ones, plus we would not get a mortgage for a 3 bedroom house especially with all the debt we are in and poor salary.

enthusiasticsaver

I would not recommend renting when you need stability for your child's mental health. Renting privately is very unstable unless you have a good landlord. Also you will need to rehome your pets as most private landlords don't like renting to people with them and whilst you obviously cannot afford them either I hesitate to say rehome them anyway as for most of us pets are part of the family. Whilst your property obviously needs work doing on it renting is usually more expensive than a mortgage and the reason for you having nothing spare in the budget is due to you over committing debt wise. You don't have a lot of equity either so selling up will not clear the debts so you will still have to go bankrupt and have no home and having a bankruptcy on your record will make renting privately a problem.

You don't have a lot spare so a DMP would take a long time to clear that debt so I would say an IVA is the only way to go and no more credit.

You should save in emergency savings and unfortunately holidays should come below that in priority.

enthusiasticsaver

Ironfist wrote: »

Hi thank you
My sons dla money is what i use relating to him
Hes got autism. We also use for repair.
This year he has smashed 3 tvs already.
Emergency fund i have 500 a side to start with.


Holiday 40 your right its unrealistc but i would save and have a holiday every 3 year or so.

Mobiles still have a horrible18 months remaining.

Presents 600 a year for birthday and Christmas for the kids and nices nethews i think 50 is not enough.

Fuel i drive eco the car did 40mpg on 100 mile motorweigh trip no traffic cruise control 6th gear
The car is shocking on fuel.

The house is such a cold house ive reduced this recently but i cudnt reduce anymore.

Grocery's i think be hard shave any off
We spend alot on pet food nappies
She spends 10 weekly on ecig
which we lead a very stressful life and it would be unfair of me to say give up the 1 thing what keeps her sane.

By sticking to the budget and in a dmp for so long.
How do people suposed to have work done on there homes like a new door or window carpet etc
It some times makes me wounder would renting make life easier .

Whilst I understand that spending on e cigs and you feel that £600 is not enough for presents and you can't shave anything off groceries the reality is you cannot afford these things. Renting privately is not the answer. The only answer is either increase income by taking on second jobs or reduce outgoings. How do you think renting privately will help? You still can't afford to repay the debts so you will have to go bankrupt. You have little to no equity to protect. Also if your child damages a rental property the landlord will chase you for repairs. I am sorry for your situation but some hard decisions will have to be made. Can you do without a car?

monetxchange

Ironfist wrote: »

Hi yess i know theres negatives but im edging towards a fresh start and debt free than living life with no future holidays and a house what needs so much work, god knows were the money will come from living here.
With our situation there will be no foreseeable increase in earnings.
I just want to try enjoy life why my children are young i don't want to be a slave to debt and my house. A fresh start and learn from our mistakes maybe whats best.
Also my wife always said she would love to have 3 children so in the future its possible for another baby
It would not be possible living here in a 2 bedroom house and being a slave to debt.
We have tried to sell our house several times but no offers apart from stupid ones, plus we would not get a mortgage for a 3 bedroom house especially with all the debt we are in and poor salary.

The reality is, you need to make a PLAN for the debt, or else you will be a slave to it. You need to start thinking in terms of debt management or serious budgeting to debt clear. I'm afraid having another baby and getting a three bed house are not priorities right now. I know you've been through the mill at the moment, but having these things aren't entitlements, they're choices. There's no way around it - the debt will forever hang around until you grab hold of it. What's your thinking on an IVA/DMP then?