Well that’s one way for my dreams to come true

Manxcottageonthehill

Hello,

So like everyone else in the world the last few weeks have been very trying, very trying. In March we secured 15K to sort out a subsidence issue with our property (our first and hopefully last home), which we never knew when we bought the house coming on 5 years ago. The works only really started last month and well it looks like instead of one wall needing underpinning it’s got to be all three walls, another 25k on what we’ve already paid. 

The 15k was ok we could afford that but with the current situation my other half has been on substantially reduced hours and pay. Turned out our bank only lends up to 25k in total so that was a no go and a lot of places are not lending so much at this time.

Hopefully we’ve managed to secure the money, and we’ll be 40k in debt, um ekkk, I have no idea what we’ve done, I’ve never been in debt apart from our mortgage and I got a bike on the Cycle to Work scheme in March, perfect timing, no, right?

This has the potential to break us because I just don’t know how we can afford it, I seriously don’t or it has the potential for finally making me wake up and follow the frugal, simple living, minimalist, zero waste dream I’ve always wanted to do.

I’m already stressed about how we are going to manage, we couldn’t not get into this debt as the subsidence was on our kitchen and bedroom, I couldn’t leave it not only for our safety but also for m6 sanity. We’ve also got other issues with the house, it looks like the previous owners botched everything and now everything is breaking for us. I swear I’m pulling my hair out.

For now I know what I want to do, I want this money confirmed and then I want it paid of as quickly as possible. We got the 15k out on a 3 year term and we’ve had to get the 25k out on a 6 year term, both terms accept overpayments thankfully. I don’t know how we are going to do overpayments, no idea, I’m hoping that if I properly meal plan and not spend money I’ll be able to dump maybe 10-50 a month on something till the first month comes I have no idea!

Well I cannot think of anything else at the moment, tomorrow I’m going to write down my goals for July and menu plan for the next week,and try and not stress!

Tahlullah.H

Good luck.  Hope you come up with a plan you can work with.

gwynlas

Given high iinterest rates on unsecured loans would it have been better if you had added 40k to your mortgage and endeavoured to overpay this?