Notice of Possession advise

ProDave

£77K income and you have unpaid debt, CCJ's not satisfied and only £500 in savings?

We live on not much more than 1/3 of that comfortably with no debt, no overdraft and regularly putting money into savings.

And with so much debt already what are you doing buying a new car?  You can get a good reliable second hand car for not a lot of money.

I am not normally judgemental but you need to solve the fundamental way you manage your finances and start addressing it now.  You are not that far off retirement (relatively speaking, I plan to retire at 60) and unless you make some significant and fundamental changes now, you are unlikely ever going to be able to retire and will be working until you drop.

pinkshoes

I would have a good look at your outgoings, as between you, you have a HUGE income and yet have only managed to save £500 and paying off a CCJ very slowly...

£32k is about £2100 after tax a month, and £45k is about £2800 after tax a month, giving you almost £5k a month!!!!!!!! Where is it all going?!?!?!

Why not complete an SOA to work out where all this money is going, and THEN start looking at how much you could save and affordability in your area. You will definitely need to rent for a while to save up enough of a deposit. 

RAS

sidewayslook said:

diego_94 said:

also I hate to say this, but £40k on a car is obscene amount on your other half’s salary, a car the quarter of the price would of been sufficient. Sounds to me like he enjoys the finer things in life, and an expensive car will not get any returns in the long run, it’s probably in negative equity now!

I just need to clear up the 40k car loan - it is actually a motorhome which we part exchanged and we are going to hire it out! He has an excellent credit score - I was going to be paying off my debts over the coming months.

The SE is hugely expensive - I wouldn't have a problem moving but my partner sees his children regularly.

"and we are going to hire it out." So how many hirings have you managed in the post-lockdown rush? 

What is the projected return after paying the loan costs, specialist insurance, repair cover and costs. Who is actually managing the bookings, checking IDs and licences etc, doing the deep-clean between them and the hand-overs? 

Mean-time consider somewhere cheaper and use the motorhome to visit the kids? 

Keswick1uk

Start with a budget, write down all of your income and expenses. Clearly your current obligations that cannot be varied will be substantial, including child maintenance. Other things might be choices you make which can change (Waitrose v Aldi) that sort of thing. 

Work out where you can pare back to create excess income each month, then the best way of repaying debt, and if the motor home rental is a viable business (if not, why isn't this happening now, I live in a tourist area and it's rammed!).

With an honest budget you will be able to assess where you currently stand accurately. 

AdrianC

OK, so the £40k loan is a business expense. I assume you have a proper business plan for that. What's the projected net profit?

But, even without that, £75k joint income (£60k after tax), and negative assets of £12k...? But you think you can round up £15-20k fairly easily...? Presumably, by selling other assets? If so, then DO SO, and get those debts paid off. THEN you can start saving.

How much is your rent currently?
How much is his child maintenance?

Roughly where in the SE are you?

Tiglet2

Lover_of_Lycra said:

sidewayslook said:

Hello and prewarning of a long post.

My partner and I (56 and 46 respectively) received notice of the termination of our Rental property contract today. We have 19 weeks to find somewhere and I need advice on what our best options could be based on our circumstance. We live in the South East (expensive!)

My salary is £32k and I have approx £4.5k in debts (credit card and overdraft) and an unsatisfied £7k CCJ (I am paying this off and it is 4years old). No other defaults or late payments
My partners salary is £45k and he has about £1k credit debts and a £40k loan (car loan). He also pays maintenance for 2 school age children. No defaults or late payments.

Is it worth us looking into shared ownership - perhaps in his name only? I realise my poor credit will hold us back but his new car loan will possibly be viewed negatively too. 
We are also older so may not be able to a 25yr mortgage. Is this correct?
We have about £500 in savings so will now be selling and making as much money as possible to gather deposit etc - I don't know how much we will need until we know if we can get  a mortgage. Am confident we raise about £15-20k if necessary.
We are both full time employed in very stable jobs.

What would our best options be - or do we just have to go back to renting?!

Thank you for any advise - it really is appreciated.

Has a court granted a possession order or has the landlord simply issued a Section 21? If it’s the latter then you have a lot longer than 19 weeks to find a new home. 

If you are looking to buy then you’d be better posting on the Mortgages & Endowments board to see if it’s feasible to get a mortgage. The fact you have a 4 year old CCJ doesn’t necessarily preclude you from having a joint mortgage with your partner. 

@sidewayslook have you answered the above?

warby68

sidewayslook said:

diego_94 said:

Like others have said, sort your financial situation out before thinking of a mortgage. Pay off the debt and the CCJ. The south east is hugely expensive, so you will need to get as much of a mortgage as you can with your joint salaries (that are decent btw). 

Where abouts are you based?

also I hate to say this, but £40k on a car is obscene amount on your other half’s salary, a car the quarter of the price would of been sufficient. Sounds to me like he enjoys the finer things in life, and an expensive car will not get any returns in the long run, it’s probably in negative equity now!

I just need to clear up the 40k car loan - it is actually a motorhome which we part exchanged and we are going to hire it out! He has an excellent credit score - I was going to be paying off my debts over the coming months.

The SE is hugely expensive - I wouldn't have a problem moving but my partner sees his children regularly.

I am thinking we would just be better continuing to rent elsewhere until we have  finances sorted and would perhaps get a better deal. 

I have had this suggestion come on my radar professionally albeit a much larger amount - it turned out that renting out the motorhome was against the T&Cs of its finance so not feasible. 

MaryNB

sidewayslook said:

diego_94 said:

Like others have said, sort your financial situation out before thinking of a mortgage. Pay off the debt and the CCJ. The south east is hugely expensive, so you will need to get as much of a mortgage as you can with your joint salaries (that are decent btw). 

Where abouts are you based?

also I hate to say this, but £40k on a car is obscene amount on your other half’s salary, a car the quarter of the price would of been sufficient. Sounds to me like he enjoys the finer things in life, and an expensive car will not get any returns in the long run, it’s probably in negative equity now!

I just need to clear up the 40k car loan - it is actually a motorhome which we part exchanged and we are going to hire it out! He has an excellent credit score - I was going to be paying off my debts over the coming months.

The SE is hugely expensive - I wouldn't have a problem moving but my partner sees his children regularly.

I am thinking we would just be better continuing to rent elsewhere until we have  finances sorted and would perhaps get a better deal. 

His score won't be seen by lenders.  They will see the information on his credit report which includes a £40k loan...

boxer234

Can you sell the motor home and pay back some of it? I assume you will lose money but that will drag your affordability right down.