Housing & debt advice

Singlemum2704

Pixie5740 said:

Singlemum2704 said:

I just can’t see another option atm. If I remortgage & borrow more to clear the loan that puts me in negative equity, I’m in a 2 bedroom apartment right now and I’m struggling for space with me & a toddler. So if I do that then I’m stuck for the foreseeable future. My mortgage, rent & management fees would be more than rent would be if I got housing through UC. 

I obviously wouldn’t sell before making sure I could secure housing elsewhere, I just want to do what’s best for my daughter and not being able to afford food & having to keep borrowing money off my parents isn’t something I can keep doing. I honestly dont know what to do

You shouldn’t be prioritising non-priority debts over essential bills like food and your mortgage. If your debts are unsecured then it is madness to sell your home and go back into the private rental market. 

Who have you contacted to discuss your debt options? Was it a debt charity? 

I have contacted step change as you suggested, I have also contacted housing advice ni to see what they would suggest. 

I don’t want to make any rash decisions, atm I’m trying to find out what my options are. I am just about making ends meet right now but that is with the help of my parents and I don’t want to keep relying on them. I obviously know that trying to stay in a home I own is ultimately better but if it gets to the point I can’t afford to do that then I would rather sell and at least keep my credit history in good nick so that if I am able buy again in the future then my credit history won’t stop that from happening

Pixie5740

Singlemum2704 said:

Pixie5740 said:

Singlemum2704 said:

I just can’t see another option atm. If I remortgage & borrow more to clear the loan that puts me in negative equity, I’m in a 2 bedroom apartment right now and I’m struggling for space with me & a toddler. So if I do that then I’m stuck for the foreseeable future. My mortgage, rent & management fees would be more than rent would be if I got housing through UC. 

I obviously wouldn’t sell before making sure I could secure housing elsewhere, I just want to do what’s best for my daughter and not being able to afford food & having to keep borrowing money off my parents isn’t something I can keep doing. I honestly dont know what to do

You shouldn’t be prioritising non-priority debts over essential bills like food and your mortgage. If your debts are unsecured then it is madness to sell your home and go back into the private rental market. 

Who have you contacted to discuss your debt options? Was it a debt charity? 

I have contacted step change as you suggested, I have also contacted housing advice ni to see what they would suggest. 

I don’t want to make any rash decisions, atm I’m trying to find out what my options are. I am just about making ends meet right now but that is with the help of my parents and I don’t want to keep relying on them. I obviously know that trying to stay in a home I own is ultimately better but if it gets to the point I can’t afford to do that then I would rather sell and at least keep my credit history in good nick so that if I am able buy again in the future then my credit history won’t stop that from happening

Credit files repair with time.  I second the advice to post a statement of affairs on the Debt Free Wannabe board.