Feels like im going under!

DawnW

 @NiteEyez1980 you certainly aren't going to be the only ones. All the best for the New Year.

badmemory

I certainly think mortgage lenders are going to be very careful this year & allow some non-payers a little more leeway than they would have done.  They do not want to have a load of repossessions on their hands which will land up not covering the costs, if indeed they can even sell them.  This feels worse than the last 2 we have lived through.  This could of course be an age thing where I can no longer see things through optimistic rose coloured spectacles.

Just pay those priority bills & let the rest go swivel.  You are doing great!

Grumpelstiltskin

Luke I think you will realize  in a few months time when things have settled down that you are in a better position than many of your friends and acquaintances.

You will know what they are having to go through, OK they have told you about mortgage and utilities price increases but they have not mentioned credit cards, loans etc. and sure as houses they will have those debts as well.

WinterWarrior

Hi, I’ve just caught up with your diary and you are doing so well. You are changing your family’s futures for the better by feeling some pain now. Most people will be feeling the pinch right now and you have got a head start in sorting your future finances out for the better. Dave Ramsey talks a lot about financial freedom and I love that term. 

FreedomBringsPeace

Hold your nerve your doing great. A brighter 2023 is ahead 

Makingabobor2

NiteEyez1980 said:

Good evening all, 

Well, after an Xmas of postal strikes, all I've had is a series of 'overdue'  and 'please pay us' letters.

All from: HSBC, MBna and natwest.

Given the climate I image the mandate is not to 'pull the trigger' until the very end.

Considering in the space of a month a  friends energy bill has gone from 350 to 670 and mortgage from 800 to 16500  next month, we aren't going to be the only ones 

Wow that's a massive increase in your friend's mortgage. Ours was £734 at the start of this year and now £768. But your friend's is massive. I imagine its to do with the length of the term they have left. Ours is luckily only 3 1/2 years....or less if I have my way. 

We had "overdue" letters for months before we finally got defaulted.  So don't worry about it. It takes as long as it takes and there is nothing they can do about it and most of the letters are computer generated anyway.  It wasn't until after I wrote to all the creditors telling them how it was highly unlikely that we were ever going to be in a position to increase our payments, and that the DMP would take years to clear, that they finally defaulted them all. I think it was about 6 month from start of DMP to final one getting defaulted. Luckily several of them agreed to back date the default as well. 

Good luck for 2023. You have this cracked now. 

NiteEyez1980

Hi ya

Could you msg me the wording you sent them to let them know and how long after you stopped paying u sent the letters?

Luke

NiteEyez1980

Happy new year everyone 👍

Again a muted affair

The missus did look sad tho, as we stayed in, and celebrated with reduced price nibbles. Kids loved it tho and it was good family time.

I think the real 'acid' test will be a few months in when 'whim' purchases are not an option or those 'occassions we have to miss/be selective on'

Onwards and upwards in 2023 👍👍

Makingabobor2

NiteEyez1980 said:

Hi ya

Could you msg me the wording you sent them to let them know and how long after you stopped paying u sent the letters?

Luke

Yes, I will, soon as I have 5 mins spare. 

Singlespeeder

NiteEyez1980 said:

Happy new year everyone 👍

Again a muted affair

The missus did look sad tho, as we stayed in, and celebrated with reduced price nibbles. Kids loved it tho and it was good family time.

I think the real 'acid' test will be a few months in when 'whim' purchases are not an option or those 'occassions we have to miss/be selective on'

Onwards and upwards in 2023 👍👍

Kids loved it great family time… it’s worth it’s weight in gold Luke 👍 everyone will get used to it. It’s a finite amount of time. Yes it’ll be a few years but in 2-3 years this way of life will be the norm, and once you’re debt free, you’ll be able to do more but with using credit, which is the best feeling ever 😎💪🏼