Nothing left to pay creditors

theoretica

PM22 said:

I have secured a mortgage with Haysto, they specialise in mortgages for those of us with bad credit. It is £933 a month, with £150 in fees so £1080 for a 2 bed flat for me and my son.

What will happen now that I can't pay?

Is that fee just a temporary thing until it is paid off - eg to Haysto?  So once the fee is gone, you could use that 150 for your other debts?  So you could offer token payments for however long that is and then an increase?

Floss

PM22 said:

I can afford to pay them something when I get my annual pay rise in April....

Let's hope you're not in the public sector, and meet all your appraisal objectives to get that payrise, and that your council tax / water / gas & electric/ food / petrol / insurance don't all go up by the same amount of your payrise...

Is there a service charge or ground rent?

Floss

PM22 said:

I don't know what the big deal is. I applied to Haysto.....they took my budget and approved a mortgage for 133.5k and I had equity of 155k so I bought a flat for me and my son.....big deal?

So you bought a flat for £288k.

What did you put down on your list of outgoings for this mortgage? Or did you not list your DMP payments?

Sly72

Floss said:

PM22 said:

I can afford to pay them something when I get my annual pay rise in April....

Let's hope you're not in the public sector, and meet all your appraisal objectives to get that payrise, and that your council tax / water / gas & electric/ food / petrol / insurance don't all go up by the same amount of your payrise...

Is there a service charge or ground rent?

"public sector, and meet all your appraisal objectives to get that payrise" That changed years ago.

PM22

The service charge is £150 a month and the mortgage is £933. 

I work in the private sector and the pay rise is guaranteed. It's only 5% though so I will be paying roughly £111 to my debts.

Floss

Sly72 said:

Floss said:

PM22 said:

I can afford to pay them something when I get my annual pay rise in April....

Let's hope you're not in the public sector, and meet all your appraisal objectives to get that payrise, and that your council tax / water / gas & electric/ food / petrol / insurance don't all go up by the same amount of your payrise...

Is there a service charge or ground rent?

"public sector, and meet all your appraisal objectives to get that payrise" That changed years ago.

You've misquoted me - I said "not public sector" .

Floss

PM22 said:

The service charge is £150 a month and the mortgage is £933. 

I work in the private sector and the pay rise is guaranteed. It's only 5% though so I will be paying roughly £111 to my debts.

OK - but work out your council tax from April by adding 5% onto it, and factor in 10% increases at least on your car, building & contents insurances. You may find that you won't have all of that £111 available for debt repayment.

PM22

A rental would have cost me £1400 by the way

Grumpelstiltskin

Floss said:

PM22 said:

The service charge is £150 a month and the mortgage is £933. 

I work in the private sector and the pay rise is guaranteed. It's only 5% though so I will be paying roughly £111 to my debts.

OK - but work out your council tax from April by adding 5% onto it, and factor in 10% increases at least on your car, building & contents insurances. You may find that you won't have all of that £111 available for debt repayment.

Plus anything the government throws at us in the budget.

stu12345_2

at least you have your sons helping you pay some digs money. you did say the are grown young men over 21.

I had my own flat at 23 in Scotland, ex council flat, nice town £34000 that was late 1990s, I thinks it's worth £75000 now.