High interest mortgage

enthusiasticsaver

I am just popping on to   see if you have managed to rein back a bit on the panic.  I will say Happy Birthday but I strongly suspect that this may be one day you will be happy to forget. I hope you managed to talk to someone sympathetic at your mortgage provider.  Not heard of  Pepper but please remember this is a temporary cashflow problem but going forward you and your husband need to get on the same page.  Does he know how close you have got to ending your life?  You need an urgent GP appointment as believe me no financial situation is worth this and there is always a fix.  

I cannot believe the sheer audacity of a so called Christian school in panicking you to this extent.  Please believe me when I say that no judge will order you sell your house to cover private school fees especially if your children are no longer there.  It also seems like you have taken on a bigger mortgage than you are comfortable with and you need  a conversation with your husband about reducing this when funds allow.  If and when business picks up and hopefully it will or you will get a tax rebate you need to keep some back for emergencies. If you have spare funds direct them to the mortgage and council tax rather than the school.  The very fact they are trying to frighten you is because they know  that they  rank low on list of unsecured debts. The mortgage is the priority. 

EssexHebridean

Your priority is keeping the roof over your family's heads - end of story. So- mortgage, council tax.
Then keeping everyone fed, watered and warm - so groceries, utilities.
Keeping everyone safe - necessary insurances.
Keeping everyone able to get to the places they have to be - essential travel

After that comes discretionary spending - and you  may choose to pay something towards the school fees in there, but equally if there is nothing spare for that, you might not. Tell the school VERY clearly that you do not have the money, that you may be able to pay something in the interim, but otherwise it will be approximately 90 days (as long as you are certain of that HMRC refund). Remind them that if they make you bankrupt, there will be other creditors ahead of them in any case, that they will be a long way down the line. (But in fact know that they cannot just "make you bankrupt" - it will go in front of a judge who will not take kindly to their bullying tactics, all the more so if you have a) a genuine reason for having challenged the fees, and b) have been keeping them informed throughout of your situation and your clear intention to pay when you are able to. 

Check what the school contract says about what they can charge over and above late fees - go through it word for word and see if they are even entitled to make the demands they have.  

Working_Mum

Aw that's a huge relief for you MarieQG - she clearly can see you need support at the minute.

This Forum is filled with kind and thoughtful people who care about peoples and their fiscal wellbeing along with the impact of being in debt can have. It's been a huge source of inspiration and advice for me over the years. I feel certain if you decide to keep posting your journey you will find advice, wisdom and support from all corners.

I am so glad you are sounding perkier today and can see the way ahead. That's excellent news indeed.

Wishing you a productive day.

((WM))

RAS

Wow. That's one heck of a relief and a lovely mum. You are very welcome here and elsewhere on MSE. And you've still got a lot to sort out going forward.

On a very basic note, head over to the Old Style Money Saving, as well as looking at the mortgage free and debt busting diaries.

To keep things on track this month consider a store cupboard challenge? You list everything currently in the fridge, freezer and cupboards and devise menus based on what you have. Fridge is priority usage. You will need milk and bread and a few bits but think hard.

Can you turn that pack of mince into chilli with a couple of tins of cheapest kidney beans and a 500g packet of rice? And sneak some leftovers to top nachos with a bit of mousetrap cheese another day? Will anyone notice if you use cheapest 29p spaghetti and make meatballs from half the other pack or some skinned sausages and the existing tinned toms? 

EssexHebridean

I'm so relieved to hear that you are sorted for the mortgage Marie - that must be SUCH a weight off! 

I think your next stage now is probably to sit and start that SOA again - or you could use the MSE Budget planner https://www.moneysavingexpert.com/banking/budget-planning/ - and get all your necessary and desired expenditure down on paper. You will then be able to see what your minimum "survival level" is - and also work out what money you should usually have left over for savings. You need to build a basic emergency fund, and then a further pot which will add up to at least three months of that "survival level" expenditure. 

If you haven't got as far as VT'ing the car finance, then time also to have a think about those deals - do either have a balloon payment that you need to start budgeting for? Because let's be honest - after this scare, you won't just be moving those straight on to the next finance deal....will you?! 

You have the option here to come out of this FAR stronger financially - take that opportunity, grasp it with both hands, future you will be grateful!   

EssexHebridean

As a suggestion, why not think about starting a diary thread here to chart your progress on stepping away from credit? You could use this one, but to be honest I think it might be a better plan for you to simply bookmark this one so you can always find it easily, and then start a new one with a calmer, more constructive title to match your calmer, more constructive approach to your finances. there's a lot of us on here who've found diaries a brilliant help - both as a way of tracking progress, and as a great place for support and to ask any questions that might arise! 

Pretty much everyone who has contributed on your thread has done so from a position of having once at some level or another "been there, done that, bought the t-shirt" - there are so many different levels across the forum and its contributors - you will already have seen that from reading around the boards, but you're right, it IS a great place to be. 

EssexHebridean

Head over to the debt free diaries board and just start a thread there!

enthusiasticsaver

Or I can just move this thread over to diaries if you wish?

Good your mum has paid this months mortgage and I echo what EH has said in that the school are on a sticky wicket threatening bankruptcy when they know they cannot instantly do that.  It would have to go to court and any judge would just set an affordable payment plan. 

enthusiasticsaver

I have moved this thread to the diaries section. 

EssexHebridean

It’ll be worth it when you get no arguments about condition when you return it!