How do I do it........

StartingAgainKayla70

I shall keep it brief:

Husband is out of a job by end of month, therefore losing £1900 salary.

House is on the market in 2/3 weeks time.

Until house is sold we cannot afford the minimum payments on our credit cards.

Plan is when house is sold we pay our credit cards off with the equity from our house.

BUT until the house is sold we cant even afford to pay the minimum off. I am thinking, call the Credit cards up and tell them the situation and come to some arrangement but my CONCERN is, if we do that, when it comes to reapply for a new mortgage will it be on record that we couldnt pay our credit cards off? and then we wont be able to get a decent mortgage.

Hope you understand that. Thanks

Triker

Michaela wrote: »

I shall keep it brief:

Husband is out of a job by end of month, therefore losing £1900 salary.

House is on the market in 2/3 weeks time.

Until house is sold we cannot afford the minimum payments on our credit cards.

Plan is when house is sold we pay our credit cards off with the equity from our house.

BUT until the house is sold we cant even afford to pay the minimum off. I am thinking, call the Credit cards up and tell them the situation and come to some arrangement but my CONCERN is, if we do that, when it comes to reapply for a new mortgage will it be on record that we couldnt pay our credit cards off? and then we wont be able to get a decent mortgage.

Hope you understand that. Thanks

Firstly there is no guarantee that your house will sell quickly, there is a definate slowdown in the market. You may be lucky and I hope you are but my house has been on the market since october 2007 and we've had no offers and I've reduced the price twice!

I think you need to contact CCCS, I'll try to find details for you in a sec. Be careful because there are other companies out there who will charge for advice. CCCS are free.

Here they are www.cccs.co.uk

Short term solutions would be to write down your SOA, all incomings and outgoings and apr's on all your debts.

We can have a look where you may be able to make some savings.

Secondly have you any stuff you can ebay? It's half price listing day today so it's a good day to start. Putting things on for 1 or 3 day listings and payment by postal order cheque may get you some quick cash.

I'm not sure whether or not contacting your credit card companies will affect your credit rating, where are you intending to go when you move?

Good luck and keep us posted on your progress.

floss2

Do you have somewhere to go when (if) your house sells?

Do you have enough equity to potentially reduce the price, pay the costs of moving (estate agents / solicitors / removals / storage) AND pay off your c/c's?

Does your OH have a job to go to? Has he been applying for jobs? Has he registered with any agencies / Monster / Total Jobs / Jobcentre Direct to find jobs?

Triker

SOA link here

http://forums.moneysavingexpert.com/showthread.html?t=107280


Also if hubby out of a job have you looked at benefits entitlement, will he get redundancy, any hope of another job on the horizon?

StartingAgainKayla70

floss2 wrote: »

Do you have somewhere to go when (if) your house sells?

Do you have enough equity to potentially reduce the price, pay the costs of moving (estate agents / solicitors / removals / storage) AND pay off your c/c's?

Does your OH have a job to go to? Has he been applying for jobs? Has he registered with any agencies / Monster / Total Jobs / Jobcentre Direct to find jobs?

Hi,

I shall answer your questions:

Yes, we have somewhere to go, staying at my moms (god help me LOL) I cleared that with her today, so we can say there is no chain.



Yes we will have enough equity to pay all the house moving stuff and pay off the credit cards.

My OH has a job to go to but not for a few months, its complicated as he will be going self employed in a joint partnership, so we are not sure exactly how much he will earn yet or if it will even work.

StartingAgainKayla70

Triker wrote: »

Firstly there is no guarantee that your house will sell quickly, there is a definate slowdown in the market. You may be lucky and I hope you are but my house has been on the market since october 2007 and we've had no offers and I've reduced the price twice!

I think you need to contact CCCS, I'll try to find details for you in a sec. Be careful because there are other companies out there who will charge for advice. CCCS are free.

Here they are www.cccs.co.uk

Short term solutions would be to write down your SOA, all incomings and outgoings and apr's on all your debts.

We can have a look where you may be able to make some savings.

Secondly have you any stuff you can ebay? It's half price listing day today so it's a good day to start. Putting things on for 1 or 3 day listings and payment by postal order cheque may get you some quick cash.

I'm not sure whether or not contacting your credit card companies will affect your credit rating, where are you intending to go when you move?

Good luck and keep us posted on your progress.

THANK YOU so much for taking the time to find the websites for me, I shall look more in depth tomorrow when the kids are at school. Did the ebay route, have had another look around but there is nothing to sell.

The redundancy thing, he will only get redundancy from the government as his boss wont make him redundant and the business in going to go into liquidation next week sometime. So he will get about 3k from the government as I believe its £310 max per week for 10 weeks.

RAS

Have alook here and list your SOA http://forums.moneysavingexpert.com/showthread.html?t=107280

There may be thngs that can be done to ease the situation, but please callt he debt charities as well.

jude47

Hi Michaela

In your situation, and if you think your house will sell fairly quickly, get your Solicitor to write to your creditors, providing them with an undertaking that the debts will be clared in full out of the proceeds of sale. A Solicitor's undertaking is gilt-edged as any Solicitor failing to fulfil their obligation in an undertaking would be in serious doo-doo! Your Solicitor could also ask the creditors to consider stopping interest and charges for, say, three months to allow the sale to go through - worth a try?

Good luck and let us know how you get on


Jude xx