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Advice please
whatdowedonext
Posts: 109 Forumite
Dear All
My OH and I for several months have been dancing around the idea that our only option is BR. We have been together for nearly three years having come out of unsuccessful marriages with large amount of debts each. So we had a lot in common when we met!! We have both been on DMP but due to oh being redundant twice in the space of twelve months we had to stop paying them for a several months as we had no income. We put the house up for sell last year when this all happened but no success. We are in a house we can ill afford. We are behind on most utility bills and the mortgage. I work part time and earn approx £475 per month. My oh is self employed and earning on average £2000 per month after tax etc this is extremely variable as some weeks he can earn his entire months salary in two days and then nothing for a further month or so.
Our monthly outgoings are as follows:-
Mortgage 1320
Council Tax 190
Water Rates 40
Buildings Contents Insurance 25
Electricity and Gas 120
Housekeeping 520
TV Licence 12
Maintenance 187
School Meals/Meals at work 40
Clothing 50
Internet/Mobiles/Home Phone/Rental 95
Prescriptions 10
Mortgage Arrears 250
Council Tax arrears 117
Gas & Electric arrears 150
Transport/Motor Costs 350
Total Outgoings 2959
Income
2000 Commission
475 Salary
175 Child Benefit
130 Maintenance
45 Tax Credit
Total Income 2825
Outstanding Debts to creditors 142,000.00
American Express has taken us to court and put a charging order on the property of £16,600 which is included in the above fig. We have an arrangement to pay them £60 per month. This is up to date at present
Our mortgage is £285,000 and we have a fixed tie in penalty until March 2009 of £15,000.00. The house is valued at £325,000.00.
On the plus side we have our health but our sanity is slowly ebbing away!! We have five great kids between us age 14 down to 6 but this is killing us and really taking it's toll on our realtionships with the children and each other.
I received an insurance settlement this month of £2000 for a car accident which wasn't my fault but I was hurt. We were going to pay it to the mortgage company to keep them off our backs, we've already had a visit and agreed a payback scheme but oh hasn't had a sale so far this month so nothing to pay them with!
My worry is if we let that money go now we'll have nothing if we go to court and eventually get repossed.
My oh is looking for a salaried job at the mo and has two 2nd interviews but it still doesn't change the fact that we are living in a house we cannot afford and a huge debt!!
I guess I know the answer really having put all this down but it's how we go about it, how we tell our loved ones and the best way forward.
Having read so many of the helpful threads I felt this was the right platform to turn to for help.
Hanging by a thread!!!
R & L
My OH and I for several months have been dancing around the idea that our only option is BR. We have been together for nearly three years having come out of unsuccessful marriages with large amount of debts each. So we had a lot in common when we met!! We have both been on DMP but due to oh being redundant twice in the space of twelve months we had to stop paying them for a several months as we had no income. We put the house up for sell last year when this all happened but no success. We are in a house we can ill afford. We are behind on most utility bills and the mortgage. I work part time and earn approx £475 per month. My oh is self employed and earning on average £2000 per month after tax etc this is extremely variable as some weeks he can earn his entire months salary in two days and then nothing for a further month or so.
Our monthly outgoings are as follows:-
Mortgage 1320
Council Tax 190
Water Rates 40
Buildings Contents Insurance 25
Electricity and Gas 120
Housekeeping 520
TV Licence 12
Maintenance 187
School Meals/Meals at work 40
Clothing 50
Internet/Mobiles/Home Phone/Rental 95
Prescriptions 10
Mortgage Arrears 250
Council Tax arrears 117
Gas & Electric arrears 150
Transport/Motor Costs 350
Total Outgoings 2959
Income
2000 Commission
475 Salary
175 Child Benefit
130 Maintenance
45 Tax Credit
Total Income 2825
Outstanding Debts to creditors 142,000.00
American Express has taken us to court and put a charging order on the property of £16,600 which is included in the above fig. We have an arrangement to pay them £60 per month. This is up to date at present
Our mortgage is £285,000 and we have a fixed tie in penalty until March 2009 of £15,000.00. The house is valued at £325,000.00.
On the plus side we have our health but our sanity is slowly ebbing away!! We have five great kids between us age 14 down to 6 but this is killing us and really taking it's toll on our realtionships with the children and each other.
I received an insurance settlement this month of £2000 for a car accident which wasn't my fault but I was hurt. We were going to pay it to the mortgage company to keep them off our backs, we've already had a visit and agreed a payback scheme but oh hasn't had a sale so far this month so nothing to pay them with!
My worry is if we let that money go now we'll have nothing if we go to court and eventually get repossed.
My oh is looking for a salaried job at the mo and has two 2nd interviews but it still doesn't change the fact that we are living in a house we cannot afford and a huge debt!!
I guess I know the answer really having put all this down but it's how we go about it, how we tell our loved ones and the best way forward.
Having read so many of the helpful threads I felt this was the right platform to turn to for help.
Hanging by a thread!!!
R & L
0
Comments
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Hi WDWDN and welcome
I'm afraid houses are way out of my league, so i'll leave that for someone else to look at. Although it looks to have a fair amount of equity in it.
Have you taken any advice?
Professional, free and impartial advice on debt problems can be obtained from several charitable organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart.
You can contact:
Your local CAB Office and ask to speak to a 'money advisor'.
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000
or visit
http://www.cccs.co.uk/
http://www.nationaldebtline.co.uk/
http://www.citizensadvice.org.uk/index.htm
Hope that helps for now.
Someone with great knowledge of houses will cover more for you soon.
Good luckThe first time we said hello, was the first time we said goodbye. As the angels took your tiny hand and flew you to the sky-you forever left us breathless. RIP my beautiful granddaughter
0 -
Hi BLTN
Thank you for your message we haven't taken any advice re BR just dmp so I will give them a call this week to see what they think. Just told mother-in-law and had a good cry feel like my heart is in my mouth. Thank you for replying
R&L0 -
Remember whatdowedonext (phew what a user name!!) your NOT alone in this anytime you need to post feel free & we'll support you best we canWe all die. The goal isn't to live forever, the goal is to create something that will0
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Hi.
My only advice would be to GET advice.. have you visited your local CAB? I got advice from my local debt line as well as forums such as this one, and myvesta [google it
] it helped me make sense of things, and make the decision!
Good luck!\\ Debt Free April 2008 //\\ Single Mummy to 1 boy - 4 years & 5 months old //\\ Last weeks spend: £139.39 - 2 NSDs //0 -
Hi R&L
Welcome to the site. Well done for posting ...its not easy but the hardest part is to face it head-on & look for solutions.
I`m sure that you will have spoken to debt councillors re the DMP but now is time to speak to them again. CCCS & Nat Debtline can advise re property. Although you have some equity it does not cover your debt position so even if you sold the property now I suspect you will still be in difficulty.
Nat Debtline offer advice without an appointment & I found this invaluable...especially when your emotions are`low`!!
Let us know how it goes. For me I have property issues also ..every day brings a new dilemma!!
Angelxx0 -
How on earth have you managed to get a £285k mortgage with an average monthly income of £2475?
That works out at around a £40k joint income
£285k/£40k = 7.12 joint salary:eek:
That is irresponsible lending gone mad, reccommended joint at around 3.5-4 x maximum.
No idea how you managed that.
Anyway, with £142k worth of debt, i really cant see any other solution other than BR.
You will of course more than likely lose your home 0 -
Whatdowedo I have sent you a PM.Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0 -
Hello and Thank you for your replies, advice and understanding.
We have poured over leaflets, web sites and spoken to advisors we have a telephone interview on Monday am with cccs to go br. We should have paid the Mortgage yesterday including shortfall but as oh has not earnt any commission this month we cannot pay it.
Will keep you posted next week how we get on, life feels very bleak at the moment.
Lisa0 -
Easier said than done but try not to let it get you down too much over the wkend. This site will see you through every up and down you might experience during the coming wks..Good luck.DxFree impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D0 -
whatdowedonext wrote: »Dear All
On the plus side we have our health but our sanity is slowly ebbing away!! We have five great kids between us age 14 down to 6 but this is killing us and really taking it's toll on our realtionships with the children and each other.
I
R & L
Hi R&L
This was a quote from your first post on this thread....hold that thought & know that the steps you are taking are because you want to protect your family!!
Time now for action & sounds like you have made a good start already. Write down your thoughts so that when you speak to CCCS on Monday you ask any burning questions. Nat Debtline can give immediate advice if you want to get some answers to ease your minds b4 the weekend.
Dalip is so right... try & relax a little over the weekend...remember you are dealing with this now & thats a very positive feeling.
Well done guys xxxxx:A :A0
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