Wot a life's thread.

wot_a_life

Wouldn't that be great!!!!!

Seriously tho, this has been going on for 2 years, struggling along until finally, a dead end, and total darkness.

Everyday is a constant battle, haggling with creditors, trying to make ends meet, winter was the worst when we couldn't afford to buy credit for the pre-paid meters and had to go without heating and sometimes, electricity aswell - it's been total hell. The phone is constantly ringing, 4x today, I just answer it and say "no thanks" and put the phone down, don't know what else to say???? Not until after Tuesday anyway.

Thanks to everyone here who has listened and advised, I'm finally finding my way

Waspeze

Haven't really posted in your thread as can't add anything to whats been said already... just wanted to wish you the best.. you're in good hands

debt_doctor

Hi,

We all understand on here what a struggle life is in debt.:eek: It looks like there is light at the end of your tunnel. :T If the true value ( reasonably quick sale value ) of your house is as suggested in the link Richard S sent you then you are in negative equity and should be able to keep your house for a £ 1 plus costs ( about £ 250 all together ).

Just for the record I find asolutely nothing wrong with Richard S' earlier strategy in reducing your equity in the way he suggested so long as you know the risks. Sometimes you have to take risks to get where you need to be ( some of my clients know that with the strategies ive suggested to them ! ) It would seem though that you now dont need to risk anything if the property price is correct.

If you stick with the advice from the guys on here im confident you will get excellent help. You dont need to be a 'professional' to post/advise on here, allthough there are some on here where I would be very happy if they were sat at the next desk to me at work.

Best

DD

debt_doctor

Hi Wot a life,

I note from your earlier post that you tried to claim various benefits. Did you claim income support and were you turned down ? If so when was the claim rejected ?

If you have never claimed IS then do so ASAP.

Mortgage costs are part of IS and althuogh in your circumstances you would not receive cash to top up your income, you would gain payments to your mortgage after 26 weeks ( if mort taken out before 1995 ) or after 39 weeks otherwise.

This could be a substantial sum of money each month towards your mortgage. The 26 week or 39 week waiting period starts from when you are turned down for IS top up of your income.

Let me know what the situation is on this.

Best

DD

debt_doctor

Hi, me again !

When was your partner turned down for job seekers allowance and how many hours a week do you work ?

DD

Richard_S

Dear Debt Doctor,

I've been away from my computer today, and the first post I wanted to make when I got back on line was that if there was no equity in Wot a life's property, then there was nothing to be gained by not paying the mortgage; unless it was to save the fees for bankruptcy.


Absolutely delighted you beat me to it, and my knowledge of benefits is almost non-existent, and I would never have thought of benefit entitlements as being a part of the resolution to the O.P's finances.

Regards

Rich

RAS

wot_a_life wrote: »

The house opposite is very nice, very expensive kitchen with extension, conservatory, block paved drive, 4 bedrooms, garage, decor to the highest standard, you know the type I mean, just move in and do nothing for a number of years because it's all been done!

So as Richard indicates, not exactly comparable with yours even in a bull market. In a bear market I would have thought. Even if it is more than £140K, you would struggle to meet the mortgage value in this market.

Do follow up on the benefits side as well.

wot_a_life

Hi All,

OH tried every benefit, incapacity benefit, disability benefit, mobility allowance - because he was having difficulties with emphesemia.

When he was turned down for all of these, he tried income support and Job seekers allowance - he was refused these aswell on the grounds that I work, 26 to 30 hours per week and we are in reciept of working tax credits and child tax credits.

He tried to claim these benefits between Aug 2007 to March 2008

Good news is, he has found some work and starts this week, money isn't brilliant, but it's a help and hopefully if the mortgage company take us to court for repossesion then we can present this fact to the judge.

wot_a_life

Hi RAS,

No, the properties aren't compariable as we would need to spend 20k on ours to bring it up to standard, we knew it needed work when we bought it, but we haven't been able to afford to get the work done with the mortgage payments rising from £825 per month to a maximum of £1,200 before they started reducing the base rate again.

I've looked at a few other housing sites and they are coming back with the average house price of between £171k and £195k, the lesser figure would leave us in almost negative equity

RAS

wot_a_life wrote: »

Hi RAS,

No, the properties aren't compariable as we would need to spend 20k on ours to bring it up to standard,

So you can take off at least £30K, to allow for the perceived cost of the distruption.

I've looked at a few other housing sites and they are coming back with the average house price of between £171k and £195k, the lesser figure would leave us in almost negative equity

In a falling market, you should be OK.