Desperate, am I in the wrong place?

Forgetmenot68

Hello all, and thank you Mrs Bez for that comment. My husband has been talking to our mortgage company (Stroud and Swindon) about possibly extending our term and adding some or all of our credit card debt to the sum we owe. We need to put what we propose in writing which is frustratingly slow, but I suppose we must jump through their hoops. I have been trawling the internet and local papers for jobs and sent my CV off for a few, plus some agencies. Amazing what you can do when it's urgent isn't it?

Forgetmenot68 x

Forgetmenot68

Thank you Paige, I'm going to look there too.

Forgetmenot68 x

pania

hi forget me not sorry i hvae caught up with your thread quite late.

Firstly my sincerest condolences to you on the death of your daughter. My cousin is currently battling his second bout of leukaemia after 6 years in remission. i do not have children so in no way can fully understand the heart rending pain that you went through at the time. Big hugs for you.

On a second note, please please please be really cautious about securing the outstanding debt to your property, I notice that some of the advice has been remortgage to cover the debts or in ther words consolidate. This may seem like a good option... however
1) You will be spreading a debt that could be repaid within 5-7 worst case 10 years over 20 and the interest that would accrue during that time would increase the debt significantly above £49k.
2) should you following remortgage, continue to struggle financially then the roof above your heads would be at risk. at the moment, unsecured debt does not pose a risk to your property. Increasing the term on your current outstanding amount will help lower your monthly payments and all the other SOA sugegstions could really help.

I wish you all the best and will be following your thread with interest and helping out where possible

Lots of love
P
xxx

LEWKI

Hi - I am not much good at the advice front, but looking at your income, do you get tax credits if you have 4 children. I am not sure if that is taken into account as I assume the benefits you refer to are for child benefit that everyone gets?

Hope this helps, no doubt someone will correct me if I am wrong.

Anyway, good luck, keep posting and reading, loads of brilliant people to guide you through

LEWKI

LEWKI wrote: »

Hi - I am not much good at the advice front, but looking at your income, do you get tax credits if you have 4 children. I am not sure if that is taken into account as I assume the benefits you refer to are for child benefit that everyone gets?

Hope this helps, no doubt someone will correct me if I am wrong.

Anyway, good luck, keep posting and reading, loads of brilliant people to guide you through

Hi sorry, just realised that I had not read the whole thread and someone has already suggested. Sorry

skintjenny

bumpety bump

hope everything went well with the phone calls to the mortgage people... i can't really offer any advise but thought i would pop in to offer moral support instead
sounds like youre moving in the right direction now, thats the hardest part it would seem
jenny xx

Forgetmenot68

Hi all and thank you Pania and Lewki,

Well it turns out that remortgaging (except maybe to extend the term which could only cut out outgoings by £100-150) is not an option. My husband has never taken part in our finances, re bills and mortgage and last year when our fixed rate ended I asked whether this time, he would organise it instead of me as I have always done it (we've been married 15 years). He did it but forgot to change the direct debit to the building society, and after a few months we got a letter from them saying an arrears had built up. He didn't quite tell me about this and has been paying it back, but because of this they won't lend us any more money. I was so angry that because of this one oversight our last option had gone, and now I've got no idea what to do. Had felt positive all day and now I'm feeling quite hopeless. We need £1600 a month more than we have, and £1000 of that is just to service our debts. Your comment came at the right time pania - perhaps it was a bad idea to secure more debt to our home. What does anyone feel about IVAs?

Forgetmenot68

Thanks Jenny xx

Merlot

OOoh FGMN68, I am so sorry to read that about the remortgage.

I know nothing of IVA's, but I do know that few people are suited to a IVA, I hope someone can give you the answer you need tonight.

Merlot.x.

pania

TBH forgetmenot that may well be a blessing in disguise. will your lender switch you to pure interest only or extend the term?

don't feel hopeless. there are many ways that you can do this. take a look around some of the other diaries for inspiration, hypno06's in particular. while you are job hunting there is mystery shopping, ebay (bet you've got loooooads!) carboots, every little helps and keeps the wolf from your door. also attack that soa with all the suggestions you have had. i think you'll be amazed at how much you can free up by trimming it.

be careful re cancelling the pet insurances though, imagine if you did and one of them was ill/got runover etc! maybe shop around to see if you have the best deal.

Big hugs and keep smiling.
xxx