Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • monz
    • By monz 16th Sep 14, 1:38 PM
    • 3,342Posts
    • 11,092Thanks
    monz
    Need to get myself together: The beginning
    • #1
    • 16th Sep 14, 1:38 PM
    Need to get myself together: The beginning 16th Sep 14 at 1:38 PM
    Hi all

    I am back. Short story, I was in this position before though holding a baby in my arms and his dad left us with a loan I got for him (I naively believed there was people after him) and such a bad overdraft. I managed to scrape it back and pay it all off and was on a high (figuratively) of being debt free.

    Four years on I have been left (no baby this time) and foolishly beleived this guy was decent. No need to tell me off or should have known better, believe me I am my own worst enemy.

    So now my debts are :

    1,000 overdraft (hope to clear by Christmas or least by January)
    200 odds Next (Yeah this is me I cannot blame anyone but myself here) I want it cleared by Christmas at least
    5,000 loan ( I am mad I know for having got it for him and he "says"will help with this but will not hold my breath as he is already asking for more money - probably for the girl he left me for...) I hope to pay this back in 2.5 years not the 5 year plan I was given.


    Anyway, I am determined and I will not fail

    Also need to put money aside for America in May 2015. (125 a month) and also 52 week challenge. The reason I am going to America is its my 30th and my mum and dad are paying for this.

    The first post is longer than I thought it would be I am so sorry!!

    Hopefully I will be back on track soon xx
    Debt (1/9/14) 6,702.11 Debt free (30/11/2016)
    house pot for bobs after fees : 33
    car PCP - 948.95/11848.25 mum and dad 1,300/4,000 mortgage - 83,378 o/s currently - paid 934.10 (19.65 overpayment)
    Christmas - 0/500
Page 137
    • Chrystal
    • By Chrystal 4th May 18, 1:15 PM
    • 411 Posts
    • 2,639 Thanks
    Chrystal
    I think it's just Legal Speak for 'don't worry it's in the pipeline', but can understand your worry. It's not for nothing that moving house is up there near the top of the list for stress! If you're really worried ask if you can speak to her. (((hugs)))
    I Believe.....
    That it isn't always enough, to be forgiven by others.
    Sometimes, you have to learn to forgive yourself.
    • abba1772
    • By abba1772 4th May 18, 11:03 PM
    • 5,165 Posts
    • 18,380 Thanks
    abba1772
    It's moving forward and thsts the main thing mins try and have a relaxing weekend xx
    NEXT TARGET HALIFAX CC WAS July 18 5493.20 NOW 2036.47
    POAMAYC 2011 6382.66 POAMAYC 2012 5000.78
    POAMAYC 2013 3480.04 POAMAYC 2014 4085.14
    POAMAYC 2015 7565.24 POAMAYC 2016 8000.90
    POAMAYC 2017 7278.80 POAMAYC 2018 9080.51
    • monz
    • By monz 8th May 18, 8:31 AM
    • 3,342 Posts
    • 11,092 Thanks
    monz
    Morning. Had a good weekend. Was not spendy yay lol!

    Had a chill one mainly and saw my friend and her baby

    Hoping this week everything is sorted (fingers crossed)

    Joined Slimming World also. My weight gain has been shocking but think its due to this year stress and everything been eating everything in sight but joined to give myself a kick up !!! and also done shred last night. Got a new Jillian Michaels DVD her new one sent from America due this week so will try that.

    Got my 45 amazon voucher for a survey I done and will get my microwave . Also got 20 argos vouchers so will get a kettle and iron lol oh my days when I know I am getting old being excited over these free buys :P

    pay day is 23 days away and money is not so bad since I have become anti social going out lol xxx
    Debt (1/9/14) 6,702.11 Debt free (30/11/2016)
    house pot for bobs after fees : 33
    car PCP - 948.95/11848.25 mum and dad 1,300/4,000 mortgage - 83,378 o/s currently - paid 934.10 (19.65 overpayment)
    Christmas - 0/500
    • abba1772
    • By abba1772 8th May 18, 9:37 AM
    • 5,165 Posts
    • 18,380 Thanks
    abba1772
    I love buying house stuff

    I'm itching to get back to my 30 day shred but can't until after next weekend when I get the all clear from the eye doctor xx
    NEXT TARGET HALIFAX CC WAS July 18 5493.20 NOW 2036.47
    POAMAYC 2011 6382.66 POAMAYC 2012 5000.78
    POAMAYC 2013 3480.04 POAMAYC 2014 4085.14
    POAMAYC 2015 7565.24 POAMAYC 2016 8000.90
    POAMAYC 2017 7278.80 POAMAYC 2018 9080.51
    • monz
    • By monz 9th May 18, 9:43 AM
    • 3,342 Posts
    • 11,092 Thanks
    monz
    I got news about the mortgage, it was approved but before yays and that here is the scope of it

    As its "concrete build" only letting me get 80% mortgage aka I have to add additional 8k, I asked my mum and she ranted abt how I been on holidays swanning off to Flrida and now Spain in cpl months and Belfast to see my cousin basically not a chance.

    I have (after lawyer fees) 5k I can pay extra. Do you think if I get a loan with RBS this would be ok? Or would it not be allowed.

    Means I wont have anything for house. I can get furniture I have in flat and means a cpl months without an over (I will have a microwave though) but will work hard doing what I can each room when I do get paid and still strip walls etc over summer and when I can buy paint I will do each room.

    I dont know if its allowed. Thank you Dolly listening to my tears and that over phone during texts <3

    I have applied for other loans last night just in case . Santander/ RBS/ Halifax and Virgin Money xxx
    Debt (1/9/14) 6,702.11 Debt free (30/11/2016)
    house pot for bobs after fees : 33
    car PCP - 948.95/11848.25 mum and dad 1,300/4,000 mortgage - 83,378 o/s currently - paid 934.10 (19.65 overpayment)
    Christmas - 0/500
    • UncannyScot
    • By UncannyScot 9th May 18, 10:05 AM
    • 1,653 Posts
    • 8,993 Thanks
    UncannyScot
    I'm not sure how these things work tbh...
    Not got good experience when it comes to home ownership and mortgages etc.
    Personally, I would steer well clear of RBS, I know a lot of folks who were dropped in the s*** by them... myself included...

    I'm sure it will work out for you, cut back where you can / should and you will manage it. You have done it before and you can again.

    Main thing is to do what YOU can afford to do.

    BIG (((((HUGS))))) to ya missus

    YOU will get there
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
    • Purplemumof2
    • By Purplemumof2 9th May 18, 10:39 AM
    • 6,432 Posts
    • 23,951 Thanks
    Purplemumof2
    Hi Monz,

    Grr to your mum but I guess you were kind of expecting that

    Not too sure how things work, could they add the 8K to the mortgage as a loan??

    I have every faith that things will go your way, you've fought long and hard for this.

    Big hugs lovely, here if you want a rant xx
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: 5960.00 BC: 349.99 Cap One: GONE Lloyds: 10,300.00
    OD 0/500 LC 0/1500 Washer 0/309.99
    POAMAYC 2018 #041 PD 7219.86/7000
    Savings for Christmas 314.24/400
    20p Savers 2018 2 Savers 2018 50p Savers 2018 SPC 11 2018 #003
    • monz
    • By monz 9th May 18, 10:53 AM
    • 3,342 Posts
    • 11,092 Thanks
    monz
    My dad was great was like you know we will help dont worry about it and my mum came shouting on phone worst daughter etc....

    I will ask her on Friday shes off until then. Or ask RBs last resort. Also applied to other mortages now too xxx
    Debt (1/9/14) 6,702.11 Debt free (30/11/2016)
    house pot for bobs after fees : 33
    car PCP - 948.95/11848.25 mum and dad 1,300/4,000 mortgage - 83,378 o/s currently - paid 934.10 (19.65 overpayment)
    Christmas - 0/500
    • kindofagilr
    • By kindofagilr 9th May 18, 12:40 PM
    • 6,273 Posts
    • 21,076 Thanks
    kindofagilr
    Hugs Monz

    You technically aren't supposed to get a loan I heard, but we ended up having to as well as the mortgage company decided to not let us have as much as they originally said they would, so we got a loan for 5k and it all went through fine xx
    POAMAYC 2018 #87 12,063.46 ~ POAMAYC 2017 #87 10,380.18
    POAMAYC 2016 #87 7454.80

    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    104,409/83,809.79 (as of 31/08/18) ~ 19.72% Paid

    Christmas Savings 18: 470 Cash ~ Amazon Vouchers: 90 ~ Total = 560
    Cyprus 19 Savings: 0/2000 ~ Centre Parcs 19 Savings: 10/1500

    My Debt Free Diary (Link)
    • monz
    • By monz 9th May 18, 2:01 PM
    • 3,342 Posts
    • 11,092 Thanks
    monz
    oooo did you!!! this was exactly what I was needing to hear!!! <3 xxx
    Debt (1/9/14) 6,702.11 Debt free (30/11/2016)
    house pot for bobs after fees : 33
    car PCP - 948.95/11848.25 mum and dad 1,300/4,000 mortgage - 83,378 o/s currently - paid 934.10 (19.65 overpayment)
    Christmas - 0/500
    • JoJoC
    • By JoJoC 9th May 18, 2:52 PM
    • 1,128 Posts
    • 6,894 Thanks
    JoJoC
    You need to be really careful about the legal side of getting a loan to finance a deposit on a house - you're not supposed to and I think they can reject you based on that.

    We were considering getting a loan to finance the deposit on our house because we couldn't sell the flat (negative equity) but we were told by financial advisor and lawyer that the underwriters of the mortgage will ask for proof of your deposit and will look into your bank statements to see where that money is coming from. If you can prove you've had it in your bank account all along, no problem, but if they see a big loan deposit from a bank they could reject you.

    What we did in the end was get my parents to take the loan out in their name then 'gift' it to us (they had to write and sign a letter to prove that it was a gift and not a loan) and then we paid them back every month starting from when the mortgage was complete (i.e. so it didn't show up on my bank accounts a regular payment to my parents every month in case they asked for more statements or anything).

    I'd be really careful and seek some advice before you make any moves here.

    Sorry, i don't want to scare you but i'd hate to see it all fall through because you moved quickly on the wrong thing. Have you got an independent financial advisor? Maybe talk to them about whether you should try for a different mortgage or try to find a solution with the offer you have.

    Also, check with the lawyer what proof the lender will require on the source of your deposit etc.

    Hopefully when you speak to your parents again they'll be more understanding and less abusive (sorry) because I think that'll be the easiest way to get round this.

    I'd also hang fire on applying for loads of loans and mortgages all at once because that'll well and truly raise red flags on your credit file etc.

    Take deep breaths and come up with a plan!
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
    • monz
    • By monz 10th May 18, 10:03 AM
    • 3,342 Posts
    • 11,092 Thanks
    monz
    Will be speaking to HSBC tomorrow when the girl is back and see exactly what it is they are offering me. I can even ask my mum and dad for the 5k and tell them once its through will get the loan and pay them and pay it off that way also.

    Firstly will see what I am being offered before rash decisions.

    3 weeks to payday.

    Thinking how much I can get for some organs lol... might even buy a lottery :P xx
    Debt (1/9/14) 6,702.11 Debt free (30/11/2016)
    house pot for bobs after fees : 33
    car PCP - 948.95/11848.25 mum and dad 1,300/4,000 mortgage - 83,378 o/s currently - paid 934.10 (19.65 overpayment)
    Christmas - 0/500
    • Chrystal
    • By Chrystal 10th May 18, 12:18 PM
    • 411 Posts
    • 2,639 Thanks
    Chrystal
    If they are only offering you 80% mortgage because of 'non standard construction' I think that's because they've only valued the house at 80% of what the selling price is. Make sure you ask HBSC if that's the case

    If that's the reason for only 80% you need to speak to the sellers and see if they will reduce the price. They will find that anyone else needing a mortgage will have the same problem.

    Really hope you can get things sorted, but you don't want to be in a position where the value of the property you are buying is worth less than your mortgage. Negative equity is no fun.
    I Believe.....
    That it isn't always enough, to be forgiven by others.
    Sometimes, you have to learn to forgive yourself.
    • JoJoC
    • By JoJoC 10th May 18, 12:52 PM
    • 1,128 Posts
    • 6,894 Thanks
    JoJoC
    Agreed on the negative equity front! I was stung by that ten years ago as a first time buyer and I still have the property, despite moving out of it 4 years ago. Hope your chat with HSBC goes well.

    Also, not sure if you're doing this yourself, but might be worth getting advice from an independent financial advisor? I have a great one locally that I can recommend - they've dug us out of a couple of holes with their expertise.
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
    • kindofagilr
    • By kindofagilr 10th May 18, 4:53 PM
    • 6,273 Posts
    • 21,076 Thanks
    kindofagilr
    You need to be really careful about the legal side of getting a loan to finance a deposit on a house - you're not supposed to and I think they can reject you based on that.
    Originally posted by JoJoC
    Yes this is right, we said it was for a car, we didn't say it was for the deposit xx
    POAMAYC 2018 #87 12,063.46 ~ POAMAYC 2017 #87 10,380.18
    POAMAYC 2016 #87 7454.80

    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    104,409/83,809.79 (as of 31/08/18) ~ 19.72% Paid

    Christmas Savings 18: 470 Cash ~ Amazon Vouchers: 90 ~ Total = 560
    Cyprus 19 Savings: 0/2000 ~ Centre Parcs 19 Savings: 10/1500

    My Debt Free Diary (Link)
    • monz
    • By monz 11th May 18, 1:59 PM
    • 3,342 Posts
    • 11,092 Thanks
    monz
    My kitchen is getting done up........
    Debt (1/9/14) 6,702.11 Debt free (30/11/2016)
    house pot for bobs after fees : 33
    car PCP - 948.95/11848.25 mum and dad 1,300/4,000 mortgage - 83,378 o/s currently - paid 934.10 (19.65 overpayment)
    Christmas - 0/500
    • JoJoC
    • By JoJoC 11th May 18, 6:39 PM
    • 1,128 Posts
    • 6,894 Thanks
    JoJoC
    Yes this is right, we said it was for a car, we didn't say it was for the deposit xx
    Originally posted by kindofagilr
    Just a note - even in doing this, they might say ';ok, this loan was for a car, but show me proof of you saving up the deposit and show me the account that it's been in and for how long' etc. Basically, I'd seek advice from your lawyer to confirm before you bank on any of this being a solution. It's a minefield, that's for sure!
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
    • kindofagilr
    • By kindofagilr 13th May 18, 3:56 PM
    • 6,273 Posts
    • 21,076 Thanks
    kindofagilr
    Just a note - even in doing this, they might say ';ok, this loan was for a car, but show me proof of you saving up the deposit and show me the account that it's been in and for how long' etc. Basically, I'd seek advice from your lawyer to confirm before you bank on any of this being a solution. It's a minefield, that's for sure!
    Originally posted by JoJoC
    Yeah deffo, the lawyer will say not to do it that's for sure, guess we were lucky they didn't ask for proof of deposit x
    POAMAYC 2018 #87 12,063.46 ~ POAMAYC 2017 #87 10,380.18
    POAMAYC 2016 #87 7454.80

    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    104,409/83,809.79 (as of 31/08/18) ~ 19.72% Paid

    Christmas Savings 18: 470 Cash ~ Amazon Vouchers: 90 ~ Total = 560
    Cyprus 19 Savings: 0/2000 ~ Centre Parcs 19 Savings: 10/1500

    My Debt Free Diary (Link)
    • monz
    • By monz 14th May 18, 9:05 AM
    • 3,342 Posts
    • 11,092 Thanks
    monz
    Hey everyone

    Thank you so much for your advice!

    My mum has agreed to lend me 4k and I have to pay her back 250 a month over 16 months. Once this goes this will update signature.

    I have to transfer over 4,250 for deposit. Add 1150 lawyer fees I will be left with about 1k.

    My sister is getting me an over and I will buy the American fridge. This will leave me enough money to buy paint to decorate.

    I am allowed furniture from flat and will save up to replace for couch and new beds

    Thank god!!

    Today will have final decision of new mortgage deal of 450.02 per month over 18 year mortgage and 2 months

    She said it will be approved as they had approved for a much higher loan.

    So when this goes through will let you know when I have the update and spoken to my solicitors xx
    Debt (1/9/14) 6,702.11 Debt free (30/11/2016)
    house pot for bobs after fees : 33
    car PCP - 948.95/11848.25 mum and dad 1,300/4,000 mortgage - 83,378 o/s currently - paid 934.10 (19.65 overpayment)
    Christmas - 0/500
    • JoJoC
    • By JoJoC 14th May 18, 9:10 AM
    • 1,128 Posts
    • 6,894 Thanks
    JoJoC
    Phew! I'm glad your mum has come around - it should make life so much easier in the short term. Short term pain for long term gain!

    Hope the solicitor comes back quickly.

    Any idea on an entry date yet?
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

164Posts Today

1,395Users online

Martin's Twitter