I don't know how we're going to cope financially(63 Posts)
Does anyone else get this mad sense of panic just build up and overwhelm them completely? In utterly dire financial mess at the moment and trying to sell the house but no one wants it.
The ridiculous thing is, on paper, we both are well-paid!
Then ( with best my Phil Spencer voice) it will either have to be cheap enough for a do- er upper or you will need to put some work and annoyingly money into it. Do you think the price is right for its condition? does the agent agree?
Can you sit down with spreadsheets and get all the financial info out in the open? Do you have siblings who could offer you practical suggestions, in a friendly and sympathetic atmosphere? Will you inherit money from your parents? If so, maybe the mortgage lenders would give you some breathing space if there is guaranteed money coming your way, even if not for a while
Sounds tough for you. I sympathise
There is also a dealing with debt board on www.fool.co.uk. The first thing they will ask you to do is write out a statement of affairs (SoA). This is basically a list of all the money coming in and out including a list of debts and the interest on them - they have a calculator with categories so you hopefully won't miss anything. (If you go to any of the free advice organisations mentioned earlier they will ask for the same thing).
Even if you don't choose to go on the boards, if you do pull together an SoA, it may make it easier to understand a) where you're money's going b) where you can potentially save some.
Good luck! I know it's a really scary place to be.
Cupcake - yes, I know how you feel!
I suppose all it takes is one person to buy the house, right?
To top it all, I keep getting this patronising woman ringing me up! We were considering selling the house through a company that gives about 80% of the property's market value and on Google, I found one company that turned out to be an "express estate agent" and she keeps ringing me up and asking me questions that make me so angry!
Was the parking fine a council one or one of those dodgy private parking ones?There's so many free organisations that can help out now, contact lenders for you, write budgets etc. It sounds like you need to more proactive and start contacting these organisations now, before things get worse. I would be focusing on why the house isn't selling as well, speak to the agent and ask for a honest opinion.
Minky - thank you
Whoknows, I think it is quite cheap really - we bought it in 2004 and we're selling it for the same price we bought it for then (but would accept around £5000 less.)
The agents are a bit funny really. We went with them because when we first decided to sell we had a really helpful man come round who was very pleasant. When we put it on the market the one who deals with it is now a woman and she's slightly snooty - her voice annoys me [oops] and I don't know, I could be wrong, but I get the impression she's very young and is trying to sound as if she knows more than she does! I could be wrong of course.
By the way I keep these thoughts to myself - I'm vair polite on the phone of course!
Bigwheel, yeah, it was a council one [oops]
I didn't pay it because I meant to appeal it as I was in Waterstone's and somebody completely by accident and very apologetically afterwards dropped a hardback book on DD's face (she was in her pushchair and he was reaching up and several fell off the shelf.) She was okay but obviously screamed the place down and I lost track of time in reassuring the elderly gent that all was all right then soothing the offended DD. But I forgot [oops]
Hun you really, really need help with this. If you are using payday loans and considering the fast-sell house sale market then things must feel pretty bad and you are resorting to desperate measures. good advice now could save you THOUSANDS and could make the difference between getting out of this with enough to get a new house or not.
Please either speak to Payplan or CCCS (never any of those parasites that charge for their debt-advice services) or be brave and post on that forum. I'll come over with you and hold your hand! Without full figures etc it is really hard for me to give you specific advice and that is what you need
Yes and no really, the advantage of the quick sale is no solicitors fees or estate agent fees and ours are pretty large. We will be changing agents once our six months with this agent are up.
On the plus side some of these costs are temporary and once you sell the house that will help..
Nursery fees are killing me at the moment.
Imagine how nice when they stop.
Mutt, yes, but we still have to pay our mortgage on the vacent property. We can't move back into it - DH got a new job knowing we were moving into my parents' property. The commute (bad now) would be unmanageable, around a 4 hour round trip.
We just can't afford any cosmetic work although if we could, we would. It just feels like we're trapped!
Pickled - yes, can't wait! DD is 3 in June 2014 and I am countng down the days
I think you've been given some really good practical advice on here.
The main thing I want to say is that it's easy to feel overwhelmed, but you WILL ride out this difficult time.
You are in the situation of many middle earners where you earn too much to qualify for any help, but pay out shedloads in mortgage, bills, childcare... I remember that time well. I found it soul destroying on one level to be working so hard when for a couple of years my earnings were totally swallowed by childcare and commute. On another level though it was ABSOLUTELY the right thing to do- several years on I now reap the benefits and have a good career and income, so try to hold onto that long term view.
You've been unlucky in having several incidents which have knocked you back. Use the advice on here to try to make some immediate cutbacks (phones? Sky tv? Food shop?) Also do some longer term planning for once you've got through the immediate difficulties
If you've got money worries, you really can't do better than ask for help on the MoneySavingExpert forums. I particularly recommend the Debt Free Wannabee section of the site - those people have seen far, far worse financial situations than yours is likely to be, and have been able to take steps to sort them out. There's a real sense of optimism on the board, and they will really be able to help you without judging you for having got into the mess in the first place.
Teapot If you want, you're welcome to pm me a link to the Estate Agent pics of the house, I'll have a look & tell you what would make it more saleable. I'm not an Estate Agent or Property Developer but have managed to do up and sell a few houses - setting the ceiling price for each street.
That last post made me sound like much more of an arse than I actually am (I hope)
Could you rent out the house you're not living in?
We can't, mummy - it isn't really liveable and we can't afford to get it so.
Plus, the mortgage company would make us have a b to l mortgage which would defeat the object!
Duchess, thank you - the problem is, it really does need big things, bigger than we can afford. New carpets/laminate. New ceiling new bathroom, the list is endless, to be honest!
Just had a letter from an insurance company about my car accident, I need to go and cry now!
If your parents are dead, who owns the house you're currently living in? Could you remortgage it to get cash to make your other house saleable?
We own it but a remortgage isn't really an option at this stage - the last thing we need is extra debt!
I think we'll have to sell it to a company just to get it off our hands really
Ok- it just seems a bit mad that you have two houses, one of which is possibly owned outright (your parents ex-house) and you still have cash flow/debt problems. If I'm reading this right, and apologies if I'm not, it's quite a first world problem, if you don't mind me saying.
Remortgage the house you're in with (say) a 1 year "no replayment" holiday. Use the cash to do up house 1. Sell house 1. Repay mortgage on House 2. Or just flip house 1 now as a do-er upper. In any event you still own house 2 (the one you're living in)
If you're considering selling to a company that'll offer you 80% of the market value, why not instruct your agent to drop the price to, say, 90% of the market value and ask them to really push it - maybe hosting an open viewing once the price has been reduced and pushing it as a project family home? That way you might get more interest.
Also agree with MSE as a source for great advice. Do an SOA and put it on the Debt Free Wannabe forum and you'll get loads of advice on how/where to cut back, advice on getting rid of your pay day loan etc. You'll probably get suggestions you hadn't thought of. If you start off by saying you we're upset last time you were on there as you had a bereavement and posters were very hard on you (or whatever happened), so you took a break for a while but really need advice, I'm sure they'll all be extra nice to you.
I was just about to suggest one of them companies who will buy it cheap.
Obviously you won't get anywhere near the price you'd get from a private sale but in your situation it may be the best way forward since you already have your parents house to live in.
Plus cashflow seems to be what's killing you and if you have enough equity left, you could even pay the car off which would help a lot with the monthly outgoings.
Hard to know for sure though without knowing the specifics but that's what I'd be trying to do in your shoes.
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