Hi there,
I am at the end of my thether at the moment, I bought my house last year after saving for a year every penny I had, handing back a council house and my lone parents and going back to full time employment.
At the time we werent in recession and I felt so proud of myself for doing the "right thing" and trying to better my life for myself and my children.
I come out with 497e per week and i get 120e per week maintance from my childrens father.
My mortgage repayments cost me 306e per week and other out goings to the amout of 250per week, my childcare costs me the guts of 100e per week.
I am trying so hard to make ends meet but no matter how many budgets i draw up and how much I cut back on spending, I bring my lunch to work, I dont go out to socialise and I dont buy anything I dont need but I am still crippled every week.
Now I have been informed that my hours may be cut in half within the coming weeks.
I contacted my mortgage company to ask about a payment holiday and they told me to fill out a budget with details of my incomings and outgoings and they would see what they could do....I waited about a week and then they informed me that there was nothing they could do and I would just have to let my mortgage go into arrears! Interest only wouldnt help me as I am paying mostly interest anyway and to break out of my fixed rate they offered to lend me 20k to give back to them to break me out! ! !
So I am in arrears of one month now and they told me i had to pay an extra hundred per month to clear these arrears, so instead of helping me out by reducing my payments they have increased them to 1350 per month, my mortgage was due again today and I have only lodged 570 because it is all i have.
I am so stressed out that I am starting to lose my hair, I am not sleeping, and not able to concentrate on anything else.
I just dont know where else to turn for advice or help, Does anybody know what approach i should now take with mortgage company?
I am at the end of my thether at the moment, I bought my house last year after saving for a year every penny I had, handing back a council house and my lone parents and going back to full time employment.
At the time we werent in recession and I felt so proud of myself for doing the "right thing" and trying to better my life for myself and my children.
I come out with 497e per week and i get 120e per week maintance from my childrens father.
My mortgage repayments cost me 306e per week and other out goings to the amout of 250per week, my childcare costs me the guts of 100e per week.
I am trying so hard to make ends meet but no matter how many budgets i draw up and how much I cut back on spending, I bring my lunch to work, I dont go out to socialise and I dont buy anything I dont need but I am still crippled every week.
Now I have been informed that my hours may be cut in half within the coming weeks.
I contacted my mortgage company to ask about a payment holiday and they told me to fill out a budget with details of my incomings and outgoings and they would see what they could do....I waited about a week and then they informed me that there was nothing they could do and I would just have to let my mortgage go into arrears! Interest only wouldnt help me as I am paying mostly interest anyway and to break out of my fixed rate they offered to lend me 20k to give back to them to break me out! ! !
So I am in arrears of one month now and they told me i had to pay an extra hundred per month to clear these arrears, so instead of helping me out by reducing my payments they have increased them to 1350 per month, my mortgage was due again today and I have only lodged 570 because it is all i have.
I am so stressed out that I am starting to lose my hair, I am not sleeping, and not able to concentrate on anything else.
I just dont know where else to turn for advice or help, Does anybody know what approach i should now take with mortgage company?