Skint, need help and advice please

[sparky]

I would go with a moratorium of 4 months and at the same time reduce your repayments to the cu to 100 a month. use the money to clear your cc then switch your mortgage to intrest only and use all your money to clear the cu

What is a moratorium? Sorry if a dumb question, but I've not heard of it before..

 

[fobs]

a moratorium is where the bank give you a break from payments for a set no of months to get your affairs in order. You would not be considered to be in arrears doing this but usually only get one stab at it!

 

[setesh]

Yikes.. seriously? I can't get rid of my home... ah it would kill me to have to sell it. I am looking to rent out the spare room atm, so fingers crossed.
I appreciate the suggestions though.

Are interest rates really set to go up again? As high as they were recently? Like 4 and 5%??

Sparky,

You are 31 with no savings or pension.
You are on here looking for advice to just manage to keep a few extra quid after you're normal outgoings.
You've been dropped from a 5 day week to a 3 day week. How solid is that job?
Say you get someone in the spare room, that might cover an interest hike.
But what will you do when the next hit comes? Job loss, interest hike, energy/fuel increase etc.
You're treading water as is and you're busy pumping money into an asset that will in all likelihood devalue in the future.

Ignore your emotional attachment to your home. Stand back and look logically at your situation and you will see there is only one happy ending here.
PS: If your home is worth €15k over your outstanding mortgage, for gods sake run now before you hit negative equity and really are stuck.

 

[csirl]

I couldn't I live in the middle of the shticks, very little public transport

The car I have is pretty old anyways and I'd get sfa for it. Thanks for the suggestion though.

Other posters have suggested selling the house for financial reasons. If you sold the house and moved to rented accommodation either within walking distance of your job or along a public transport route, then you'd have the added bonus of not having to run a car.

 

[number7]

my guess on interest rates is that over the next 20 years the variable rate is likely to average 5-6%. Just a guess mind