How times have changed

[kallis3]

Me too Viki! I always used to think that the people in the bank knew exactly what I had done.

[lendusaquid]

mine came to a head when I transfered part balances to mbna and they worked out what was going on-forced me to wake up and discuss it with my wife.

[kal]

We had a joint credit card, and I used to use it to get food shopping each month - my dh thought we were paying it off each month, wheras I was just adding to it.
I used to feel sick thinking about how I was going to tell him - I am so glad that we don;t have that worry now.
We have a joint account as our IVA is joint so his money goes in each week (self employed) as does mine each month.
I too have a spreadsheet which details each DD etc - I tick them off as they come out the bank each day - I check my on-line banking at least once a day (it's like a comfort blanket!!!).
k.

[tori]

[:I]mine was far worse than that.the very same day my wage went in it would be gone.right away,the whole lot.then i would have to pay in a balance transfer chq to cover any other payments that were due to go out & then work out which cards i could use for food & petrol.i lived like that for yrs.it was truly awful[:(]Anyway i have been paid today & even though i will be handing over some of my overtime i'll have enough 'cash' left to get my road tax & buy my sister a birthday prezzy.what a lovely feeling[:D]

[Skippy]

BTW in case anyone thinks I'm thinking of getting credit in Dave's name, the main reason I want to keep his credit score as good as possible is that the mortgage is in his name and the better his credit score hopefully the better the mortgage deal we're offered!

[Julie]

Skippy - I don't think anyone would think that of you. Good for you thinking of the best mortgage deal..I know its a nightmare to get with poor credit. We're paying through the nose so to speak and will have to until the IVA is over and Aluns credit rating can build again [:(]

To be honest if the payments go any higher we'll be thinking of selling up and renting..thats if we can get a buyer of course.[;)]

[Skippy]

We've got to go careful over the next year and keep Dave's credit rating good as he has a self cert interest only mortgage and I worry that we won't get another one!

I really sympathise Julie - I don't think that we could get anything any cheaper though without moving back to a worse area, even if we're renting. A similar one bedroom maisonette to ours is £750 - £800 a month to rent, which I find a scary amount!

[Julie]

Thats a frightening amount of rent Skippy - you could rent a lovely 4 bed detached house where I live for that & our area is so nice, we're really close to the coast and have great road links.

As long as you don't mind the odd sheep [:D]

[Skippy]

We live in 'a desirable tree lined road with close proximity to the River Thames'! Basically we live in a one bed maisonette on a flood plain! If you want a 2 bedroom maisonette in the same road it's £925!

[angelrainbow]

It is so important to get a good rate for the mortgage. The OH is divorced, classed as high risk and was given a rate that shot up sky high after 2 years (sub prime lending and all that). We couldn't keep up and were repossesed. The IVA is mainly made up of formerly secure lending that is now unsecure.

I think it is criminal that people who already struggling are put on these high rates...almost dooming them to failure.

I so hope we can get a good rate in 6 years time, but I doubt we will...even though the IVA will be off the credit file.

[kallis3]

There is a four bed house by me up for rent at £795 a month. We don't have the coast or any sheep though - just a lot of squirrels!

That sounds lovely where you are Julie!

Skippy, your road sounded quite lovely - till you brought me back down to earth!

That is a lot of money for a maisonnette.

[Julie]

Its hard to believe the prices - I'm paying more on my interest only mortgage on a 3 bed detached than it would cost to rent the 4 bed which is 5 doors away from me! Does make you wonder why we bother - afterall we don't really own the house it belongs to the mortgage lender........but I do love it [;)]

Interesting to know how expensive it is in other parts of the country to rent/buy similar properties.

[angelrainbow]

Here are some facts and figures..

Mortage, interest only on old 3 bed semi home:

£1,300 per month

Rent on 3 bed detached bigger, nicer home:

£595 per month!

A 'no brainer' for us really!

[Julie]

Wow angelrainbow thats a crazy comparison. As you said its not right that those who are struggling get penalised with the impossible high mortgage rates.

Who knows what the market will be like in 6 years time [:(]

[Skippy]

Interest only mortgage - £650 per month
To rent similar property - £795 per month

I'd hate to lose this house - we were stuck in a flat in a large block in an area that wasn't very nice with horrible neighbours and I just hope we can afford the mortgage next year as I can't face going back to that!