My partner left me with our child and 40,000 in debt. I dont work and i dont know what to do? who can help?
Answers: Sort out your finances. Whose names are the debts in? Are you both responsible or are they all in your name? If they're in your name, you're in difficulty indeed.
Talk to the organisations you owe money to. All they want is to get their money. If you've not been late with any payments, they will probably be fairly accomodating if you alter your repayment schedules. If you have multiple debts, pay the minimum off each repayment, and more on the debt with the highest interest rate. This will save you money in the long term, although you will feel like you're just treading water for a long time. You may need to spread the payments out over longer time periods, or try to lower the interest rates, or even consolidate the loans into one loan with a set payment and a low rate, although if you go for this last option, it'll look appalling on your credit history. It's a last resort only.
Pay the payments on the last day they are due. Don't pay them late, but stretch it out until the last day. This will help you budget if things are REALLY tight.
Is there a relative you can leave your child with who will provide care for free? One of your parents or a sibling perhaps? Sorting out this kind of thing can help you get organised to get a job. If your child is school aged, even better. See if there is some sort of after school care available so you can work more hours.
You need to start looking for a job. I know it's hard, and your self esteem has taken quite a battering. Desperation can scare off employers. Make a shortlist of what jobs you are able or qualified to do. If you're not qualified to do many, it's not a disaster. Have a look at the industries in your area. Are there any factories that might have shift work available? Even a lowly paid minimum wage job (like mine) is better than nothing. Just having a job, any job, will boost your self esteem.
If you want some free help to write good cover letters, email me. I've applied for many jobs over the years and I write great cover letters. I don't mind helping you in this way, or even having a look at your resume. I suggest you go through the phone book and contact companies that you would like to work for by mail. Check the local paper classifieds (even go to the library if it's an option, and read the papers for free). You should be applying for as many jobs as you can, as soon as you can.
Here are some other things you can do to raise some funds in the interim. If there is anything available from the government in your area for social security, take that. Don't be proud.
If there is a spare room in your house, put an advertisement up and rent it out. Just having someone pay a little rent and some of the bills can help take the edge off things. That's my contingency plans for my mortgage if interest rates go through the roof.
Sell some stuff. If you have a flash later model car, sell it and buy a cheap older model. A well looked after older model car is about as economical as a newer one, and it could save you a few thousand dollars if you swap cars. Have a garage sale and get rid of some clutter, or advertise stuff for sale that you don't need in the local paper classifieds, if they have free ads for cheap things under $100. This could help you get some cash flow.
I'm not sure what country you're in, but there should be avenues for child support in your area. Contact your local police station or free legal service. There are helplines for this sort of thing. I'm an Australian, so I can only give you Australian information.
My Mum's first husband walked out on her in similar circumstances (minus the debt, but she had no assets, no licence, and two hungry kids). She sent her kids to her Mums, got a job, got her kids back, got a divorce, and then bought herself a house with her own money. Anything is possible. I know it's hard right now, but if you're smart enough to ask for help, you're smart enough to get out of this okay.
Best wishes.
plenty of people can help...
contact your church if you attend.
If you must, go on state aid...they can go after your child's father for child support payments...but more importantly they can offer you job assistance and daycare vouchers for your child's daycare...
you might even qualify for housing assitance of some sort
If you are not working there is a good chance that much of this debt is not yours but it is his.
Go over your bills.
whichever ones are his contact the creditors and tell them where to find him or give them his mother's phone number
allow them to harrass him
What will ensue if Northern Rock is Nationalised?
I have a Mortgage next to them and the fixed period ends this year, I twig that their Mortgage acceptance is mode down so should I leave my Mortgage as it is, Move lender contained by hope of a better deal or if it is Nationalised, will this predictable have any detrimental effect to me?Answers: Look at the history of nationalisation contained by this country
British Leyland
British Rail
Both of these companies were nationalised version of previously very successful companies. Almost overnight they turned into loss making joke.
I'd change mortgage swift.
You should be unaffected by any nationalisation.
It will be "business as usual" for borrowers and lenders.
the management will buy the debt in northorn rock as richard branson proposed to. as the elected representatives has already secured your mortgage you should be not detrimental with them for the time man.
Finance Guarantor?
If you where a broker or lender and your client needed a guarantor which her parents be willing to do but she doesnt have a sneaking suspicion that they need to know any of her financials what would you inform her. Compliant with the UCCC etcAnswers: As a broker or lender I want to know i will procure my money at the end of the daylight.
I want to know that the person I am lend to can finance the debt minus detriment to themselves or my company.
If that means that the Guarantor requirements to be aware of the Borrowers credentials before they put themselves on the chain so be it.
You would be surprised over how many parents enjoy lost their houses over their children's debts.
Lending institutions are not charities . The Law is strict and it is plain, don't sign up for debt you cannot manage,that applies to borrowers and guarentors.
I don't reflect you can be a guarantor and not know what you are getting in to. I without doubt wouldnt go guarantor for an undisclosed amount of money and I dont mull over that by law you can.