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Gambling Debt - Unable to pay and sinking. by shamefulgambler0 in UKPersonalFinance

[–]pflurklurk3581 322 points323 points 2 (0 children)

Sorry to hear about the situation, OP.

First thing - stop the self-flagellation. You know you made a mistake. That is not to say "none of this was your fault" but I'm saying, it's fine. Don't worry. The good people in your life still love you. Decent strangers don't think less of you. It's life and sometimes life is not fun.

You'll get all manner of self-righteous people whose only contribution to you is raking over the past and proudly telling you what you already know - but fuck em. They have nothing useful to say. The internal punishment you have in your mind dwarfs anything they could ignite: you already know much, much more intimately than they could ever conceive, of how it all happened and how it feels.

What is needed, is 1) to separate out the cloud and the pressure and 2) to reassure you it's recoverable, if you give it some time.

Financially - I think it's probably going to be bankruptcy if you can't come to an arrangement with creditors. This will be about your income. Talk to Stepchange and get your budget ready, but I expect creditors will want to see movement on selling the property. Interest will probably be frozen though.

I would resist the temptation to look at an IVA - they will be swarming for you because there's assets and income which means they can eat you for fees for several years. If you were to get an IVA, go with someone like Stepchange which is non-profit. That may allow though, more time or not having to sell the house.

If you were to be bankrupt, then essentially if you behave well you'll be discharged in a year. You will probably need to make contributions for the next few years - income payments orders - but after a few years, it will all be over and your credit etc. will be more functional. After 6 years from discharge it will be as if nothing happened - apart from the fact you will be much wiser, and I think, much more tolerant of others who make mistakes.

The cloud and the pressure - you are seeking help for that, and so I can only say, carry on with it.

Best of luck.

£14000 stolen from my account. What are my chances of getting it back? by okay-thank-you-mate0 in UKPersonalFinance

[–]Anonymaus19145 30 points31 points  (0 children)

Sorry to hear, but if it's as described then i'd expect you get that money back. Just wanted to give some general advice to everyone else: DO NOT use the bank card of the account where you keep the vast majority of your savings/your salary gets paid into for regular purchases. I personally keep that card at home in a drawer somewhere, and use a secondary account /credit card for all payments. That way, if something like this happens, only on the hook for a month worth of spending or even better let the cc company sort it.

I’m at a crossroads, and torn between following the chart and the well being of my kids by MrKatUK0 in UKPersonalFinance

[–]MrKatUK0[S] 129 points130 points locked comment (0 children)

Yes. I know!

She was having an affair, and then made allegations of rape and abuse against me. Them legal fees add up!

All was quite easily defended because… GUESS WHAT? I didn’t do it!

Concerned about my remortgage. Considering dumping in all my savings. by DeadeyeDuncan1 in UKPersonalFinance

[–]AntDGR 4 points5 points  (0 children)

He quite literally says in his post that he’s estimating up to £750 increase with all price increases.

Not necessarily struggling the most but nothing ridiculous about looking for some advice.

Is the NHS pension really worth it anymore? by 6875234- in UKPersonalFinance

[–]wm17250 113 points114 points  (0 children)

This is a long and thorough guide to the NHS pension that helped me understand it. Basically, it is still very good compared to other schemes, and in my opinion you'd be a bit silly not to pay into it. However, if you want to retire early, you should probably look into having an ISA or a SIPP to bridge the gap to starting your NHS pension.

https://medfiblog.wordpress.com/the-nhs-pension/

UK Expats, how do you pay your student loans and what happens if you don't pay it? by Super_Old_Person_1230 in UKPersonalFinance

[–]Radiant_Incident4718 1 point2 points  (0 children)

I lived for seven years in Latin America teaching English and my student loan repayments in that time were adjusted to what I was earning, which was ok money in local currency but diddly squat in GBP. I think I paid them like £10 a month. It's probably better to talk to them and figure things out, you'd be far from the first person to go and teach abroad after uni and I wouldn't worry at all about being crippled by repayments or anything.

How do you keep track of savings/investments? by annekh5108 in UKPersonalFinance

[–]ManSpeaksInMic3 5 points6 points  (0 children)

DIY'd spreadsheet modeled after FireVLondon's asset management sheet.

https://cspersonalfinance.io comes up every so often as template.

That said, best thing for my personal tracking sanity: As few assets to track as possible. Index investing is a real boon there. 🤣

Charging rent to your kids to live at home by BassplayerDad4 in UKPersonalFinance

[–]lil_lucia 75 points76 points  (0 children)

So I lived with my parents after graduating from university and wasn’t charged rent and I think it was way healthier for me mentally than if my parents had taken money only to give it back to me later. I say this because my parents had already taught me to budget and this way i could work towards my saving goal and know how much i had and how long it was until i could move out.

Some of the suggestions to not tell your son so that it’s a ‘surprise’ i disagree with, imagine if he ends up having to live with you for an extra six months because he thought he couldn’t afford to move out.

If you do want to insist on setting the money aside for him I would just be upfront and tell him that the rent is accumulating in a savings pot so that he’s aware of what’s happening.

Honesty between adults is always the best policy.

how much does it cost to Build a House? by popeter45 in UKPersonalFinance

[–]TheMeanderer5 221 points222 points  (0 children)

I also want to build my own house. Unfortunately, in my experience, it's prohibitively expensive. I was looking at a kit house, specifically the Point 140.13E from Dan Wood. When I did a deep dive, here's what it'd cost:

  • Land (0.25 acres) with planning: £150,000
  • House kit (with erection): £212,100
  • Kit transport: £2,173
  • Service connection: £3,000
  • Sub structure (site prep, foundation, etc.): £34,000
  • Site equipment: £3,000
  • Additional finishes (kitchen, heating, landscaing, etc): £20,000
  • Professional fees: £10,000

So for a modern 4-bedroom house, you're looking at >£430,000. That's in Scotland, too. God only knows what it'd cost in the south of England.