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Krs · May 5, 2006, 02:34 AM

Basically my situation is :-

Currently my husband and I are in process of doing our house.
Got a Home Mortgage to purchase the property.

Basically together monthly wage is roughly 650.
Our current debt is 989, in which we have to pay it by next pay day, end of month. How the hell can do we so?
Im so stressed and down :(

Krs · May 5, 2006, 02:37 AM

Oh, sorry wanted to add, and getting another loan is not a good idea. We both don't need more loans and interest and monthly payments to pay.

Krs · May 5, 2006, 04:49 AM

Anyone there to help me?

fredg · May 5, 2006, 04:58 AM

Hi,
Both your total income is $650.
You already owe $989, due by end of month.
You want to buy property. You are absolutely correct is not trying to take out another loan.
Your mortgage should not be more than 1/4 your combined incomes, roughly.
So, your mortgage shouldn't be more than $162 per month.

Is this "current debt" your mortgage payment? If so, you are way, way, way in "over your head".
If it isn't your mortgage payment, then pay it off first, maybe paying half of it, and asking for an extension to pay the other half next month. Best of luck.

Krs · May 5, 2006, 05:03 AM

Our monthly mortgage payment is 188.
Our debt of 989, are Notary fees, we bought a bedroom and the fridge. Which these need to be paid off by end of May, more the fridge and bedroom.
I don't know how to cope or what to do. So the 989 is excluding mortgage payments and other bills.

fredg · May 5, 2006, 05:20 AM

If the $989 HAS to be paid by the end of the month, your only choice is to get a loan to pay it off.
I would try talking with those involved with the 989, see if you can extend your deadline. If not, a loan is the only way. Or, hopefully, you have a friend who could loan you the money, interest free, and you could pay back your friend over a couple of months.

Krs · May 5, 2006, 05:29 AM

989 is combined - 200 - notary fees (which was a total of 600) and slowly have been paying him off, so I feel abit ashamed asking him to extend it more. 400 is for our bedroom, 284 for the fridge, 67 is for a mate who helped working in our flat and 36 for our PC.
I have a mortgage, VISA cards and a Mastercard, I feel I can't handle more loans, more payments.
Its all too much for me. And besides that, I help mum with shopping we divide what she spends which is usually about 85 a month plus with her water & electricity bill.
Then she moans at me about how broke she is...

aqua@home · May 5, 2006, 08:30 AM

Krs, I typed this out once then lost it so if yo get it twice, my apologies.

Don't get another loan! I think you know that is not the answer. If you are not willing to ask for another extension then you will have to come up with the money somehow. Do you have anything you can sell? Can either of you get a side job? It sounds like you don't want to use the credit cards and that is smart. Don't use them ever! Money problems exist usually because of two reasons. Income problems and spending problems. Do not buy anything you don't have the cash for. First is the debt though. Try to pay it down before you buy anything else. I do realize that when you buy a home this is hard, but it has to be done. Like I said, sell something, take overtime, take a second job. If you truly want out of debt, you can do it.

Have you ever listened to Dave Ramsey? I know he is on many radio stations or you can listen to him online for free at his website. You can listen to past shows too or even email or call him. Good luck.

Krs · May 5, 2006, 08:36 AM

Both my husband and I are working overtime evry day mon - fri, to get extra cash, we don't really have spending problems its more where I come from the wages aren't that grand and the cost of living is high.
We will somehow manage, where there's a will there's a way I guess.
Thanks all