Separated. Financial advice

The Csa is now finished they don't take on new cases.When i left My Mrs in 2001 It cost me 250k to divorce her.

Things will get better for you,Stick with the parents for now ,Live well and look after the son on weekends.

I retrained at 33 done Engineering at Leeds uni,Currently working in Oman earning 5k a week as a Track Engineer.I have No Mortgage I've helped all my Three Children onto the property ladder.

Don't Feel sad Its a new chapter in your life.You can do whatever you want to do!
 
Nodiggidy123 said:
only thing i can think of is to apply for insolvency for my loan.
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Do not do this. Unless you literally have nothing left to do and no options to turn, going down this route will ruin your life for years to come.

Suck it up and live with your parents while you work things out.
 
thanks for all the advice guys.

i've wanted to try and train as a aircraft engineer for a few years now. will use this as a oppurtunity to pursue it.
 
tough times but as above - clear the loan as best you can, stay "rent" free ish with parents for as long as you can cope!

Try and find better paying jobs/qualifications etc. Good luck
 
Ukadder said:
Good man, give us updates on the training and life :)
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ive just posted in the careers development thread. ive a basic knowledge in mechanics and electrics but literally have no idea what qualifiacations i will need to develop my career.

do they do careers advisors for 35 year olds?
 
Nodiggidy123 said:
just seems a bit sad that im 35 and living with mum and dad but its a means to a end.
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Its not so uncommon any more :S around here rent has risen (mixed with wage depression) so much its priced most single people out of the market unless they are in really good jobs :S (unless you want to live in basically a shed or some really bad area).

In a similar position myself but just saving money so I can buy a place outright in the long run - hopefully bide my time and pickup something reasonable when/if there is a down turn.
 
You want to apply for insolvency for your loan, not because you can't actually pay it but simply because you want to move out/improve your lifestyle? Why not take some responsibility - pay the thing off, save while at your parents then think about moving out. Perhaps look at improving your income too while you're at it - since you've got a kid to look after.
 
kindai said:
Do not do this. Unless you literally have nothing left to do and no options to turn, going down this route will prevent you getting decent credit for the next 6 years.
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Fixed for accuracy. Speaking from experience, it's nowhere near as bad as "ruining your life".

  • You might find it slightly more difficult to pass credit checks for renting.
  • You might be unable to get a "normal" bank account for the first year or 2.
  • You might find your car insurance increases quite a bit.
  • You probably won't be able to get any kind of credit for the first 2-3 years (other than the really high interest cards e.g. Capital One/Vanquis, or rip-you-off companies like BrightHouse).
  • You will be unlikely to get a mortgage for the first few years, and will be limited in choice for a few years after that until it drops off your credit report.

Not that I'm by any means encouraging the OP to do this. That £190/month probably isn't going to make a massive difference in reality, and he has the option to stay with his parents which will cut his outgoings massively.

Personally in the OP's position, I'd be living at the parents whilst paying off the loan ASAP and then saving as much as possible with a view to buy somewhere.

What is the situation with your ex/son's accommodation? Are you still paying her rent/mortgage as well as the maintenance?
 
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dowie said:
You want to apply for insolvency for your loan, not because you can't actually pay it but simply because you want to move out/improve your lifestyle? Why not take some responsibility - pay the thing off, save while at your parents then think about moving out. Perhaps look at improving your income too while you're at it - since you've got a kid to look after.
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Your assuming Im able to stay here indefinitely in order to pay my debt off. I don't want to annoy my parents and get thrown out.

I'll take putting a roof over my and my son's head over paying back a loan I'm afraid. But it's not something I'm looking to do if I can help it.

However whilst I can. I'm going to look into retraining and paying off my debt to provide forva better future.
 
Whats the outstanding balance on the loan, if you cut your spending to the bone how much could you overpay?
 
Around 10k I believe.

It should have been a joint loan really but lesson learnt there.

Can put 500-600 a month aside I reckon

My ex will be moving into her own place end of may so i ve only got to pay for maintainance
 
Sorry to read that OP. Not sure if this will help, but I have been exactly where you are and life does get better.

My two pennies worth:

1. Stay with your parents for as long as possible. Ypu aren't in a position to buy a place, so put that out of mind for now.
2. Use the savings to repay loan ASAP.
3. Join LinkedIn and look for companies working in the area of interest. Contact their HR department and ask about any apprenticeship schemes; failing that ask them to identify what they would be looking for in terms of qualifications and experience and try to fill those gaps.
4. Look for adult training in the evenings; Open University might be an option, or your local Uni.

Good luck.
 
George Hincapie said:
Sorry to read that OP. Not sure if this will help, but I have been exactly where you are and life does get better.

My two pennies worth:

1. Stay with your parents for as long as possible.
2. Use the savings to repay loan ASAP.
3. Join LinkedIn and look for companies working in the area of interest. Contact their HR department and ask about any apprenticeship schemes; failing that ask them to identify what they would be looking for in terms of qualifications and experience and try to fill those gaps.
4. Look for adult training in the evenings; Open University might be an option, or your local Uni.

Good luck.
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Thanks mate.
 
Nodiggidy123 said:
Around 10k I believe.

It should have been a joint loan really but lesson learnt there.

Can put 500-600 a month aside I reckon
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Yeah I nearly got lumbered with a 14k credit card debit that I'd run up a max of 1k of. Still ended up paying half.

Prevail on the Mrs that she needs to cover half of it. Or pay her half CHildcare until it's paid.
 
I don't think I could get any out of her unless I went to court and don't think I could afford that.

Then there is the issue of whether she would turn into a ***** and stop me seeing my son

If I try hard I reckon I can get it paid within maybe 16-18 months
 
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