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  • FIRST POST
    • kazza292
    • By kazza292 8th Sep 17, 8:11 AM
    • 51Posts
    • 33Thanks
    kazza292
    Where do I start ?? Desperate for reasurrance.. SOA now attatched
    • #1
    • 8th Sep 17, 8:11 AM
    Where do I start ?? Desperate for reasurrance.. SOA now attatched 8th Sep 17 at 8:11 AM
    Here I am again.. 12 months down the line from when I last posted here..

    Been on a horrible roller coaster last 3 weeks as I have asked my husband to leave. He is living locally with his sister. Married 13 years he is 47 I am 43 daughter of 9.

    I am relieved our marriage is over as I was desperately unhappy as he was not willing to take our debts seriously , we have not slept with each other for over 10 years he is unable to communicate unless he has gin in his hand.. anyhow long story for another forum..

    I have amazing family who are very generous and will support me as much as they can.. My kind dad has reassured my ( when I was brave enough to tell him of my debts that he will do what he can to try and let me and my daughter keep the house, )

    My ex is now gutted his life is upside down but we have not argued and intend not to. Our debts are pretty hideous,,, although I have myself to blame I was once sensible with money I married not knowing of a £13000 consolidation loan he had many years ago which i added to my own mortgage when he left the navy.
    . I do feel I have been brain washed a little over the years as my husband reassured me our debts were fine... ( I know people wont all agree with this ) i Just want to point out that now I have control it feels very satisfying although scary that i can begin to budget sensibly without a gin bottle nearby !!!!..

    So as it stands now I really need your help to direct me as i start to issue divorce papers.....

    Myself and my dad have put together a budget outlined below.. I do intend to get rid of approx £4000 credit card debt by selling caravan ( dad bought us this ) husband has not put up obstacle for me to do this.. ( He has newish Mazda which I have suggested he sell to clear some of his debts but he was not keen on our initial chat the other day )
    My main worry is a good few months down the line when I hopefully will be in a position to ask the Nationwide if i can go alone on the mortgage is what my credit score will be ( i have not yet looked) and dread it if they turn me away so i would like your help to guide me on this.. ( I only put my husband on the mortgage 5/6 years ago when we re mortgaged to do our kitchen.. I /we have never missed payments but have only paid minimum on credit cards.


    I am a nurse

    Assets- House £103k mortgage approx value £145k ( My dad has said he will give him a percentage of equity if need be), although husbands words were the other day that he doesn't want to " screw " me and daughter
    Caravan/ Car as stated above
    Furniture/ white goods - husband not concerned about sharing these things.
    No savings

    Debts- MBNA CC- £2,470 Balance with £4,529 available
    HSBC CC - £ 4,792 Balance with £9 available
    Barclaycard CC - recent balance transfer took place leaving this empty with available balance of £8700. I have 0% deals on both active cards for 12 months minimum.

    Tesco personal loan £ approx £19000 settle figure £17500 ,APR 3.4 % 6 YEARS left pay £280 pm.. i completed a on line tool calculator with Nationwide and it gave me a sum of £80000 to lend mortgage wise on my own with this loan amount each month but when i reduced monthly figure to £150 it gave me £107,000 which would cover mortgage,.. my dad has said he could pay off say 5k off loan to help reduce payments for me. ( I have an amazing dad.. and feel so foolish )

    Overdraft £1000



    Monthly income/ outgoings that i would like my budget to be although I know it is perhaps a little tight ( mum and dad say they will help.. He has agreed to £250 pm maintenance for now until he looks at his figures !! GOV website indicates should be £ 70 PW,

    Salary £1750 with NHS pension
    Benefits £ 80 child benefit
    Maintance £ 250

    Total £2080

    Monthly outgoings ( 5 week month included )

    -Mortgage £590 fixed rate till 2019 ( cost me £1500 to leave deal)
    -HSBC Advance £10
    -Mobile phone £40
    - House insurance- £45
    -Car insurance £25
    -Petrol £50
    -Council Tax £100
    -Water- £55
    -Manweb gas /ele- £70
    -TV license £12
    -AOL/ Phone and broad band £ 25
    -overdraft cost £10
    -Loan- £280
    -mbna cc - £25
    -Hsbc cc £120
    -clothes -£30
    - Hobbies daughter - £60
    -Hobbies me £20-
    -Holidays £30
    -xmas /birthdays- £40
    -food and drink 300
    - Car servicing-/mot £30
    -Emergencies £20
    -Hair £15
    -Dentist £10
    - School club £70


    tOTAL £2082

    I hope this makes sense and i can be saved obviously i realise that i may well need to sell the house but desperately don't want to do this
    I not entitled to any other benefits when i enquired.. My credit card with £120 minimum repayment i hope to clear when sell caravan and use this to pay off other credit cards each month

    Thanks again for any help you may have for me
    Last edited by kazza292; 09-09-2017 at 10:17 AM. Reason: word change
Page 1
    • sourcrates
    • By sourcrates 8th Sep 17, 9:43 AM
    • 12,402 Posts
    • 11,816 Thanks
    sourcrates
    • #2
    • 8th Sep 17, 9:43 AM
    • #2
    • 8th Sep 17, 9:43 AM
    Hi,

    I know it's the least popular option for you at the moment,but You could sell your house and clear the debts completely.

    With that kind of salary to debt ratio, it's unlikely you would be able to re-mortgage to be honest, and I think it would be a mistake to do so, your commitment would increase massively !!

    Sometimes you just gotta say enough is enough, cut your lossses, and start over again.

    Much better to have a clean slate and rent somewhere, than have Hugh debts hanging over you for the foreseeable future.

    My advice would be to sell.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Mnd
    • By Mnd 8th Sep 17, 10:32 AM
    • 226 Posts
    • 260 Thanks
    Mnd
    • #3
    • 8th Sep 17, 10:32 AM
    • #3
    • 8th Sep 17, 10:32 AM
    Whatever you do, and whatever he says don't rely on verbal agreements
    He may say things now that he denies in 6 months (it happens I can assure you)

    What ever settlement you finish up with make it final..no coming back later for a but more equity.

    Make sure you get maintainance for your child, and any pension you are entitled to

    I found myself in almost the same situation as you 16 years ago, except we had no debts though and I'm the dad. We didn't use a solicitor but we did use our financial advisor to calculate our worth, and helped work out about insurances, pensions mortgage etc, and we came to an agreement but crucially we had it typed out so there could be no arguments at later date, but basically I kept the house (as my son stayed with me) and my ex had all our cash!

    I wish you well, and I can promise you there is light at the end of the tunnel.

    Mark
    • Mnd
    • By Mnd 8th Sep 17, 10:35 AM
    • 226 Posts
    • 260 Thanks
    Mnd
    • #4
    • 8th Sep 17, 10:35 AM
    • #4
    • 8th Sep 17, 10:35 AM
    Also change you phone..I'm a tight so and so and we pay 20 a month with tesco for 2 phones with plenty of texts minuts and data .that includes buying the phones!
    • fatbelly
    • By fatbelly 8th Sep 17, 11:06 AM
    • 11,508 Posts
    • 8,645 Thanks
    fatbelly
    • #5
    • 8th Sep 17, 11:06 AM
    • #5
    • 8th Sep 17, 11:06 AM
    I only put my husband on the mortgage 5/6 years ago when we re mortgaged to do our kitchen
    So who is/are the legal owners of the property? A check at the land registry costs £3 if not sure
    • Narola1976
    • By Narola1976 8th Sep 17, 2:08 PM
    • 97 Posts
    • 276 Thanks
    Narola1976
    • #6
    • 8th Sep 17, 2:08 PM
    • #6
    • 8th Sep 17, 2:08 PM
    Can I ask why you pay £10 for HSBC Advance. I have an advance account and don't pay a fee.
    HSBC CC £7150.15 - £6524.68 ~~~ Barclay Card £7894.74 £7846.32 ~~~ MBNA 1 £10382.67 - £10272.67 ~~~ MBNA 2 £7214.28 - £7062.94 ~~~Argos £202.05 - £100.05 ~~~ HSBC Loan £399.27 - £0 ~~~ Hitachi Loan £24.12 - £0 ~~~ Car Loan £14745.60 - £14008.32
    TOTAL £48012.88 - £45814.98 (Paid £2197.90 so far)
    • kazza292
    • By kazza292 8th Sep 17, 2:59 PM
    • 51 Posts
    • 33 Thanks
    kazza292
    • #7
    • 8th Sep 17, 2:59 PM
    • #7
    • 8th Sep 17, 2:59 PM
    its a cost of £10 for Advance account for travel/ road side breakdown insurance included
    • purdyoaten2
    • By purdyoaten2 8th Sep 17, 3:13 PM
    • 709 Posts
    • 315 Thanks
    purdyoaten2
    • #8
    • 8th Sep 17, 3:13 PM
    • #8
    • 8th Sep 17, 3:13 PM
    its a cost of £10 for Advance account for travel/ road side breakdown insurance included
    Originally posted by kazza292
    I could never aspire to matching the level of advice on here ... but I would remove your daughter's name halfway down your first post!
    purdyoaten lost his password
    • fatbelly
    • By fatbelly 8th Sep 17, 3:39 PM
    • 11,508 Posts
    • 8,645 Thanks
    fatbelly
    • #9
    • 8th Sep 17, 3:39 PM
    • #9
    • 8th Sep 17, 3:39 PM
    Some quick observations before I log off for a bit

    1. I think you own your house in just your name. That limits the damage he can do and as a summary I don't think you need to sell up and move, with all the costs that entails.

    2. I think you can afford to live where you are but it would be clearer if you could do a SOA in mse format, putting proper monthly figures everywhere, e.g road tax

    3. Get him paying what he should. £70 per week is not £250 per month - it's £303.33. Use Child Maintenance Service if needed.

    4. Claim Child Tax Credit as a single mum. I don't have a benefits checker to hand but would expect around £40 per week on your salary, depending on what your gross is and how much your pension contributions are.

    5. Sell the caravan but don't rush to throw that money at anything. It will be an emergency fighting fund until things settle.

    6. View priority payments and non-priority differently. Credit cards and unsecured loan are non-priority. I don't think you will need to default on them but if necessary they, and water, would be the things to stop paying in the short term.

    7. Get your single adult discount on your council tax and spread the payment of whatever remains to March 2018
  • National Debtline
    Hi kazza292


    Thanks for posting. Some really useful and achievable suggestions by fatbelly above.


    As a further point, try using http://www.stoozing.com/calculator/soa.php for a budget format that is easier to display in a message thread like this. It's also easier for other to then annotate and highlight any areas where they think alterations or savings are possible.


    Also, at the risk of splitting hairs, if you are listing your outgoings as calendar monthly, make sure you are doing likewise for income like your Child Benefit. This is £20.70/week which equates to £89.70 per calendar month.


    Dennis
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • kazza292
    • By kazza292 9th Sep 17, 8:02 AM
    • 51 Posts
    • 33 Thanks
    kazza292
    Thanks all.

    Just had a " mouth falling to the floor moment " as checked land registry to start with point 1 from fatbelly suggestions and he is named as owner... I feel sick..

    Although my very kind dad said he will really try and help me keep the house as he really wants me and daughter to stay here as to especially not upset my daughter with a house move
    Last edited by kazza292; 09-09-2017 at 8:10 AM.
    • kazza292
    • By kazza292 9th Sep 17, 8:54 AM
    • 51 Posts
    • 33 Thanks
    kazza292
    also.. i telephoned tax credits twice the other week ( as the first man was really unhelpful) and was told i don't qualify as my gross salary for 2016-2017 was £26000.. the pension bit confuses me as when i used online calculator it asks for personal pension contributions which i put in as around £2500 ( NHS pension goes out salary each month approx £210) and on line tool gives me approx £120 pm but when i spoke to them they didn't take the pension bit into account despite me saying i completed the online tool. Lady said if i earn above £23000 generally don't get anything.. I had also asked wages to send me p60 which they did.. but as they told me i couldn't claim when it arrived in post i didn't put it safe and can i find it now !!! arggh
    • kazza292
    • By kazza292 9th Sep 17, 10:11 AM
    • 51 Posts
    • 33 Thanks
    kazza292
    [tt]Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 1
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1750
    Partners monthly income after tax....... 0
    Benefits................................ 89
    Other income............................ 270
    Total monthly income.................... 2109


    Monthly Expense Details

    Mortgage................................ 590
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 85
    Electricity............................. 35
    Gas..................................... 35
    Oil..................................... 0
    Water rates............................. 55
    Telephone (land line)................... 15
    Mobile phone............................ 40
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 10
    Groceries etc. ......................... 300
    Clothing................................ 30
    Petrol/diesel........................... 50
    Road tax................................ 1.5
    Car Insurance........................... 25
    Car maintenance (including MOT)......... 30
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 80
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 10
    Buildings insurance..................... 25
    Contents insurance...................... 25
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 40
    Haircuts................................ 10
    Entertainment........................... 80
    Holiday................................. 30
    Emergency fund.......................... 20
    hsbc advane............................. 10
    Total monthly expenses.................. 1653.5



    Assets

    Cash.................................... 0
    House value (Gross)..................... 145000
    Shares and bonds........................ 0
    Car(s).................................. 2000
    Other assets............................ 5000
    Total Assets............................ 152000



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 103000...(590)......2.39
    Total secured & HP debts...... 103000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    tesco loan.....................19000.....280.......3.4
    mbna cc........................2495......25........0
    hsbc cc........................4790......119.......0
    hitachi ltd sofa loan..........500.......13........0
    overdraft hsbc.................1000......10........0
    Total unsecured debts..........27785.....447.......-



    Monthly Budget Summary

    Total monthly income.................... 2,109
    Expenses (including HP & secured debts). 1,653.5
    Available for debt repayments........... 455.5
    Monthly UNsecured debt repayments....... 447
    Amount left after debt repayments....... 8.5


    Personal Balance Sheet Summary
    Total assets (things you own)........... 152,000
    Total HP & Secured debt................. -103,000
    Total Unsecured debt.................... -27,785
    Net Assets.............................. 21,215


    [/tt]
    • kazza292
    • By kazza292 9th Sep 17, 10:16 AM
    • 51 Posts
    • 33 Thanks
    kazza292
    my intention is to sell assets of approx £5k to pay off a cc having money to chuck at other debts..my dad is willing to help me ie.. pay equity share to husband, pay solicitor and divorce fees etc, reduce loan or pay off card until i sell assets to clean up this mess.. i have no idea how i can thank him.. i just hope when all this is a bit tidier nationwide will let me stay... my husband i'm pretty sure will not be nasty with anything regarding the house as he will not want to upset our daughter. All this is impossible without him.. I just hope and prey i am not being too unrealistic
    Last edited by kazza292; 09-09-2017 at 10:19 AM.
    • La escocesa
    • By La escocesa 9th Sep 17, 10:29 AM
    • 2,924 Posts
    • 18,495 Thanks
    La escocesa
    If your SOA is accurate then you've got all your bills covered and £8.50 spare per month, but I think you could cut around £120 off groceries and can definitely save on mobile phone. Buildings and contents insurance is also pretty high and hopefully you can cut that at renewal time.

    Also, if you only spend £50 on petrol each month do you really need the car? That would save you over £105 per month, which could go towards other travel (odd taxi, public transport, car hire).

    Good luck!
    Last edited by La escocesa; 09-09-2017 at 10:32 AM.
    • kazza292
    • By kazza292 9th Sep 17, 10:57 AM
    • 51 Posts
    • 33 Thanks
    kazza292
    i need my car as i use it to visit patients in work in the community
    • strongboes
    • By strongboes 9th Sep 17, 11:31 AM
    • 83 Posts
    • 58 Thanks
    strongboes
    Stop paying into your pension would be my first suggestion. This will make a big difference for you unless it affects any benefits.

    house insurance surely isn't 45 per month? does it include life insurance?
    • theoretica
    • By theoretica 9th Sep 17, 11:33 AM
    • 4,917 Posts
    • 6,143 Thanks
    theoretica
    its a cost of £10 for Advance account for travel/ road side breakdown insurance included
    Originally posted by kazza292
    Check this against the cost of buying the insurances separately. Will you be needing travel insurance much? Look at the guide on this site for breakdown.

    And as pointed out already check quotes for home and contents insurance.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
    • kazza292
    • By kazza292 9th Sep 17, 12:02 PM
    • 51 Posts
    • 33 Thanks
    kazza292
    just looked at house insurance and stupidly thought i had a good deal . i'm with Halifax its buildings and contents. compare market search just done gives me it for about £10 pm .

    Question is can i change this now without husbands permission. I was paying it in joint name terms as too our mortgage is but as i looked on land registry this morning he is on this soley.. i'm confused. or will they not ask these questions if i just change ..
    • sourcrates
    • By sourcrates 9th Sep 17, 1:13 PM
    • 12,402 Posts
    • 11,816 Thanks
    sourcrates
    .
    Question is can i change this now without husbands permission,. or will they not ask these questions if i just change ..
    Originally posted by kazza292
    Its all done online, you can do anything you want to, those questions were not asked the last time i looked.

    Why would they be ???

    Deep breath, think rationally.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
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