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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 2
    • strongboes
    • By strongboes 9th Sep 17, 1:29 PM
    • 82 Posts
    • 58 Thanks
    strongboes
    Im wondering how you can be the mortgage account holder, but not on the deeds. Are you sure you have this correct?
    • kazza292
    • By kazza292 9th Sep 17, 2:04 PM
    • 51 Posts
    • 33 Thanks
    kazza292
    double checked just now.. Nationwide mortgage has both our names on it. Land registry which was updated in 2011 when we re mortgaged for new kitchen says he is the registered proprietor ( his name was not previously on anything )
    • iammumtoone
    • By iammumtoone 9th Sep 17, 2:08 PM
    • 4,838 Posts
    • 9,996 Thanks
    iammumtoone
    double checked just now.. Nationwide mortgage has both our names on it. Land registry which was updated in 2011 when we re mortgaged for new kitchen says he is the registered proprietor ( his name was not previously on anything )
    Originally posted by kazza292
    I don't know the answer but I suggest you start a new thread in the house buying/selling section for the above issue. People who will be able to help are more likely to pick this up there.
    Sealed pot challenge ~ 10 #017
    Declutter 2017 items in 2017 - 78/2017

    • Honeysucklelou2
    • By Honeysucklelou2 9th Sep 17, 2:25 PM
    • 375 Posts
    • 1,107 Thanks
    Honeysucklelou2
    Hi Kazza

    I could have written your original post a year ago and I wouldn't have coped without the support of my parents, particularly my dad. I think you are doing well at attending to the financial details now.

    Do you have any copies of the paperwork from the remortgage taken out in 2011?
    paydbx #90 £325/£10,000.
    365 day penny challenge £37.66/£667.95
    Loan £17k - paid off in Aug 2017. Home improvement loans £3342 March 2017
    • fatbelly
    • By fatbelly 9th Sep 17, 2:28 PM
    • 11,222 Posts
    • 8,391 Thanks
    fatbelly
    That's your main issue, Kazza. Good job you picked it up early.

    Keep this as your main thread but you need specialist advice here as obviously it changes everything if you don't own the house you thought you did!
    • sourcrates
    • By sourcrates 9th Sep 17, 2:37 PM
    • 11,905 Posts
    • 11,402 Thanks
    sourcrates
    That's your main issue, Kazza. Good job you picked it up early.

    Keep this as your main thread but you need specialist advice here as obviously it changes everything if you don't own the house you thought you did!
    Originally posted by fatbelly
    You are named on the mortgage, but not on the deeds ?
    Last edited by sourcrates; 09-09-2017 at 4:24 PM.
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    • kazza292
    • By kazza292 9th Sep 17, 2:40 PM
    • 51 Posts
    • 33 Thanks
    kazza292
    i do have paperwork from the re mortgage Honeysuclelou2 coveyencing mortgage and land registry..
    • Bedsit Bob
    • By Bedsit Bob 9th Sep 17, 4:10 PM
    • 9,637 Posts
    • 50,674 Thanks
    Bedsit Bob
    Monthly outgoings ( 5 week month included )

    -Mortgage £590 fixed rate till 2019 ( cost me £1500 to leave deal)
    -HSBC Advance £10
    -Mobile phone £40 - This is quite a lot, for one phone? Go PAYG/sim only, ASAP.
    - House insurance- £45
    -Car insurance £25
    -Petrol £50
    -Council Tax £100 - Do you qualify for the single person discount?
    -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 - You can't afford this atm.
    -Hobbies me £20- You can't afford this atm.
    -Holidays £30 - - You can't afford this atm.
    -xmas /birthdays- £40
    -food and drink 300 - You should be able to reduce this a bit.
    - Car servicing-/mot £30
    -Emergencies £20
    -Hair £15
    -Dentist £10
    - School club £70 - Is this mandatory?
    Originally posted by kazza292
    My comment/observations in red.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1161
    • Bedsit Bob
    • By Bedsit Bob 9th Sep 17, 4:16 PM
    • 9,637 Posts
    • 50,674 Thanks
    Bedsit Bob
    i need my car as i use it to visit patients in work in the community
    Originally posted by kazza292
    Do you receive any kind of allowance, for using your car for work?
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1161
    • Honeysucklelou2
    • By Honeysucklelou2 9th Sep 17, 11:42 PM
    • 375 Posts
    • 1,107 Thanks
    Honeysucklelou2
    Just wondering if it's worth having a quick reread of all correspondence from that time. If you owned the house beforehand and it was remortgaged in 2011, I'm struggling to understand how your name could have been removed from Land Registry titles. From memory of when The ex and I bought our house, the registering of the title deed at Land Registry is the last bit of conveyancing process. I would have a read through to check each stage.
    paydbx #90 £325/£10,000.
    365 day penny challenge £37.66/£667.95
    Loan £17k - paid off in Aug 2017. Home improvement loans £3342 March 2017
    • WillyWonga
    • By WillyWonga 10th Sep 17, 2:15 AM
    • 255 Posts
    • 138 Thanks
    WillyWonga
    Firstly congrats on realising things have got to change, especially with a young daughter. At least you will be happier (in a way..) which will make your daughter happier.

    Money. Well first things first read up on your pension. Dont go quitting if it is a final salary scheme as you will benefit from later on and too much to lose. Most importantly dont scrimp and scrape on money in a panic to clear debts. Yes there will be upheaval but if you spend the next five years or so spending everything to get rid of debt then you will lead a unhappy life and miss out on precious time with your daughter.

    Main thing is you are breaking even which is a great start. Have a review of your finances. Claim single council tax, claim tax allowance for washing your uniform if carries a logo etc etc. People might say you cant afford hobbies.... you can and will make you happy. Same goes for your daughter. Tackle one debt at a time to reduce your debts. Speak to your ex and get him to take on a couple of debts.

    Make time with your daughter for treat days which can be very cheap as you make it. Dont throw every penny at debt as it will make you unhappy. 1 debt at a time, sell the caravan and clear one debt then move onto the next chipping away. Do an overtime shift one day and let your parents have your daughter. Use that money as either your treat money or debt money.

    Good luck..... just dont throw everything at debt.... I know I will be lambasted by some on here for saying that but end of day we are human.
    • itchyfeet123
    • By itchyfeet123 10th Sep 17, 9:08 AM
    • 395 Posts
    • 452 Thanks
    itchyfeet123
    Stop paying into your pension would be my first suggestion. This will make a big difference for you unless it affects any benefits.
    Originally posted by strongboes

    I have to disagree on this. OP is probably getting employer matching of 100% or more, while her highest interest rate is 3.4%. Even when the 0% rates run out, if she ends up on a really extortionate rate it'll be in the region of 25%. Unless it gets to the point where she can't eat or the electricity is going to be turned off, it's worth contributing to the pension.
    Last edited by itchyfeet123; 10-09-2017 at 9:13 AM.
    • strongboes
    • By strongboes 10th Sep 17, 12:12 PM
    • 82 Posts
    • 58 Thanks
    strongboes
    I have to disagree on this. OP is probably getting employer matching of 100% or more, while her highest interest rate is 3.4%. Even when the 0% rates run out, if she ends up on a really extortionate rate it'll be in the region of 25%. Unless it gets to the point where she can't eat or the electricity is going to be turned off, it's worth contributing to the pension.
    Originally posted by itchyfeet123
    She can restart contributions at any time. Pensions are massively over rated, granted she will have a good one, but right now its not a priority.

    The OP needs the mortgage in her sole name as she has stated, so maximising income for the short term say 12 months is absolutely her best option.
    • fatbelly
    • By fatbelly 10th Sep 17, 12:41 PM
    • 11,222 Posts
    • 8,391 Thanks
    fatbelly
    Although the house ownership is the main issue, there's no reason not to pursue the other things.

    I wouldn't give up on tax credits - if you can get through the website to the point where they agree to send you a form you can then fill it out and make them do the calculation properly.

    While you keep making those pension contributions, I think you will get something

    http://revenuebenefits.org.uk/tax-credits/guidance/how-do-tax-credits-work/what-is-income/calculating-tax-credits-income/

    However if you are in a Universal Credit area it may be a different story...
    • enthusiasticsaver
    • By enthusiasticsaver 10th Sep 17, 5:01 PM
    • 4,241 Posts
    • 7,651 Thanks
    enthusiasticsaver
    She can restart contributions at any time. Pensions are massively over rated, granted she will have a good one, but right now its not a priority.

    The OP needs the mortgage in her sole name as she has stated, so maximising income for the short term say 12 months is absolutely her best option.
    Originally posted by strongboes
    I would disagree with this massively. Not paying into a pension is turning down free money from employer and government by way of tax relief. Plenty of other places to cut first.

    If you have a joint mortgage you will be named on deeds. Are you sure your husband was not added rather than being sole proprietor?
    Countdown to early retirement on 21.12.17 3 months to go.
    • strongboes
    • By strongboes 10th Sep 17, 6:15 PM
    • 82 Posts
    • 58 Thanks
    strongboes
    I would disagree with this massively. Not paying into a pension is turning down free money from employer and government by way of tax relief. Plenty of other places to cut first.

    If you have a joint mortgage you will be named on deeds. Are you sure your husband was not added rather than being sole proprietor?
    Originally posted by enthusiasticsaver
    Tax relief isn't much use if she has to sell her home is it.

    The only time it would be worthwhile is if she was earning just over 100k-123k
    Last edited by strongboes; 10-09-2017 at 6:18 PM.
    • enthusiasticsaver
    • By enthusiasticsaver 10th Sep 17, 6:37 PM
    • 4,241 Posts
    • 7,651 Thanks
    enthusiasticsaver
    An NHS pension is one of the best ones out there. I am struggling with your logic as to why it is only worth anything for high earners.

    Hobbies, holidays and reductions on food plus a decent divorce settlement will help the budget.
    Countdown to early retirement on 21.12.17 3 months to go.
    • strongboes
    • By strongboes 10th Sep 17, 7:45 PM
    • 82 Posts
    • 58 Thanks
    strongboes
    An NHS pension is one of the best ones out there. I am struggling with your logic as to why it is only worth anything for high earners.

    Hobbies, holidays and reductions on food plus a decent divorce settlement will help the budget.
    Originally posted by enthusiasticsaver
    The op has significant debt, a mortgage which she needs to put back into her own name not with standing what has gone on with the deeds.

    If she cant pass affordability she may have to sell the house as part of the divorce.

    Given the circumstances it is definitely the best option to temporarily stop pension contributions.

    It is highly tax efficient if your losing your allowance to regain it with pension, in the case of a high earner. In this case a year without contributions will make very little difference to retirement yet might allow her to keep the house.

    We have no idea if the husband has any assets except for a car, it doesn't sound like it. She should get spousal maintenance though as part of divorce settlement depending.
    • enthusiasticsaver
    • By enthusiasticsaver 10th Sep 17, 8:08 PM
    • 4,241 Posts
    • 7,651 Thanks
    enthusiasticsaver
    The op has significant debt, a mortgage which she needs to put back into her own name not with standing what has gone on with the deeds.

    If she cant pass affordability she may have to sell the house as part of the divorce.

    Given the circumstances it is definitely the best option to temporarily stop pension contributions.

    It is highly tax efficient if your losing your allowance to regain it with pension, in the case of a high earner. In this case a year without contributions will make very little difference to retirement yet might allow her to keep the house.

    We have no idea if the husband has any assets except for a car, it doesn't sound like it. She should get spousal maintenance though as part of divorce settlement depending.
    Originally posted by strongboes
    The Op will not be forced to sell unless she cannot meet the current mortgage which she currently can with a certain amount of economising. She is in a good position given she has a child and a full time job which would pass affordability if she gets rid of debt by selling the £5k assets and with her dad's help. In the end the husband may have to settle with walking away with nothing simply so the OP can take over the mortgage and he can move on. In the meantime he is liable for half the payments.

    She needs good legal advice from a divorce lawyer. A knee jerk reaction on pension is not wise until she receives said advice.
    Countdown to early retirement on 21.12.17 3 months to go.
    • kazza292
    • By kazza292 11th Sep 17, 9:41 AM
    • 51 Posts
    • 33 Thanks
    kazza292
    I have looked back at old letters.. The conveyancing team sent me correspondence about our Remortgage and Transfer of Equity back in 2011, I am hoping that the attatched land registry which does say he is the registered proprietor is more of an add on to the original
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