Going BK in a nut shell

blind-as-a-bat_2

Benson_the_dog wrote: »

Its the wife's car, I have a company car she has a people carrier for the kids and for work needs to be reliable

It is too expensive too be exempt if its fully payed for im afraid, the OR has a cieling of 2K unless very exeptoinal cercumstances so doubt you will get to keep it if you own it outright if your OH has to go BR with you, which we havnt got too yet

Broken_hearted

Right the SOA is wrong that makes it much clearer, I wonderered why the payments were so high.

Benson_the_dog

Where is it wrong?
Many thanks

blind-as-a-bat_2

Benson_the_dog wrote: »

Hi

I have £164, 000 outstanding on the mortgage, house is worth 200,000 -210,000
I have a £43 ,000 loan with picture finance against the house
I have a credit card bill with Lloyd's 13K, Capital one 6k and another on 6k
Payplan £91 per month for other creditors 20k

Full list is

Monthly Income Details
Monthly income after tax................ 2100
Partners monthly income after tax....... 400
Benefits................................ 167
Other income............................ 0
Total monthly income.................... 2667

Monthly Expense Details
Mortgage................................ 1160
Secured loan repayments................. 425
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 125
Electricity............................. 52
Gas..................................... 39
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 49
Mobile phone............................ 10
TV Licence.............................. 11.61
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 200
Clothing................................ 10
Petrol/diesel........................... 30
Road tax................................ 15
Car Insurance........................... 21
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 15
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 21
Life assurance ......................... 49
Other insurance......................... 12
Presents (birthday, Christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 25
Total monthly expenses.................. 2469.61

Assets
Cash.................................... 0
House value (Gross)..................... 210000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 215,000

Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 16400....(1160).....0
Secured Debt(Picture finance) 43000.....(425)......0
Total secured debts........... 59400.....-.........0

Unsecured Debts
Description....................Debt......Monthly.. .APR
Payplan........................31000......96...... ..0
Lloyd's Fix on a lower amount 13000......80........0
M&SMoney Fix on a lower amount 6000.......50........0
Capital1 Fix on a lower amount 6000.......50........0
Total unsecured debts..........56000......276........0

Monthly Budget Summary
Total monthly income.................... 2,667
Expenses (including secured debts).......2,469.61
Available for debt repayments........... 197.39
Monthly UNsecured debt repayments....... 276
Surplus(deficit if negative)............ -78.61

Personal Balance Sheet Summary
Total assets (things you own)........... 215,000
Total Secured debt...................... -59,400
Total Unsecured debt.................... -56,000
Net Assets.............................. 99,600

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

There's me and the wife, 2 children (4 and 7 year old), 1 dog.
For ages now, we have been trying to make ends meet. These days we
are just surviving and not living. No Holidays for the kids etc.
Total me and the wife's fault! I am looking to see what would be
The best way to start living again, we are both in our late 30's and
I'm seeing us surviving to the end of our days.

I think, a zero short

Benson_the_dog

I have just been looking at the rented property's in this area (Suffolk) and I can get a 4 bedroom house for about 800 PCM where mine is a 3 bedroom detached paying a lot more, the SL is as stated £460 so it would still be a lot of money to pay out 1560 that before anything else

Our mortgage is made up so that we both have half the house each this stops the inheritance Tax so we were told. Could we make it so that it was only me that goes BK as she doesn't owe a great deal

Benson_the_dog

ah yes sorry

blind-as-a-bat_2

Benson_the_dog wrote: »

I have just been looking at the rented property's in this area (Suffolk) and I can get a 4 bedroom house for about 800 PCM where mine is a 3 bedroom detached paying a lot more, the SL is as stated £460 so it would still be a lot of money to pay out 1560 that before anything else

Our mortgage is made up so that we both have half the house each this stops the inheritance Tax so we were told. Could we make it so that it was only me that goes BK as she doesn't owe a great deal

Ok thats where we hit a problem as if you get a git of an OR he may not allow the payments for your mortgage/SL if there is such a big differance, but that is a hard one to call im afraid and may depend on how your income and your OH's equates.

One question, as your intrest only your only actually renting in affect, If you look at it that way how would you expect an OR to react when looking at your BO? So the big question is are you prepared to lose the house?