Help and advice needed urgently...:(

Troubled_Girl

I have an awful problem. However, i am new to this site, and dont want to go making any assumptions as to how bad my problems are in comparison to any one elses. I am 29, and have a relatively good job, earning ok money in London. I have no assets. I started getting into debt when i was young, as I experienced a trauma when i was still a teenager and perhaps or perhaps not, as a result, got into drugs. It spiralled into a bigger problem and the debts got bigger and i began borrowing to pay off and so on. Now I have almost 50K's worth of unsecured debts. I cannot afford to pay them and its getting worse and worse. However, if it were just a case of declaring bankruptcy or otherwise, i would, but it isnt.
The big issue is my family. My family have money behind them. They were aware of my problems and have helped twice already. now that I am clean and moving on with my life and putting the past where it bleongs - behind me- i am starting to take resonsiblity for my actions and need to do this on my own. I couldnt and wouldnt involve them in this. I would rather struggle with the repayments. When the thing that happened to me, happened, i was awarded some compensation, about 7K. My parents made me, a few years later, take this money and invest it into a flat in the city where i was studying to take advantage of the good mortgages on offer for students. I put in this tiny payment, and my mum put in the rest. This was in about 2000. around this time, she opened a joing account for us so that i could use it to pay bills etc. After i left uni, I moved up to London, and a year or so ago, we sold the flat. By this stage, my mum had already bailed me out of debt, using the proceeds I had in the flat. So I no longer had a stake in the sale profits, which I was fine about. It was fair. But I found out yesterday that we still have the joint account in our names, and in that account is HER money with the amount from the flat sale. NOw, how can I declare myself bankrupt or think about an IVA if there is an account which is half in my name, with money that is not mine? And not a penny of it is mine.
At the risk of sounding like a self pitying nightmare, its been a tough 10 years, but now i am clean and moving forward, and i have a job and am making progress. I dont want to be by the wayside for the rest of my life, struggling, and cast out, with this constant dark cloud. Does anyone have any advice for this stupid girl?
thank you.

GeorgeUK

My advice - stop calling yourself as stupid girl. If you were stupid you wouldn't be trying to solve your problems and would have your head buried in the sand. You wouldn't even have considered that there might be a problem in having a joint account.

To me that sounds like you're being responsible - not stupid.

First thing we need to do is see what kind of mess you are in then try to work through it. There is always an answer. Not always the one we hoped for, but there will be an answer.

Post up a statement of affairs and we'll see if there is anywhere we can save you money in your current expenditure and how best to deal with the debts. I would ask your mum to change the account from a joint one to just her own. If she asks why, you can tell her you were checking your credit file and didn't want anything to interfere with her credit rating. I would also try checking your credit file to see what kind of condition it is in. You can do this free at experian if you cancel within 30 days.

http://www.makesenseofcards.com/soacalc.html

Troubled_Girl

Thank you so much for your words. I will do the statement of affairs asap. How and where does that ened to be? just on here? its a budget breakdown, presumably?

**Amy**

:hello:

I agree with George please dont call yourself stupid. We may all do silly things, but none of us are stupid.

Deffo post up an SOA as George suggests, and maybe also give CCCS or National Debtline a call. They are charities which advise on debt matters.

xxx

tyllwyd

Was the flat in your name only - was your mum's name involved at all in the purchase & sale of the flat? Were the proceeds of the sale paid out in your name? When you sold it, was it your main residence, or was it empty or being rented out?

Troubled_Girl

so I take home about £1500 a month (ive only just gone onto a contract from freelance, so this month Ill know exact amount).

I am also moving to be near my family in 2 weeks, due to some issues that require me to be there, and I want to be away from London, and trouble. my rent will be £400 pcm, with bills of £100 plus. My travel into london will be between £80-£100 a week- i will be living in the middle of nowhere and have to commute, plus leave a car at local station etc. My phone is about £35, and gym membership £46.
My monthly debts are: £250 personal loan; £97 personal loan; £120 credit card; £120 second credit card. I have one overdraft of £3k, and another of £1.5k, both charging interest. None of this, of course, takes into account food and general liviing expenses. Pretty hopeless really.

Troubled_Girl

i think everything re the flat was in my name due to the student mortgage. however, my mum took sole charge of it. The account with the money in it is certainly in our joint name, but im trying to have mine removed. none of the money from the flat is mine.

bank_of_slate

Hi troubled use the SOA on http://www.makesenseofcards.com/soacalc.html
...Linda xx

EDIT: Apologies George, just noticed that you'd already posted the link!

Troubled_Girl

and it was classed as my sole residence, although i didnt live there for the last 3 years. rent was paid into our joint accoutn, i think. but i didnt even realise this account still existed until yesterday.

Troubled_Girl

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1500

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 20
Gas..................................... 50
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 300
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1095

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
personal loan..................15000.....250.......0
personal loan..................7000......97........0
credit card 1..................5400......120.......0
credit card 2..................6300......120.......0
Total unsecured debts..........33700.....587.......-

Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including secured debts)....... 1,095
Available for debt repayments........... 405
Monthly UNsecured debt repayments....... 587
Surplus(deficit if negative)............ -182

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -33,700
Net Assets.............................. -33,700

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

bank_of_slate

Troubled_Girl wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1500

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 20
Gas..................................... 50 Can you look for a cheaper deal - if there is such thing now, or reduce your usage?
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 35 Is this a contract, negotiate a cheaper deal
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150 Try writing a shopping list, meal planning to reduce this
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 300 Is this the tube/train fares?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1095

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
personal loan..................15000.....250.......0 Are these all 0% APRS?
personal loan..................7000......97........0
credit card 1..................5400......120.......0
credit card 2..................6300......120.......0
Total unsecured debts..........33700.....587.......-

Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including secured debts)....... 1,095
Available for debt repayments........... 405
Monthly UNsecured debt repayments....... 587
Surplus(deficit if negative)............ -182

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -33,700
Net Assets.............................. -33,700

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

Definitely speak to CCCS or Payplan, and looking at how much your family want to see you straight, speak to them about it all too.
...Linda xx