Time for action - hope it's not too late

BigJohnn73

Hi,

Finally decided to face my debt instead of hoping it will go away. I'm after help though.

I probably owe about £40k across a unsecured loan and CC's. For the past year or so I have been using 1 CC to pay the interest on the others, repeat every month. Interest is costing me around £450 a month which I am not paying just transferring to another card. I have paid every payment to my loan though (£230 a month for the past 19 months).

I really want to get out of debt and know it's going to be a long road but hopefully this will be the first step.

I have included my partners details in the SOA although she is not in anywhere near as much debt as my and she can happily make all her payments every month. She also has no idea just how bad my debt situation is at the moment (will try and get everything out in the open sometime this week). I also have a 2 year old who is the light of my life and I dont want my money troubles to effect her childhood as much as I can prevent it.

I have looked into an IVA on MSE and am unsure if it would suit me (bankruptcy definitely would NOT). Our mortgage is currently outstanding for £89k and the house was bought for £100k 5 years ago.

I am after any advice anyone can offer really.

SOA below: (some of the figures will be a little off gas/elec/water etc) as I am trying to find definitive amounts.
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 1400
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2700

Monthly Expense Details
Mortgage................................ 550
Secured loan repayments................. 440
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 15
Mobile phone............................ 40
TV Licence.............................. 10
Satellite/Cable TV...................... 50
Internet Services....................... 20
Groceries etc. ......................... 220
Clothing................................ 0
Petrol/diesel........................... 140
Road tax................................ 10
Car Insurance........................... 33
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 530
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2298

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 104000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 90000....(550)......5.6
Secured Debt.................. .......................
Loan...........................21500.....(440).....6.4
Total secured debts........... 111500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CC MBNA........................8000......200.......29.9
CC Halifax.....................4500......120.......19.9
CC Egg.........................500.......100.......14.9
CC Tesco.......................4000......110.......15.9
CC Goldfish....................4500......110.......18.9
Total unsecured debts..........21500.....640.......-

Monthly Budget Summary
Total monthly income.................... 2,700
Expenses (including secured debts)....... 2,298
Available for debt repayments........... 402
Monthly UNsecured debt repayments....... 640
Surplus(deficit if negative)............ -238

Personal Balance Sheet Summary
Total assets (things you own)........... 104,000
Total Secured debt...................... -111,500
Total Unsecured debt.................... -21,500
Net Assets.............................. -29,000

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