left my wife!

pat-1978

Hi people

A very sad few days but the long short story is ive left my wife anyway need bigtime help with debts that are just a nightmare...

So my situation sorry if this seems blunt and to the point. thats all i can do. but need the help

After splitting im left with in debt..

4 Credit cards totalling £3200 that cost p/m £80
joint overdraft of £5000 costing p/m £75 in just interest + account charges (better account gives me a lower overall interest on the sum)
a joint loan of £7500 taken out 13 months ago cost £115 p/m

Now if i pay half of the joint debts my out goings to debt are £175 p/m
Child cost is £140 p/m

we had a mortgage and she has accepted to take that on, the recent downturn in the market means no money to be made from it at all so im ok with giving her the house and contents as my kids will live there my concern is.. my out going.. let me explain

£315 p/m is automaticly gonna be taken per month from my wages rent for a bedsit around my way is £280 p/m but i would never have the kids over so would prefer a flat which is £400 miniuim.. my net wage is £1041 p/m cleared funds £890 ish? take away debts/csa/bedsit and im not left with much...

i think i can cope if i didnt pay the debts i dont mind going down the route of a DRO because i think its clear to see my money problems are bad and i dont own anything apart from the clothes on my back just wondering if anyone can offer any kind of help?

Valli

What I would say (for when it all gets - err - adversarial) is keep a track of the debts you are taking on, what is paid when and by whom. Keep copies of all bank statements etc. If your name is on the mortgage MAKE SURE IT IS BEING PAID.
These 'informal' arrangements are all very well but you will have joint and several liability for some debts and if she can't or won't pay them they will come after you.
Make sure you know who has what money/debt where.
She needs to reduce council tax bill by telling them she's on her own NOW and also claim tax credits - thatmight give you more to throw at the debts, assuming she is working.

Could you post a SOA and let us know what interest you are paying and to whom? And maybe ask a mod to move this to debt free wannabee where there are loads of posters who can suggest routes you muight take.

Good luck BTW - and I really hope, for the sake of your children, that you and your ex manage to have one of those lovely civil relationships. Not that I have any experience of that but my ex now is able to discuss things with me to some extent. (5 years and 3 relationships down the road he is...)

Any chance of going for a council flat? (Might be less expensive) If you are going to need furniture you could ask around and try freecycle - just to make the initial setting up of your new bachelor pad a bit less expensive.

BTW I have a theory that posters using years were born in that year 0 where you born in 1978? (which makes me old enough to be your mum BTW:rotfl:)

viktory

If financial advice is all that you are after, you will be better off on the debt free board.

pat-1978

Hi

Thanks for the replies if a mod could move this it would be greatfull i need to sort these debts asap cuz im gonna have people knocking on my door as i cant pay them

cheers

pat-1978

oh yeah i was born in 1978 :P soz Valli

Valli

Thanks for that - just I was on a thread down the arms and mentioned this theory - now I have proof!

(You're too young for me though ***sigh*** or I might have offered you a shoulder to cry on LOL)