Our SOA - mat leave in October

laurasbump

I’m really not sure where we should head in relation to our debts (£60k). Spoke to an IVA company last night – very helpful and clear. Some of the negatives included the possibility of having to stop OH’s pension conts and reducing our mortgage payments to interest only.
Realistically I think we’ll end up repaying near enough 100% back to our creditors, which is fine as it’s our own fault that we owe the money in the first place and to be honest the £7k fee will probably be worth the peace of a legally binding contract – being chased by creditors is one of my biggest fears/motivators.
From October 2010, after childcare I’ll only be bringing home £164 per month (£70 per day for 2!!), so with the drop in salary a DMP is going to take us 10+ years.

Can you take a look at my SOA and tell us where we're likely to be picked up on? I've discussed dental and medical (eye sight tests, glasses, contacts) and the consultant seemed okay about it.

Income
Salary (Me)
1150 (will decrease to 0 from Oct ‘09– Sept ’10, £770 from Oct ‘10)
Salary (OH)
2500
Child Benefit
80 (increasing to £140 with second child)


Outgoings
Mortgage
853
Council Tax
84
Water (metered)
48
Energy (gas&elec)
96
Home Insurance
14.50
Life Insurance
14.50
TV Licence
12
BT
12
Sky
36 (in process of reducing this to 21)
Internet
8.50
Mobile phones
60
Car Insurance
27
Car Maintenance
17
Car Tax
11.50
Petrol
65
Meals at work
35
Clothing
80
Childcare
455 (reducing to retainer £303 Oct ’09 – Sept ’10, increase to £606 Oct ‘10)
Dental
22
Travel Insurance
4
House maintenance
15
Housekeeping
480
Medical
47


Debts
Halifax loan
10000
Halifax cc (me)
4000
Halifax cc (OH)
7500
Egg cc (me)
2700
Egg cc (OH)
8500
Barclays loan
12000
Barclays o/d (OH)
2000
Barclays o/d (OH)
950
Barclays o/d (joint)
6500
HSBC o/d
800
A&L o/d
850
Sky cc (OH)
2500
M&S cc (OH)
2500

Tixy

Hi Laura

You would get better, more experienced advice from the IVA sub-board as they have all gone through this sort of thing (you are welcome on here as well of course)

RAS

Has the IVA been reccomended by a debt charity. if not, please speak to them before you go any further.

gfplux

Can you post your SOA in the format here - http://www.makesenseofcards.com/soacalc.html )
This will enable you and others to see the totals a lot better. Also put in the interest rates for the debts.


I am not experienced in these matters but paying a company to sort your debts when there are charity's who do it for free does not seem a great idea.


good Luck

gfplux

Why not look here http://www.cccs.co.uk/ they do it for free (no commission)

Remember everyone is very nice and helpful when they are going to earn thousands in commission

Good Luck