Debt worries

Nottoobadyet

good for you, tiptoes. I think that sounds like a very reasonable plan. His debt is large but certainly not insurmountable - can you maybe calculate how long it will take for you to pay back that half and get ready to go to court? Making it "in a year" or "in 18 months" would make it easier for him to swallow, maybe?

Good luck!

esgirl

Please find below my SOA as advised to do, the IVA (debt management) thing is mine only with Churchwood financial. The other debt credit cards loans etc are my partners this is my concern.

He is thinking of putting all his debt with a company called Euro Debt is this the thing to do? When he finally gets his money from his house we want to buy our own house but will he have bad credit if he goes to Euro debt?

One other thing to note is my partner is self employed hence the petrol costs!

HEELLLLLPPPP!!!!!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 696
Partners monthly income after tax....... 2500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3196

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 200
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 30
Gas..................................... 0
Oil..................................... 40
Water rates............................. 40
Telephone (land line)................... 50
Mobile phone............................ 50
TV Licence.............................. 15.83
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 510
Road tax................................ 0
Car Insurance........................... 36.32
Car maintenance (including MOT)......... 0
Car parking............................. 40
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 13.4
Buildings insurance..................... 0
Contents insurance...................... 14.72
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Partners National Insurance Contribution 25
Total monthly expenses.................. 1983.27


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
IVA (MY DEBT)..................0........(200)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
PARTNERS DEBT..................0.........0.........0
ABBEY Credit Card..............7461......150.......0
HSBC - Loan....................3994......150.......0
Debenhams Store Card...........450.......30........0
vodafone.......................707.......0.........0
Asset Link.....................13800.....300.......0
Total unsecured debts..........26412.....630.......-


Monthly Budget Summary
Total monthly income.................... 3,196
Expenses (including HP & secured debts). 1,983.27
Available for debt repayments........... 1,212.73
Monthly UNsecured debt repayments....... 630
Amount left after debt repayments....... 582.73

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,412
Net Assets.............................. -23,912

esgirl

Tiptoes - I can totally sypathise my partner buries his head in the sand! however we have to bite the bullet and probaly go to court to get the money from his house to pay his debt off so we can have a life together, one advantage to me is we don't have children so its only us who get effected, its a vicious circle you need to pay a solicitor (ours £110 per hour) to sort everything and fingers crossed we don't have to go to court.

I've now put my SOA on here hopefully put it in the right place (as a thread to conversation)

euronorris

Well done tiptoes. It's not easy to voice such suggestions sometimes, for fear of the reaction.

You're OH is probably caught up in the 'I want to see my son' thing right now, so is most likely not considering it from your point of view......yet. I'm sure some time to reflect will make him see things from your side.

As an aside. Have you tried mediation for custody? I'm sure you've tried every avenue, but just wanted to check as it would be cheaper (I think).

euronorris

Hi esgirl!

Just wanted to ask you if you've tried mediation also? Could work out cheaper for you

esgirl

Mediation is what we are hoping for but OH ex wife doesn't ever return calls when she says she will. which left us no choice but to go to a solicitor. Solicitor has now advised us not to talk to her and wait to see what she does once she has received details that OH is willing to fight for the equity, we have no choice only way we can pay off his debts and eventually get a house of our own

euronorris

I see. These things are never straightforward are they? Shame the ex's solicitor has been so difficult to get hold of, it must be very frustrating for you.

I take it then that the equity is quite a large sum of money? Have you thought of asking for a payment plan from them? ie, they pay you 200 quid per month until he has received all of the money? It may be that she simply can't afford to pay such a large sum upfront without selling the house (and she obviously won't want to).

I know you're stuck in limbo right now, but it's something to consider.

That way, your OH gets his money, which he can use to pay the debts each month, and his ex can stay in the house, and it may take less time (I say may, as I do not know, I am just guessing here). I think it's worth looking into.

I wonder if anyone else on the forum has had a similar issue? It must've come up before now.

tiptoes

Thanks nottobadyet and euronorris, they tried mediation and OH ex took six sessions to agree to OH seeing his DS for 3hr on sunday but he has to stick to a very strict rountine of what he can do and she will cancel contact shoudl she be invited anywhere without offering an alternative day time.

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2 do you need the two cars

Monthly Income Details
Monthly income after tax................ 696
Partners monthly income after tax....... 2500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3196

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 200
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 30
Gas..................................... 0
Oil..................................... 40
Water rates............................. 40 are you on a water meter as if not I would check out if you could make savings that way on water rates
Telephone (land line)................... 50This seems expensive, is this for OH work
Mobile phone............................ 50look at renegotiaiting tariffs changing to monthly SIM, when you can
TV Licence.............................. 15.83
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 200 you should be able to reduced by meal planning, batch cooking, see grocerry challenge thread on old stlye boards
Clothing................................ 0
Petrol/diesel........................... 510 if both cars not needed would reduce this
Road tax................................ 0What is your road tax???
Car Insurance........................... 36.32 as with petrol
Car maintenance (including MOT)......... 0
Car parking............................. 40
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 13.4
Buildings insurance..................... 0
Contents insurance...................... 14.72 shop around as you should be able to get this cheaper
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Partners National Insurance Contribution 25
Total monthly expenses.................. 1983.27


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0<
IVA (MY DEBT)..................0........(200)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
PARTNERS DEBT..................0.........0.........0
ABBEY Credit Card..............7461......150.......0
HSBC - Loan....................3994......150.......0
Debenhams Store Card...........450.......30........0
vodafone.......................707.......0........ .0
Asset Link.....................13800.....300.......0
Total unsecured debts..........26412.....630.......-


Monthly Budget Summary
Total monthly income.................... 3,196
Expenses (including HP & secured debts). 1,983.27
Available for debt repayments........... 1,212.73
Monthly UNsecured debt repayments....... 630
Amount left after debt repayments....... 582.73

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,412
Net Assets.............................. -23,912
Hope this has been of some help

Numpty_Monkey

esgirl wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 696
Partners monthly income after tax....... 2500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3196

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 200
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 150 Ask to pay over 12 months
Electricity............................. 30
Gas..................................... 0
Oil..................................... 40
Water rates............................. 40 Can you get a water I think they do it for a 12 month trail period
Telephone (land line)................... 50 Expensive You can get cheaper phone /internet packages
Mobile phone............................ 50 Are you on the best tarrif?
TV Licence.............................. 15.83
Satellite/Cable TV...................... 0
Internet Services....................... 18 As Telephone
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 510 Check out Martins Article
http://www.moneysavingexpert.com/travel/cheaper-fuel
Road tax................................ 0 Budget for this
Car Insurance........................... 36.32 Any insurance use comparrison and cashback sites
Car maintenance (including MOT)......... 0 Budget for this
Car parking............................. 40
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 13.4 as car
Buildings insurance..................... 0
Contents insurance...................... 14.72 as car
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Budget for this
Haircuts................................ 0 Budget for this
Entertainment........................... 0Budget for this
Holiday................................. 0Budget for this a few days out don't hurt and MSE is full off cheap ones
Emergency fund.......................... 0
Partners National Insurance Contribution 25
Total monthly expenses.................. 1983.27


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
IVA (MY DEBT)..................0........(200)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
PARTNERS DEBT..................0.........0.........0
ABBEY Credit Card..............7461......150.......0 whats the APR?
HSBC - Loan....................3994......150.......0whats the APR?
Debenhams Store Card...........450.......30........0whats the APR?
vodafone.......................707.......0.........0whats the APR?
Asset Link.....................13800.....300.......0whats the APR?
Total unsecured debts..........26412.....630.......-


Monthly Budget Summary
Total monthly income.................... 3,196
Expenses (including HP & secured debts). 1,983.27
Available for debt repayments........... 1,212.73
Monthly UNsecured debt repayments....... 630
Amount left after debt repayments....... 582.73

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,412
Net Assets.............................. -23,912

I've left a few coments hope they are not harsh,
You have £582 a month left over , my guess is you haven't, you need to keep a spending diary and list everything you spend money on

The APRs are important to know as they can effect what order you pay your debts off when you have any surplus cash

HTH:A

esgirl

thanks for your prompt help, two cars are a must, our mobiles are pay as you go, that amount may be a little less depend on the month and use, can vary but thats the most it has been.

Water - We are not on a meter, Severn trent bill is £47 per quarter, anglia water is the biggy £140 per quarter just to take away waste water!

Landline is BT totally getting ripped off but can't do anything for 18 months as when I moved May 09 i went with them for some silly reason want to go back to tiscali as they were cheap, and I'm behind in payments!

Looking at it ion paper i wish we could get fuel costs down mine is only £60