Help Advice or a Miracle

JEDEX

Hello boys n girls,my partner and i have recently split up and the XXXX has hit the fan.
My partner has agreed i can have the house as the debt is in my name, this is were the problem is, i cant remortgage and i dont want to loose the house so any advice or miracles would be appreciated.
Is there any thing i can do,IVA DMP ETC

well here goes .....

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1280
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1280
Monthly Expense Details
Mortgage................................ 383
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 39
Gas..................................... 63
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 20
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 25
Internet Services....................... 5
Groceries etc. ......................... 160
Clothing................................ 40
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 300
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 20
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 5
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1261

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 68000....(383)......0
Total secured & HP debts...... 68000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
LOAN...........................10000.....355.......0
CREDIT CARD....................3750......75........18
OVERDRAFT......................1200......15........0
BARCLAYS.......................270.......5.........21
NEXT...........................1300......0.........27
Total unsecured debts..........16520.....450.......-

Monthly Budget Summary
Total monthly income.................... 1,280
Expenses (including HP & secured debts). 1,261
Available for debt repayments........... 19
Monthly UNsecured debt repayments....... 450
Amount short for making debt repayments. -431
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -68,000
Total Unsecured debt.................... -16,520
Net Assets.............................. -84,520

MrsTinks

How big is the house? Can you get a lodger in? How much equity is there in the house?
£160 for groceries for one person needs to come down, your water rates seem high are you metered? Worth looking into. Child related expenses? Satelite needs to go...
I would say provided the debts are not secured debts your initial best bet is a debt management plan if you intend to try and keep the house.

savingmummy

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1280
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1280
Monthly Expense Details
Mortgage................................ 383
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 39
Gas..................................... 63 shop around
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 20
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 25 cancel
Internet Services....................... 5
Groceries etc. ......................... 160 for just you? lower this
Clothing................................ 40 do without for now use what you have
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 300 ????
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 20
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 5
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1261

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 68000....(383)......0
Total secured & HP debts...... 68000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
LOAN...........................10000.....355.......0
CREDIT CARD....................3750......75........18
OVERDRAFT......................1200......15........0
BARCLAYS.......................270.......5.........21
NEXT...........................1300......0.........27
Total unsecured debts..........16520.....450.......-

Monthly Budget Summary
Total monthly income.................... 1,280
Expenses (including HP & secured debts). 1,261
Available for debt repayments........... 19
Monthly UNsecured debt repayments....... 450
Amount short for making debt repayments. -431
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -68,000
Total Unsecured debt.................... -16,520
Net Assets.............................. -84,520
[/QUOTE]

I have highlighted a few things that i would change. Good luck x

McKneff

Your gas and electric are way, way too high for one person.

Get a water meter, you will probably halve your payment.

Pay your council tax over 12 months instead of 10

Child related expenses, is this maintenance.

Forget entertainment and clothing for now.

JEDEX

Thanks for the quick response, water rates are correct i checked them when i first found this site, grocies was a guess as this will be the first month i have shopped for one, and yes the sky will have to go (nothing on any way )

I did think about a lodger,but i will be having the kids 3 days a week and i dont want to make it any harder on them ie changing there rooms.

I no it probably sounds like i just want every thing done for me,this is not the case, i found this site a month ago and sat down worked everything out with the snowball calculater,we were looking at being debt free by may 2011 and then planed to use the free cash to pay off our mortgage in ten year, i would of been 40 years old.HAPPY DAYS i thought.

JEDEX

gas and electric... yes i suppose this will go down ..i hope.. i cant get a better deal than what im on.
i looked in to water meter aswell

MrsTinks

I understand what you are saying about the kids - but wouldn't you rather keep the house with a lodger and change their rooms about than potentially loose it? Kids are tough cookies - they cope a lot better than adults give them credit for. My dad is married to wife number 5, I've been to 8 different schools in 3 different countries and I haven't needed councelling yet
And be honest with them - say "I can't afford to do that" instead of making vague excuses. Looking back I wish my dad had said that as there were times where (due to him being rubbish with money!) he was absolutely skint and couldn't afford to do anything when I was staying over (which was not that regular due to distances etc) and I was pretty miffed at that because I had no idea he just simply couldn't afford it. I was old enough to understand money and if he'd said "sorry hunni but there isn't enough money for us to go and do that, how about a game of monopoly?" I'd have been a happy camper Maybe I was an odd kid like that though

savingmummy

grocies was a guess as this will be the first month i have shopped for one
Only buy essentials, stick to a list and meal plan. Drop a few brands if need be. You will notice a big change there.
yes the sky will have to go (nothing on any way ):Ta man with sense


I no it probably sounds like i just want every thing done for me,this is not the case, i found this site a month ago and sat down worked everything out with the snowball calculater,we were looking at being debt free by may 2011 and then planed to use the free cash to pay off our mortgage in ten year, i would of been 40 years old.HAPPY DAYS i thought.[/QUOTE]

Don`t be disheartened, sit back down and see what happens in a few months. Your utilities will become lower, cut as many expenses as you can you will have money aside to throw at debts. You will get there!!
Have you anything you can sell? Ebay can become a good earner quick easy earner there if you have stuff to sell.

McKneff

JEDEX wrote: »

gas and electric... yes i suppose this will go down ..i hope.. i cant get a better deal than what im on.
i looked in to water meter aswell

No supposing about it, you have to make it go down.
turn lights off when you dont need them. Immersion heater, is it on all the time, look at your usage. Which company are yu with.
Cant recommend a water meter highly enough.

If you have the kids 3 nights a week, you are entitled to 3/7ths of the child benefit. if they are with you so much why are you paying £3o0 pounds a month. Seems a bit OTT

firestronaut

JEDEX wrote: »

Hello boys n girls,my partner and i have recently split up and the XXXX has hit the fan.
My partner has agreed i can have the house as the debt is in my name, this is were the problem is, i cant remortgage and i dont want to loose the house so any advice or miracles would be appreciated.
Is there any thing i can do,IVA DMP ETC

well here goes .....

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1280
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1280
Monthly Expense Details
Mortgage................................ 383
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100 are you in the correct band?
Electricity............................. 39
Gas..................................... 63 this can easily come down. are you on the cheapest tariff?
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 20
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 25 this will have to go. freeview boxes have a lot of channels these days and cost a fraction of what satellite does
Internet Services....................... 5
Groceries etc. ......................... 160 :eek: this can EASILY come down. Plan meals, drop a few brands, shop at cheapers places, compare prices online! this has to come down!
Clothing................................ 40 do you really need new clothes every month? can you not make do with what you have? even for a little while..
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 300 you haven't declared a child, why do you have child related expenses?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 20
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 5
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1261

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 68000....(383)......0
Total secured & HP debts...... 68000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
LOAN...........................10000.....355.......0
CREDIT CARD....................3750......75........18
OVERDRAFT......................1200......15........0
BARCLAYS.......................270.......5.........21
NEXT...........................1300......0.........27
Total unsecured debts..........16520.....450.......-

Monthly Budget Summary
Total monthly income.................... 1,280
Expenses (including HP & secured debts). 1,261
Available for debt repayments........... 19
Monthly UNsecured debt repayments....... 450
Amount short for making debt repayments. -431
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -68,000
Total Unsecured debt.................... -16,520
Net Assets.............................. -84,520

Start a spending diary if you find you cant account for most of your money, as it's easily frittered away over the course of a month..

kingfisherblue

Have you informed the Council Tax department that there is now only one adult in the property? You should be entitled to a 25% discount, unless you get a lodger.