Struggling with debt SoA here

Stackers0908

Any help greatly appreciated as we're up to our necks in it (my fault) and family suffering as a result. If 125% morgages were around I could afford to sort all of this but sadly those days are gone and I don't know where to turn. Can IVA/Bankruptcy be avoided please? I was going to go to see if Citizens advixe could help but I thought this was worth a try first as I'm sure some experts on here. Thank you in advance - Rob


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 1100
Benefits................................ 100
Other income............................ 0
Total monthly income.................... 2800
Monthly Expense Details
Mortgage................................ 997
Secured/HP loan repayments.............. 167
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 114
Electricity............................. 30
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 12
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 150
Road tax................................ 25
Car Insurance........................... 55
Car maintenance (including MOT)......... 40
Car parking............................. 15
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 8
Contents insurance...................... 8
Life assurance ......................... 22
Other insurance......................... 36
Presents (birthday, christmas etc)...... 100
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 100
Emergency fund.......................... 0
Gym..................................... 50
Total monthly expenses.................. 2621

Assets
Cash.................................... 200
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 162700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 140000...(997)......6
Secured Debt.................. 10000....(167)......8.5
Total secured & HP debts...... 150000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan - Sains...................15000.....240.......0
Loan - Tesco...................10000.....203.......0
Cards..........................7000......200.......0
Total unsecured debts..........32000.....643.......-

Monthly Budget Summary
Total monthly income.................... 2,800
Expenses (including HP & secured debts). 2,621
Available for debt repayments........... 179
Monthly UNsecured debt repayments....... 643
Amount short for making debt repayments. -464
Personal Balance Sheet Summary
Total assets (things you own)........... 162,700
Total HP & Secured debt................. -150,000
Total Unsecured debt.................... -32,000
Net Assets.............................. -19,300
Created using the SOA calculator

firestronaut

Stackers0908 wrote: »

Any help greatly appreciated as we're up to our necks in it (my fault) and family suffering as a result. If 125% morgages were around I could afford to sort all of this but sadly those days are gone and I don't know where to turn. Can IVA/Bankruptcy be avoided please? I was going to go to see if Citizens advixe could help but I thought this was worth a try first as I'm sure some experts on here. Thank you in advance - Rob


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2 is two cars really needed? your immediately answer may be yes, but have a long hard think about whether you really do.
Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 1100
Benefits................................ 100
Other income............................ 0
Total monthly income.................... 2800
Monthly Expense Details
Mortgage................................ 997
Secured/HP loan repayments.............. 167
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 114 are you in the correct CT band?
Electricity............................. 30
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 12
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 300 this can easily be cut down by dropping a brand or two and planning meals in advance.
Clothing................................ 50 do you really need new clothes every month? Can you not make so with what you have? Even for a short while..
Petrol/diesel........................... 150 combine errands and walk or use public transport at least once a week and whenever possible
Road tax................................ 25
Car Insurance........................... 55 reasonabable but shop around and use cashback sites at next renewal
Car maintenance (including MOT)......... 40
Car parking............................. 15
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100 what is this for?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20 this seems quite high, how many pets do you have?
Buildings insurance..................... 8
Contents insurance...................... 8
Life assurance ......................... 22
Other insurance......................... 36 what is this for? is it REALLY necessary?
Presents (birthday, christmas etc)...... 100 :eek: CUT THIS RIGHT DOWN! I spend around £180 on presents for 10-12 people every year. That's £15 a month. This is stupidly high. Shop around, buy cheaper presents, cut back on the amount of people you give to, use cashback sites.
Haircuts................................ 0
Entertainment........................... 100 This is really high! There's plenty of free entertainment out there, you just need to look for it.
Holiday................................. 100 are you really going on holiday when you cant afford to pay your debts?
Emergency fund.......................... 0
Gym..................................... 50 there's a lot of cheaper "no fuss" gyms around, look around for one.
Total monthly expenses.................. 2621

Assets
Cash.................................... 200
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 162700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 140000...(997)......6
Secured Debt.................. 10000....(167)......8.5
Total secured & HP debts...... 150000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan - Sains...................15000.....240.......0
Loan - Tesco...................10000.....203.......0
Cards..........................7000......200.......0
Total unsecured debts..........32000.....643.......-

Monthly Budget Summary
Total monthly income.................... 2,800
Expenses (including HP & secured debts). 2,621
Available for debt repayments........... 179
Monthly UNsecured debt repayments....... 643
Amount short for making debt repayments. -464
Personal Balance Sheet Summary
Total assets (things you own)........... 162,700
Total HP & Secured debt................. -150,000
Total Unsecured debt.................... -32,000
Net Assets.............................. -19,300
Created using the SOA calculator

Start a spending diary as money is easily frittered away during the month.
The shortfall for your debts can easily be clawed back if you make changes to the way you live, even temporarily.
When entertainment is important while you're in debts, holidays are not, as this looks very bad to creditors. You need to sacrafice some things for a while, just until the debts are paid. Holidays are going to be one of those things. I'm not saying DON'T EVER go on holiday, but you have to look at cheaper alternatives. I.E. a weekend in blackpool, or camping in the lake district.

Sharon87

Stackers0908 wrote: »

Any help greatly appreciated as we're up to our necks in it (my fault) and family suffering as a result. If 125% morgages were around I could afford to sort all of this but sadly those days are gone and I don't know where to turn. Can IVA/Bankruptcy be avoided please? I was going to go to see if Citizens advixe could help but I thought this was worth a try first as I'm sure some experts on here. Thank you in advance - Rob


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2 Is 2 cars necessary?
Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 1100
Benefits................................ 100
Other income............................ 0
Total monthly income.................... 2800
Monthly Expense Details
Mortgage................................ 997
Secured/HP loan repayments.............. 167
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 114
Electricity............................. 30
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35 Seems a little high (are you meter or rates?)
Telephone (land line)................... 12
Mobile phone............................ 30 Is this for 2? If not can you reduxce it?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 300 This can be reduced by shopping carefully
Clothing................................ 50 do you NEED this?
Petrol/diesel........................... 150
Road tax................................ 25
Car Insurance........................... 55
Car maintenance (including MOT)......... 40
Car parking............................. 15
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20 can you reduce this? Shop around
Buildings insurance..................... 8
Contents insurance...................... 8
Life assurance ......................... 22
Other insurance......................... 36 whats this for?
Presents (birthday, christmas etc)...... 100 too much
Haircuts................................ 0
Entertainment........................... 100 whats this for? anything you can cut back?
Holiday................................. 100 already booked? if not do you need it?
Emergency fund.......................... 0
Gym..................................... 50 necessity? any way to cancel if necessary?
Total monthly expenses.................. 2621

Assets
Cash.................................... 200
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 162700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 140000...(997)......6
Secured Debt.................. 10000....(167)......8.5
Total secured & HP debts...... 150000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan - Sains...................15000.....240.......0 Whats the APRs?
Loan - Tesco...................10000.....203.......0
Cards..........................7000......200.......0
Total unsecured debts..........32000.....643.......-

Monthly Budget Summary
Total monthly income.................... 2,800
Expenses (including HP & secured debts). 2,621
Available for debt repayments........... 179
Monthly UNsecured debt repayments....... 643
Amount short for making debt repayments. -464
Personal Balance Sheet Summary
Total assets (things you own)........... 162,700
Total HP & Secured debt................. -150,000
Total Unsecured debt.................... -32,000
Net Assets.............................. -19,300
Created using the SOA calculator

A few suggestions in red. Do you need the £50 for clothes? Are they for your child? If so can you get it cheaper anywhere else? Primark? Ebay?
100 presents a month is way too much, that's £1200 a year! You can't afford to waste this amount of money on presents.

If you can find any way to reduce the highlighted sections this will help you. Also could you up your income by listing things on ebay? Maybe your child's old clothes/toys they don't use and wont miss.

Verbatim

Good suggestions already about reducing expenditure.

The other side of the coin is increasing income. Can you take a lodger? Or if there's a Language School nearby you could host foreign students which is less longterm. Second job or overtime? Also see up your income board for other ideas.

Tixy

Hi Rob and welcome

Well from the look of your SoA then there is no need to even think about bankruptcy /IVA. You are nowhere near is that bad a position. But you do need to make changes so things don't get worse.

Firstly you need to look at making some cutbacks. I agree with others that the places to cut back are presents, holidays, entertainment and groceries.
With groceries try meal planning for the week ahead before you go to the shops, try the drop a brand challenge/buying own brand etc and shop around in different supermarkets to see who has the best prices for the items you buy. Cooking from scratch rather than preprepared foods can save a lot. If you buy lunches at work switch to taking packed lunches.
Presents, cut back and perhaps try doing online surveys/reviews to earn vouchers to buy next years christmas presents.
Holidays consider going without for one year, you cannot afford it just now.
How much are you using the gym? is it for 1 or 2 of you? would a local council gym be cheaper? do you have equipment at home you could use instead?
Also only buy essential clothes not luxuries for a while.
I think you should be able to save around £250 per month just on these items.

Then look through all your other costs and check you are with the cheapest supplier and on the best deal. For all insurances shop around with comparison sites and cashback sites.

Find out all the APRs on the cards and loans, you would probably be a good candidate for a DMP. If you have £179+ an extra £250 from savings above to service £32k of unsecured debt this would appear to fit with a DMP. You could contact CAB or any of these - http://forums.moneysavingexpert.com/showthread.html?t=2077631

In the meantime have you stopped spending on the cards? Do you also have an overdraft(s) that you use every month - if so you need to include that in your list of debts and you should also make plans to set up a new current account (without an overdraft) with a bank you don't owe any money to.

Good luck

savingmummy

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2 - worth thing about this
Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 1100
Benefits................................ 100
Other income............................ 0
Total monthly income.................... 2800
Monthly Expense Details
Mortgage................................ 997
Secured/HP loan repayments.............. 167
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 114
Electricity............................. 30
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35 - this is high
Telephone (land line)................... 12
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 300 - reduce
Clothing................................ 50 - stop for now
Petrol/diesel........................... 150 - this needs reducing
Road tax................................ 25
Car Insurance........................... 55
Car maintenance (including MOT)......... 40
Car parking............................. 15
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100 - what is this?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 8
Contents insurance...................... 8
Life assurance ......................... 22
Other insurance......................... 36
Presents (birthday, christmas etc)...... 100 - cut down
Haircuts................................ 0
Entertainment........................... 100 - cut down
Holiday................................. 100 - reduce or cut out this yr
Emergency fund.......................... 0
Gym..................................... 50
Total monthly expenses.................. 2621

Assets
Cash.................................... 200
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 162700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 140000...(997)......6
Secured Debt.................. 10000....(167)......8.5
Total secured & HP debts...... 150000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan - Sains...................15000.....240.......0
Loan - Tesco...................10000.....203.......0
Cards..........................7000......200.......0
Total unsecured debts..........32000.....643.......-

Monthly Budget Summary
Total monthly income.................... 2,800
Expenses (including HP & secured debts). 2,621
Available for debt repayments........... 179
Monthly UNsecured debt repayments....... 643
Amount short for making debt repayments. -464
Personal Balance Sheet Summary
Total assets (things you own)........... 162,700
Total HP & Secured debt................. -150,000
Total Unsecured debt.................... -32,000
Net Assets.............................. -19,300
Created using the SOA calculator[/QUOTE]


like others have said there are areas on you soa that can br reduced to make more money for you each month.
Even cutting back for a few months on certain things you think you couldnt stop/reduce will help.
Do you have things to sell? maybe worth thinking about ebay or bootsales.

GeorgeUK

Mortgage................................ 997
Interest only or repayment?

Council tax............................. 114
If paying over 10 months can you ask to pay over 12?

Electricity............................. 30
Gas..................................... 35
These are not bad - check the meter readings and see if you have a surplus built up. Make sure you have everything turned off when not in use - standby still uses power.

Water rates............................. 35
Are you using a water hippo or something similar in your cistern to use less water?

Mobile phone............................ 30
PAYG?

Telephone (land line)................... 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Is this a package deal?

Groceries etc. ......................... 300
This is quite high. Try to cook everything from scratch and move down a brand. Take a look at the oldstyle board for mealplan ideas.

Clothing................................ 50
Every month? Can this be reduced or even stopped for a while?

Car Insurance........................... 55
Pet insurance/vet bills................. 20
Buildings insurance..................... 8
Contents insurance...................... 8
Life assurance ......................... 22
Other insurance......................... 36
Take a look at the comparison sites to see if you are getting the best deal for your money. Also use cashback sites when switching - same for utilities.

Presents (birthday, christmas etc)...... 100
Can't afford this every month.

Haircuts................................ 0
Nothing at all?

Holiday................................. 100
Can't afford right now.

Emergency fund.......................... 0
Need something in here.

Gym..................................... 50
Can't really afford right now.


Are you able to get any 0% cards to switch some of the higher APR debt or possibly a low interest for life of balance card?

Stackers0908

Thanks all for the replies so far. Not quite what I was expecting tbh (I don't mean a magic wand although that would be nice, but I thought there may be alternative solutions to cutting back). I don't want to appear ungrateful albeit that when you have finished reading this, I imagine you will be thinking that I am looking for excuses and thinking "why should I helkp someone who so clearly doesn't want to help himself?" but at risk of being shot down, I'll proceed.

I think I need to offer a little of the background to my problems. Many of the debts are very new and all self-inflicted through gambling. In the past I have hidden from this and remortgaged my house a few times through growing equity but that was only ever a short term solution. My problems have been magnified in that I finally got rid of CCJ's after six years making me 'credit worthy' again and so I applied for a bigger loan to consolidate and a credit card. Foolish I know and didn't dream that I would be accepted. I was and soon spiralled out of control. I was given another chance and took out a further loan but instead of cancelling cards I used them again and within a few hours at an online roullette site (I always wondered what kind of people were stupid enough to use them and now I know - me!)

To cut a long story short, my exceptionally understanding wife has stood by me throughout although I have given her no reason to and whilst I'm pleaased that she has done, I'm fully aware that I am really testing her resolve. For this reason alone, I would find it difficult to tell her now that we can't take the holiday that we have already paid for and that she can't buy the bottle of wine that we drink most evenings when I have spent all taht I have. I know that's a cop-out but I couldn't face losing her. She hasn't said this would be the case, but throughout all of my problems I have always said that regardless of circumstances we would have a roof over our head, food on the table and that she wouldn't go without. I don't mind some personal sacrifices, but I don't expect that her or my daughter should have to.

Therefore the high groceries figure includes the wine (not expensive wine usually three for £10 but amounts to £100 p/m), the holiday is paid for but need money for spending, eating, drinking, transfers. The £100 child costs includes nappies,wipes etc which could have gone into groceries as someone thought that was high.

The gym which someone else also pointed out was expensive is needed as I have put on 7 stone in as many years since a nasty football injury and can still not walk any distance and therefore go jogging etc. The only thing I use at the local gym (en route from home to work) is swimming as this has no impact on my ankle (no ligament in ankle socket). The cheaper council option is further away so not only less cvonvenient but the saving is absorbed in travel and costly parking fees.

With regards to cars two are unfortunately necessary as neither of us work on a bus route and our hours cross over so that one is not a realistic possibilty.

Pet bills I put as £20 and that includes pet bills food and bedding so again £240pa not unrealistic.

Clothes I thought I was being reasonable on. Neither of us wear designer clothes in fact cheap brands from Tesco most of the time and I figured £600 pa for three people wasn't excessive as includes shoes and trainers too.

I can't remember what else there was although I think someone said water rates were high, but I have no control over them as they are set by Severn Trent. We could possibly share bath water (althouugh usually shower) but other than that I'm struggling to see any saving. It was also said that fuel needed reducing but it is a necessity to and from work, so unless Mr Brown stops taking his 80% we are struggling there too.

My mortgage has been on interest only for 12 months but reverts back to repatyment next month as that is the longest period they would allow. I still have two years left on fixed at 5.99% too so can't change without penalty although despite being up-to-date I doubt anyone would look at me currently.

I've tried to be as honest as I can and I'm sure that you're all right and some spending cuts can be made, but to hit anything like target I think will be hard.

Btw haircuts is zero as mum has always done it :-)

In addition my plan is to finally sort out my gambling sooner rather than later through GA as I can't go on like this forever, it's far from healthy.

Hope that I covered it all, thanks again
Rob

Tixy

Hi Rob

Glad you came back. The advice people have given is just suggestions on where you could make some changes, obviously only you know what will work for you and your family.

Glad you are getting some help from GA, that is a really good idea. There is a support thread on here for ex-gamblers in case you might be interested. They should at least have some good tips on how to self-exclude etc and make it harder for yourself to fall off the wagon.

As to what you can do its difficult. If you can get the figures to balance (i.e. make up that £464) then you will keep on getting further into debt until all your credit is used. And I don't think any more consolidations is the right idea for you, as you have already found.

However when you hit crisis point whether you choose a DMP/IVA or bankruptcy then the fact is that you wouldn't be allowed to continue spending as much as you are currently, you are expected to live within fairly tight budget figures in any of these (not poverty line living but just 'basic' living).

Does your wife know the full extent of your debts? Has she seen this SoA? It might be an idea to talk it through with her - I know it won't be easy but if she has stuck by you in the past its likely she will again.

Good luck.

Verbatim

ex and would be ex-gamblers support thread

Here's the link.
Yes what you have put down is "reasonable". Unfortunately that doesn't change the fact that you're spending more than you earn and that your debt is increasing each month by at least £464. I say at least because unless you have checked all bank statements or receipts or have an accurate spending diary most of us underestimate our spending.

Would your wife rather lose her home, open the door to debt collectors or baliffs, or know the full extent of your debts sooner rather than later?

The sooner you start living within your means the better the chance of a happy ending.

Best wishes and good luck,

V

Thrifty_Pixie

Stackers0908 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 1100
Benefits................................ 100
Other income............................ 0
Total monthly income.................... 2800
Monthly Expense Details
Mortgage................................ 997
Secured/HP loan repayments.............. 167
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 114
Electricity............................. 30
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 12
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 300 - you can cut back here quite a lot for 3
Clothing................................ 50 - cut back to absolute essentials ie knickers
Petrol/diesel........................... 150
Road tax................................ 25
Car Insurance........................... 55
Car maintenance (including MOT)......... 40
Car parking............................. 15
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100 - what is this?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 8
Contents insurance...................... 8
Life assurance ......................... 22
Other insurance......................... 36
Presents (birthday, christmas etc)...... 100 - this really needs to be cut back
Haircuts................................ 0
Entertainment........................... 100 - this too
Holiday................................. 100 - and this
Emergency fund.......................... 0
Gym..................................... 50 - would it really be as expensive using a slightly further away pool. £50 per month is extortionate just for pool access
Total monthly expenses.................. 2621

Assets
Cash.................................... 200
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 162700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 140000...(997)......6
Secured Debt.................. 10000....(167)......8.5
Total secured & HP debts...... 150000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan - Sains...................15000.....240.......0 - we really need to see the aprs for these
Loan - Tesco...................10000.....203.......0
Cards..........................7000......200.......0
Total unsecured debts..........32000.....643.......-

Monthly Budget Summary
Total monthly income.................... 2,800
Expenses (including HP & secured debts). 2,621
Available for debt repayments........... 179
Monthly UNsecured debt repayments....... 643
Amount short for making debt repayments. -464
Personal Balance Sheet Summary
Total assets (things you own)........... 162,700
Total HP & Secured debt................. -150,000
Total Unsecured debt.................... -32,000
Net Assets.............................. -19,300
Created using the SOA calculator

See above comments, although I'm only really repeating what others have said.

With all due respect, I'm wondering whether you've really had your lightbulb moment yet, or whether you've come here for an easy option? Alternative solutions to cutting back? Well there really are only two options in your situation: cut back or increase your income. It really is that simple.

Whilst I appreciate that you've screwed up enough with your long-suffering wife and want to keep her, as your partner your financial position also impacts on her and the odd bottle of wine here and holiday there is only going to compound the problem from here on in. If I were you I would rather face the issue head-on NOW, before I had to enter either an IVA, DMP or - heaven forbid - take BR. Wouldn't your wife prefer a few years of mild hardship (although, really, cutting back on gifts/wine/holidays could only barely be called true hardship..and it looks to me like you could easily wipe out that monthly deficit with a few minor cutbacks).

OK, you say that you don't 'usually' live outside your means, and that you're in this situation now purely because of your gambling, but the fact of that matter is that you ARE in this situation now and that debt - however acquired - isn't going to disappear.

You say you don't want a 'magic wand', but i'm afraid that your arguments only suggest to me that you don't really want to do anything about your situation yourself. I'm sorry if this sounds harsh, but I'm just being frank.

HOWEVER, you have taken the right step in coming here, as there are a LOT of friendly people with really good advice...should you choose to accept it

I really do wish you luck with GA and with your finances, and although I probably sound like a b*tch I really am only saying all this out of a desire to root you on in your debt-free journey.:o

TPx