At wits end

Thesadhippy

Firstly a big thankyou to all of you on this site. I have been following the site for some time now as my debt situation has spiraled out of control even leading me to split with my wife. I even ending in up the police cells for the night for pushing her over something I have never done in twenty years of marraige.

I have unsecured debt of nearly £39,000, I lost my second job which went most of the way to paying my debts. Alot of the debt was carried over from my self-employment days 1989 -2001. Myself and my ex-wife have a two children aged 12 and 15, we have a mortgage and a secured loan on the house. Total monthly payment £948.00. I have had to get a small flat which is costing me £430.00 per month. My ex-wife works so we are able to keep the mortgage and secured loan paid. Want to keep a roof over the little darlings head till they are old enough to fly the nest. Being a boy and a girl, renting a 3 bedroom house in this area is about the same as what we are paying £950.00 +

My main question is this. I take home approx £1080.00, I pay the ex half of the secured loan and mortgage its in joint names. This is my maintenance for her. With my rent for the accomadation this totals £900.00 as you can see that leaves £180.00 left for food etc. Lucky the flat comes with the job, so no council tax, electricity etc. When I did my SOA I was actually -£120.00. I have offered all my creditors a token payment of £1.00 but as you can imagine they are refusing. I have been swamped with phone calls both at work and on my mobile. The work is quite embarrassing as I work in a busy hospital ward and it comes through on an emergency line. Lucky most of the company's have deleted this number. This does not worry me because I have informed them that I wiill only correspond by letter and most of my friends and colleagues know my financial position is not very good. #

My main worry is that if they take me to court will the judge accept that I have to pay my rent for my accomodation and also my obligation to the mortgage and secured loan.

I must end by thanking again you great people out there. If it was not for this site I do not know what I would do. You are an inspiration and a blessing. I do not want to shirk my debts its just at present I am unable to service them. The house is in negative equity, if they wait some years I am sure with the sale of the former matrimonial home I would be able to pay them.

RAS

Hi

Is there any equity in the house?

The CSA would expect you to pay £216 for maintenance and then your wife pays the mortgage, claims any WTC/CTC or HB to cover any deficit.

RAS

Just saw the last paragraph.

You are paying to much maintenance but one option would be bankruptcy, clear the unsecure debts, no BI in the house so ask a family memeber to buy that for the fees.

There might be a smal IPA but there might not.

Thesadhippy

Don't think she would be able to cover the whole amount. That is why I agreed to pay half the mortage and secured loan. Yes I have seriously thought of Bankruptcy, no equity in the house, she could then buy the interest for a £1,00 and legal fees £210.00 I believe.

Don't really want to go down that route though,,,,, what a mess.... I want to do what's best for the kids I have ensured our mortgage and secured loan are up to date and paid. I thought that secured debts were a priority. !!!!!!!!!!!

savingmummy

Hi welcome.
Sorry you`ve had a tough time recently.

It may help you if you do a full accurate SOA http://www.makesenseofcards.com/soacalc.html It will make it easier and clearer to work things out, and people can advise accordingly x