Aargh massive overspend each month

Beckyp1976

Well it appears the house was repossessed a couple of years ago so presumably the reason the second mortgage was not paid off was because there was not enough equity.
I am just lost as to what to do next, it seems really unfair I should be held responsible for this loan but then at the same time I cannot deny my signateure is on the agreement. I stupidly left all finances to my ex as he made all the payments each month. He has now vanished and try as I might I cannot find him anywhere, I even contacted his family who have had no contact for 2 years. No wonder the DCA are only chasing me!

Raggs wrote: »

If no transfer appears in the Land registry, does this mean you still have a stake in the property? Because by the sounds of it the ex didn't bother paying your stake in the mortgage, so I wouldn't be too worried about taking it out of your stake in the property (assuming you can)?

Beckyp1976

Okay I've had another look and I think this is much more realistic and no longer showing a massive overspend - there couldn't have been one as I am not racking up new debts.
I have worked out that if I put £300 towards den=bts each month I will have paid them off by Feb 2012
To do this I need another £200 per month. So I intend to try to earn another £50 through e-bay etc and then cut down on spending household and entertainment by £150. Does this sound sensible?
Of course this is not taking into account the other debt I mentioned yesterday but I am still in discussions regarding that.

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.................... 1
Monthly Income Details
Monthly income after tax................ 1715.03
Partners monthly income after tax....... 0
Benefits................................ 170.42
Other income............................ 0
Total monthly income.................... 1885.45
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 113
Electricity............................. 160
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 11.99
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 16
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 150
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1775.99

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Halifax........................2095......0.........23.9
co-op..........................3295.63...0.........23.9
m & s..........................269.42....0.........23.9
Total unsecured debts..........5660.05...0.........-

Monthly Budget Summary
Total monthly income.................... 1,885.45
Expenses (including HP & secured debts). 1,775.99
Available for debt repayments........... 109.46
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 109.46
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,660.05
Net Assets.............................. -4,660.05
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

katsu

£50 clothing sounds excessive - at least whilst you are still clearing debts.

RAS

Beckyp1976 wrote: »

We are on a meter and have no central heating. We have a woodburner whicvh heats downstairs and oil filled radiators upstairs, we have contacted the electric company to see if they can explain.

oil filled raditaors cost a fortune. Can I suggest that when you next go out for a few hours you turn off the radiators, read the meter, then read it on your return.

Then turn on the radiators as normal and read the meter 2 or 3 hours later. Avoid using other stuff in the mean-time. That will give you an idea of how much they are using every hour.

bargainbetty

You could also drastically reduce your grocery bill - have a look at the oldstyle board for hints on batch cooking, making best use of your food budget, using simpler cleaning products etc.

Definitley ebay everything you can, and look at using some form of insulation so you don't need the oil filled radiators so much - they really do cast a small fortune to run.

Good luck x

Tashja

I might be whay out here but if your OH is a student do you not get a reduction on your Council Tax ?? 25% seems to spring to mind !?

T xx

Pitlanepiglet

Can your partner not get a part time job?