Time to face the music i think

podperson

Hi Hitabrickwall,

First of all, as others have said, really need to sit down and talk to hubby about this and please don't go into this feeling that this is all your fault. Have you not added any income for hubby because he's not working or making anything from his business at the moment or does he not contribute to the household bills? Either way he needs to accept that some of the responsibility for this also lies with him, if he is not bringing any money into the household then it is leaving you to try and struggle to pay everything, which I'm going to guess is why the credit has started to pile up? From what you write it sounds as though the money has gone on living expenses for the family, not on you going out and blowing it on luxuries for yourself, so he needs to accept that this has been a consequence of the life choices you have both been making, eg having a family and him having his own business (I don't want it come across that these are bad decisions but they are expensive ones for most people).

Am sure CCCS will be able to offer you advice on dealing with this, from your soa looks like they may advise a dmp. Are all the debts in your name or are some in hubbys? If you are set up a dmp then they may want to take hubby's income into account, as if he is working then they will expect him to be contributing to the bills.
Good luck with it x

hitabrickwall_2

Thank you. Husband does have his own business and work is starting to pick up but if anything he earns less than me. I need to make sure that his credit is not affected in anyway as he needs this for his business. All bills are split 50/50. All the debts listed are in my name only. He has debts of his own but they are manageable and for the reason above he would not want a dmp. We also have another property which he have tenants in. My other option would be to see if we can sell that property once the lease expires and use half the equity from that to make a settlement offer. I will speak to CCCS today

Marisco

hitabrickwall wrote: »

Hi sorry

I am in work so don't know what the apr's are. None of them are 0% sorry I filled it in wrong.

The figures I have put in are half of all bills including mortgage.

Hi hits, Are you sure all the figures you've put on your SOA are half? The reason I ask is that some seem very high i.e Satellite £40, Car park £120, Pet ins £42, Mobile phone £70, Petrol £240, Haircuts £22, Gas/Electric £170 etc. The figures that you've put are more like monthly ones than half, if you know what I mean. Have you put some half and others full? As many have said, the main thing to do is talk to each other, it can be difficult if oh doesn't want to know (my ex was like that:mad:) but you've made a start, that's the main thing:)

RAS

Hi

if you have a joint mortgage, you are linked financially and any DMP late payments or defaults on your accounts WILL affect his credit rating.

You have to talk to him urgently.

hitabrickwall_2

Hi Marisco

I have put half of the monthly joint bills taken off my joint back account statement. These are bills I pay half of. I have a joint account with my husband and we pay the same amount of money into it each month and split every 50/50.

The petrol, parking, mobile phone etc is my expenses. I am on the minuimum tarif for my mobile and the petrol costs are mine for travelling to and from work, driving child round and visiting family. The car parking is paying £5 a day to park for work.

hitabrickwall_2

RAS wrote: »

Hi

if you have a joint mortgage, you are linked financially and any DMP late payments or defaults on your accounts WILL affect his credit rating.

You have to talk to him urgently.

Thank you. Thats not good news at all and changes everything really. I didn't realise that at all.

Thank you

RAS

If these expenditures are half the household cost, some of them are very high

hitabrickwall wrote: »

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1372
Partners monthly income after tax....... 0
Benefits................................ 60
Other income............................ 200
Total monthly income.................... 1632
Monthly Expense Details
Mortgage................................ 250
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 75 - this seems high. Anyway you can get agreement to pay over 12 months?
Electricity............................. 32
Gas..................................... 53 - your combine utilties are massive. You need to work out why they are so high. Start by turing off all electrical good except the fridge and freezer, only heat water when needed and check the cooker.
Oil..................................... 0
Water rates............................. 22
Telephone (land line)................... 15 = this high high since you have mobiles as well
Mobile phone............................ 35 - very high - reduce the package and then go PAYG
TV Licence.............................. 10 - should be £6
Satellite/Cable TV...................... 20 - reduce the package and then go freeeview for a few years
Internet Services....................... 0
Groceries etc. ......................... 160 - if this is half, then you need to ciut back massively. Aim for £200 in total
Clothing................................ 22 - you simply do not need this. Charity shops, e-bay and freegle
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 65 For one car - is this near work?
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 21 - for what aninals of what age. Again if this is half it is very high.
Buildings insurance..................... 9
Contents insurance...................... 9
Life assurance ......................... 18
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 11
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 11 - how much do you have in there?
Total monthly expenses.................. 1053

Assets
Cash.................................... 0
House value (Gross)..................... 150000 - is this half the value or the whole
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 152000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 100000...(250)......4.2 - half the mortgage or the whole?
Total secured & HP debts...... 100000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
alliance and leiceste..........7000......219.......7.9
cahoot.........................1000......30........0
egg............................7800......234.......0
natwest........................3400......170.......0
natwest........................5000......150.......0
mbna...........................12800.....381.......0
halifax........................6000......180.......0
Total unsecured debts..........43000.....1364......-

Monthly Budget Summary
Total monthly income.................... 1,632
Expenses (including HP & secured debts). 1,053
Available for debt repayments........... 579
Monthly UNsecured debt repayments....... 1,364
Amount short for making debt repayments. -785
Personal Balance Sheet Summary
Total assets (things you own)........... 152,000
Total HP & Secured debt................. -100,000
Total Unsecured debt.................... -43,000
Net Assets.............................. 9,000

You need the APRS on the debts.

You have a certain amount of equity. I suspect that most of the creditors will come for CCJs and charging orders over the next few years. The can be prevented if the creditor mucks up but they are getting cuter.

You really do have to talk to OH urgently.

Does the rent from the other property cover the mortgage and is he decaling the tax etc?

hitabrickwall_2

Thank you. Can a creditor come for a charging order even if i enter a dmp? I will look at cutting those costs. They were under the recommended figures from cccs.

The house is worth about £300,000 but we have a lot of unfinished work (big extension started before husbands business problems). The mortgage is 200,000 but with a low apr so total payment of £480 a month. We get £800 rental on the other property and a £300 mortgage so £500 rental income a month. At the moment this is paying for most of my husbands contribution towards mortgage etc. This has been declared to the tax office and we pay tax on it as part of my husbands business payments.

RAS

You guys really really need to talk together and get joint advice.

Yes, irrrespective of what debt managment deal you do, there is a risk of CCJS and charging orders. Basically because you have loads of equity, you are more at risk. In practice, since you own the house jointly, there are work rounds so you will not "lose the house". But it will impact on your OH's credit rating.

Regarding the expenditures, there are different types of SOA. Ones for bankrupts are more generous than for DMps. IVAs are tougher. In reality there are a lot of folk whose incomE does not come anywhere near the amount that a debt charity allowed for expenditure. Also there are folk who want to pay down their debt more quickly or need to pay it down. So we also do take it to the bone/DFW SOAs on here.

hitabrickwall_2

Thanks all for your replies. Well I sat down with my husband and went through everything and he was fine and completely understanding. The only problem we have is a joint account with an overdraft. I was recommended by CCCS to remove my name from this but my husband is not happy and they feel they will recall it and cause more problems. If I don't include my natwest debt I cannot do a debt management plan. CCCS have said that his credit will not be affected if this joint account is not included. I don't know what to do.