Maybe a stupid question!!

mp101

Hi guys, been reading lots but havent quite found what I am looking for. I have debts (mostly credit cards) up in the £80,000 region, making lots of cutbacks for the past 3-4 months but not making a dent, using only the work mobile phone etc... looking to sell my car that took me ages to buy, but can only just scrape through each month, and the mortgage has gone up £300.00 ( my fault really, didn't take in it was a stepped tracker). But the real question is about the IVA, do I have to sell everything to pay off some of the debt before I even tackle the Credit Card companies etc.?? Any suggestions? I will be listing all the debts soon.

Thanks

Marc

lynzpower

hiya MArc

Just stick your SOA up here, and lets have a see, theres no point in any of us giving you half the info based on half the story- are you in an IVA now?

Big welcome :wave:

elantan

just wanted to add no question is stupid ...

mp101

Hi, No I am not in an IVA at present, I'll list a SOA in the next day or so,

Thanks

Marc

mp101

Guys,

Here is my state of affairs, I usually take home about £3,600 with overtime, sometimes as high as £4,300. Below is my outgoings and balances.

Description Amount Oweing

British Telecom £10.79
BUPA £45.99
Cahoot Loan £363.24 29 Months left 7.9% about £10k Left
CC Capital One £241.07 £8,035
CC HSBC £282.00 £10,793
CC Marbles £269.00 £11,427
CC Mint £212.00 £9,606
CC NatWest £226.00 £1,0079
CC Natwest Gold £93.00 £4,138
CC Royal Bank of Scotland £215.00 £9,582
CGNU Life insurance £75.22
HSBC Loan £104.17 48 Months Interest free
IF Loan £263.78 41 Months left about £10k
Northern Rock (Mortgage) £1,672.10
SKY £73.50 So High, because I have broadband MAX needed for work, I also has my fathers box on my account, and he watches a lot of sport

To pay each Month £4,146.86

roughly £83,660 debt

add to that about £40 a month on motorcycle petrol which I use to commute and I soon need to renew my motorcycle insurance, about £550 this year

Cant afford to insure the car at present

Question is about an IVA, if it was possible for me to be in one, will I have to sell the car and my motorcycle? I have been seriously considering selling the car, especially as it doesnt get too much use.



Thanks

Marc

tesuhoha

Think you ought to get rid of the BUPA. Its a luxury you cant afford.

CLAPTON

could you give a little more information:

what is the value of the house and the size of mortgage

can you say something about your living situation is ...do you have OH and any children

what is the car worth?

can you say why there is nothing showing for elect/gas/food/water/council tax/goingout etc etc

mp101

CLAPTON wrote:

could you give a little more information:

what is the value of the house and the size of mortgage

can you say something about your living situation is ...do you have OH and any children

what is the car worth?

can you say why there is nothing showing for elect/gas/food/water/council tax/goingout etc etc

the house is worth about £270,000, mortgage is £245,000

My father lives with myself and my wife, my father is retired, my mother passed away 4 years ago. My wife is looking for work now, no children

the BUPA is a critical illness policy

the car may be worth £20k, (I've pretty much answered my own question on that one)

The reason there is no elect/gas/food/water/council tax/goingout is because my father pays those and we really do not go out much, maybe £30 at max, and I take food to work. Occasionally I do buy food for the home though, this month about £120.00

forgot the overdraft £5k

leon103

Get rid of the car and keep the bike unless you have a family that needs the car. Pointless having both.

Get rid of Sky TV and also your fathers account unless he is willing to pay for it.

Whats the APR on the cards

mp101

Still in a contract with SKY, finishes next August, youre right about the car, pretty much told myself that, just need to get it into my thick skull

leon103 wrote:

Get rid of the car and keep the bike unless you have a family that needs the car. Pointless having both.

Get rid of Sky TV and also your fathers account unless he is willing to pay for it.

Whats the APR on the cards

leon103

mp101 wrote:

Still in a contract with SKY, finishes next August, youre right about the car, pretty much told myself that, just need to get it into my thick skull

Can you drop down the basic package?