where do we go from here?

compforus

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................ 430
Partners monthly income after tax....... 1956
Benefits................................ 0
Other income............................ 630
Total monthly income.................... 3016

Monthly Expense Details
Mortgage................................ 295
Secured/HP loan repayments.............. 0
Rent.................................... 1200
Management charge (leasehold property).. 78
Council tax............................. 207
Electricity............................. 40
Gas..................................... 0
Oil..................................... 80
Water rates............................. 20
Telephone (land line)................... 25
Mobile phone............................ 13
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 7.5
Groceries etc. ......................... 131
Clothing................................ 53
Petrol/diesel........................... 80
Road tax................................ 3
Car Insurance........................... 18
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 239
Medical (prescriptions, dentist etc).... 7.2
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 7
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 40
Total monthly expenses.................. 2573.7


Assets
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 350
Total Assets............................ 131350


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 48250....(295)......2.5
Total secured & HP debts...... 48250.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Sainsburys CC..................2170......44........15.94
Santander CC...................958.......9.59......16.9
Halifax........................10067.....277.......11.65
Family Loan....................6725......250.......9.15
Lloyds.........................16896.....355.......7.15
Total unsecured debts..........36816.....935.59....-


Monthly Budget Summary
Total monthly income.................... 3,016
Expenses (including HP & secured debts). 2,573.7
Available for debt repayments........... 442.3
Monthly UNsecured debt repayments....... 935.59
Amount short for making debt repayments. -493.29

Personal Balance Sheet Summary
Total assets (things you own)........... 131,350
Total HP & Secured debt................. -48,250
Total Unsecured debt.................... -36,816
Net Assets.............................. 46,284

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Okay, I have overcome the shame and put it up here. I have battled to keep all the balls in the air but need help.

Key things that may help understand the SOA. Partner has bad credit history plus all loans are his from marriage. He is still on a mortgage and overdrawn joint accounts with his ex-wife. So the only way we could move in together was to rent off his Dad as no deposit to put down and no credit searches required. He won't reduce the rent, the place is too big so we are trying to get a lodger but haven't found one. His son is with us 1/3 of the year. The asset is a property I own and rent out as in a different town. Due to ill health/unemployment in the past I do not want to sell it in case I become ill again and can't work as it provides an income. I don't have much stamp and no private pension either. The debt on the credit card is also due to my last tenants doing a runner and owing me £3k. The car is a gift from my Dad so I could have transport which is economical to run. I would not consider selling it.

We have talked about moving to a smaller place but can't get a deposit together would not be able to afford the removal and with both of us suffer from depression we are worried about how we would cope with the whole pressure of finding somewhere, risking the checks, packing and moving. Yet the current situation is affecting us too.

I did a balance transfer on to the Santander card of £387 though not realising how they work have now found out that if I pay any it will go towards the interest free bit and not the amount I spent on it.

We don't have a tv license and watch iplayer for relaxation. We never go out, we avoid invitations for dinner as we can't reciprocate nor can we take a gift. I dread people asking for sponsorship for marathons, jumping out of planes, etc as I look tight as I have to say 'no.' We are cold when we are at home as the central heating is inefficient and we can't afford another load of oil so we have to ration it. We never take the little one out for treats, not even a swim. I wish we could.

Despite the shortfall each month we have managed by help from my family, selling a car, ebay and using equity from my property. I am due £500 back from a deposit scheme this week. There is no more of this so we are at the end of the road. I am £600 overdrawn in my bank account and get charged £5 a month for this.

CommitedToChange

I just wanted to say hello and welcome :hello:

You're doing the right thing by admitting to this and posting on here. I would recommend that you talk to a debt management charity - CCCS, payplan or CAB. They would be able to help you - I suspect, though I can't be sure as I am newish to dept plans etc that they would suggest a DMP (dept management plan). I'm just setting mine up - and it has taken a huge weight off my mind.

If you go onto CCCS's website they have a debt tool where you can input all your incomings and outgoings and it automatically suggests a course of action for you - this might give you an idea of what they would suggest should you call them.

I'm sure some much more knowledgeable peeps will appear in the morning to help - but you have taken the first step - and thats the main thing.

One thing I would say though is that your council tax seem really high - is it in arrears? (I'm assuming the family loan is from the same dad that won't reduce the rent?)

Good luck and stick around for some probably better advice

dreamdreamer

The council tax doesn't seem that high in comparison to the rent, which is crippling. Are you in the London area or is it just a large house?

Is there equity in your partners house with the ex? Could they sell this? I think having properties with exes is a bad idea anyway, having been burned by this in the past. Are all the debts in your partners name or hers too? If joint then she should be contributing to paying them off.

Are you able to work even part time of does your health not allow this?

A DMP looks to be a good option for you, a repayment of £400-£450 would give you some much needed breathing room but speak to one of the debt charities later today. You've already done the hardest part and that's putting it all down on paper and admitting there's a problem.

Good luck!

Dreamer

compforus

It feels great to have some responses. Thank you

Bit more info: my partner was taken to court over finances by his ex-wife and to cut a long story short the judge said a roof was needed over the childrens heads so he had to stay on the mortgage until his ex-wife could release him. She has stated she is not going to do this as the court said she only had to 'endeavour' to do it. The order also said he had to transfer the property to her name. The loan with Lloyds is in joint names but the judge said he had to pay for it and there is a court order stating he has to pay it until it is paid off. It has an arrears on it so has gone to debt collection and last night my partner set up a plan with them, he is continuing to pay the £355 as that is what the court ordered but they won't be charging any more interest.

I didn't put on the SOA a bank account in their joint names that is £7k overdrawn. The judge said it had to go to the ex-wifes name but she won't do the paperwork so he still shows up on there too.

The Halifax loan is in my partners sole name (taken out to pay off credit cards from the marriage)

We went to CAB but they said go to a solicitor, which we obviously can't afford!

Yes the family loan is from the Dad we rent the house off. The house is 4 bedroom hence the high rent. We had hoped to live here and foster children (my long term dream) but at this rate we are never going to get there as the effect the debt is having on our health will go against us.

Sorry, their is a sad face at the beginning of the title.. not sure how it got there!

[Deleted User]

compforus 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.................... 1

Monthly Income Details
Monthly income after tax................ 430 (Is there any way to increase this?)
Partners monthly income after tax....... 1956
Benefits................................ 0 (Are you entitled to anything here?)
Other income............................ 630 (Is this the income you earn from renting your house? - Would it be possible to live there instead?)
Total monthly income.................... 3016

Monthly Expense Details
Mortgage................................ 295
Secured/HP loan repayments.............. 0
Rent.................................... 1200 (This is v. high, can you stay with family or friends until you can save up for a deposit for a smaller/cheaper place? Or move back into your own house?)
Management charge (leasehold property).. 78
Council tax............................. 207 (Can this be paid over 12 months instead of 10?)
Electricity............................. 40
Gas..................................... 0
Oil..................................... 80
Water rates............................. 20
Telephone (land line)................... 25
Mobile phone............................ 13
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 7.5
Groceries etc. ......................... 131
Clothing................................ 53 (Use what you have, and only buy essentials)
Petrol/diesel........................... 80
Road tax................................ 3
Car Insurance........................... 18
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 239 (what is this?)
Medical (prescriptions, dentist etc).... 7.2
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 7
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 40 (Do you actually save this? I cannot see any cash in your assets.)
Total monthly expenses.................. 2573.7


Assets
Cash.................................... 0 )Emergency savings?)
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 350 (what's this?)
Total Assets............................ 131350


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 48250....(295)......2.5
Total secured & HP debts...... 48250.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Santander CC...................958.......9.59......16.9
Sainsburys CC..................2170......44........15.94
Halifax........................10067.....277.......11.65
Family Loan....................6725......250.......9.15
Lloyds.........................16896.....355.......7.15
Total unsecured debts..........36816.....935.59....-


Monthly Budget Summary
Total monthly income.................... 3,016
Expenses (including HP & secured debts). 2,573.7
Available for debt repayments........... 442.3
Monthly UNsecured debt repayments....... 935.59
Amount short for making debt repayments. -493.29

Personal Balance Sheet Summary
Total assets (things you own)........... 131,350
Total HP & Secured debt................. -48,250
Total Unsecured debt.................... -36,816
Net Assets.............................. 46,284

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Hi, as other posters have suggested I think than you should seek the help of CAB, CCCS or another debt charity as they will be able to give you more tailored advice.

Can you use the security deposit that you have coming back to you as a deposit on somewhere smaller and cheaper? And maybe ask friends and family if they would help you move - the high rent is really crippling you, and reducing this would really take away a huge burden.

Also, you should be able to get a free 1/2 hour with a solicitor (although hopefully someone more knowledgeable will be able to advice on how to go about this).

Hope that helps

tallyhoh

why cant you move to the property you rent out? £1200 for rent is madness.

compforus

I wanted to move back to my flat when it was empty after the tenants left but we felt it was too far from my partner's son and it would reduce contact. The allure of the rent money was too great.

The worry with trying to rent somewhere else is that we won't pass the credit check.

I feel quite vulnerable posting all this. Like I am admitting to failure Everyone can see that we got into this mess like right idiots.

compforus

Domino9 wrote: »

compforus 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.................... 1

Monthly Income Details
Monthly income after tax................ 430 (Is there any way to increase this?) Yes, I have asked for more hours at work
Partners monthly income after tax....... 1956
Benefits................................ 0 (Are you entitled to anything here?)No, despite partner's son living with us for 1/3 of year any benefits got to his mother as she has him for 2/3 of the time...
Other income............................ 630 (Is this the income you earn from renting your house? - Would it be possible to live there instead?)Yes plus my partner does extra hours
Total monthly income.................... 3016

Monthly Expense Details
Mortgage................................ 295
Secured/HP loan repayments.............. 0
Rent.................................... 1200 (This is v. high, can you stay with family or friends until you can save up for a deposit for a smaller/cheaper place? Or move back into your own house?)
Management charge (leasehold property).. 78
Council tax............................. 207 (Can this be paid over 12 months instead of 10?)[COLOR="rgb(139, 0, 0)"][COLOR="rgb(139, 0, 0)"]we could ask[/COLOR][/COLOR]
Electricity............................. 40
Gas..................................... 0
Oil..................................... 80
Water rates............................. 20
Telephone (land line)................... 25
Mobile phone............................ 13
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 7.5
Groceries etc. ......................... 131
Clothing................................ 53 (Use what you have, and only buy essentials)
Petrol/diesel........................... 80
Road tax................................ 3
Car Insurance........................... 18
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 239 (what is this?)CSA
Medical (prescriptions, dentist etc).... 7.2
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 7
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 40 (Do you actually save this? I cannot see any cash in your assets.)No, it has gone on repairs to the property i rent out, leaking taps, etc it has gone on the overdraft so far.
Total monthly expenses.................. 2573.7


Assets
Cash.................................... 0 )Emergency savings?)I am regularly at the limit of my £1k overdraft facility so no cash
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 350 (what's this?)i have a ring i could sell. valued at £1700 but jewellers will only give £350 (seems such a rip off so I have held on to it. Was present from ex-boyfriend so no sentimental attachment!
Total Assets............................ 131350


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 48250....(295)......2.5
Total secured & HP debts...... 48250.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Santander CC...................958.......9.59......16.9
Sainsburys CC..................2170......44........15.94
Halifax........................10067.....277.......11.65
Family Loan....................6725......250.......9.15
Lloyds.........................16896.....355.......7.15
Total unsecured debts..........36816.....935.59....-


Monthly Budget Summary
Total monthly income.................... 3,016
Expenses (including HP & secured debts). 2,573.7
Available for debt repayments........... 442.3
Monthly UNsecured debt repayments....... 935.59
Amount short for making debt repayments. -493.29

Personal Balance Sheet Summary
Total assets (things you own)........... 131,350
Total HP & Secured debt................. -48,250
Total Unsecured debt.................... -36,816
Net Assets.............................. 46,284

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Hi, as other posters have suggested I think than you should seek the help of CAB, CCCS or another debt charity as they will be able to give you more tailored advice.

Can you use the security deposit that you have coming back to you as a deposit on somewhere smaller and cheaper? And maybe ask friends and family if they would help you move - the high rent is really crippling you, and reducing this would really take away a huge burden.

Also, you should be able to get a free 1/2 hour with a solicitor (although hopefully someone more knowledgeable will be able to advice on how to go about this).

Hope that helps

dreamdreamer

I feel quite vulnerable posting all this. Like I am admitting to failure Everyone can see that we got into this mess like right idiots.

You're NOT a failure, most of the people here have been in financial pickles at some point, or are in them right now (like me!). It's how you deal with them that counts and it looks to me like you're doing your hardest to find an honest way out. Plus you seem to have just been thrust into most of this debt by your OH's old marriage.

I think you do need to follow up with the courts that the ex hasn't taken the joint account. I know it's always hard with a kid in the middle but she's already been given a LOT from your OH (a house for a start!) so she should at least be upholding her end of the deal. Most solicitors will give you a 30 min free session, it might be worth taking advantage of this. And you do still need to speak to one of the debt charities about how best to handle your current debts, because you're going to have to reduce the repayments to keep afloat, I can't see where you're going to save £950, your budget is already very tight. I think once you get something in place to reduce repayments that'll ease the pressure and hopefully should have a positive effect on your health!

P.S Fostering children is a wonderful idea! Most of my family are adopted/fostered and it's a brilliant thing to do for a child. You'll get there one day!

RAS

compforus wrote: »

: my partner was taken to court over finances by his ex-wife and to cut a long story short the judge said a roof was needed over the childrens heads so he had to stay on the mortgage until his ex-wife could release him. She has stated she is not going to do this as the court said she only had to 'endeavour' to do it. The order also said he had to transfer the property to her name.

Please can you check the exact situation.

Yes the children need a roof over their heads and his name has to stay on the mortgage. However, if he is paying her maintenance, then she has to pay the mortgage, not him.

Also, if she does not make an effort, he can go back to court to force the situation. he does not need a solitictor to do this.

dancingfairy

Re the Lloyds loan - I am just wondering whether he can go back to court to get it redeterined as you can't afford your outgoings at the moment.
Also have you worked out what rents, council tax etc would be IF you could move house? It seems a bit unfair you are forced to pay rent to your OH's father that is more than you can sustain which is not helping with the debt situation - it might be worth getting the figures together and then having a chat with the father and ponting out that if you moved you would free up x amount per month to go towards debt repayments and that once you are more stable financially perhaps you could mover back in 2/3 years time so you can have the larger family?
You really need to get your OH's dad on board as the way things are going if you go onto a debt management plan he is going to get less repayments in a month as you should split payments fairly between your creditors etc and if your OH has to go bankrupt or whatever that is going to have a huge impact on things. At the moment you have 440 a month after essential bills to go towards debt repayments and this won't cover the lloyds loan and the family loan let alone any of the other debts.
I would definitely have a chat with the debt charities though and see what they suggest.
df