a beaten man.........

withoutahope

perhaps............but still kicking.

my partner left nearly 2 years ago and i got saddled with the debt, i live on my own,3 bed house,dont pay any maintainance as cant afford to................still trying to get over those words i dont love you anymore..............you would think the pain would subside but it doesnt,2 beautiful kids that i only get to be with on sat night,at the end of my tether.....,i earn 1200 a month after tax,construction industry on its knees at the moment,overtime ban etc.

• ---

  p/m -outstanding---- term

  ---

  value

mortgage ----580 ---144,000 ----int only ----170,000
heat/light

---

60
water

---

35
c/tax

---

55
food

---

160
travel to work 100



halifax loan ---330 ----8,000---- 36 months

---

tesco loan ----130---- 6,000---- 60 months

---

tesco c/card --110---- 3,500---- int only

---

virgin c/card-- 120---- 5000

---

int only

---

barclay card ---95---- 4,500

---

int only

---

im going to rent out 2 bedrooms at 5oo a month but im still short, what do i do ? stop paying c card/loan repayments, where do i even start,i want to pay back all my creditors but at the moment i just cant,what terms would they accept ? all help/advice greatly appreciated,many thanks.

RAS

Welcome

The starting point is going to be that you do a full statement of Affairs

http://www.makesenseofcards.com/soacalc.html

There are options but try one with the room rental and one without.

Tixy

Hi

Sorry you have been through such a tough time.
Are you behind with your debt repayments currently? are you up to date with mortgage payments?
Is that really all your expenditure costs listed? you don't have a lot of costs listed that people often have - eg a phone, do you have house insurance? tv licence? do you buy the kids presents etc?
Might be useful to post up using the statement of affairs calculator to make sure you haven't missed anything out.

Good idea to rent out some of the property - have you factored in the increase in council tax and in things like elec and gas to work out how much better off you think you will be?

I think it might be a good idea to seek some advice from one of the debt charities to see what they would suggest for you - it may be that they think a DMP would be suitable, so you would stil be paying back your debts but at a rate you can afford.

Who do you bank with? if you bank with anyone you owe money to then before you cancel any repayments you need to set up a new bank account with an unconnected bank.

withoutahope

thanks for the quick replys guys,i bank with halifax,loan with them, mortgage on interest only,up to date with all except mortgage which i defaulted 4 days ago,expenditure list cannot be trimmed any more trust me,company phone etc,no house insurance,clothing,rainy day etc,have factored in extra council tax/heat n light etc but still short,need advice re creditors............what to say/what to cancel etc........what can virgin c/card etc do if i stop all repayments .. ?

RAS

Hi

it is essential that you get a new basic bank account with someone who is not in any way related to halifax. Otherwise they can off-set your debt; nick you income to pay the loan without your knowing until you find and empty account.

Nargleblast

Hello withoutahope, and welcome! Right now your head is going to be full of stuff and you probably don't know what to deal with first, but do things methodically and it'll come right in the end.

Healthwise - look after yourself, eat properly, get the right amount of sleep. If you are not fit yourself then you cannot look after anyone else.

Kidswise - you might only see your kids on a Saturday night but you can at least make their time with you enjoyable and special, and as time goes by you can perhaps negotiate more time with them, as long as you keep communication channels open with your ex.

Moneywise - it's good that you are thinking of ways to sort out your finances. If you do the Statement of Affairs (see sticky at top of threads list, the one marked First Time posters, SOA calculator) then you can post it on here in a user friendly format, and you will have a far clearer picture of your finances. People on here can then advise ways of cutting costs or increasing income. Also I second the idea of opening a new bank account with a bank that you have no borrowing or credit cards with, and get your wages and bills swapped over asap. Then your existing bank becomes another creditor to be dealt with the same as the others.
The debt counselling firms recommended on this site may be able to help further, I know that CCCS can help you do an online picture of your finances and come up with the appropriate way for you to repay your debts, just to be thinking about.

Nargleblast

Another idea occurs to me - you might want to buy a little time with your creditors by writing to them, explaining you are in financial difficulties at present and offering token payments for the time being. If you tell them that you are in the process of getting professional advice on repaying your debts and will keep them informed of events, they might give you some breathing space. Some organisations can be quite reasonable if you put it to them like this. Others won't be so helpful, but at least you will be able to say that you informed them as soon as you encountered problems and are doing what you can to sort things out. Another good reason for contacting a debt counselling organisation is that you will get help in dealing with your creditors in the proper manner.

haggle_2

Yes you need to sort your debts out. (so do I)

You've also got to get some good lovin. (I'm taking a break)

[Deleted User]

Hi,

Sorry that you have been having such a bad time of it, but you are now taking control, so things will get better.

Firstly, start by filling in a full SOA: http://www.makesenseofcards.com/soacalc.html

1200 a month after tax (is there any way to increase this, a second job?)

mortgage ----580 ---144,000 ----int only ----170,000
(is the mortgage in your name only, or yours and your ex's?)
heat/light

---

60 (Is this electric and gas?)
water

---

35
c/tax

---

55 (Can you pay this over 12 months instead of 10?)
food

---

160 (For one, this can be reduced - check the old style board for meal plans, batch cooking etc - we pay less than this for 2 adults)
travel to work 100 (any way to reduce this? public transport? cycle? walk? Car share?)

Total £990

Do you not have any other outgoings? entertainment, TV licence? mobile phone? House phone? Internet? contents/building insurance? you really need to work ot all spends (look at SOA on the link above)

What's the APR's on the debts? Are they all in your name only?
halifax loan ---330 ----8,000---- 36 months

---

tesco loan ----130---- 6,000---- 60 months

---

tesco c/card --110---- 3,500---- int only

---

virgin c/card-- 120---- 5000

---

int only

---

barclay card ---95---- 4,500

---

int only

---

Total debt repayment £785

im going to rent out 2 bedrooms at 5oo a month but im still short, what do i do ? stop paying c card/loan repayments, where do i even start,i want to pay back all my creditors but at the moment i just cant,what terms would they accept ? all help/advice greatly appreciated,many thanks.

(Is that £250 per room or £500 each? - this could increase your income to £1700 or £2,200)


Your total spends as listed above are £1775 so even with the lower income included from renting out your extra rooms will mean that you are only £75 short (which you could probably cut back on once utility bills are shared out and making some cuts from your food bill). But you need to work out a full SOA including all income and expenditure.

If you are still unable to get your debts undercontrol and are still struggling then you should contact one of the debt charities for free advice (CCCS, Debtline, CAB)

Hope some of the above helps,

Domino9

wouldbeqaulitymoneysaver

((((withouthope)))) xxx don't forget the advice that is available [also] re Ex Land to help you heal up. Good luck and God bless mate.xx

wouldbeqaulitymoneysaver

Don't do anything stupid like turn to alcohol and or drugs to console you. As a man GET IT OUT men are more manly when they get the emotions out and dont hide em cos it makes em sexier and more desireable to us women also avoid rebound affair too. Above will hurt finances as well as heart.