Such a long hard slog part 2

Jewel_2

Hi all
Sorry it's taken so long to give you my SOA. I've started this as a separate thread.

Debt £60,000 - all credit cards and loans

Income per month 1st income: 2444 net
2nd income: 1500 net
Maintenance: 1000 net (linked to inflation)
child benefit: 70

Total net income: £5000

Value of house: £350,000, mortgage £250,000 Can't get a higher mortgage/remortgage as income wouldn't meet multiples.


Expenditure p m: (you will really slate me for some of these)

Northern Rock Mortgage (interest and equity) £1455
Car Insurance (both cars, fully comp) £40
Accident cover (me, for treatment) £10
RAC cover (both of us) £38
Life Assurance (covering only £100000 of mort)£85
(life assurance with scottish equ)
Scottish power (elec - dd) £60
Sky (!) £27.50
Talk Talk dd £30
T-mob - mine £40
House insurance woolwich £25
Dental (partner) £12
Gym (family) £125
Petrol (taking daughter to school and back) £200 (at private school paid for by her father (my ex, who is now wealthy due to no childcare commitments, not that I'm bitter)

Excuse to keep gym membership - we all use it virtually every day.

Way that debt is made up:

Credit cards: M&S 4330
MBNA 7660
Morg Stanley 5800
Egg (1) 13,920
Egg (2) 4080
Abbey 3670
B'card 4552
Lloyds TSB 3000

Egg Loan 13,100



- Our landrover is worth about £8000
- I have about £3000 due back from Inland Revenue.


We have excellent credit histories, but it's impossible to get a remortgage with this debt, plus my maintenance is not taken into consideration.

I haven't included food, clothes et. There is money left over to 'feed' the credit cards.

Please help!!! xxx

youngie

you have an income of £5000 pm expenditure of £2150 plus food not sure how you got in to such debt but it doesnt matter CUT UP THE CREDIT CARDS, use the inland revenue money to wipe out tsb debt then pay off as much as you can afford each month on the others dont just make minimum payments you 'll never clear them that way

amosworks

What are the rates on your cards?

my ex, who is now wealthy due to no childcare commitments, not that I'm bitter

I don't know anything about your situation, but would it be worth asking for more money to support your daughter? Of course, you can support your daughter in many ways. Eliminating debt gives her a happier mum for a start

Jewel_2

Hi Youngie

Had to find equity share for ex out of house £30,000, plus divorce, £1000 has only recently kicked in. No excuses really but one trauma outweighed another!

Jewel_2

Hi amosworks

Ex is due to have a new baby in Jan. He won't give me any more money, he thinks he supports our daughter better than most (which is probably true, but based on his earnings it's only what he would be expected to pay through CSA, once new baby is born!).

youngie

sorry realise I came across a bit !!!!!y didn't mean to be,its easy to slip into debt specially when going through divorce and major life changes,keep up the good work you are facing up to your debts and trying to sort things you may have to adapt your lifestyle a little but keep reading the tips on this site and you will suceed