Advice Please

robwalsall

Hi everyone,

I'm new to this board, but have a big problem, which I'm sure you lot can help with.

I'll start with my financial stuff:

Earnings = £1200 basic + commission (usually take home between 1400-1600 AT)

Outgoings

Mortgage with ex = £374 p/m
Rent for current flat = £450 p/m
Loan Payments = £342.81 p/m
Car Insurance = £125.50 p/m
Car Finance = £201 p/m (£331.27 taken this month due to first payment)
Vodafone Contract = £45.00 roughly p/m - They won't lower this, already tried.
Electric (got no gas) = £70 p/m
Council Tax = £102 p/m

Total = £1710.32 p/m

Making a big loss at the moment. Due to unforseen circumstances, I left the house I have with my ex, and pay half mortgage as she can't afford full payment, and had to get new place to live with new partner.

I have a £15000 loan from the bank, whcih is the £342.81 payment each month.
I also have a £3,000 overdraft facility which is £46.00 away from being maxed out!

I don't know what to do, where to go or anything. I've passed my contact details to PAYPLAN, and will be giving them a call later, but any idea on what is likely to be the best way forward and also any advice people can give?

Thanks in advance :beer:

Food, Water, TV Licence all paid for by my partner.

RAS

robwalsall wrote: »

Car Finance = £201 p/m (£331.27 taken this month due to first payment)

Firstly, does this mean that you have got a car on HP this month:?

Hannah_10

You need to do a proper SOA which divides up your expenses fairly neatly, so we can more easily see your priority and non priority debts. http://www.makesenseofcards.com/soacalc.html (remember to format for MSE and show us when you're done).

From what you've said though you can't afford the mortgage either, the house is going to have to go. Not just that but even without that and with someone buying your food etc. you are well over budget. The loan is huge on your salary, the car insurance is shocking, the mobile phone bill is one of the highest tariffs and your car is on finance too. You're well and truly living over your means. It's not a soft option I know but you are going to need a whole lifestyle rethink.

Tixy

Hi and welcome

Whats the plan with the mortgage with your ex? is that house up for sale? does it have equity in it? or negative equity? Obviosly that appears to be your key stumbling block - well along with the car expenses. Would ex be able to take on the property & mortgage in just their name? perhaps if they had a lodger or something?

Are you and your new partner combining your finances? It looks like you are probably paying a lot more towards the current house expenses than they are, you seem to be paying £546 and I would assume the costs partner is paying come to far less than that. Is that because they are earning less than you? is there any scope for this to be altered so the costs are more evenly spread.

Its difficult to advise on the way forward or what Payplan or whoever would suggest because of the complication of the old house and you still paying towards it. If it hadn't been for that then a DMP might well have been a sensible option for you but this paying for 2 properties might make that less feasible.

Is your car insurance only just taken out (with the new car)? or is it up for renewal soon? do make sure you shop around and read the tips guide on here when it comes to renewing to try to get the very best deal possible. I assume its too late to back out of the car deal now?

I see in your costs there are also many other things you haven't accounted for, such as petrol, car tax, servicing the vehicle, new tyres etc. Also things like haircuts, presents, entertainment etc are not taken into consideration - it might be worth doing a full SoA to see what other costs you might have missed and what the full picture is if you include a monthly provision for all those other costs.
Whilst I know it will make things look worse it will also be more realistic when you come to talk to a debt advisor.