My Debt Situation - and the way forward!

rjh35

Good afternoon all! Just thought I would share with you my current situation and how I am thinking about going forward!

After getting into debt at Uni, buying a house with my long term now ex-partner, racking up more of my debt, bailing out my ex girlfriend of her debt by balance transferring hers credit cards to ones I took out at 0%, after splitting up with my ex (money and associated lies about it all, as well as many other things) and then racking up a bit more of my debt, I find myself where I am today:

House- bought with my ex partner in June 2006. 100% mortgage. Interest only for 3 years, for £103,500. Mortgage currently currently stands at £98.2k. My ex has long moved out (August 2010), though her name is on the deeds / mortgage. I went to the bank, no chance of removing her with debts / lack of equity (can borrow max 90% now) and so house is on market since last november at £99,950. Few viewings, no offers.

Credit Cards- September 2010 I had about 12k, what my ex had left me primarily, with some of my own debt on there. Ex is still paying me £150 a month (thats all she was paying when she lived there due to her loans and credit cards). Now, it racked upto about 20k when I thought this cant go on (Mid June) and I started my payment journey!

Current balances are:

Barclaycard, £9500, 0% until May
Santander. £2950, 0% until May
Bank Of Scotland, £4680, 0% until November 2012.

My parents also help me out and are paying an Asda credit card off for me, about £1100 which will be complete by December. I am treating this seperately from my finances.

I also have a new girlfriend (one positive!!) However, lent her a bit (which she is paying back) she left her flat in March and moved into the house. Paying rent / debt back to me = £650 a month! My income £1430 net pe rmonth, and £150 per month from ex. This leaves me about £900 for debts per month.

I am focusing on santander first, just because I want to get another closed as a quick win. Probably not the best with the barclaycard still there and 0% running out, but think the mental achievement of clearing it will help.

I have set myself a target of reducing debt to £12 k by end of the year. Hopefully, debt free in a years time with bonuses from work etc.

Current issues:
I have hesitation about taking money from my ex. She is still on the mortgage, and it is money that i balance transferred from her cards. But just want to cut all ties. However, them ties with mortgage are still there anyway. Bit of a dilemma for me, but it helps with the debt.

mortgage and house: Suppose there is nothing really can do about this. THe mortgage is fixed to Aug 2012, so if it sells, there will be ERC. if it sells at asking, there would be a shortfall for solicitors and estate Agents fees anyway. I cant get it in my own name, and wont be able to until mortgage is about 90K and all my debts are gone! Supposie its a case of, if it sell, it sells, in the meantime, just carry on as I am.

Well, I hope your still reading! Any advice would be great!!

Cheers

Rich