Suggestions please

steffiraf

Hi, this is my first post but I have been browsing the boards for a few weeks now and found some very useful advice, however last weekend my life turned upside down and my partner and i are splitting up.

We have a lot of debt, through one thing and another, and although split it both ways seems the easiest option, it isnt. He's on half the wages he used to be on, and only earns just about enough to be able to take over the house(rented). I am moving out to another rented property and again will only have just about enough income to survive.

We have almost 6k on credit cards, 3k overdrafts and 13500 outstanding on a loan. I can afford to keep up my half of the repayments on the loan but cant on the cards. I have never defaulted on a payment and as far as i know have an almost perfect credit score. My ex is a discharged bankrupt, so he is unable to borrow anything. All the debt is in my name :mad:
He wants to contribute as best he can, but is financially unable at the moment.

My question is - does anyone have some workable suggestions to sort this mess out?
Btw, we are remaining friends and i know he wont do a runner!
Thanks in advance
Steff

jas135

it is good that you are both still friends and I am sure that between you both you can contact all your debts and sort it out between you .
Sorry cant help anymore but it seems like it is in your hands .

anniestar

Welcome sorry about your problems. Please post your SOA as soon as possible. You will get loads of support and advice on here.

elantan

if you cant afford it and this is a kinda broad idea ..might not be for you...could you both still stay under the same roof..and carry on financially as you were but making extra payments (as much as you both can) till they are paid...someone will come on with a far better idea i'm sure it's just all i can think of at the moment

yung

Welcome to the DFW board, sorry to hear about you predicament however you have done the right thing by posting here, it will be very helpful if you can give a bit more detail of your situation by posting an S.O.A so the good peoples can give you helps and advises

steffiraf

Sorry am a bit gormless! whats SOA? statement of accounts????

steffiraf

My projected accounts for when i leave is -
Insurance(car/pets) - £95
Council tax - £60
Tv licence - £11
Child care - £50
Rent - £395
Utilities - £50-60
Horse - £100
Phone/computer - £35
Sky - £21
Shopping/fuel - £150
Loan(my half) - £192
Credit card payments - £208(this is if i solely pay them)
Grand total - £1347

Monthly income approx £1300

Forgot to say, getting rid of the horse is not an option, could possibly get rid of the car, but its my pride and joy and have just spent 2k(credit card) on it to repair it, so would be out of pocket anyway doh. And i would need another one

Mrs_J_3

Any chance of getting a sharer to help out financially? I'd expect that could cut your equine outlay by 50% a month. Failing that are there any local riding schools you trust that could take it on working livery?

halloweenqueen_2

Is there anyway he could move in with friends or family until he's back on his feet financially again?

jm28cardiff

steffiraf wrote:

My projected accounts for when i leave is -
Insurance(car/pets) - £95 (cancel the pet insurance??)
Council tax - £60
Tv licence - £11
Child care - £50 (leave your child with your mum?)
Rent - £395
Utilities - £50-60 (check Uswitch for cheaper)
Horse - £100 (why cant you get rid of it, doesnt seem like you can afford to have it)
Phone/computer - £35
Sky - £21 (do you need it? I know I need certain channels! NTL do phone/broadband and quite good selection of channels for £30)
Shopping/fuel - £150 (cut down the food shopping, what do you mean by fuel, petrol for the car?)
Loan(my half) - £192
Credit card payments - £208(this is if i solely pay them)
Grand total - £1347

Monthly income approx £1300

Hope that helps!

CLAPTON

you need to be realistic about the true costs of living
you haven't included many costs especially the yearly or one offs

so you may need to add some of these, car tax, servicing, RAC/AA, clothes, any presents/xmas costs, any holidays , days out with the kiddy (all these oneoffs /yearly costs work out what you think you might spend over the next 12 months, divide by 12 and add a line each in your monthly budget so you can see what you're really spending (and of course you need to save up these sums each month so you actually have this money saved when you need it)
also if you have a child there are usually kid activities, parties, school related costs to be added and any costs for optical/dental/medical any work related lunches/coffees, any socialising

its only when you have worked out all the costs that you can really see what choices you have.