My SOA and IVA

scandy

Monthly Incomings:

My salary - £1400
Rent From Lodger £280


Total - £1680

Monthly Outgoings:

Mortgage £446
Rent - £108
Council Tax - £93
Gas - £20
Electric - £20
TV License - £11
Phone - £13
Food - £100
Car Insurance £35
Petrol - £40
B&C Insurance £28
Mobile £70 (As i work away from home this why its high and the BT line is just for the internet.
Internet £17.00

Total: £1041

Debts

Egg CC £853
CITI CC £3062
Barclay Card £1237
Abbey MBNA Card £
Capitol One £141
Halifax £1074
Overdraft £1000

GE Loan Double Glazing Balance £3578 (£76.00 pm)
Lloyds TSB Loan £6192 (132.36pm)

Im left with £430 a month.
Ive been juggling the cards around to pay one off against the other for a long time to make sure payments are met that why they are so high.

I had a lightbulb moment and contated The Debt People, who have proposed an IVA, which I recieved the proposal today. They say £379 a month for 6 years into the IVA. I think my only other option is banckrucpy

I realised that 50% of my OverTime will go to the IVA and also anything I get extra from work like back pay for annual increase. I was relying on OT to pay for a new boiler, im sat here with no hot water and central heating. Reading the IVA proposal today hs really worried me and im now thinking that it is the only other solution to my problem other than bankrupcy.

Is the IVA my only solution?

immoral_angeluk

Why do you pay a mortgage AND rent??

CLAPTON

can you

a. add the minimum monthly payments and the APRs to the debts

b. add up the debts to form a total
c. add up the monthly minimum payments to form a total

d. how much is the house worth and the mortgage

e. is this SOA the one being used for your IVA?

f. you show nothing for clothes, car tax, servicing, RAC/AA, MOT, socialising, present, xmas, optical/dental/medical.
remember that this budget has to work for 5 years and so HAS to be realistic for the long term and not just a month or two.

scandy

My house is a shared equity housing scheme, I own 50% the housing association owns the other 50%, im morgaged on my half and pay rent for the half I dont own.

I missed out I owe ABbey £7800

CLAPTON

you can go back to your post and edit it by clicking the EDIT button.

sanfrancisco

What do all your min payments and loan payments come to? All of them.

It looks like you can avoid the IVA, if you wanted to. You might even be able to avoid a DMP.

bobbie78

do the debt people charge you? have you contacted cccs or payplan to see what they recommend? national debt line also have a website and number you can call for advice.

Is your lodger paying towards the bills or is that just a flat rate every month? could you ask if the housing association to contribute anything towards the new boiler if you are paying rent? (i don't know how these things work exactly) how old is the house would it still be under some guarantee so you could get it fixed? Do you have a contract with your lodger where they might move out if you don't get the heating sorted asap?

Once you have the apr's for the CC's you can have a play with the snowball calculator to see if you pay off the highest interest rate ones first how long it will take to pay off.

Have you cut up the cards? Have you started a spending diary? You need to write down for a month everything you spend, every penny, every cup of coffee every packaged sandwich, everything so you can get a grasp on where the money goes each month. Once you do this you can see if it is just a matter of re-assessing how you're spending your income or if stricter measures are needed. If you don't do this you might end up doing something which is damaging to your credit but unless the source of the debt is not changed you'll run it all up again. I know I've done it.