Repossession / vol reposession

holly_hobby

Marvelous advice from the lovely DVS ... and clear guidance on how to construct your SOA.

Surely its worth spending an hour to help others try and help you ... don't forget having a PMA to life and its issues can make all the difference ... I promise !

Here to help

H x

Wh05apk

Can I just clarify, you say your income is £1800pm, and your ex gives you £570pm, so £2370pm in total?

Your mortgage and loan are £1100, your bills £600, thats £1700, which should leave you £670 to live on?

Coco114

Thanks to all - I will post a full SOA. I am doing this on a phone so it's tricky but will do this later.
I have just emailed HA (had his details from MRS discussion )
Yes , £620 but my travel (or petrol) costs me £150. Dinner Money is £80 (I send them with drink & fruit) groceries approx £275 for 3 & 2 cats so leaving about £100 for kids hair / kids clothes car tax , MOT , service & no emergency fund or Christmas / birthdays & not even touching unsecured debt which stands at about £25k.
I will do full SOA & I will be back.
I don't doubt I could shave a couple more pounds off a month but not sure I can sustain this for much longer.
Be back later
Coco x

Coco114

Have been trying to do proper form but can't seem to format it on my phone (I will do this on work PC on weds)
For now here are incoming/ outgoings to start and a list of debts :
Mortgage (£131k outstanding - current value £165k) = £697
Secured (£69k OS) = £400
CCJ (jt) = £103
CCJ (me) = £35
G&Elec (Inc arrears) = £137
C Tax = £114
Water (Inc arrears) = £79
house/content ins = £18
TV Lic = £13
Sky = £60
Phone & BB = £47
mobile x 3 = £76 contracts
Groceries = £300
life ins = £21
Petrol/ Travel = £150
Dinner money x 2 = £100
Football subs & Training = £30
Employer Loan (12 months left) = £50
medical = £30

Firstly , sec loan has been reduced to £400 for six months this goes back to standard £537 from Beg June - I have asked & been refused to drop int rate which I think is @ approx 5%.
the medical cost £30 is for alt therapy for one of my children - I cannot reduce this.
There is no car ins as I paid the year in full (stupidly)

Once full loan kicks back in - I am down before I start.

Debts
Black horse (jt CCJ) £7600
GE money (my CCJ) £1274
Capital One £2268
Littlewoods £1106
Nationwide £8279
Barclays Loan £9591

So aside from CCJs none of unsecured is being paid.
I will post proper formatted form as soon as I can use PC.

Coco114

The above is as accurate as I can be - apologies if I have missed anything. I need to keep a phone line as my parents & family live abroad & too expensive to call from mobile.
Yes , I could get rid of sky but this is now the kids entertainment.
There is no emergency fund for replacing or repairing and roof needs partially replacing so may cause sale issues but am happy to give it a go!
Other than the above , life is good
Thanks everyone
Coco x

beecher2

I'd post it on Debt Free too - there's clear savings to be made on Sky, mobiles, broadband and groceries. Ditch Sky, contact your mobile provider to see if you can go down a tariff until you can cancel, give your kids packed lunches instead of dinner money and cook meals from scratch - there's tons of advice on this elsewhere. You should be able to save well over £200 a month fairly easily.

Use Skype instead of the phone.

Could you sell the car?

justjohn

mobiles and sky can be shaved

whats ccj(jt)?

beecher2

I get the feeling you don't want the kids' lifestyle to change, and though I understand that, thinking that voluntary repossession is a better option than depriving them of Sky isn't really very wise.

Coco114

I can def save on phone/ broadband so will look at that.
Try to send youngest with lunch 2 days when he doesn't have to carry sport kit. Eldest won't each pack lunch - have tried that but he leaves it then emptys my cupboards when he gets in from school!
Bearing in mind they both eat more than me, I have 2 cats & usually something to pick up for school I don't think groceries are outrageous.
Kids mobiles were main Christmas presents (ex supposed to pay for one).
Car value is £600 but has no MOT , needs brakes,2 tyres & tax. I do football trip every other weekend and work 20 miles from home & nobody in my area to lift share. I hate the thought that if youngest is poorly or needs picking up - I am over an hour away by public transport - I genuinely feel I need my car.
Coco x

holly_hobby

Any debt management would look at Sky & 3 x mobile contracts as luxury's, as well as internet provision.

Sky (subscription channels) IS a luxury (indeed I have just got rid of it at £60 pm as I refuse to pay this amount for a load of channels we don't watch). I understand you can plonk the kids in front of the cartoon network, but buy a load of dvds from the charity shop instead for them to watch.

Mobile phone contracts - if out of contract switch to PAYG and use for emergency only.

Internet - free access at the library

Alternate therapy for your child, what have the NHS offered in this area ? Have you asked for NHS assistance (if poss for whatever the condition is)

£100 pm lunch money seems high - switch to packed lunches, pay for hot lunches in the winter months when a child needs a hot meal.

Travel to work - can you car share to reduce your ogings - or get a travel pass and get the bus/train to work ?

I can't seem much more to reduce, your utilities can't switch due to arrears, the rest cost what they cost regardless.

The issues we have is you have drowned yourself in debt, you are well in over your head to the tune well in excess of a whopping £20k+ .... and from what I can see no way or means of repaying any of it. I've no idea if the unsecurd elment are pursuing you yet, if they leave it at defaults, they will stay on your record for 6 yrs from registration, CCJs the same (although the creditors may apply to the court for re-registration if the order has not been satisfied at that point, unusual, but not unheard of). I can't see any charging orders being applied or registered by the court, as there is no equity in the property.

If you are in reciept of all available benefits, WTC, etc, and you can't obtain any more financial assistance from your ex - I can not see anyother option than putting the house up for sale, speak to your lender, and possibly consider .. (and I can not BELIEVE that I am even saying this)... applying for bankruptcy if your other creditors currently in default start to pursue you.

This is an option, that I do not recommend as any easy solution or discuss lightly, as it will be catastrophic to your credit record, and will continue to effect you for yrs to come regarding financial applications, and even job applications/roles - but I have raised as a possible consideration due to the financial data you have posted up.

You have got yourself into one bl**dy big black hole here, and I can't see any way out, rather than take yourself out of the mge rat race, and try and get yourself together again - it will take a long time from what I have read (at least 6 yrs if the debts are not purused further) , but I think honesty with yourself and the situation is necessary.

Others will be along with comment, take it all in, digest it, and then take a positive step forward in urgently dealing with the situation you find yourself in ..

Hope this helps

Holly

** some of the above has crossed with posts submitted whilst writing up !