30k debt and no idea where to start!

Host25

Hi guys,
Ok I've been reading through this forum and am really hoping someone can help me. I split up from my husband 6 months ago and am now really struggling to sort myself out.
I have a loan of just under 11k and 2 credit cards of 8500 and my bank account is at its max overdraft of 4k
I take home an average of 1700 a month and i now have a second job which I can earn 200 month more sometimes more but not guaranteed.
I have a property which is rented out and i am still on my husband's mortgage so when I tried to get a loan to cover everything and reduce my monthly outgoings I was refused due to being on 2 mortgages even though I don't pay either.
My rent is 780 all inc and the loan at the moment is 450 i also have fuel for going ronwork and back of about 250 and i am trying to pay the credit cards aswell but it's just not possible at the moment to live aswell.
I really don't know where to start so any advice or tips would be very gratefully received.

fatbelly

If you could do a statement of affairs that would really help

http://www.stoozing.com/calculator/soa.php

is a calculator - please 'format for mse'

You might want to go back to your first post, press edit and delete your name unless that is already a pseudonym.

I assume when you say you don't pay either mortgage that is because one relates to where your husband lives and he covers it, and the other is covered by rental income. You might need to explain a bit more about that second property if the soa doesn't make it clear.

And a consolidation loan was probably not the way forward.

lotteryman

Go and talk to a debt help line/debt charity as they will give you free advice.

Look on line at stepchange.org or https://www.nationaldebtline.org/ which are government sponsored.

theroamingnomad

Good luck with getting your SOA together

NewcastlePaul

Good luck.
It's daunting at first but you will get there.

enjoyyourshoes

You have an asset, have you considered selling this?

Or move tenants out and you move in?

Need to stop the spending, assuming the debts have not materialised over the 6 months you have separated?

Work out NEEDS and WANTS and stop spending on all WANTS, this will be hard

enthusiasticsaver

First of all further borrowing to repay debt (consolidate) usually makes debt problems worse so it is good you cannot get any more loans. Filling out an soa is a good first step. If you rent out a property why do you then pay out rent to live somewhere else? Are they not in the same area? If it makes more financial sense for you to live in the property you rent out currently when does the current lease expire and are you able to give notice to your tenants?

Technically if there is a mortgage on your rented property you are responsible for it even though you have tenants there at the moment which presumably cover the rent. You are also liable for the mortgage on your former home should your husband fall into arrears or stop paying for it. What is the plan re this and is your husband able to take it over on his own? Are you entitled to any equity from it?

Host25

Thanks everyone I am currently trying to do the soa but it's very confusing! Do I need to out the monthly amounts in the boxes or car insurance or the yearly amount ? I pay contents insurance yearly but car insurance monthly.
No these debts haven't racked up over 6 months but I've had some big expenses like a 3k car bill which hasn't helped and deposit for rental place. They started with renovations for the property I bought and did up and then when i bought with husband and we decorated and did up.
I brought the place I'm renting out as a retirement fund for later on in life and the rent covers the mortgage and service charge with £100 pounds over for emergency fund for there and it wouldn't be practical for me to live there which is why I don't as I looked into it but would end up costing more than where I am now and even if I sold it with solicitors fees and all in would only end up with about 5k profit so better off keeping it and struggling on.
My husband is changing the mortgage over later on this year but until then I am stuck financially.
I hope this answers the questions so far I will keep plodding on with soa.
I have signed up to all sorts of couponing ideas to save money to try really hard.
Thanks again for tips and advice.

fatbelly

Host25 wrote: »

Thanks everyone I am currently trying to do the soa but it's very confusing! Do I need to out the monthly amounts in the boxes or car insurance or the yearly amount ? I pay contents insurance yearly but car insurance monthly.

Do everything as a monthly equivalent. That's pretty straightforward to convert a yearly, or quarterly payment but remember there are more than 4 weeks in a month so if you have anything weekly - multiply by 52/12 and use a calculator!

enjoyyourshoes

rent is 46% net income.

This seems high, approx 30-40% inc utilities would make things manageable.

Again could you not live in the house you have purchased for retirement purposes?

Host25

courier new]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1700

Monthly Expense Details
Mortgage................................ 344.9
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 10
Petrol/diesel........................... 250
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 100
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 2
Entertainment........................... 30
Holiday................................. 25
Emergency fund.......................... 50
Total monthly expenses.................. 1835.9


Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 103000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 76375.6..(344.9)....1.99
Total secured & HP debts...... 76375.6...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Tesco credit card..............8714.99...170.......16.62
Barclaycard....................8042.32...150.......18.9
Overdraft......................4300......0.........0
Total unsecured debts..........21057.31..320.......-


Monthly Budget Summary
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 1,835.9
Available for debt repayments........... -135.9
Monthly UNsecured debt repayments....... 320
Amount short for making debt repayments. -455.9

Personal Balance Sheet Summary
Total assets (things you own)........... 103,000
Total HP & Secured debt................. -76,375.6
Total Unsecured debt.................... -21,057.31
Net Assets.............................. 5,567.09

Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, us

I do do a second job and get another 200 pounds a month most months but it’s not guaranteed so I didn’t include it other than that I think this is it.

I can’t live in the flat I rent out as I would end up paying for parking and driving a lot further and add even more to my fuel bill each month. I am looking for cheaper accommodation in June when my contract is up but I only pay 700 all inc bar council insurance I disintegrated think that was that bad ?
Thanks again.