stupid behaviour ruining my life.

sillybilly1983

hi guys,

moment of realisation that I have been living beyond my means for far too long and need to resolve it.

I am married with 2 children and have a mortgaged property.

currently have close to 20k of unsecured debt which is a mixture of credit cards, catalogue account, overdraft and credit agreement.

I have currently not missed any payments but have rely on other credit to pay credit.

I pay all the bills and mortgage is solely in my name. wife doesnt earn much but her wages go on childcare.

I have done the online questionnaire on Step change and that recommended a IVA. that scares me to death.

my wife is fully aware of situation but unfortunately has no spare cash to contribute to repayment.

I don't know what to do, I haven't spoken to anyone at step change yet. I should do that.

I can't allow us to lose our family home but need help resolving this so I can provide for my family before it's too late.

is IVA better than DMP?

please help

another_casualty

Hi Billy .
You have done the right thing ,by posting here and you shouldn't wait too long for great help and advice . The first thing you should do is fill out the statement of affairs . Sorry, but I don't know hw to post the link here. A dmp isn't a bad option , from what you have mentioned but wait till others see your s o a and we can take it from there.
You won't lose your family home , as as far I can see your loans are unsecured so no need to worry about that .

Wishing you all the best in your debt free journey

sillybilly1983

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 2338
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2338

Monthly Expense Details
Mortgage................................ 448
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 25
Gas..................................... 55
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 0
Mobile phone............................ 24
TV Licence.............................. 11
Satellite/Cable TV...................... 20
Internet Services....................... 24
Groceries etc. ......................... 350
Clothing................................ 25
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 29
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 17
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 8
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1380


Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 130000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 114000...(448)......3.99
Total secured & HP debts...... 114000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
car............................0.........149.......0
virgin.........................1900......25........0
halifax........................3300......76........17.9
Barclays overdraft.............1800......55........0
Barclays loan..................5000......226.......6.9
m&s............................6000......88........0
mbna...........................4000......43........0
Total unsecured debts..........22000.....662.......-


Monthly Budget Summary
Total monthly income.................... 2,338
Expenses (including HP & secured debts). 1,380
Available for debt repayments........... 958
Monthly UNsecured debt repayments....... 662
Amount left after debt repayments....... 296

Personal Balance Sheet Summary
Total assets (things you own)........... 130,000
Total HP & Secured debt................. -114,000
Total Unsecured debt.................... -22,000
Net Assets.............................. -6,000

affordmylife

If you only use £50 a month fuel to run two cars maybe you could manage with one?? X

19lottie82

Do you claim child benefit?

Mnd

Why does your wife not earn anything

[Deleted User]

Have you looked into tax free childcare/childcare vouchers to help towards childcare costs?

sillybilly1983

affordmylife wrote: »

If you only use £50 a month fuel to run two cars maybe you could manage with one?? X

unfortunately not. she takes and picks our eldest up from school while I work in the opposite direction. wish we coild

sillybilly1983

19lottie82 wrote: »

Do you claim child benefit?

no we earn too much

sillybilly1983

Mnd wrote: »

Why does your wife not earn anything

she does. as per original post it goes on childcare and kids stuff. she has nothing left at end of the month sorry

sillybilly1983

Moguline wrote: »

Have you looked into tax free childcare/childcare vouchers to help towards childcare costs?

yes we take max voucher amount currently.