An absolute financial nightmare, I can't believe it

In_Search_Of_Me

This is really tricky. The bottom line is that your bf needs to take responsibility for hs actions. By doing it all for him (again) he isnt goin to learn but this leaves you very vulnerable as it would mean you had to trust hi to sort things & I'm not sure you could! What are his thoughts & how committed is he to paying this off? The best you can hope for is that you work at this as a couple to get things paid off. I wuld post your SOA if you ca and pepys can see where you can cut down plus see what CCCS suggest. The man thing is that he stops spending money! If he cant/wont then, in your position, I would be considering the relationship generally because a good relationship is not built on lies and deceit...

jodenice

Floss he is working. He works shifts for a transport company and uses the car to get there. Its not a really posh or expensive car, its a vauxhall. It will be paid for in under two years. Together we earn about £50K per year. Ridiculous to be in this state - this is a good wage!

He's just phoned to say that somebody has crashed into the car.

jodenice

You are right. I do genuinally believe he will be different, he's seen me going without stuff to pay his credit cards and also the happiness our flat brings and i think his lightbulb moment was a) me finding out and b) him realising he could lose both me and the house. He has already offered to take his name off the mortgage and leave as he knows he is completely in the wrong but I'd much rather we sort it out together.

He won't get to make this mistake twice though. None of the debts are in my name so a lot of this is going to have to come from him, I can't baby him, he's a grown man and usually intelligent - he needs to face his responsibilities.

I am hoping the lady from CCCS can help - she was FAB last time and she is phoning us tonight.

sammiboo

Does your boyfriend now realise what the extent of his spending has caused. I am only saying this as you said you have been in this situation before and well done for coming out of it. Its just that if you are plugging loads of money into getting this debt paid off you want peace of mind that it wont be doing it again further down the line.

The debt luckily isnt massive but it does take a lot of hard work to shift it...

Also - as others have posted put up an SOA and we can see if we can help lower some of your outgoings.

chevalier

best of luck with sorting this out. You will need a list of income and expenditure, for the long telephone conversation you will have with CCCS. So how about getting the info together and posting it on here too? That way we can help you with cutting back.
chev

Richard_S

jodenice wrote: »

richard, we have only had our flat since April, its worth £134K but I got a deposit together and paid £127K for it.

Its only this month that we are going to have difficulties, up until now we have had our head above water - just - and only one payment has been missed on a CC, which we quickly repaid - but repaying that has left us short for the next one... and so it all begins....this is how my house of cards fell down last time.

My boyf is worried about our rates for a mortgage the next time around. I can't help thinking if we don't get this sorted fast we're not going to be able to get a mortgage false stop.

Hi jodenice,

Does that mean there's about £10-£12k of equity?

If you've only missed one CC payment then you've got plenty of breathing space, and the sooner you can reduce those debt repayments the better things will be. As I'm sure you know, having one of the Debt Charities helping you will make the whole process far more manageable.

If you're concerned about meeting your essential expenditure then why not ring the biggest three or four creditors and say that you've had a temporary financial setback and you'll only be able to make a token payment for the next couple of months. The last thing you need at the moment is to be struggling to meet your essential expenditure.

It might be no bad thing if your boyfriends credit rating ultimately takes a hammering because you'll no for certain that he won't be able to do the same thing again in the near future. As for a future mortgage, try him with a little religious philosophy, "sufficient unto the day is the evil thereof".:eek:

Richard

jodenice

this is how I worked out the cccs thingy

Your Income

Amount

Your take home pay

£1,600

Your partner's take home pay

£1,200

Rent/board received


Pension received


Any other income received


Income Support


Jobseekers Allowance

Your Income

Amount

Incapacity Benefit


Disability Living Allowance


Working Tax Credit


Child Benefit


Child Tax Credit


Child Support

Total income

£2,800

Housing

Amount

Comment

Rent


Mortgage

£853

Secured loans/2nd mortgage


Mortgage endowment premium


Service charge/ground rent


Water

£50

Council tax

£90

Gas

£25

Electricity

£60

Other household fuel

Household services

Building and contents insurance

£30

Telephone, mobile & internet

£60

TV licence

£12

Satellite

£21

Repairs and maintenance


Household appliance rental


Child maintenance

£280

Childcare


Fines, CCJs, Decrees


Life insurance/pensions

£14

Medical/accident insurance


Hire purchase

£160

24 months left

Transport

Vehicle spares and servicing

£10

Road tax

£2

Motor insurance

£3

Vehicle breakdown cover


Fuel & parking

£100

Public Transport

£150

Food & housekeeping

Food, toiletries, cleaning

£200

School meals/meals at work

£35

Pets, pet food/insurance

£20

Tobacco

Misc. goods & services

School trips/activities


Medicines/prescriptions

£10

Dentist/opticians

£14

Hairdressing

£15

Union/professional fees


Laundry/dry cleaning


Education fees

Personal & leisure

Clothing & footwear

£33

Newspapers/magazines

£10

Sports, hobbies, entertainment

£20

Children's pocket money


Church/charity donations

Sundries/emergencies/other costs

Sundries/emergencies

£10

Loan from family/friend


Other

Total expenses

£2,287

Additional information

Comment

No of adults

2

Dependants

0

Totals

Amount

Total income

£2,800

Total expenses

£2,287

Surplus (Deficit)

£513

jodenice

ha ha sorry I couldn't make it any smaller.

I am aware that telephones and satellite stuff could be reduced however, after moving (and not realising quite how much debt we had) I signed up for these and a lot of them have a yearly contract, so I can look at them next April

floss2

jodenice wrote: »

Your take home pay £1,600
Your partner's take home pay £1,200


Total income £2,800


Mortgage £853

Water £50 seems high...is this over 10 or 12m?

Council tax £90 is this over 10 or 12m?

Gas £25

Electricity £60 Seems high - are you on the cheapest provider?

Building and contents insurance £30

Telephone, mobile & internet £60 can you drop a tariff on your mobile?

TV licence £12

Satellite £21

Child maintenance £280

Life insurance/pensions £14

Hire purchase £160 (24 months left )
Vehicle spares and servicing £10 may need more than this just to cover MOT & any tyres

Road tax £2 this needs to be much higer...divide your road tax by 12 to get true figure

Motor insurance £3 is this right?

Fuel & parking £100 can you cut this down? are any miles for work - claim them back (not in income)

Public Transport £150 can you buy saver tickets?

Food, toiletries, cleaning £200

School meals/meals at work £35 take packed lunches

Pets, pet food/insurance £20

Medicines/prescriptions £10

Dentist/opticians £14

Hairdressing £15

Clothing & footwear £33 may need to cut this out till you are sorted

Newspapers/magazines £10may need to cut this out till you are sorted

Sports, hobbies, entertainment £2may need to cut this out till you are sorted
Sundries/emergencies £10may need to cut this out till you are sorted


Total expenses £2,287


Additional information
No of adults 2

Dependants 0


Totals
Total income £2,800

Total expenses £2,287

Surplus (Deficit) £513

Ok, start a spending diary to see where that £513 actually goes....

Then you can cut out the unecessary spending & tackle the debts.

Good luck :wave:

Floss x

jodenice

I can see i have made a few typing errors - and that the motor insurance etc, should be higher.

As to the 'spare' 517 and the footwear and packed lunch money - any single thing not on that list that isn't regarded as essential - i.e. bills and mortgage, every spare penny goes to all the debts.

Which I have just realised that I haven't put on the spending plan. :eek:

And should be (approximate monthly payments)

Credit card 1 130
credit card 2 100
credit card 3 95
storecard 1 85
storecard 2 35
loan 1 92
loan 2 139
Sofa 33
computer 44
loan 3 50