Cant pay my debts as wife is still bankrupt

Stephenlee70

Just remortgage my flat and wanted to clear my credit cards and car loans so I asked to borrow a extra 20,000 , but found out I cant as my wife is still classed as bankrupt, since she had to give up work on heath grounds a few years ago, this has caused me problems and dont know what to do !!

fatbelly

Well that was a lucky escape if I understand you correctly.

You were going to transfer your non-priority debt to priority secured debt. That's not 'clearing your debt'. You'll need to post a statement of affairs if you want some pointers on dealing with your debt.

https://www.lemonfool.co.uk/financecalculators/soa.php

If your wife has not yet been discharged from her bankruptcy has the Official Receiver decided what they are going to do with her Beneficial Interest in your property?

Stephenlee70

Type your comment[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1[b]

Monthly Income Details[/b]
Monthly income after tax................ 1319.32
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 1319.32[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 265
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 20
Council tax............................. 122
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 13.2
Satellite/Cable TV...................... 30
Internet Services....................... 30
Groceries etc. ......................... 130
Clothing................................ 10
Petrol/diesel........................... 50
Road tax................................ 2.5
Car Insurance........................... 30
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 150
Medical (prescriptions, dentist etc).... 9
Pet insurance/vet bills................. 26
Buildings insurance..................... 0
Contents insurance...................... 20.1
Life assurance ......................... 31.69
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0[b]
Total monthly expenses.................. 1222.49[/b]
[b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 105000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0[b]
Total Assets............................ 109000[/b]
[b]

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 63219....(265)......1.89[b]
Total secured & HP debts...... 63219.....-.........-   [/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
loan...........................10000.....210.......4
cc.............................15000.....300.......19
od.............................1000......0.........39.99[b]
Total unsecured debts..........26000.....510.......-  [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 1,319.32
Expenses (including HP & secured debts). 1,222.49
Available for debt repayments........... 96.83
Monthly UNsecured debt repayments....... 510[b]
Amount short for making debt repayments. -413.17[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 109,000
Total HP & Secured debt................. -63,219
Total Unsecured debt.................... -26,000[b]
Net Assets.............................. 19,781[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

[Deleted User]

Duplicate thread: https://forums.moneysavingexpert.com/discussion/6138996/on-the-edge-of-debt#latest

Willing2Learn

Lol!!

I thought that Stephen Lee (1970) is a professional snooker player!!