On the edge of debt

Stephenlee70

Looking at a loan to pay credit cards loans and overdraft that will leave me with nothing to live on or go iva ?

Willing2Learn

Are you able to manage without a loan?  It is just that a loan, in the COVID-19 crisis can go totally pear-shaped.

Have you considered a Balance Transfer or Money Transfer credit card.

Also, you may find it beneficial to post up your SOA (Statement of Affairs) into this thread. 
https://www.lemonfool.co.uk/financecalculators/soa.php

sourcrates

Hi,
Can you give us more information on your situation, post an SOA as advised above.

Stephenlee70

Type your comm[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]ent

[Deleted User]

Duplicate thread https://forums.moneysavingexpert.com/discussion/6130872/cant-pay-my-debts-as-wife-is-still-bankrupt#latest

[Deleted User]

Type your comm[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]ent

There are a couple of areas you could cut back on like mobile phones, not much if it's for two phones but a few £ could be saved. The satellite/cable tv could go, saving you £30 a month.  However, there are other areas I think that are too low for example, £130 a month on groceries for two adults and a pet is good going if that's all you're really spending.  No emergency fund.  Nothing for presents but you do have child related expenses.

If your wife has retired on health grounds is she eligible for any benefits?  I see from your other thread that your wife is currently bankrupt so are all the debts listed in the SOA above solely in your name?  I think you're looking at an IVA which is something you might want to discuss with one of the debt charities such as National Debtline or Step Change.  You could go down the DMP route but it will take you over 20 years even if you can shave a bit off your SOA here and there.