Which to pay against first

amat6219

Aaaand there's even more coming out of the woodwork now. 

Don't know what to do really.

My personal debt will be cleared in less than a year with some spending money included in that. Husband's now stands at zero money left over at the end of the month when joint bills & debt payments have gone out. CC debt at £36k.  

Concerned that this will affect mortgage / remortgage when it becomes due again in 2 years.

Just hideous feeling. 

amat6219

Looks like DMP likely now 

enthusiasticsaver

Oh dear. You can do a DMP just in his name. You will need to stick with your current mortgage provider when mortgage due up. Has he acknowledged why he has all this debt? Is it worth doing a new soa with all disclosed debt on it? 

amat6219

Think that is the plan - through payplan. My level of trust is on the floor.

He acknowledges it but still have no idea how it has got to this point. I thought mine was bad at £2K! 

In a really bad place after starting to feel a bit more positive. A bleak few years ahead. 

We have agreed on a 2 year fixed remortgage deal from November with current lender, but now thinking 5 year might be better option? 

Will do a new SOA tomorrow on laptop. 

NeverendingDMP

Is payplan free. Just checking as the fee charging ones all have similar names to the charities now so hard to keep track 😂

Up to you about two or five years fix but just to reassure you we have remortgaged via the same lender twice really easily and only took ten minutes online during our dmp/whilst we had defaults.  Is it a normal mortgage i.e your not a mortgage prisoner as they say? 

NeverendingDMP

And just to add a new soa is the best idea for now so you can figure out what to do.  And a spending diary and possibly an account like chase or monzo or something that you can send specific money to and has no o draft facility or something might be useful for dh to use. I'm pretty certain it all feels pants but it's doable and the debt free wannabes will join you on your journey to keep you upbeat along the way x

amat6219

Yes I think from what I’ve read Payplan aren’t a charity like Stepchange, but are still free..? It was suggested by his bank so initially I panicked that they’d be a commercial outfit but don’t look it when reading up.

Asked him to send me all current balances and interest rates (it’s all out now so there’s no point still trying to bury his head!) 

He has set up a Monzo but his account is at minus every month with nothing to transfer to it currently! I have a doable 200-300 and am loathed to reduce that so he can have more if I can’t trust him right now. 

Hoping that DMP may be a wake up call firstly and reduce / stop interest secondly

That’s really good to know about mortgage, a massive relief 😮‍💨 hoping beyond hope that we will be in a much better place in two years albeit with him in DMP 

enthusiasticsaver

I think you are right to try and separate your finances now if you can’t trust him. I wouldn’t either. As you say the DMP will stop interest and trash his credit record so he can’t take out more cards. Is he leaving all this up to you or is he being pro active for himself and setting the DMP up himself. We always advise that those going on a DMP let the debts default before setting up the DMP. Ideally any payments which normally go to debts should be saved as an emergency fund as he will have no access to credit going forward. How much if the debt is yours and how much his? 

amat6219

He was trying to sort behind my back and not 'burden' me with it apparently, but having confronted him with it I am now a bit more involved in it. Having read up on DMP on here I feel like I am a bit more au fait on it than he is, so I have said to not agree to anything until he has spoken to me first, and have told him about defaulting too (is this for a period of months, or just one month?)

I am so glad that his report will be trashed, what a sad feeling! 

I have managed to save a small emergency fund thankfully, as our mortgage goes up in November I had said for Aug-Oct we need to pay the higher amount into the joint account so essentially that has cleared one small loan and the rest saved (£800). Obviously I will be ensuring anything not going to debt for him is going into our joint savings for added emergency fund. 

My debt is £2,073, his is £36k. 

amat6219

[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......... 2

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 1756

Partners monthly income after tax....... 2285

Benefits................................ 172

Other income............................ 0[b]

Total monthly income.................... 4213[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 975

Secured/HP loan repayments.............. 0

Rent.................................... 0

Management charge (leasehold property).. 0

Council tax............................. 146

Electricity............................. 100

Gas..................................... 100

Oil..................................... 0

Water rates............................. 41.7

Telephone (land line)................... 0

Mobile phone............................ 33.95

TV Licence.............................. 13.25

Satellite/Cable TV...................... 15.99

Internet Services....................... 29.99

Groceries etc. ......................... 405

Clothing................................ 0

Petrol/diesel........................... 50

Road tax................................ 13.18

Car Insurance........................... 0

Car maintenance (including MOT)......... 14.99

Car parking............................. 0

Other travel............................ 60

Childcare/nursery....................... 433.5

Other child related expenses............ 187

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 0

Buildings insurance..................... 18.24

Contents insurance...................... 0

Life assurance ......................... 56.03

Other insurance......................... 0

Presents (birthday, christmas etc)...... 50

Haircuts................................ 0

Entertainment........................... 0

Holiday................................. 0

Emergency fund.......................... 0[b]

Total monthly expenses.................. 2743.82[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 325000

Shares and bonds........................ 0

Car(s).................................. 7000

Other assets............................ 0[b]

Total Assets............................ 332000[/b]

[b]

Secured & HP Debts[/b]

Description....................Debt......Monthly...APR

Mortgage...................... 165000...(975)......5.84[b]

Total secured & HP debts...... 165000....-.........-   [/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Loan...........................2073......129.......18

Halifax CC.....................7951......156.......22

Natwest CC.....................7570.31...183.......0

MBNA CC........................8829......190.......24

HSBC CC........................4533......122.......0

Lloyds CC......................6733......170.......0[b]

Total unsecured debts..........37689.31..950.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 4,213

Expenses (including HP & secured debts). 2,743.82

Available for debt repayments........... 1,469.18

Monthly UNsecured debt repayments....... 950[b]

Amount left after debt repayments....... 519.18[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 332,000

Total HP & Secured debt................. -165,000

Total Unsecured debt.................... -37,689.31[b]

Net Assets.............................. 129,310.69[/b]