Multiple loans and buy now pay layers

Harry_4life

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

Household Information[/b]

Number of adults in household........... 4

Number of children in household......... 0

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

Monthly Income Details[/b]

Monthly income after tax................ 2000

Partners monthly income after tax....... 600

Benefits................................ 0

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

Total monthly income.................... 2600[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 500

Secured/HP loan repayments.............. 1140

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

Management charge (leasehold property).. 0

Council tax............................. 130

Electricity............................. 0

Gas..................................... 0

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

Water rates............................. 0

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

Mobile phone............................ 50

TV Licence.............................. 0

Satellite/Cable TV...................... 0

Internet Services....................... 35

Groceries etc. ......................... 100

Clothing................................ 22

Petrol/diesel........................... 280

Road tax................................ 52

Car Insurance........................... 250

Car maintenance (including MOT)......... 50

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

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

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

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

Buildings insurance..................... 20

Contents insurance...................... 10

Life assurance ......................... 0

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

Presents (birthday, christmas etc)...... 0

Haircuts................................ 15

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

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

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

Total monthly expenses.................. 2654[/b]

[b]

Assets[/b]

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

House value (Gross)..................... 130000

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

Car(s).................................. 52000

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

Total Assets............................ 182000[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 60000....(500)......4.7

Secured Debt.................. 7000.....(260)......0

Hire Purchase (HP) debt ...... 60000....(880)......0[b]

Total secured & HP debts...... 127000....-.........- [/b]

[b]Unsecured Debts[/b]

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

Landrover......................15000.....207.......0

Creation.......................2500......107.......29.7

Lowell.........................2000......60........0

02.............................1700......30........0

Currys.........................3000......30........0

Next...........................1800......30........0

Littlewoods....................700.......15........0

Very...........................1900......30........0

Zopa...........................2500......35........0

Kaleidoscope ..................248.......10........0

Simply be......................363.......5.........0

Moorcroft......................1800......30........0

Jd.............................270.......20........0

Damsrt.........................150.......10........0[b]

Total unsecured debts..........33931.....619.......- [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,600

Expenses (including HP & secured debts). 2,654

Available for debt repayments........... -54

Monthly UNsecured debt repayments....... 619[b]

Amount short for making debt repayments. -673[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 182,000

Total HP & Secured debt................. -127,000

Total Unsecured debt.................... -33,931[b]

Net Assets.............................. 21,069[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

kimwp

Harry_4life said:

I have mentioned things to my doctor and the only thing he suggested was taking tablets such as sertraline.

He did apparently refer me to some counciling but never heard from them and have chased it up too.

I've spoken to a few people through work regarding how I feel, this would be pam assist, occupational health and civil servants charity.

All I really got from them all was you'll be okay, just try not to think about these things as you'll end up overthinking and causing yourself more issues.
.......
I have attended a bereavement session but wasn't a charity. That was intense for me.

Like I said earlier I know I shouldn't feel this way or think this way. I know life's more important. But it's just some odd days when everything adds up and I struggle to deal with it all.

.....

I think the debt is something that's on my mind all the time. When I look at her it makes me very angry, like how could u do this to your own husband, the so called person you love.

Once I figure a way around this whole debt and plan how to deal with it all properly if I can. Because it's always on my mind and it's not going away. I can't grieve I can't deal with my own mental health until i overcome this burden first.A

In my experience and that of friends, the way out of feeling like this is exactly what you have been offered - processing the pain that you have through therapy and replacing unhelpful thoughts with helpful ones. Medicines such as sertraline can help smooth the edges of the pain or reduce anxiety to allow you to process things without those emotions taking over and taking you down the same spiral. 

I'm not sure it's helpful to put processing emotions on pause until you have everything sorted - there's always something in life to sort out. 

kimwp

Harry_4life said:

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

Household Information[/b]

Number of adults in household........... 4

Number of children in household......... 0

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

Monthly Income Details[/b]

Monthly income after tax................ 2000

Partners monthly income after tax....... 600

Benefits................................ 0

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

Total monthly income.................... 2600[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 500

Secured/HP loan repayments.............. 1140

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

Management charge (leasehold property).. 0

Council tax............................. 130

Electricity............................. 0

Gas..................................... 0

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

Water rates............................. 0

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

Mobile phone............................ 50

TV Licence.............................. 0

Satellite/Cable TV...................... 0

Internet Services....................... 35

Groceries etc. ......................... 100

Clothing................................ 22

Petrol/diesel........................... 280

Road tax................................ 52

Car Insurance........................... 250

Car maintenance (including MOT)......... 50

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

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

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

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

Buildings insurance..................... 20

Contents insurance...................... 10

Life assurance ......................... 0

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

Presents (birthday, christmas etc)...... 0

Haircuts................................ 15

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

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

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

Total monthly expenses.................. 2654[/b]

[b]

Assets[/b]

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

House value (Gross)..................... 130000

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

Car(s).................................. 52000

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

Total Assets............................ 182000[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 60000....(500)......4.7

Secured Debt.................. 7000.....(260)......0

Hire Purchase (HP) debt ...... 60000....(880)......0[b]

Total secured & HP debts...... 127000....-.........- [/b]

[b]Unsecured Debts[/b]

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

Landrover......................15000.....207.......0

Creation.......................2500......107.......29.7

Lowell.........................2000......60........0

02.............................1700......30........0

Currys.........................3000......30........0

Next...........................1800......30........0

Littlewoods....................700.......15........0

Very...........................1900......30........0

Zopa...........................2500......35........0

Kaleidoscope ..................248.......10........0

Simply be......................363.......5.........0

Moorcroft......................1800......30........0

Jd.............................270.......20........0

Damsrt.........................150.......10........0[b]

Total unsecured debts..........33931.....619.......- [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,600

Expenses (including HP & secured debts). 2,654

Available for debt repayments........... -54

Monthly UNsecured debt repayments....... 619[b]

Amount short for making debt repayments. -673[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 182,000

Total HP & Secured debt................. -127,000

Total Unsecured debt.................... -33,931[b]

Net Assets.............................. 21,069[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

This is a great start, it looks like there might be some work to do until this is an accurate (therefore useful) SOA. Some initial thoughts are-

You've put four adults, are the other two contributing anything? What out of the above do you pay for them?

There's nothing for energy bills, is that accurate?

£100 on food for two is quite low. For four is very frugal. Unless you are putting meals out in entertainment (which is currently £0), everything you buy to eat, cleaning products etc needs to go on your SOA.

Road tax and insurance is very high, is that correct as a monthly payment? Car payments are very high.

Brutal truth - it looks like you are overspending your income even without the consumer debts, so you are going to have to cut back - the car being the obvious one- it will give you more than half your income back just on payments, let alone insurance, road tax and probably petrol as well. If you can't afford to pay the consumer debts, then you just stop paying them.

sourcrates

Hi @Harry_4life

I`m on the same wavelength as fatbelly here, these debts were accrued essentially by identity fraud, namely your wife`s bipolar disorder, my suggestion, and I think fatbelly is hinting at a similar approach, is to try and arrange a meeting with one of the free debt advice organisations, explain how the debt came about, and look at getting these debts written off.

A few years ago my late Brother did a similar thing, he suffered a stroke which left him with diminished capacity, he somehow got access to my iPad one afternoon and took a number of loans/cards etc in my name and his own, one after the other, he had no way of repaying the debts, and shortly after went into permanent care.

I wrote to each creditor explaining the situation, medical history etc, and eventually got every single debt written off, it only took one letter and a few emails to achieve.

There will be no comeback on her, they take a magnanimous view in most cases.

I see no reason why a similar approach would not work for you.

CAB etc may be able to help with the wording of the letters, and you will need medical evidence to back up your claims, but I see no reason why you should be paying these debts, hopefully you will be able to sort this out.

RAS

Agree with fatbelly and sourcrates. You do not need to pay back the debts run up by your wife. We've several folk post on here with mental health problems, and some with physical issues, who have had all or most of their debt written off.

In this situation, it may be best to ask one of the debt charities to help you. 

Plainly there's going to be a lot of personal feeling tied up in this and it's easier for someone not involved to cut through that, to place responsibility where it's due without emotions. Which makes it easier for you and for the decision makers. They will require medical confirmation, so you'll need your wife's consent for that. A joint appointment with her GP or mental health specialist might be useful.

If you have any joint accounts with your wife, other than your mortgage, close them if possible, or instruct the provider that both signatures are needed. That is the first line in protecting yourself for the future.

Also consider getting CIFAS protection put on your credit record. There are two sorts of CIFAS reports, one issued by credit providers to prevent people obtaining credit fraudulently, the other a request by the Harrys of this world to ensure that any further attempt to obtain credit in your name is double checked with you personally before it is granted. Slows things down when you need credit but stops further damage.  

So talk to CAB, CAP or a CMA. Its a bit specialist so you may have to wait a little for an appointment with them but these debts can be cleared off your record over time. 

I'd suggest you get a new basic bank account, get your salary paid in there and stop paying these debts. Don't switch, and transfer DDs and SOs personally.  And stop working the overtime. 

Do think about how else you manage to keep money safe from your wife. Only access any on-line banking from work and keep all the records there? May be also have a second account and card that you only use for DDs and on-line purchases. And prevent your main account being used on-line? 

Once you stop paying the consumer credit, you need to revisit the SOA to work out what else you need to go in there, but right now look after yourself, protect yourself and get an appointment with CAB or another organisation if they recommend it.

enthusiasticsaver

As others have said getting support for your mental health is priority.  

Regarding the debts you could approach a debt charity for advice given your wife took these out fraudulently in your name without your knowledge and if she has an official diagnosis of bipolar there may be a case for getting them written off.  I would suggest you check your credit record to  make sure there is nothing else then close down any joint accounts and separate your finances. 

Defaulting on unsecured  debts is probably your best option as you obviously cannot afford to service them.  What is that £60000 on HP?  Is that secured on the house or something else?  If it is the car I do not  think you could afford it even without the unsecured debt especially as the insurance is so high as well.  Why are there no financial contributions from the other adults and why only £600 from your wife?  

You will not lose your house by defaulting on unsecured debts or even the HP for the car. I don't think it is realistic to spend more than half your income on that so dealing with that first and buying a cheap runaround until you can sort out the finances sounds like a better option. If you are half way through a PCP deal you can hand it back.