Help…..lots of debt

Tlf28

Hi all, I’ve eventually be approved and needing help. 

So one story short, my husband left me just over 2years ago. 3 children and a mortgage. 

Hasn’t contributed a penny not even for the children. 

I’ve literally had to live off credit cards and a loan. 

I’m now in 50k worth of debt. 

I can not afford the repayments on these debts. I’ve read a lot on debt management plans, Iva’s or bankruptcy? But I have no idea on what to do? Or what is best. I’ve been looking at these threads and here seems to been a wealth of knowledge. So if you’ve made it to the end, thank you! 

Any help would be greatly appreciated 

fatbelly

Ok, well we're going to need more detail.

Can you complete and post one of these?

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

Tlf28

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

Household Information[/b]

Number of adults in household........... 1

Number of children in household......... 3

Number of cars owned.................... 0[b]

Monthly Income Details[/b]

Monthly income after tax................ 1177.4

Partners monthly income after tax....... 0

Benefits................................ 1780.1

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

Total monthly income.................... 2957.5[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 1872

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

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

Management charge (leasehold property).. 0

Council tax............................. 152.12

Electricity............................. 111.5

Gas..................................... 111.5

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

Water rates............................. 30

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

Mobile phone............................ 0

TV Licence.............................. 9

Satellite/Cable TV...................... 60

Internet Services....................... 24.99

Groceries etc. ......................... 400

Clothing................................ 50

Petrol/diesel........................... 80

Road tax................................ 0

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

Car maintenance (including MOT)......... 0

Car parking............................. 12

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

Childcare/nursery....................... 1000

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

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

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

Buildings insurance..................... 15

Contents insurance...................... 15

Life assurance ......................... 30

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

Presents (birthday, christmas etc)...... 25

Haircuts................................ 30

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

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

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

Total monthly expenses.................. 4028.11[/b]

[b]

Assets[/b]

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

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

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

Car(s).................................. 0

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

Total Assets............................ 325000[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 236000...(1872).....5.21[b]

Total secured & HP debts...... 236000....-.........-   [/b]

[b]Unsecured Debts[/b]

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

Aqua credit card ..............8062......309.8.....37.83

Barcay card ...................6551.09...365.6.....2.55

MBNA ..........................10568.6...411.8.....23.03

Tsb............................4770......302.9.....24.9

Admiral loan ..................29523.9...578.9.....23.58[b]

Total unsecured debts..........59475.59..1969......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,957.5

Expenses (including HP & secured debts). 4,028.11

Available for debt repayments........... -1,070.61

Monthly UNsecured debt repayments....... 1,969[b]

Amount short for making debt repayments. -3,039.61[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 325,000

Total HP & Secured debt................. -236,000

Total Unsecured debt.................... -59,475.59[b]

Net Assets.............................. 29,524.41[/b]

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

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

ManyWays

When does your current mortgage fix end and when will your child care costs drop?

Tlf28

It ends March 2026 however my ex husband is still on the mortgage so doubt he’ll agree another fixed term. 

Childcare costs - 1 child severely disabled so will need childcare for another 10yrs then carers after. Other child another 7yrs childcare 

elsien

What is happening with regards to a divorce and financial settlement? I’m just thinking that this may affect your options in the longer term? 
Can you not go through CMS for child maintenance? 

Emmia

Do you really have no land line or mobile phone? And why are you spending money on petrol/diesel and car parking if you don't have a car?

Edit: In your position I'd be looking at CMS for payments and progressing the divorce to obtain a financial settlement.

Tlf28

elsien said:

What is happening with regards to a divorce and financial settlement? I’m just thinking that this may affect your options in the longer term? 
Can you not go through CMS for child maintenance? 

Regards to financial settlement, my ex has left the country & he’s refusing to acknowledge letters. Because he’s out of the country there’s nothing they can do apparently? I have to wait 5 year then the court will divorce me regardless. Same story with CMS they can’t locate him. 

Tlf28

Emmia said:

Do you really have no land line or mobile phone? And why are you spending money on petrol/diesel and car parking if you don't have a car?

I have no land line, and my phone is through my dads business. 

My car is a disability car for my son so everything is paid for apart from fuel & parking at my workplace 

itsthelittlethings

First of all I would stop paying non priority debts (people on here will be able to advise on the procedure for this). Are you claiming PIP for your child?

itsthelittlethings

Also are you on universal credit? I feel like your benefits should be higher.