Help…..lots of debt

itsthelittlethings

Your electricity and gas are high, do you have a large house or could you get this down with a better fix?

Grumpelstiltskin

Your income is £2987, Mortgage and Childcare are £2872, leaving £85 for everything else. You must stop paying all unsecured debts but I can't see how you are going to pay all vital amounts.

Tlf28

itsthelittlethings said:

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

I claim dla for my child pip is once he reaches 16/18 
most of that goes towards the car (I’ve put that in the benefits figure above) 

and yes uc roughly 1000 per month some months slightly higher with school holidays childcare included. 

Tlf28

itsthelittlethings said:

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?

Do I just literally stop without informing them that I won’t be paying? Or speak to them first? Sorry I’ve never ever been in this position before 

elsien

Grumpelstiltskin said:

Your income is £2987, Mortgage and Childcare are £2872, leaving £85 for everything else. You must stop paying all unsecured debts but I can't see how you are going to pay all vital amounts.

This seems to be the main question to focus on - everything else seems to be fiddling around the edges.
What is the equity in your property (- although being able to release it is a different matter.)?
Does anyone know how bankruptcy would work in these circumstances with regards to the property?  If any IVA or bankruptcy only takes account of the OPs share but the mortgage is still not being paid, the debt would still be accruing for the ex half?

Grumpelstiltskin

It looks like max. £90K  equity if the figures are correct.

Emmia

elsien said:

Grumpelstiltskin said:

Your income is £2987, Mortgage and Childcare are £2872, leaving £85 for everything else. You must stop paying all unsecured debts but I can't see how you are going to pay all vital amounts.

This seems to be the main question to focus on - everything else seems to be fiddling around the edges.
What is the equity in your property (- although being able to release it is a different matter.)?
Does anyone know how bankruptcy would work in these circumstances with regards to the property? 

I think the home would be sold to pay the debts. 

OP is your ex on the property title/mortgage? Edit - sorry I see he is, but if he's abroad then bank will likely pursue you for the whole amount as you're jointly and severally liable... It's not possible to apportion some of the mortgage debt to your ex.

Tlf28

Emmia said:

elsien said:

Grumpelstiltskin said:

Your income is £2987, Mortgage and Childcare are £2872, leaving £85 for everything else. You must stop paying all unsecured debts but I can't see how you are going to pay all vital amounts.

This seems to be the main question to focus on - everything else seems to be fiddling around the edges.
What is the equity in your property (- although being able to release it is a different matter.)?
Does anyone know how bankruptcy would work in these circumstances with regards to the property? 

I think the home would be sold to pay the debts. 

OP is your ex on the property title/mortgage? Edit - sorry I see he is, but if he's abroad then bank will likely pursue you for the whole amount as you're jointly and severally liable... It's not possible to apportion some of the mortgage debt to your ex.

The house is currently up for sale, I have done this in a hope to get my share and pay off my debts. But it’s been for sale since November now. Also he has to agree to sell the property (which I think he will as he will get money) I have tried getting him to pay half the mortgage this through court, but again they cannot enforce anything with him as he’s not in the country. 

Tlf28

elsien said:

Grumpelstiltskin said:

Your income is £2987, Mortgage and Childcare are £2872, leaving £85 for everything else. You must stop paying all unsecured debts but I can't see how you are going to pay all vital amounts.

This seems to be the main question to focus on - everything else seems to be fiddling around the edges.
What is the equity in your property (- although being able to release it is a different matter.)?
Does anyone know how bankruptcy would work in these circumstances with regards to the property?  If any IVA or bankruptcy only takes account of the OPs share but the mortgage is still not being paid, the debt would still be accruing for the ex half?

90k equity in the property 

Tlf28

itsthelittlethings said:

Your electricity and gas are high, do you have a large house or could you get this down with a better fix?

5 bedrooms, 2 living rooms.