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Urgent Debt Advice
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Callum1510
Posts: 10 Newbie

Hi all, new here so thanks for accepting. I am looking for advice please.
I have around 35k debt and looking for best advice to clear. I am working full time and have no assets (no car I own or house. I live with partner and have a baby. The house is a mortgage in my partners name only and I just contribute towards bills and her mortgage etc.
My debt consists of unsecured credit cards and loans and payday loans.
I contacted payplan today and they have directed me down IVA route although I have looked at their reviews and they don’t seem very good
I have considered bankruptcy for a fresh start but they said this would be an issue as I have a beneficial interest in my partners house? Would this be an issue for bankruptcy like would they take my partners house? I would prefer bankruptcy if I knew her house would be okay and not affected
appreciate any support etc and recommendations of companies to help me
thanks

I have considered bankruptcy for a fresh start but they said this would be an issue as I have a beneficial interest in my partners house? Would this be an issue for bankruptcy like would they take my partners house? I would prefer bankruptcy if I knew her house would be okay and not affected
appreciate any support etc and recommendations of companies to help me
thanks
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Comments
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I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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First thing you have got to do is not panic, things move slowly in the debt world and nothing needs to be rushed.If you go down to the woods today you better not go alone.1
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In the world of debt nothing is so urgent that you have not got time to look for good advice.
Aim to have some plan in place by the end of August
Yes it plays on your mind but you have acknowledged the debt here to many others who have tried and tested ways to sort things out.
Complete the SOA as requested giving answers honestly to all areas and wait to see who responds
Do not be pushed into a IVA or debt management plan in the short term.
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[tt][b]Statement of Affairs and Personal Balance Sheet[/b][b]Household Information[/b]Number of adults in household........... 1Number of children in household......... 1Number of cars owned.................... 0[b]Monthly Income Details[/b]Monthly income after tax................ 2650Partners monthly income after tax....... 700Benefits................................ 0Other income............................ 0[b]Total monthly income.................... 3350[/b][b]Monthly Expense Details[/b]Mortgage................................ 0Secured/HP loan repayments.............. 0Rent.................................... 550Management charge (leasehold property).. 0Council tax............................. 100Electricity............................. 80Gas..................................... 60Oil..................................... 0Water rates............................. 30Telephone (land line)................... 0Mobile phone............................ 60TV Licence.............................. 12Satellite/Cable TV...................... 45Internet Services....................... 45Groceries etc. ......................... 300Clothing................................ 50Petrol/diesel........................... 240Road tax................................ 18Car Insurance........................... 80Car maintenance (including MOT)......... 10Car parking............................. 0Other travel............................ 0Childcare/nursery....................... 200Other child related expenses............ 0Medical (prescriptions, dentist etc).... 18Pet insurance/vet bills................. 0Buildings insurance..................... 0Contents insurance...................... 0Life assurance ......................... 0Other insurance......................... 0Presents (birthday, christmas etc)...... 0Haircuts................................ 45Entertainment........................... 150Holiday................................. 0Emergency fund.......................... 0[b]Total monthly expenses.................. 2093[/b][b]Assets[/b]Cash.................................... 0House value (Gross)..................... 0Shares and bonds........................ 0Car(s).................................. 0Other assets............................ 0[b]Total Assets............................ 0[/b][b]No Secured nor Hire Purchase Debts[/b][b]Unsecured Debts[/b]Description....................Debt......Monthly...APRCredit card ...................6750......300.......0Credit card ...................5020......290.......0Credit card ...................2182......140.......0HMRC ..........................4400......350.......0Loan...........................601.......300.......0Loan...........................1916......178.......0Loan...........................3165......91........0Loan...........................1321......182.......0Loan...........................6660......208.......0Loan...........................3310......138.......0[b]Total unsecured debts..........35325.....2177......- [/b][b]Monthly Budget Summary[/b]Total monthly income.................... 3,350Expenses (including HP & secured debts). 2,093Available for debt repayments........... 1,257Monthly UNsecured debt repayments....... 2,177[b]Amount short for making debt repayments. -920[/b][b]Personal Balance Sheet Summary[/b]Total assets (things you own)........... 0Total HP & Secured debt................. -0Total Unsecured debt.................... -35,325[b]Net Assets.............................. -35,325[/b]0
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OK you have the idea of a SOA but you have rushed it, we need full details of debts, who? Interest Rates?
You mention partner yet you show one adult, the child do you get Child Benefit?
No contents insurance?
licence amount is wrong, please take your time and go through everything again.If you go down to the woods today you better not go alone.0 -
If you read this thread (need to scroll down a little)
General questions and worries for bankruptcy.. — MoneySavingExpert Forum
OP is living in his partner's house and the rent is what the pays her monthly, not a proper tenancy.If you go down to the woods today you better not go alone.0 -
Grumpelstiltskin said:If you read this thread (need to scroll down a little)
General questions and worries for bankruptcy.. — MoneySavingExpert Forum
OP is living in his partner's house and the rent is what the pays her monthly, not a proper tenancy.0 -
Callum1510 said:Grumpelstiltskin said:If you read this thread (need to scroll down a little)
General questions and worries for bankruptcy.. — MoneySavingExpert Forum
OP is living in his partner's house and the rent is what the pays her monthly, not a proper tenancy.Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.0 -
Here is my updated SOA
I have done the best i can with figures and all the loans and credit cards are accurate. I have total of 9 loans / credit cards in my name as seen below which i am making payments on..
I also have another loan in partners name where i have to pay 600 per month. I have 8 payments left on this.
I own no car or house. My car is in partners name but i use this and pay the finance of £330 per month as i have added below. The house is in her name and her name only on mortgage.
I have no assets or anything of value.
Appreciate any support on what i should do...IVA, Bankruptcy or any other suggestions. Appreciate if anyone can let me know any companies to help me.
thanksHousehold Information[/b]Number of adults in household........... 2Number of children in household......... 1Number of cars owned.................... 0[b]Monthly Income Details[/b]Monthly income after tax................ 2650Partners monthly income after tax....... 600Benefits................................ 0Other income............................ 0[b]Total monthly income.................... 3250[/b][b]Monthly Expense Details[/b]Mortgage................................ 0Secured/HP loan repayments.............. 0Rent.................................... 550Management charge (leasehold property).. 0Council tax............................. 125Electricity............................. 80Gas..................................... 60Oil..................................... 0Water rates............................. 30Telephone (land line)................... 0Mobile phone............................ 55TV Licence.............................. 14.5Satellite/Cable TV...................... 40Internet Services....................... 40Groceries etc. ......................... 250Clothing................................ 50Petrol/diesel........................... 240Road tax................................ 15Car Insurance........................... 69Car maintenance (including MOT)......... 20Car parking............................. 0Other travel............................ 0Childcare/nursery....................... 300Other child related expenses............ 0Medical (prescriptions, dentist etc).... 18Pet insurance/vet bills................. 0Buildings insurance..................... 25Contents insurance...................... 0Life assurance ......................... 0Other insurance......................... 0Presents (birthday, christmas etc)...... 100Haircuts................................ 45Entertainment........................... 150Holiday................................. 100Emergency fund.......................... 0(Unnamed monthly expense)............... 0car finance in partners name............ 330[b]Total monthly expenses.................. 2706.5[/b][b]Assets[/b]Cash.................................... 400House value (Gross)..................... 0Shares and bonds........................ 0Car(s).................................. 0Other assets............................ 0[b]Total Assets............................ 400[/b][b]No Secured nor Hire Purchase Debts[/b][b]Unsecured Debts[/b]Description....................Debt......Monthly...APRvirgin money loan..............3310......138.......4.2fluro loans....................6660......208.......17.9loans 2 go.....................1321......182.......815marbles credit card............2182......140.......32.9aqua credit card...............5020......300.......34.9mbna credit card...............6750......300.......20.93ondal..........................601.......300.......1299drafty.........................1916......178.......65.7my community finance...........3165......91........32[b]Total unsecured debts..........30925.....1837......- [/b][b]Monthly Budget Summary[/b]Total monthly income.................... 3,250Expenses (including HP & secured debts). 2,706.5Available for debt repayments........... 543.5Monthly UNsecured debt repayments....... 1,837[b]Amount short for making debt repayments. -1,293.5[/b][b]Personal Balance Sheet Summary[/b]Total assets (things you own)........... 400Total HP & Secured debt................. -0Total Unsecured debt.................... -30,925[b]Net Assets.............................. -30,525[/b][i]Created using the SOA calculator at www.stoozing.com.Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]0 -
OK we really need to clarify the situation regarding the house and the car. It would be good to have the views of @sourcrates and @fatbelly based on the new information.
How much mortgage does your partner pay monthly? If it's very high, the situation might be OK, but if it's say £700 and you are paying £550 rent plus a portion of bills then you definitely have a beneficial interest in the house. Not least as your partner's income doesn't even cover the mortgage.
The fact that you use and pay the loan for the car, although in your partner's name means that you have a beneficial interest.
We also need to understand how you have allocated household costs? Since you earn c80% of the income, the normal debt charity household SOA would allocate the same percentage of household costs to you. But with the mortgage, that's more complicated.
You have to provide evidence of your actual spends for some months, and there's no way you can hide either the loan or the car payments.
The ents, holiday and presents budgets are too high and if you claim to pay 80% of the other costs the grocery budget is low, but you've really got to think about your spending priorities.
Just for reference, you have a credit union debt and you'd be wise to engage with them quickly as they are much more likely to take legal action against you and a CCJ wouldn't allow for debts in your partner's name.If you've have not made a mistake, you've made nothing1
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