11k debt

Nenusia

Should I print the proposal and go to Citizen Advice?

Grumpelstiltskin

OK From the top, the other adult, your partner?
If so why no income?
You never buy presents?
Emergency fund £500 monthly yet no cash showing.
4 debts at 0% interest?

Are you sure everything is correct?

Nenusia

He's unable to work as waiting for the total hip replacement at the age of 43 😫 he was receiving SSP up untill now, so I think we will get a money from Universal Credit now as SSP ended. 

Nenusia

Altior said:

Looks like the expenses are higher than the income, even before debt repayments. So the IVA would only provide a very short term relief. The rent is a very high proportion of total income. 

Two adult household with no kids, but seems like the other adult is not contributing (based on the SoA). Probably also needs digging into as that income seems low enough to support two adults without property ownership.

Even if IVA is full and final??

Altior

Nenusia said:

Altior said:

Looks like the expenses are higher than the income, even before debt repayments. So the IVA would only provide a very short term relief. The rent is a very high proportion of total income. 

Two adult household with no kids, but seems like the other adult is not contributing (based on the SoA). Probably also needs digging into as that income seems low enough to support two adults without property ownership.

Even if IVA is full and final??

On the numbers I believe there are two elements to tackle. One is the current unsecured debt, which the IVA can potentially resolve.

However, even if you had no debt, the prevailing household income doesn't support the existing lifestyle. Not saying that you're living excessively at all, however the rent alone is close to 50% of the household income. 

It's a very tricky situation, on paper. 

Altior

I'm assuming the emergency fund contribution is aspirational. However, there will always be miscellaneous expenses, just as part of two adults leading a typical life. 

Nenusia

It's more than tricky. He's been on a waiting list for a very long time now but had his pre-op assessment recently so there is a chance that within 5-6 months he will be able to work again. So we just need to hang on tight for few more months. I don't want to rush myself towards full and final IVA and trying to explore more options, if there are any? 

Grumpelstiltskin

You do realise if he claims UC you have to claim as a couple and your income will be taken into account.

Have you claimed Council Tax and Housing Benefits?

Nenusia

Grumpelstiltskin said:

OK From the top, the other adult, your partner?
If so why no income?
You never buy presents?
Emergency fund £500 monthly yet no cash showing.
4 debts at 0% interest?

Are you sure everything is correct?

Emergency fund is just £500 but not top up monthly. We do not buy anything that we don't really need and this includes presents. My hobby is reading and we live opposite library so it's easy and free access.  4 credit cards still has 0% interest. One runs out in December 

Nenusia

Grumpelstiltskin said:

You do realise if he claims UC you have to claim as a couple and your income will be taken into account.

Have you claimed Council Tax and Housing Benefits?

We are claiming as a couple. Apparently we are not able to have any discount on Council Tax and currently looking at housing benefit as well