Take my life back

Spritz

Hello everyone. After keeping my head burried in the sand i decided that i need to take back control of my finances before mental healt deteriorates even more. Everything was perfect…until divorce. A few things that i would like to clear out, I'm now renting with my partner £1250 but also pay my solo mortgage £1250 for the house where just my ex-wife lives with my 2 children (12 and 17) and her newborn (not mine). I know its a lot that I pay towards her and kids but she is on UC and no income (newborn). I would like to mention that all this is just a verbal agreement between me and her, nothing formal, we want to stay away from tribunals and lawyers. I feel kinda stuck because on one hand I'm drowning and on the other hand I cant cut from ex and kids because she will not be able to live decent affecting also my children. I would like to avoid selling the mortgaged house as it would be a huge blow to my children. This is my first step of many, now considering ways to optimise income/spendings and then plan for attack wich is default on unsecured debt accounts>DMP probably through StepChange (DRO not for me because of my solo-mortgage)

Thank you and please feel free to suggest

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

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2[b]

Monthly Income Details[/b]
Monthly income after tax................ 3300
Partners monthly income after tax....... 1500
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 4800[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 950
Secured/HP loan repayments.............. 210
Rent.................................... 1250
Management charge (leasehold property).. 0
Council tax............................. 170
Electricity............................. 140
Gas..................................... 80
Oil..................................... 10
Water rates............................. 60
Telephone (land line)................... 0
Mobile phone............................ 80
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 300
Clothing................................ 40
Petrol/diesel........................... 30
Road tax................................ 20
Car Insurance........................... 130
Car maintenance (including MOT)......... 10
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 250
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 30
Entertainment........................... 250
Holiday................................. 20
Emergency fund.......................... 0
Kids with me days....................... 60[b]
Total monthly expenses.................. 4165[/b]
[b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 1500[b]
Total Assets............................ 230500[/b]
[b]

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 155000...(950)......4.5
Secured Debt.................. 19300....(210)......0[b]
Total secured & HP debts...... 174300....-.........- [/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Aqua Credit Card...............9151......310.......0
Vanquis Credit Card............1100......40........0
Virgin Credit Card.............556.......25........0
Personal Loan..................17467.....307.......0
NatWest Overdraft..............3500......80........0
NatWest Credit Card............1237......84........0[b]
Total unsecured debts..........33011.....846.......- [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 4,800
Expenses (including HP & secured debts). 4,165
Available for debt repayments........... 635
Monthly UNsecured debt repayments....... 846[b]
Amount short for making debt repayments. -211[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 230,500
Total HP & Secured debt................. -174,300
Total Unsecured debt.................... -33,011[b]
Net Assets.............................. 23,189[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

Markdavid1962

Lots of information, just one question the ex wife on UC, does she also get housing benefit.

I know my son got UC and Housing benefit, thats why I am asking it could reduce the amount you pay towards the mortgage. I apppreciate not selling the house due to kids but considering kids stay at home now much longer, mine left in their 30's, so you could be paying a mortgage for a long time yet.

Maybe worth talking to citizens advice