Have DMP but can't even afford to pay that :(

tyllwyd

One thing that jumps out is your mortgage - my OH is on similar money to yours, and our mortgage is a similar amount, and it eats up a huge chunk of his income. Are there any options for you to extend the term, or if things are drastic, to go interest only?

About the working tax credit - I used to claim childcare tax credit, and got about £40 per month. I then reduced my hours to less than 16 per week ... and realised that my tax credit was exactly the same, because they'd awarded me childcare tax credit then reduced the amount to £0 because of our household income (which wasn't very clear on the notices they'd sent previously). Which is a long way round of saying that I wouldn't rely too much on tax credits to pay childcare if you do decide to go back to work - make sure you check the figures before you make a decision.

Cleosmum

http://makesenseofcards.com/soacalc.html

laura269

Sorry had to dash earlier. Got more to put on the SOA dso here goes.

Incoming (monthly)
Wages/Salary
£0.00
Wages/Salary (partner)
£2500
Child Benefit
£135
Tax Credits
£42.00


Total income
£2677


Outgoings (monthly)
Mortgage
£1100
Egg loan
£450
DMP
£164
CC payment (OH CC)
£100
Life Cover
£20
Buildings Insurance
£15
Contents Insurance
£15
Council Tax
£119
Electricity & Gas
£80
Water
£25
Food/Housekeeping
£300

Telephone (includes internet)
£25

Mobile (both of us)
£40

Sky
£40

Total
£2453

Can't do anything about the mortgage as its only just been redone. I have nothing to do with it as I couldn't get a mortgage with my name on it.
Egg loan runs until Jan next year then its finished. There is £3,768 left on that.
OH will not cancel Sky. He says its his one bit of pleasure and he pays for it and I agree with him. Why should he suffer becuase of my silly mistakes??

laura269

Oh and the CC is my OH's so not in DMP and Egg loan was a loan we got to do up house but in my name so OH has said he wants to pay that off.

Broken_hearted

If the house is in joint names you are going to have to find a way of paying the DMP. If it isn't you could go bankrupt.

laura269

The house is just in his name. I have nothing to do with any of the bills in the house. My name is on nothing but debt!

peb

I was just going to suggest that you went bankrupt. not ideal but if you cannot pay the debts and you do not know when you can then this may be the best option. See what CCCS say.

Broken_hearted

Take it over to the BR for advice just incase there are any loopholes creditors could use to get at it.

laura269

That would mean the end of my career tho if I went bankrupt. Wish I could roll back those silly years

Waspeze

What job is it you do? Is it written into your contract that you'd lose your job if you went BR?