please help me - crying

mummytofour

Oh dear Im sorry for you. But you know there is always other ways to look at things. I can understand how scared you are. Do you have a space room you could rent out? Please post your SOA it might help. Chin up hunni.

SuzySu

We are currently looking to rent with a dog and a cat and, whilst there are some who say no to pets, a surprising number have agreed. One asked for a double deposit (yeah......right) but the others have not mentioned additional charges or professional cleaning.

Good luck - there is plenty of support on here for you.

patchy987

ok so i have had listed all our incomings and outgoings, i cant see a way to shave any off but any help would be appreciated

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1500

Monthly Expense Details
Mortgage................................ 504 (interest only)
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 94
Electricity............................. 45 (just swapped onto lowest tarrif i could find)
Gas..................................... 30 (just swapped to lowest tarrif i could find)
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 11
Mobile phone............................ 20 ( 2 x payg (1 each)
TV Licence.............................. 10
Satellite/Cable TV...................... 18 (in contract for 6 more months)
Internet Services....................... 15 (in contract for 12 more months)
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 38
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 15
Buildings insurance..................... 18
Contents insurance...................... 0
Life assurance ......................... 19
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
car lease............................... 135 (sounds high but its essential as the IVA agreed we could do this but not buy another car when ours broke and a car is essential for hubby to get to work, this also covers all servicing, MOT's tax and repairs and breakdown))
IVA..................................... 250
Total monthly expenses.................. 1492

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 64250....(504)......8.68
Total secured debts........... 64250.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including secured debts)....... 1,492
Available for debt repayments........... 8
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 8

skylight

patchy987 wrote: »

we were told by the iva people that we would definately lose our home if we went for bankruptcy as we have got about 20k equity in the house.

Not necessarily. £20k equity in this current climate would be hard going. Then you have fees - solicitors etc to take off that too, plus if rents are considerably higher in your area than your mortgage etc. There is a lot to take on board and property and bankruptcy is a minefield. The IVA people will tell you that you will lose your home - they want your money. Now, this does not mean to say that they are not right, its just that they do not have your best interests.

CCCS are right, an IVA is legally binding and there is nothing they can do, but I think that there was a miscommunication with them about this. I think that they thought you wanted advice about them taking it over or reducing the IVA - go back to them and ask specifically about bankruptcy and your home.

It may be that one of you goes bankrupt and the other does not - then only half of whatever equity is available would be involved an the non-bankrupt can purchase the beneficial interest in it, thus not losing the home. Although if you have joint debts then this causes further issues and you need to look into these as well.

I am not trying to push you in any particular direction - in bankruptcy there are no hard and fast rules and there is no guarantee you would lose or keep your home. But you do need to source all the information you can so you can make an informed decision about your future.


But best of luck with everything.
xx

**Amy**

Something that obviously jumps out is the lack of income.

Is there anyway you can contribute to the income? Maybe doing some shift work for a while? Even doing a few hours a week could ease the money that is being added to your mortgage.

Are you entitled to any benefits at all? have you looked into it? Might be worth a shot.

x

MrsTinks

How about the possibility of working from home doing things like ironing, dog walking, dog sitting during the day (my dog walker does 3 or 4 dogs a day at £7 per 45 mins so that's £30 a day - if you did that 5 days a week that's £150 a week or roughly £600 a month... Obviously you'd probably have to declare it somehow as self employed and pay tax on it but still that could help you a lot!) cleaning etc

tealady

Hi If you have room how about a lodger. You could have someone who only needs a room weekdays (or a student). The rent is tax free up to a certain point.

nimbo

big hugs...

beanielou

Cant see anything you can shave off your SOA Im afraid.

otb666

my hubby uses a 125cc bike and petro costs 10 per month he does approx 16 miles a day on it-just a thought