V
VWorried
Guest
Previously posted in another forum, was advised to come here.
Age: 34
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 35000
Annual gross income of spouse: 38000
Type of employment: e.g. Civil Servant, self-employed
Financial Services - the irony isn't lost on me!
In general are you:
(a) spending more than you earn, YES
(b) saving?
Rough estimate of value of home 300k
Amount outstanding on your mortgage: 255k
What interest rate are you paying? 3% on 80k, balance fixed at 4.65% until Aug 2009
Other borrowings – car loans/personal loans etc
Credit Card 1 3700 - 111p/m
Credit Card 2 1000 - 32p/m
Credit Card 3 4800 - 146p/m
Credit Card 4 4200 - 240p/m
Credit Card 5 1000 - 24p/m
Credit Union Loan 15000 - 350p/m
Bank Loan 12000 - 275p/m
Jt Bank Loan 9500 - 325p/m
Total 1503p/m
The joint bank loan figures shown are 50% as husband pays half. All figures shown are up to date balances and the current months repayments.
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? Total of cards is 14.7k
Savings and investments: None. Bank shares which were worth 4-5k a year ago, now worth around 500.
Do you have a pension scheme? Yes, defined benefit
Do you own any investment or other property? No
Ages of children: 1 and 9
Life insurance: For the mortgage and a small life policy. Job provides death in service for spouse and dependents.
What specific question do you have or what issues are of concern to you?
I'm in a lot of bother. I'm on a good salary, but due to family circumstances etc I am in a lot of debtas you can see. Around 51k unsecured. Its at the stage now where my repayments are almost equal to my salary, meaning I jhave to use credit card for the weekly shop, so effectively I'm getting further and further into debt.
I am up to date on all repayments at the moment but know its just a matter of time before I can no longer make payments and so end up with a bad credit rating - its inevitable.
I have requested my records from the ICB and surprisingly only 3 loans/credit cards show up (all up to date).
On top of the repayments each month of 1503 there's my mortgage too, which I pay jointly with my husband. Its 1000p/m. Childcare is 900p/m. I earn 2200p/m. Shopping ,bills petrol etc all put on credit card.
I basically got into a cycle of restructuring but still there's a deficit each month and so have to borrow more etc etc.... An ongoing family law matter is making things worse - legal bills etc. I feel very bad about the whole thing. Only reason I'm still here is for my kids.
My husband doesn't want to do debt management through MABs, so I have no other option. A solution would be to put the whole lot in a loan of 51k over 10 years. This would save me the 1000p/m which I am currently short, but who's going to do that at the moment?
A top up on mortgage isn't an option as I wouldn't have enough equity. A payment break isn't an option as the mortgage is fixed, and there'd be penalties.
Please help, husband takes home 600p/w. 330 to cover mortgage and joint loan. 100 to cover his credit union loan, and then he has a credit card too. But he says he's happy with his situation. I just don't know where to turn
Age: 34
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 35000
Annual gross income of spouse: 38000
Type of employment: e.g. Civil Servant, self-employed
Financial Services - the irony isn't lost on me!
In general are you:
(a) spending more than you earn, YES
(b) saving?
Rough estimate of value of home 300k
Amount outstanding on your mortgage: 255k
What interest rate are you paying? 3% on 80k, balance fixed at 4.65% until Aug 2009
Other borrowings – car loans/personal loans etc
Credit Card 1 3700 - 111p/m
Credit Card 2 1000 - 32p/m
Credit Card 3 4800 - 146p/m
Credit Card 4 4200 - 240p/m
Credit Card 5 1000 - 24p/m
Credit Union Loan 15000 - 350p/m
Bank Loan 12000 - 275p/m
Jt Bank Loan 9500 - 325p/m
Total 1503p/m
The joint bank loan figures shown are 50% as husband pays half. All figures shown are up to date balances and the current months repayments.
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? Total of cards is 14.7k
Savings and investments: None. Bank shares which were worth 4-5k a year ago, now worth around 500.
Do you have a pension scheme? Yes, defined benefit
Do you own any investment or other property? No
Ages of children: 1 and 9
Life insurance: For the mortgage and a small life policy. Job provides death in service for spouse and dependents.
What specific question do you have or what issues are of concern to you?
I'm in a lot of bother. I'm on a good salary, but due to family circumstances etc I am in a lot of debtas you can see. Around 51k unsecured. Its at the stage now where my repayments are almost equal to my salary, meaning I jhave to use credit card for the weekly shop, so effectively I'm getting further and further into debt.
I am up to date on all repayments at the moment but know its just a matter of time before I can no longer make payments and so end up with a bad credit rating - its inevitable.
I have requested my records from the ICB and surprisingly only 3 loans/credit cards show up (all up to date).
On top of the repayments each month of 1503 there's my mortgage too, which I pay jointly with my husband. Its 1000p/m. Childcare is 900p/m. I earn 2200p/m. Shopping ,bills petrol etc all put on credit card.
I basically got into a cycle of restructuring but still there's a deficit each month and so have to borrow more etc etc.... An ongoing family law matter is making things worse - legal bills etc. I feel very bad about the whole thing. Only reason I'm still here is for my kids.
My husband doesn't want to do debt management through MABs, so I have no other option. A solution would be to put the whole lot in a loan of 51k over 10 years. This would save me the 1000p/m which I am currently short, but who's going to do that at the moment?
A top up on mortgage isn't an option as I wouldn't have enough equity. A payment break isn't an option as the mortgage is fixed, and there'd be penalties.
Please help, husband takes home 600p/w. 330 to cover mortgage and joint loan. 100 to cover his credit union loan, and then he has a credit card too. But he says he's happy with his situation. I just don't know where to turn
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