Hi - my SOA is below.
I live in rented accommodation close to my office, and use my car for the purposes of my business. I get mileage paid so my motoring costs are not significant. My assets comprise a legal charge of 40% of the profit on the sale of my former home, a 4-bed terraced house. I have entered this charge in the SOA as an asset figure rather than entering it as a figure for gross value of property.

My former wife pays an interest-only mortgage on the property and has lived there since we separated six years ago. It had been agreed in financial arrangements attached to our divorce settlement that this property should be sold last july. It has been on the market but to date it shows no sign of selling. If it had sold last july when previously anticipated, it had been my intention to pay off the debts immediately. Since then I have incurred approximately £4500 in credit card interest. My former wife now proposes to move out of the property to live with her partner, and will lend the property to a friend who will pay her a minimal rent to cover her costs. She wishes to do this rather than charging a full commercial rent, so that the possibility of sale is not blocked by any tenancy agreement. She is sympathetic to her friend because he needs somewhere to live in the short term. Also, as long as the house remains unsold it will be available to provide temporary accommodation for our son if he wishes to stay there during university vacations.

My credit card repayments are now unaffordable and I need to decide what to do. This could be bankruptcy, IVA, negotiation etc. I am open to ideas. Thanks for your attention and I would be very grateful for your comments.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1350
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 290
Total monthly income.................... 1640

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 370
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 18
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 180
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 14
Car Insurance........................... 24
Car maintenance (including MOT)......... 65
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 6
Entertainment........................... 60
Holiday................................. 20
Emergency fund.......................... 0
health/fitness.......................... 40
Total monthly expenses.................. 1137


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 39500
Total Assets............................ 39750

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................1342......10........16.53
credit card....................11576.....277.......18.32
credit card....................19000.....486.......29.9
private loan...................4209......75........0
bank overdraft.................2000......20........9.48
credit card....................229.......7.........24.9
credit card....................1100......39........12.12
Total unsecured debts..........39456.....914.......-  


Monthly Budget Summary
Total monthly income.................... 1,640
Expenses (including HP & secured debts). 1,137
Available for debt repayments........... 503
Monthly UNsecured debt repayments....... 914
Amount short for making debt repayments. -411

Personal Balance Sheet Summary
Total assets (things you own)........... 39,750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -39,456
Net Assets.............................. 294

Hi again.

I see you've posted on the Motley Fool also. You'll get some good support from Manzanilla and others there, so I'll leave them to it.

Good luck
Clariman