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Considering BR
Comments
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BR is meant to wipe the slate clean and if you can't meet your essential outgoings ie: not the debts just the normal day to day living costs then you can't afford to go BR bevause you can't get credit to live BUT having said that people have and do go BR with a deficit and just tell the judge they are working to get their costs under control.
Hopefully the link has shown you that an IPA is not always applicable and you will not have a surplus as you thought. Have a juggle with the figures and try and bring them down to your income so if you put a holiday allowance then cut that etc.BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0 -
Yes my main aim is to get costs down and manageable and the fact I am missing payments adds weight to this.
I'm pretty stressed at the minute so much I've had to take a couple of days off work sick and see the doctor as I feel anxious non stop.
I know it seems to some reading this that I am trying to unburden myself of debt. To much a degree this is true but most of this debt is before LO came along.
I just feel this is the best way forward as I will not need credit within the next 5-6 years as I plan to save for everything in future rather than use the buy now pay later attitude!
Really hope someone can guide me through this as I haven't a clue what to do next. Forms are on route expected today or Saturday.
Thank you0 -
Who have you spoken to debt charity wise? That is your first port of call.
Have a look at the sticky marked Look Here First and that contains their info plus lots of other useful stuff.
Just ask any questions about the form and someone should be able to help. Also if you are in touch with someone like National Debtline they will be able to advise as well and take some pressure off.BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0 -
Another question: I am about to miss payments on an unsecured loan.. I am trying to push them back a month but in the eventually I get BR within that month will this effect my BR application?0
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Another question: I am about to miss payments on an unsecured loan.. I am trying to push them back a month but in the eventually I get BR within that month will this effect my BR application?
Hello there. It's unlikely to have any effect. It's important to ensure that you do seek advice from one of the debt charities or the CAB before you go bankrupt. You'll need to demonstrate that you've had impartial advice.
In relation to the query you posted earlier within your thread, we often have clients who make themselves bankrupt as they have more going out than coming in. That in itself wouldn't usually prevent an order being made. It'll be worth seeking further advice just to reaffirm that bankruptcy is the right route for you.
Best wishes,
David.We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Hey,
You sound to me like everyone I have ever read about whilst going though this process. It is scary, frustrating and a big step.
Along with others who have asked I am wondering if you have spoke to anyone? I personally put off talking to qualified people and ended up in such a state for no reason.
I eventually spoke to both citizens advice and the consumer credit counselling service (CCCS). The CCCS were the most helpful for me, they explained how much of my income the OR would allow me to keep for such things as heating, fuel, food shopping etc, this allows you a more accurate reading how much disposable income you are left with according to the OR.
They also told me that to pay my bankruptcy fee I would be able to miss payments on my debt the month of applying for bankruptcy.
They talked me through completing all the forms and then I took the £700 + forms (keep a copy) to the local court where they were checked, I was issued a receipt and bankruptcy started later that day.
Honestly speaking to someone who know's what it is all about (not just a friend etc) is a good starting point, they can then guide you through it in a way that meets your needs, not a generalised opinion.0 -
Hey,
You sound to me like everyone I have ever read about whilst going though this process. It is scary, frustrating and a big step.
Along with others who have asked I am wondering if you have spoke to anyone? I personally put off talking to qualified people and ended up in such a state for no reason.
I eventually spoke to both citizens advice and the consumer credit counselling service (CCCS). The CCCS were the most helpful for me, they explained how much of my income the OR would allow me to keep for such things as heating, fuel, food shopping etc, this allows you a more accurate reading how much disposable income you are left with according to the OR.
They also told me that to pay my bankruptcy fee I would be able to miss payments on my debt the month of applying for bankruptcy.
They talked me through completing all the forms and then I took the £700 + forms (keep a copy) to the local court where they were checked, I was issued a receipt and bankruptcy started later that day.
Honestly speaking to someone who know's what it is all about (not just a friend etc) is a good starting point, they can then guide you through it in a way that meets your needs, not a generalised opinion.
Thank you that is very helpful. I know once its gone through im going to be left with £300-500 per month and im a little worried I will be left with very little out of this. I thought the point of bankruptcy was to eliminate the debt you have and start afresh (I will not enter into any debt again)
And with the £700 I have to pay will I be in a worst state than I am already?0 -
But you have said up thread that you will not be left with a surplus.If you have no surplus then you will have no IPA so will not be paying anything back for 3 years.BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0
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tigerfeet2006 wrote: »But you have said up thread that you will not be left with a surplus.If you have no surplus then you will have no IPA so will not be paying anything back for 3 years.
sorry I do not mean this as surplus for luxury items.
This is my SOA
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1006
Partners monthly income after tax....... 1160
Benefits................................ 321
Other income............................ 81
Total monthly income.................... 2568
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 42
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 58
Gas..................................... 68
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 21
Satellite/Cable TV...................... 0
Internet Services....................... 48
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 160
Road tax................................ 0
Car Insurance........................... 90
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 45
Childcare/nursery....................... 650
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 40
Emergency fund.......................... 20
Total monthly expenses.................. 2128
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 2000.....(42).......0
Total secured & HP debts...... 2000......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
hsbc...........................10000.....206.......14.5
very...........................4000......108.......42
amigo..........................1250......92........0
funding corp...................5600......254.......0
barclays.......................800.......18........0
vanquis........................500.......17........0
capital one....................900.......27........0
Total unsecured debts..........23050.....722.......-
Monthly Budget Summary
Total monthly income.................... 2,568
Expenses (including HP & secured debts). 2,128
Available for debt repayments........... 440
Monthly UNsecured debt repayments....... 722
Amount short for making debt repayments. -282
Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -2,000
Total Unsecured debt.................... -23,050
Net Assets.............................. -22,550
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.0 -
.sorry I do not mean this as surplus for luxury items.
This is my SOA
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1006
Partners monthly income after tax....... 1160
Benefits................................ 321
Other income............................ 81
Total monthly income.................... 2568
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 42
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 58
Gas..................................... 68
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 0 do you not have a land line?
Mobile phone............................ 0 do you not have mobile phones?
TV Licence.............................. 21
Satellite/Cable TV...................... 0
Internet Services....................... 48 OR may think this is too high so may not give you full amount but put this down and argue it. Though you can get much cheaper deals.
Groceries etc. ......................... 150 £550
Clothing................................ 20 £90
Petrol/diesel........................... 160
Road tax................................ 0 do you not pay road tax?
Car Insurance........................... 90
Car maintenance (including MOT)......... 0 £40/50
Car parking............................. 0
Other travel............................ 45 what is this?
Childcare/nursery....................... 650
Other child related expenses............ 0 £5 per week for activities
Medical (prescriptions, dentist etc).... 0 £30
Pet insurance/vet bills................. 0 do you have pets?
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20 £30
Entertainment........................... 20
Holiday................................. 40 £60
Emergency fund.......................... 20 £30
Total monthly expenses.................. 2128
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 2000.....(42).......0
Total secured & HP debts...... 2000......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
hsbc...........................10000.....206.......14.5
very...........................4000......108.......42
amigo..........................1250......92........0
funding corp...................5600......254.......0
barclays.......................800.......18........0
vanquis........................500.......17........0
capital one....................900.......27........0
Total unsecured debts..........23050.....722.......-
Monthly Budget Summary
Total monthly income.................... 2,568
Expenses (including HP & secured debts). 2,128
Available for debt repayments........... 440
Monthly UNsecured debt repayments....... 722
Amount short for making debt repayments. -282
Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -2,000
Total Unsecured debt.................... -23,050
Net Assets.............................. -22,550
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.
Will you both be going BR?
Do you have a job where you need suits dry cleaned?
Do you belong to any professional bodies and pay for?
Entertainment and presents may be disallowed but leave them.
Some food for thought.BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0
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