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  • FIRST POST
    • Jeffiner84
    • By Jeffiner84 16th Oct 16, 9:49 AM
    • 8Posts
    • 1Thanks
    Jeffiner84
    Drowning in debt
    • #1
    • 16th Oct 16, 9:49 AM
    Drowning in debt 16th Oct 16 at 9:49 AM
    [font=courier new]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.................... 0

    Monthly Income Details

    Monthly income after tax................ 1232
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1232


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 645
    Management charge (leasehold property).. 0
    Council tax............................. 97
    Electricity............................. 17.2
    Gas..................................... 20
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 36
    TV Licence.............................. 36
    Satellite/Cable TV...................... 62
    Internet Services....................... 0
    Groceries etc. ......................... 50
    Clothing................................ 0
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 62
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 4.9
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1030.1



    Assets

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


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Loan...........................2029......225.2.... .NaN
    Loan ..........................4590......128.9.....NaN
    Loan...........................961.......220...... .1275
    Credit card....................1000......10........0
    Credit card....................1400......25........2
    Credit card....................3850......120.......20
    Credit card....................5000......130.......30
    Loan ..........................1250......167.......NaN
    Loan...........................800.......40....... .NaN
    Loan...........................482.......490...... .4
    Loan...........................1450......128...... .70
    Loan...........................1500......78....... .25
    Total unsecured debts..........24312.....1762.1....-



    Monthly Budget Summary

    Total monthly income.................... 1,232
    Expenses (including HP & secured debts). 1,030.1
    Available for debt repayments........... 201.9
    Monthly UNsecured debt repayments....... 1,762.1
    Amount short for making debt repayments. -1,560.2


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -24,312[b]
    Net Assets.............................. -24,312[/b
Page 2
    • sourcrates
    • By sourcrates 16th Oct 16, 9:46 PM
    • 8,408 Posts
    • 8,227 Thanks
    sourcrates
    Family debts are included in a bankruptcy, all unsecured debt is
    Originally posted by JCS1
    The following debts will not be cleared by a bankruptcy. You’ll need to keep paying these.

    Child maintenance arrears, if the arrangement was set by the CSA or Child Maintenance Service
    Criminal fines, compensation orders and victim surcharges from a magistrates’ court or Crown Court
    Debts you take out after the date of your bankruptcy order
    Debts taken out fraudulently, for example benefit fraud
    Mortgages and other debts secured against your home, if you want to keep the house
    Social Fund loans
    Student loans
    TV Licence arrears
    Court orders telling you to pay compensation to someone for personal injury
    Payments ordered by a court as part of family proceedings, for example in divorce cases
    Apart from a few other rare exceptions, all other debts will be written off by bankruptcy.

    For free debt advice please call National Debtline on
    0808 808 4000
    Monday to Friday
    9am to 9pm
    Saturday 9.30am to 1pm
    • andydownes123
    • By andydownes123 17th Oct 16, 3:07 PM
    • 42 Posts
    • 68 Thanks
    andydownes123
    I think it's already been said, you can't afford to live in a place that expensive. Not sure were you live, however if you can find decent accomodation around the £380 (small flat in Lincolnshire - where I live) that would help. Can you move back in with parents, lodge or bedsit?
    • Jeffiner84
    • By Jeffiner84 18th Oct 16, 4:45 PM
    • 8 Posts
    • 1 Thanks
    Jeffiner84
    NAN is that I'm not sure what interest is on that account
    • enthusiasticsaver
    • By enthusiasticsaver 18th Oct 16, 7:10 PM
    • 2,571 Posts
    • 4,383 Thanks
    enthusiasticsaver
    NAN is that I'm not sure what interest is on that account
    Originally posted by Jeffiner84
    Yep Bobcat enlightened me.

    I do agree that bankruptcy seems to be your only option. Your rent on that income is unsustainable but have you looked around for somewhere cheaper when you are able to move? I would prioritise moving to a cheaper property or finding another room mate and getting rid of the non paying one.

    Write to your creditors to say you can no longer make payments and use the money from your October and November pay to save up for the bankruptcy fee. Cancel all non essentials. Pay rent, utilities and council tax and nothing else. Cancel satellite tv, payments to unsecured creditors and you should have enough to cover the fees. Are some of those loans payday loans?
    Debt and mortgage free and saving for early retirement
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