Bankruptcy Question

Jaks

My Partner & I have around £38,000 in unsecurred debts. We have no assets and privately rent a house. We have 4 children aged 1,4,13 & 15. Our only income is state benefits as my husband is disabled and gets DLA.

We have an appointment with the CAB at 9am on monday morning to discuss our money issue's. I am going to ask them if we should go bankrupt. I have been on a self managed DMP and this failed due to rising fuel and food bills. I am not keen on going on a DMP as it would take us a number of years to pay this off. My soon turns 16 next July and will loose his Child Benefit and other Benefits we get for him and My Daughter Turns 16 in 2 years time and we will loose money again.

My question is that if CAB doesn't recommend Bankruptcy can we still go Bankrupt anyway? I have read on here that you need to get professional advice first.

Jaks

finito

From what you say here, I would be VERY susprised if the CAB mentioned the DMP was sustainable in your current circumstances.

I can see no suitable alternative to BR for you!

finito

Just be careful that your tenancy agreement does not preclude BR tenants!

Jaks

Just checked our tenancy agreement and there is no mention about bankrupty on there, only what happens if we get into rent arrears (which we haven't - we always pay the rent on time by standing order).

Our Tenancy agreement is just a standard shorthold one.

Thanks for the reply

Jaks

080808

Hi, i found the CAB soooo helpful, very matter of fact, clear and well informed non judgemental advice. if you have no assetts to lose i imagine they will reccomend bankruptcy and help see you through the process. but you don't have to follow thier advice, that will be up to you. very best of luck, it's so so great to be free from debts and able to start again.

finito

finito wrote: »

From what you say here, I would be VERY susprised if the CAB mentioned the DMP was sustainable in your current circumstances.

I can see no suitable alternative to BR for you!

Hmm, just re-read that and perhaps I should expand!!!!:o

If you find that you do not currently have enough money to pay your debts and to live on, then you might consider BR. Write down your incomings and your outgoings (a statement of affairs) and that will tell you if you your current position is sustainable. There are many VERY experienced posters on here who will help with your questions!!

BR is a very big step, but it is a way to get your life back and start again. However, listen to the CAB. They are professionals, and I am just a bloke on a forum!!!

Sorry if I sounded like a know it all.:o

Jaks

Done that & with full debt repayments we are £793.45 under every month
I have done an SOA on makesenseof cards.com

will post my SOA up in a bit

Jaks

dalip

Hi and welcome

You could try doing the NDL debt remedy thingy on line as that tells you there and then what they reccomend. Still go to CAB mon even if you do the NDL remedy and it says bc, as the opinions you get the better.D

Jaks

My SOA

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 2102.24
Other income............................ 0
Total monthly income.................... 2102.24

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 476.66
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 156
Gas..................................... 0
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 34
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 360
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 50
Total monthly expenses.................. 1455.66

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Provident......................5549......344.......0
Greenwoods.....................2048......248.......0
Argos..........................473.......30........0
Capital One CC.................496.73....46........30.9
Capital One CC.................1279......65........30.9
Lloyds TSB CC..................1254......45........0
Littlewoods CC.................1754......85........37.9
Moorocroft.....................600.......50........0
Studio.........................982.......45........0
Fashion World..................639.25....35........0
Littlewoods Catalogue..........2254......75........0
LTSB Loan......................5549.82...161.4.....16.9
LTSB Loan......................14000.....239.9.....15.7

This Budget is for a family of 6. Its for 2 Adults and 4 children (aged 1,4,13&15). The two youngest still wear nappies.

tigerfeet2006

Hi and welcome to the board Jaks.

Dalip does NDL do a debt thingy as well? I thought it was CCCS.

Jaks

Electric looks expensive - but I am still paying of a debt from the winter, hopefully it will go down soon - only owe just under £200

Clothes have been expensive at the moment as I have to buy 2 complete new school uniforms - my 13 year old daughter starts high school in September and my 4 year old daughter starts full time primary school in September and getting her uniform is hard as she has Russell Silver Syndrome (a form of drawfism) and I have to get her school sweat shirts made as standard ones don't fit - she wears 9-12 month old clothes and is a baby size 3-4 shoes.

My mobile is contract -when that ends I will put a pay as you talk sim card in it.

My Landline is a package - line rental, free calls and internet

Sky - Basic package

Travel - incase need to go to hospital as we don't drive

Medical - Medicines like calpol.

We don't put anything down for entertainment as we don't really go anywhere as we would rather save for a uk holiday.

We don't drink (only rarely) or smoke, so that save us money.

Also our Benefits also includes Housing Benefit which is £440 a month - the rest we top up.