Is BR the best option??

peachyprice

I should think so as you don't owe them anything.

It isn't as scary as it seems to you now. The court really isn't bad at all, everyone there is really nice, as are most OR's.

Don't know how it will effect you later, haven't got that far myself!

Broken_hearted

BR is never the best option but sometimes it's the only option. The only warning seems to be it stays with yoiu for life so in the long run it could cost more than the origonal debt.

oliviarosejackson

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 552
Partners monthly income after tax....... 0
Benefits................................ 535
Other income............................ 0
Total monthly income.................... 1087

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 70
Road tax................................ 10
Car Insurance........................... 56
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 861

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
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,087
Expenses (including secured debts)....... 861
Available for debt repayments........... 226
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 226

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

oliviarosejackson

I still live at home with my parents, so i pay them a lump sum per month and that covers the bills gas electricity etc....

Thanks for that broken hearted. I know it really is a tough decision to make as it will be with me for life. I just cant see anyway out of the mess.

betterlatethannever

At a glance ORJ, theres not an OR on earth that would allow over £800 pa for presents. That needs to be £0.00
Do you have breakdown cover for the car?
I'm sure theres other changes that could be made but thats just a first glance.

oliviarosejackson

Thanks betterlatethannever. So do they not allow extra money for xmas and birthdays??

No i do not have breakdown cover on my car.

What do they make allowances for?? Im totally confused about it all, so really am trying to ask all sorts of questions before i go ahead with it. Call me a silly little girl....

Broken_hearted

In most aspects it won't be just some financial products will be more expencive such as mortgage and insurance. Not sure about loans, CCs and such but I'll take the lack of talk to mean they return to normal rates. At the end of the day what your child needs is a happy healthy parent, take time to figure out whats best for you.

deedee_3

oliviarosejackson wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 552
Partners monthly income after tax....... 0
Benefits................................ 535
Other income............................ 0
Total monthly income.................... 1087

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 70 Is this really this low.
Road tax................................ 10
Car Insurance........................... 56
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 Does your child do swimming or things like that? £5 per week
Medical (prescriptions, dentist etc).... 0 £10 each for prescriptions, opticians, dentists
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70 You could try for £20 but this is one where some allow some don't.
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 861

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
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,087
Expenses (including secured debts)....... 861
Available for debt repayments........... 226
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 226

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

It might be worth splitting up your benefits. Not sure but you might be able to up your housekeeping I am sure an expert will be able to tell you. Check what is reasonable rent in your area, you may be able to up your rent with your parents espially as their bills must be rising because that is what is happening at the moment.

betterlatethannever

oliviarosejackson wrote: »

Thanks betterlatethannever. So do they not allow extra money for xmas and birthdays??

No i do not have breakdown cover on my car.

What do they make allowances for?? Im totally confused about it all, so really am trying to ask all sorts of questions before i go ahead with it. Call me a silly little girl....

Your not a silly little girl at all...your facing upto your problems and that takes a big person.:j
I doubt they'd allow such a large amount, if any, for presents (you will still have your child benefit etc to help with those, so your little un won't go without)
It is all confusing and there really are no 'allowed' amounts as such.
Breakdown cover for the car would be a good idea..if you haven't got it, get it now. You can then add it to your SOA without any problems.
I'd certainly put in something for child related expenses..they all like to join brownies/dancing/swimming etc.
As its obvious that you don't pay for opticians/dentist and prescriptions, then i'd leave that at zero.

Please remember that some of your benefits won't be taken into account for your outgoings, so that reduces your left over amount.

Good luck and you really will be fine.

oliviarosejackson

Originally Posted by oliviarosejackson
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 552
Partners monthly income after tax....... 0
Benefits................................ 535
Other income............................ 0
Total monthly income.................... 1087

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 70 Is this really this low.Do you think that is low, I think its really high at the moment
Road tax................................ 10
Car Insurance........................... 56
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 Does your child do swimming or things like that? £5 per week. My daughter does dance lessons at £6.60 per week.
Medical (prescriptions, dentist etc).... 0 £10 each for prescriptions, opticians, dentists. I get that free from my tax credits
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70 You could try for £20 but this is one where some allow some don't.This worries me. How do you cope when xmas time comes?? I have a 5yr old and that time of yr is expensive.
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 861

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
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,087
Expenses (including secured debts)....... 861
Available for debt repayments........... 226
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 226

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

Thank you for all of your help with that