BR help from a newbie

Dez-Titute

If you have some savings you could barter with your creditor .maybe offer to pay them a % in the pound.Say 10% see what they say

fergusor

Dez-Titute wrote: »

If you have some savings you could barter with your creditor .maybe offer to pay them a % in the pound.Say 10% see what they say

No savings unfortunately

I'll call the creditors and see if they would be willing to take 10% of my monthly payments, it's worth a try isn't it. Perhaps if I tell them I'm thinking about BR they might be willing to help... won't hld my breath though.

deedee_3

fergusor wrote: »

Here's my SOA :-(

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1830
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1830

Monthly Expense Details
Mortgage................................ 594 If you want to stay in your house you will have to pay your mortgage and secured loan
Secured loan repayments................. 280
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 30
Gas..................................... 50
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 12
Mobile phone............................ 45
TV Licence.............................. 10
Satellite/Cable TV...................... 21 This will come out of your surplus and not be allowed on your I&E.
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 100 This will probably be cut. You could leave it and see what the OR does. But probably be allowed about £50ish.
Petrol/diesel........................... 200
Road tax................................ 20
Car Insurance........................... 45
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 £10 each per month opticians, prescriptions, dentists
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 Some OR's allow, some don't leave and see.
Haircuts................................ 0 £10
Entertainment........................... 30 This will probably be cut
Holiday................................. 100 Definatly be cut to about £20 or 30
Emergency fund.......................... 0
Total monthly expenses.................. 1997

Do you have anything dry cleaned? Breakdown cover?

Links to IPA's to follow.


Income Payment Agreements/Orders.

IPO / IPA (Income Payment Orders and Income Payment Agreements) (IS)

FAQ - Income Payment Orders / Agreements ( IPO / IPA ) (IS)

OR's Case Help Manual - Income Payments Agreements (IS)

OR's Case Help Manual - Income Payments Orders (IS)

OR's Technical Manual - IPAs Assessment of real disposable income (IS)

Nil tax (NT) coding/IPAs (MSE)

Check out Fermi's sticky at the top of the board, post #1 for some great links and information
http://forums.moneysavingexpert.com/showthread.html?t=1056083&page=2

Also have a read of the Insolvency Service website.

http://www.insolvency.gov.uk/bankruptcy/whatisbankruptcy.htm

So_Sad_Angel

fergusor wrote: »

The advice has been very helpful, thank you. I will continue to post.

What I would like is to know what I can have as allowances so I can try and work out the best option for myself... BR or trying to speak to the creditors myself.

I would prefer to pay off the debts I have, keep the house and car, but if I can't afford it then I have to admit defeat and learn from my mistakes. I'm going to the CAB on Friday to see what they can suggest... would making a minimal payment to the creditors instead of going bankrupt be better, that sort of thing.

Richard.

Hi Richard,

I hope that now you are `talking` about your financial options on this forum you will start to feel a little better. The strange thing about debt crisis is that we keep so much of it hidden away & it is so difficult then to open up & talk to those close to us.

Great news that you are going to CAB...let them help with the negotiations with your creditors & if there is any way that you can afford a DMP (debt management plan) then go down that route. If BR is the answer then get loads of advice so that you are prepared....knowledge is power & that confidence will get your life back on track.

I would suggest talking to Nat Debtline as well(CCCS do advise but have to wait ages for appointment)...get talking to know your options.

Hope you get some sleep.

Angiexx