Lots of bankruptcy questions - help!!

web-chic

Hi all

I've been speaking to Payplan over the last few months and we've come to the conclusion that I'm going to have to go bankrupt otherwise it'll take 11 years + to pay off my debts and I'm not sure I can cope with that.

So I've got a bunch of questions:-

1. I transferred money (£1000) to my mum when I left my last full time job(July) in order to save the money for rent etc. She's been paying my rent out of it while I've been getting myself sorted plus some of that money will be for my bankruptcy payments. Is the OR going to have a problem with it?

2. I'm self-employed - sole trader - and save up my tax every week I get paid for in order to put into a savings account - because I can't carry on using my savings account as its linked to one of my creditors I've been transferring the money to my mothers savings account - is the OR going to have a problem for this? Should I be aiming to pay this to the OR?

3. I'm filling in the forms for my outgoings on the ISolv website - what amounts should I put for things like holidays and housekeeping - I've used my budget from Payplan but I'm struggling a bit on it and really need some slack. Is there some guidence on this anywhere - I looked at the big thread at the top but I couldn't find minimums of allowable ammounts. Does gym/activities count as it's one of the only things keeping me sane at the moment?

4. I'm not entirely sure how to work out my income - I'm currently going Hourly rate * 35hrs * 48 (allowing myself 4 weeks holiday a year) and divided by 12 to give me my monthly salary. But I'm not sure what to do about sick leave as I've got depression and tend to struggle some weeks with actually doing a full 35 hours. Any suggestions?

Thank you all!

web-chic

Also, do Payplan count as the 'taking advice' people or should I try and speak to National Debt line. My local CAB is only open for 3 hours a week on a monday and I can't get an appointment as it's drop in only.

Thanks

Sunny_Bear

do you still plan to run your bisiness? Becasue I dont think you can be a company director or anything like that when BR.

Sorry if Im wrong , Im quite new to this!

web-chic

I'm not a company director or anything - just a sole trader. I assume I'd still be able to do that other wise I won't be able to work at all. Which would be silly as I wouldn't be able to pay anything.

PixiePie

web-chic wrote: »

I'm not a company director or anything - just a sole trader. I assume I'd still be able to do that other wise I won't be able to work at all. Which would be silly as I wouldn't be able to pay anything.

Yes you can still be a sole trader, and yes, it's company director (or sec etc) you can't be when BR (unless special permission is given by the OR, but I'm guessing this is rarer than hens teeth).

deedee_3

web-chic wrote: »

Hi all

I've been speaking to Payplan over the last few months and we've come to the conclusion that I'm going to have to go bankrupt otherwise it'll take 11 years + to pay off my debts and I'm not sure I can cope with that.

So I've got a bunch of questions:-

1. I transferred money (£1000) to my mum when I left my last full time job(July) in order to save the money for rent etc. She's been paying my rent out of it while I've been getting myself sorted plus some of that money will be for my bankruptcy payments. Is the OR going to have a problem with it? You need to keep a roof over your head so I don't think this will be too much of a problem as long as you have a paper trail of this happening.

2. I'm self-employed - sole trader - and save up my tax every week I get paid for in order to put into a savings account - because I can't carry on using my savings account as its linked to one of my creditors I've been transferring the money to my mothers savings account - is the OR going to have a problem for this? Should I be aiming to pay this to the OR? Again this shouldn't be a problem. When you go bankrupt you will be issued with a nil tax code, when your tax is due it will go to the OR rather than HMRC.

3. I'm filling in the forms for my outgoings on the ISolv website - what amounts should I put for things like holidays and housekeeping - I've used my budget from Payplan but I'm struggling a bit on it and really need some slack. Is there some guidence on this anywhere - I looked at the big thread at the top but I couldn't find minimums of allowable ammounts. Does gym/activities count as it's one of the only things keeping me sane at the moment? Put up your SOA on here as it has been agreed by Payplan and let the experts on here check it over for you. Gym is a luxury so will have to come from your surplus.

4. I'm not entirely sure how to work out my income - I'm currently going Hourly rate * 35hrs * 48 (allowing myself 4 weeks holiday a year) and divided by 12 to give me my monthly salary. But I'm not sure what to do about sick leave as I've got depression and tend to struggle some weeks with actually doing a full 35 hours. Any suggestions? I'll let some one else help on this one.

Thank you all!

I hope that helps you a little bit. I am sure someone with more experiance will be along soon to help.

web-chic

Cheers guys, that's really helpful

Rent 300 (inc all bills)
Mobile £40.00
Car Maintenance £18.00
Petrol/travel £100.00
Car Insurance £13.33
Car tax/MOT £20.00
Medical/Dental £25.00
Hair £8.00
Food £180.00
Clothes £20.00
TV £11.75

Total £736.08

Incoming Approx 1060 per month.

Don't ask about the debts! Approx £46k. I used to earn £55k and was (un)happily paying it all off when I had a bit of a nervous breakdown and almost threw myself in front of a train.

thanks

CG77

Hi web-chic,

What about contents insurance, council tax, breakdown cover? You are usually allowed a fund for a 'modest holiday', maybe £30 or so? (See what others say) Sometimes the OR will let you have a contingency fund or Christmas, although they don't let you have all three (Xmas, hol and contingency). I did put all three on mine-the worst they can say is no and as they say, 'if you don't ask you don't get'!!

CG. x

Are we right to presume there's just you, or is there anyone else in the household (partner,children?)

CG. x

web-chic

Council tax is included in my rent. It's a room in a shared house.

I haven't got contents insurance or breakdown cover because I've never had the money for them. I'll get quotes and get them added.

I'm glad you said about holidays and contingency - I'll add those too.

I'm thinking
Hols - £30
Xmas - £10
Contingency - £20
Cat Insurance - £8
Petfood - £5
Contents insurance - £10 ( according to current quotes)
Breakdown cover - £5 ( looks like £60 a year)
and see what happens.

And yes, just me. And the cat. Who I haven't provided for, er, have added now.

Any other suggestions? Thank you.

tigerfeet2006

web-chic wrote: »

Cheers guys, that's really helpful

Rent 300 (inc all bills)
Mobile £40.00
Car Maintenance £18.00
Petrol/travel £100.00
Car Insurance £13.33
Car tax/MOT £20.00
Medical/Dental £25.00
Hair £8.00 £10
Food £180.00
Clothes £20.00 £50
TV £11.75
Holiday £40
Are you a member of a professional body?
breakdown cover?

Total £736.08

Incoming Approx 1060 per month.


Don't ask about the debts! Approx £46k. I used to earn £55k and was (un)happily paying it all off when I had a bit of a nervous breakdown and almost threw myself in front of a train.

thanks

What are your living circumstances? Are you living at home with your parents?

Edit: just read your other reply.

CG77

Don't forget hairdressing too-£10

Poor moggy-glad you've providedf or him/her now :-) Not sure how much you're allowed for pets but someone will tell you soon I'm sure.

CG. x