Shall I go bankrupt! Please help!

Carlyt

skylight wrote: »

Do you work?? Where does your income come from? It does matter as there could be stuff you can add.

You may have issues selling the car to pay back the family member. Technically this is favouring a creditor. But realistically once its paid back, there is little the OR can do except demand the family member re-pays the money.

Yeah i can try and stop smoking just got too much on my mind at min to be strong enough but on the other hand it would help financially.
I am working about 2 mile away at min, but this is very short term, i have been applying for loads of jobs as i hate it and its getting me down, was been made redundant from last job so had to get something quick and ended uo in call centre doing daft hours arrrrghh! hopefully will have moved by time i have go bankrupt (if i do).

how much are you allowed for clothes etc?

I will still go to they gym as its the only luxury i have, i never go out as cant affird it so its something i can do in spare time.

Do you think i would be able to go bankrupt with my soa??

Sunny_Bear

you have quite a large deficite and as I see it you need to make sure your monthly expenditure is within your income as you wont be able to get credit once your BR.

Maybe re do you SOA with the actual amounts you will have to pay, so taking any arrears off and see how it come out? You can add dentist/opticians - £10, contents ins - 20, clothing - 20ish, things like that that you have to pay for each month. What about car mot/maintenence/tax?

Carlyt

Sunny_Bear wrote: »

you have quite a large deficite and as I see it you need to make sure your monthly expenditure is within your income as you wont be able to get credit once your BR.

Maybe re do you SOA with the actual amounts you will have to pay, so taking any arrears off and see how it come out? You can add dentist/opticians - £10, contents ins - 20, clothing - 20ish, things like that that you have to pay for each month. What about car mot/maintenence/tax?

I'll re-do it to what it would be after BR, but even the car would be me driving, mum would have in her name, i will still have to pay for everything but would OR accept that???

Sunny_Bear

I think so, maybe they would make you share the costs possibly? other people will be along in a bit that know ay more than me!!!

Regards to the car, if your mum buys it for you and has proof, like a receipt, then you can be the registered keeper which means they may allow you everything like tax etc.

Carlyt

Without car :-

Rent £375
Council tax £65
Water £32
Electric £100
Food £120 - I'm not sure how much a actually spend? think it may be more than this
TV licence £12
Mobile phone £35
Internet and landline £37
Clothes £25
Dentist £5
Prescription £14.20
College course £25
Health Insurance £5
Travel £80
Haircut £15

TOTAL £865.20 - this is without car and arrears in BR anything else i can add???

This would be brill if it was real, would i be able to go bankrupt with disposable income though?

With car:-

Rent £375
Council tax £65
Water £25
Electric £100
TV licence £12
Food £120
Petrol £80
Car Insurance £48
Car tax £20
Mobile £35
Landline and Internet £37
Clothes £25
Health Insurance £5
Dentist £5
Haircut £15
Prescription £14.20
College course £25

TOTAL £1006.20


Not sure what they look for and what disposable income they look for etc so i have put in what i can.

Also do they go through your bank stats before hand and what do they look for etc?

skylight

Carlyt wrote: »

With car:-

Rent £375
Council tax £65
Water £25
Electric £100
TV licence £12
Food £110
Petrol £80
Car Insurance £48
Car tax £20
Mobile £35
Landline and Internet £37
Clothes £25
Health Insurance £5
Dentist £5
Haircut £15
Prescription £14 (keep it rounded - makes things easier - can you prove you spend this?)
College course £25


TOTAL £996


Not sure what they look for and what disposable income they look for etc so i have put in what i can.

Also do they go through your bank stats before hand and what do they look for etc? Anything thats not "normal" like several £1000's being moved around or unnaccountable income/outgoing. Fraudulent stuff really

I think that the car should be allowed (a cheap one) as you need it for work. Without a car, no work, therefore no income. Just change your food bill to suit. The SOA looks fine.

Carlyt

I just dont want to rosk putting car in my name incase they take it off me, shall i put in mums and then explain she got car for me and i have to pay for everything etc?

skylight

Legally, whoever is on the registration form is not necessarily the legal owner.

A lot of insurers insist that the car you drive and they cover, is registered in your name - but still does not make it legally yours. Also, HP, the finance company legally own the car but its registered in your name.

If your mum were to buy a small, cheap car and the registration documents are in your name, then that is not a problem. Your Mum will have to have paid by a method traceable to her and all receipts for the purchase must be in her name and address (just to cross t's and dot i's so to speak).

As you drive the car and need it for work, the reasonable expenses should be permitted. Explaining this to the OR will not be an issue.

If you would prefer to leave the registered keeper as your Mum, then thats AOK too. Double check that your insurance will allow you to do that though, as you do not want to mess up one area when dealing with another!

Carlyt

skylight wrote: »

Legally, whoever is on the registration form is not necessarily the legal owner.

A lot of insurers insist that the car you drive and they cover, is registered in your name - but still does not make it legally yours. Also, HP, the finance company legally own the car but its registered in your name.

If your mum were to buy a small, cheap car and the registration documents are in your name, then that is not a problem. Your Mum will have to have paid by a method traceable to her and all receipts for the purchase must be in her name and address (just to cross t's and dot i's so to speak).

As you drive the car and need it for work, the reasonable expenses should be permitted. Explaining this to the OR will not be an issue.

If you would prefer to leave the registered keeper as your Mum, then thats AOK too. Double check that your insurance will allow you to do that though, as you do not want to mess up one area when dealing with another!

brill thanks, looking at spending about 1400, she will never drive car as she is disabled so car is mine and should be in my name but just worried incase i go bankrupt so thought i was playing it safe.

buddy21_2

Note from your first post that you are thinking of selling the car and repaying family member. Please check into this first! I sold my car 2 years before my bankruptcy (bankruptcy was not even a thought at the time) and did similar and it has caused me so many problems. My OR is continually threatening to take me to court and extend the terms of my bankruptcy etc etc. They view it as favouring one creditor over another - even though that was not the case at the time.

Am not trying to worry you and can completely sympathise with your reasons for wanting to do this but please check it out first - I would hate you to have to go through all the added trauma that I have - Good luck xxxx