SOA deep crap help needed

Rightinit

Income, Expense, Debt & Asset Details
Income Amount(£)
Monthly income after tax 400
Partners monthly income 400
Benefits 0
Other income 0
Total monthly income 800


Expenses Amount(£)
Mortgage 740
Secured loan payments 0
Rent 0
Management charge (leasehold property) 0
Council tax 129
Electricity 70
Gas 55
Oil 0
Water Rates 34
Telephone (land line) 24.99
Mobile phone 30
TV Licence 11.61
Satellite/Cable TV 0
Internet services 0
Groceries etc. 400
Clothing 30
Petrol/diesel 180
Road tax 70
Car Insurance 35
Car maintenenance (including MOT) 11
Car Parking 0
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 15
Buildings Insurance 6.5
Contents Insurance 12
Life Assurance 14
Other Insurance 0
Presents (birthday, christmas etc.) 2
Haircuts 2
Entertainment 10
Holiday 0
Emergency Fund 20
Total monthly expenses 1902.1


Secured Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 135526 (740) 0
Secured Debt totals 135526 - -


Unsecured Debt Description Debt(£) Monthly(£) APR(%)
Marks & Spencer loan 26611.1 1 0
Alliance & Leicester 1232.82 1 0
HSBC CURRENT ACCOUNT 2790.84 1 0
HSBC CC 5994.17 1 0
Northern Rock Loan 11291.6 1 0
MBNA CC 4141.62 1 0
Egg CC 3728.03 1 0
Goldfish/Mercer Debt 4001.71 1 0
Lloyds TSB CC 5221.42 1 0
Citi CC 3761.13 1 0
Alliance & Leicester 1033.62 1 0
Unsecured Debt totals 69808.06 11 -


Asset Description Value (£)
Cash 160
House Value (Gross) 160
Shares and bonds 0
Car(s) 3
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 323

I am 43 have two children age 20 and 18. We run a small franchise and business and my health has got worse and worse. Our wages depend on how much we collect in from shops I have suffered from mental health for the past 15 years,and am ill at the moment, we have run the franchise for 5 years. We cant afford stock at moment so cant service shops to get money in we are a limited company. we have 3 cars a old landcruiser which is now up for sale will get about 1500 2000 if lucky a motorbike spares or repair fo 1k. Have been burying my head in the sand for a long time. Was admitted to mental health unit earlier in year tried to do the ultimate. I feel so sorry for wife and kids to be lumbered with somebody who cant keep a roof over their heads. help!! :eek:

Rylynn

Not sure what to say but BR may not be for you, the Judge may deem you still cannot live even after you have been made BR. Phone on of the debt lines listed in threads at top.

RL

k2nga

Well first of all well done for taking the first step and posting an SOA there are a few people on here who will be able to comment.

I think the first thing you should do is call national debtline as i believe they will be able to offer good advice for both your business and your personal money matters.

If you need the chance to explain face to face then the CAB might be able to help but please dont panic about it all.

You are not alone thats one thing to remember i also had a business when i went BR and if you take it a chunk at a time you will get through this and come out the otherside a stronger and better person.

Many people will be just like you at the moment so please give those guys a call and keep in touch of course on here as us guys are always here to help.

Rightinit

If I cant go BR what other avenues are open to me? I have been with the CAB for a while and am due to see a debt councellor on Monday. I am really depressed, feel like I have no where to go . The house has very little equity in know and my illness is preventing me going out to work. Have been to see the council re council tax and job centre plus for Incapcity Benefit/Income support. In about 2months arrears with mortage and all CC's Loans are receiving £1 each. Some still adding interest, majority not.:mad:

Rightinit

Thanks K2nga, I do hope people can help. Feel such a failure!!!

Dorothy56

Hi Rightinit

Well done for having the courage to post. It must be a really tough thing to be going through.

Once you have seen the debt counsellor things should hopefully be clearer for you.

A lot of people on here have struggled with their mortgage payments and then make the decision to move into a rented property once they are bankrupt, so still managing to keep a roof over their heads.

Also, you said you are finding out what help you can get from the Council and Income Support.

Seems you are pretty much in a catch 22 situation with your business at the moment, does the franchise have any value that you would be able to sell on?

No matter how bleak things may seem, I can assure you others have come through it and there will be light at the end of the tunnel.

Did you know 1 in 5 of the population will suffer from some form of mental health illness in their lives? Just as with physical illnesees it can take a long time to get over but that doesn't mean your family is 'lumbered' with you - as you put it.

Good luck for Monday and let us know how it goes.

Take care

Dorothy

Rightinit

Thanks Dorothy will let you know what happens on Monday. Have approximatley 75 outlets if billed them tommorow would pull in about 3k enough for mortage arrears and money for OR to go BR.

angelavdavis

Hi there,

Sorry to hear about your situation, although it sounds like you are doing the right things seeking advice.

Are your children in education or do they work for you?

Is it possible for them to do a part time job at least to help with the household income?

PasturesNew

If you're self-employed and earning just £400/month, I can't see why you'd not qualify for working tax credit. If it were just one person pulling £800/month you'd qualify, so 2 would.

Give it a go on http://www.entitledto.com and also phone up and see.

kazwookie

Do your 20 and 18 year old work for you? but as such at the moment they are not really doing any thing, because of the lack of money for stock etc?

If so might it not be a good idea that they found other jobs for now, so they have a regular income?

If how ever they do have other jobs, do they live at home with you? and if so do they contribute to the food / bills etc?

If they don't live at home with you the £400 on groceries is very high.

You mention, you are billing the shops~~~ how many of the shop are not paid up to date? May be you can spend some time on the phone and call those in arrears and get them to pay up.

Good luck

Rightinit

20 year old still in full time education, 18 year old work placed apprenticeship, both on very little money as most gets swallowed up in public transport costs they contribute £20 a week. 20 year old is on housing list, cant put up with my mental illness. All shops up to date, however, got to put new stock in to get money back. No stock no money unless we close all accounts final invoice and try and sell stock generated from shops.