Think BR is the only option??

Drummyj_2

Hi everyone,
I've been lurking on these forums for a while. Finally plucked up courage to go on the CCCS website and get some initial feedback. Um, 31 years to pay off as things stand :eek: ...I don't think so! So I think I need to go down the BR route, but the whole process scares me as I cannot work out how or when to set up a new bank account for DDs - or even if I will be allowed to continue with my DDs or if I have to start again? Will I lose my current utility suppliers? Many other confusions!

Anyway, this is my SOA as of now.
My other half is registered as self employed, but has no income - please tell me I don't want to go into detail.
I am the sole source of income, from part-time job, plus full-time student NHS bursary (no I don't sleep).

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 540
Partners monthly income after tax....... 0
Benefits................................ 297
Other income............................ 859
Total monthly income.................... 1696

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 61
Gas..................................... 0
Oil..................................... 45
Water rates............................. 14.65
Telephone (land line)................... 30
Mobile phone............................ 15
TV Licence.............................. 11.61
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 25
Petrol/diesel........................... 270
Road tax................................ 20
Car Insurance........................... 30
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 17.72
Life assurance ......................... 37.58
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1642.56

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 3500

Unsecured Debts
Description....................Debt......Monthly...APR
lloyds tsb ccard...............9800......200.......16.2
marks and spencer cca..........4100......100.......17.52
mbna ccard.....................3280......25........4.8
capital one ccard..............8100......250.......14.4
halifax ccard..................6320......70........9.12
Total unsecured debts..........31600.....645.......-

Monthly Budget Summary
Total monthly income.................... 1,696
Expenses (including secured debts)....... 1,642.56
Available for debt repayments........... 53.44
Monthly UNsecured debt repayments....... 645
Surplus(deficit if negative)............ -591.56

Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total Secured debt...................... -0
Total Unsecured debt.................... -31,600
Net Assets.............................. -28,100

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
So, 2 adults, one 15 year old, 4 cats, one dog.Run 2 cars - live 10 miles away from nearest public transport.Please don't laugh too much - I know it looks dreadful. We have been paying rent 6 month in advance on credit card

peachyprice

Hi drummy, welcome to the forum.
Will it be just you going BR, or your OH aswell?
Are the car costs for both cars or just yours, and is £3500 both cars or just one?

Drummyj_2

It's just me for the noose :eek: . OH did the deed last year, and things haven't improved the way we hoped (gosh what a surprise).
Car costs are for both, mine is worth around 3200, his about 300 if we wash it and nothing falls off.

gpkwells

Drummy,

Cars over £2000 are generally taken as an asset. Do you have any outstanding H.P. on your car?

Drummyj_2

No HP, its all mine. However, I travel at least 45 miles at least 5 days a week just to college, placement,work. Its reliable and fairly economical.

Please dont say they'll take it :whistle:

peachyprice

They might take it and give you an allowance of up to £2k to buy another car. But they won't leave you carless if it means you couldn't get to work.

Rylynn

You will have to face the fact that they may take the car, they will normally then give you an amount to replace it with. Economical is not what they just look at it is over £2k you may lose it.

I know my friend lost hers worth £2900 and she had to travel 65 miles a day.

Drummyj_2

:rolleyes: Just been clipped round ear by OH - for bragging about my car - he's been on Parker's and I'd be lucky to get 2500 for it :rotfl:

Rylynn

Well that is the place the OR uses so that is a bit better then. My OR asked mileage on mine, as he said it helped to value it, but made it exempt, but it is only worth about £1200 tops.

Drummyj_2

Am also confused as to BR fees - cannot possibly save that amount up!
Daughter is going to lend me it - from her part-time stable work from which she has stashed a small fortune. But I think I read somewhere that that would make her a creditor?

At this rate of confusion I think I'll just wait my 31 years.....

peachyprice

You don't have to tell the OR she lent you the money.