YM's countdown to the 17th March

yellowmonkey

Hi

Some may remember me from a while ago when i was umming and aahing about my prediciment and wether to go down the bankruptcy route.

I have decided to go for bankruptcy as I need to deal with this debt problem that has been over my head for the last 20 years or so. I keep trying to kid myself that I can pay it off but I am in as much debt now as I was 2 years ago and it is time to deal with it.

I have been in a DMP with Payplan for 2 years and have emailed them to let them know that I am going to go bankrupt and am waiting for the reply.
I have been in contact with HR at work and my job will be unaffected and I have registered today to the insolvency website and have started filling the forms in. Need to get a Coop account sorted soon and that is next on my list.

None of this would not have been possible without this board and its in depth info :T .

I am planning to stop my payments to Payplan(250) forthwith and hoping to get the fee together for the end of Feb 09. It will be strange not to pay my debts as I have been paying something for years and not to pay anything will seem weird.

I guess what has brought this on is the fact I have £100 to last me the month and that is food and petrol :eek: .

I hope that some of you will follow me on my journey and I hope in the future this tale will help others as others have helped me.

I will begin by re posting my SOA with the latest figures that I am paying at the moment.


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 300
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2220

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 25
Mobile phone............................ 5
TV Licence.............................. 12
Satellite/Cable TV...................... 36
Internet Services....................... 12
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 0
Car Insurance........................... 46
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1368

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly.. .APR
egg loan.......................12849.....115.......0
egg CC.........................2110......19........0
FIRST DIRECT...................8378......75........0
Halifax OD.....................4227.71...38........0
ARGOS..........................434.......3.8...... .0
Total unsecured debts..........27998.71..250.8.....-

Monthly Budget Summary
Total monthly income.................... 2,220
Expenses (including secured debts).......1,368
Available for debt repayments........... 852.00
Monthly UNsecured debt repayments....... 250.8
Surplus(deficit if negative)............ 602.00

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total Secured debt...................... -0
Total Unsecured debt.................... -27,998.71
Net Assets.............................. -26,998.71

I know it looks like I have £600 surplus but my OH's income has been included although she does not contribute to the bills etc so Thats money I dont have and the £125 is the Family allowence per month which I do not see either as it pays other things for the childre. So if that is taken off that leaves me £175. Never seem to have that spare though and got MOT and tax the end of this month with no money saved



Speak soon and thanks for reading

ym

So_Sad_Angel

Hi YM...great to see you ( not the BR but hey thats why we are here I guess!!!)

Add to SOA ...prescripts, dentist, optician, pet ins, haircuts, life assurance & definately contents ins!!

Remember that BR SOA is more lenient than DFW so put in everything & then if its disallowed then so be it.

Others willl be along to give advice....sorry to hear that the DMP was`nt working out. You tried & thats all any of us can do.

Keep posting Hun xx

GettingHopeful

Need to annualise the MOT and car expenses and put something in there. I've just done a service and repairs at £470 with MOT to come next month so £50 a month is not unreasonable. You're allowed a holiday allowance - £25 I think, and dentist and opticians costs as well. Also road tax.

Cable or sky will be disallowed but you can put it down.

With you and your spouse and children you will be allowed a higher groceries allowance - could put down at least £450. Seems to me as you are including your partners and children's allowance that you can put down all the costs incurred.

I think you will see that this will bring your available income right down to the £100 or less that you have each month, so makes complete sense.

All the best

xxx

yellowmonkey

Morning

Quick question regarding OH income. I notice on the forms it asks for your partners contribution. To be honest it is about £50 towards food.
On my SOA above would it be better to put £50 for partners contribution and nothing for benifits ?

Everything else on the outgoings are paid by me.

Another thought. How long roughly does it take creditors to threaten legal action. I am thinking that if I miss Januarys payment and dont get to court (hopefully) at the end of FEB am i leaving too long a gap between stopping and saving for fees and the deed.

Sorry, look at me, just posted and asking loads

Thanks for the suggestions thus far.

Off to bed soon as I am on nights and then see if Payplan get in touch. Done the debt remedy with CCCS and bankruptcy was recommended so see how Payplan compare. Hope you all have a great day.

ym

yellowmonkey

Hi

Taken the bull by the horns and have phoned my local court.

Date set for 17th March :eek:

Thought it might have been busy but that seems ages away. Still gives me time to save the fees and fill out forms.

Just have to put up with the creditors hassling me for about 10 weeks. Still at least I have a date and can take control again

ym

yellowmonkey

Just applied and been accepted for a Co-op cashminder account. Just got to wait for the gumf to come through the post

ym

Waspeze

Hi YM... for some reason the 17th March rings a bell with me

Sorry to hear you have to go down this route but at least it'll all be over then!

To give you an idea.. I stopped paying all mine in january bar one which i'd never paid (DCA not original creditor).. that one got a ccj against me the beginning of feb with payments due to start beginning of march, which i defaulted (because I knew I was going bankrupt) and it was all fine.. I could have appealed it which would have delayed the process even more so I wouldn't worry about 10 weeks .. they'll threaten you with everything under the sun as i'm sure you know... don't mention bankruptcy to them just ignore and after the 17th you can have the satisfaction of telling them to speak to the OR as the debt is no longer your reesponsibility


With regards your SoA .. don't forget a clothing allowance as well!

newlywed

Hi ym - just want to say sorry things on the DMP aren't working out for you.

Hope all goes well for you in March. I'm sure you'll get all the help and advice you need from the peeps here

All the best.

(If anything happens to mine or OH's jobs then I'll probably be straight over here asking you for advice )

yellowmonkey

Hi newlywed :hello:

Nice to hear from you.

Yes I have had to face facts and realise that I would probably take years to pay off my debt. When I made the decision that I have recently I looked back and could see a pattern that I have been in since my early 20's to be honest. I am now 46.
Time seems to go really quick as the years go by and I have not been paying into my company pension for about 2 years now and thought that with the time to pay off my debt I would probably be retired and still have the debt and no money.

It was a little thing that tipped the balance. I recieved a letter from Argos(one of my creditors) stating that they will not accept my reduced payment(I have recently had to reduce my DMP payment). They were my least owed, if you like, creditors and i thought why not face up to the fact that I am carp with money and get to the point that I should have been at years ago.

Reading the brave posts on this forum has given me the courage to face my demons.

I would like to use this thread(if i may)as a kind of diary for myself. It will be nice to look back on my journal and journey and when I am retired I can look back and remember hard times. That is if I am not skint but that is not the plan.

I read cover to cover Scarletts amazing diary last night and the inspiration and knowledge that passed onto me was brilliant :T. If this could do 1% of that for someone I would be well chuffed.

Brief synopsis of where I am since making my decision.

1...Booked court date for 17 March

2...applied and been accepted for Cashminder account.

3...Started my online forms

Since posting on here and booking my court date I have had a feeling that I did not expect really. I feel older and have a feeling af guilt and shame. Is this normal ? It will probably pass but did not expect it really. I am a man you know and the only thing that normally has an effect on me is Man Flu.

I will tackle the forms and info after xmas I think as since I started this thread I have read so much and tried to take in so much info that my brain is like a full sponge and anything else I read just seems to bounce off really so I will chill until the new year

Hope I have not waffled on to long and I am really tired as I am on nights and really just got up for a drink so I will bid you farewell and hope you all have a great day.

That has also been my longest post since joing MSE and i will bore you no more

TTFN

ym

yellowmonkey

Re jigged SOA below. This is for 2 adults and 2 children ( 7 & 5). I also have two DS's from a previous relationship

Monthly Income Details[/b]
Monthly income after tax................ 1800
Partners monthly income after tax....... 50 ( Contribution )
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1850


Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 40
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 480
Clothing................................ 50
Petrol/diesel........................... 160
Road tax................................ 20
Car Insurance........................... 53
Car maintenance (including MOT)......... 35
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 220 ( Maintainence payments for DS's )
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 1770

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

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,850
Expenses (including secured debts)...... 1,770
Available for debt repayments........... 80
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 80
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

yellowmonkey

Hi

Logged on and filled in another question on the forms today but going to give it a rest until after xmas now. 34% done now but they are the easy ones ie name etc .

Talking of xmas my one starts proper tomorrow with the unvieling and opening of the bumper double issue of the TV times for the festive period.Always associate that with the start of the holiday season for some reason . Sad really

Have a nice weekend everyone

ym