Bankruptcy Dilema!!!!

charliebrown10

hi , we are looking for anyone who can help!!
we are around 25k in debt.
around 6 years ago we took out a loan and had credit and store cards etc . we obtained this credit when we were single no children and no house , it was easy to pay then , however when we had our 1st child( we now have 4 ) we moved into a rented house and soon found we could not repay our dept and pay the bills , it soon became uncontrollable and we ended up taking a dmp with gregory penningtton , this was set to high and we couldnt keep it up . we called the national debt line and we set up a dmp with cccs , paying only 97.00 per month we kept this up for around 2 years but still being hassled by creditors and starting to struggle with this payment we looked into bankruptcy and decided this may be a better decision . a year ago we stopped payment to the cccs with the hope that we would save this money for the bankruptcy , however this hasnt happened as our money got tighter. we now want to go bankrupt and finally put an end to everything and start a fresh , but we dont know how the fact that we havnt paid for a year is going too affect this and also we no longer know where our debts are , they have been passed around several collections people .
any help would be very much appreciated .

dalip

OK first off ring NDL in the morn and get some advice.If money is really tight maybe the one with most debt in their name could go bc first whilst the other saves. Post an income and expenditure sheet for us and we can give you an opinion of what sort of allowances you would get whilst bc. They are more generous than on a DMP.

Oh and welcome to the forum. Any questions at all just fire away. Not many here at this time of night but plenty of experts come 9 o'clock;) .Dx

wallopadonkey

hiya the fact you havnt paid your dmp will not make any difference to whether you can go bankrupt or not

as i learned tonight insolvency means you owe more than you own so there is the basis for bankruptcy
if you go onto the following and do a state ment of afffairs
http://www.makesenseofcards.co.uk/soacalc.html
and fill in as much as you can post it up here in a seperate thread if you wish and ask for advice
a bit late now but if you get no / little response during the day bump it morrow eve at about 7 pm lol
dont worry about who you owe money to as the letters will keep coming in and u just need to keep one of themfrom each

hope this helps for now
wallop

charliebrown10

hi , we are looking for anyone who can help!!
we are around 25k in debt.
around 6 years ago we took out a loan and had credit and store cards etc . we obtained this credit when we were single no children and no house , it was easy to pay then , however when we had our 1st child( we now have 4 ) we moved into a rented house and soon found we could not repay our dept and pay the bills , it soon became uncontrollable and we ended up taking a dmp with gregory penningtton , this was set to high and we couldnt keep it up . we called the national debt line and we set up a dmp with cccs , paying only 97.00 per month we kept this up for around 2 years but still being hassled by creditors and starting to struggle with this payment we looked into bankruptcy and decided this may be a better decision . a year ago we stopped payment to the cccs with the hope that we would save this money for the bankruptcy , however this hasnt happened as our money got tighter. we now want to go bankrupt and finally put an end to everything and start a fresh , but we dont know how the fact that we havnt paid for a year is going too affect this and also we no longer know where our debts are , they have been passed around several collections people .
any help would be very much appreciated .


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 800
Benefits................................ 200
Other income............................ 0
Total monthly income.................... 2000
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 55
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 19
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 40
Petrol/diesel........................... 160
Road tax................................ 30
Car Insurance........................... 107
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 150
Other child related expenses............ 40
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........................... 0
Holiday................................. 0
Emergency fund.......................... 0
wifes bills............................. 290
Total monthly expenses.................. 2190

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
natwest loan...................16000.....0.........0
natwest credit card............3500......0.........0
argos card ....................1000......0.........0
hfc............................250.......0.........0
Total unsecured debts..........20750.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 2,190
Available for debt repayments........... -190
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. +10
Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -20,750
Net Assets.............................. -19,950
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

it is my husband that is going bankrupt as the debt is in his name , so how will this affect me ? ive included my income 800 in the above soa and also added (wifes bills ) as this is what i pay out .
also the cars my husband has 1 that he uses for work value approx 200 and i have one in my name value approx 600, would they be able to take my car ? also the petrol cost , insurance and tax goes 2 ways as does the mobile phones as we both have one , will this be classed as unreasonable?
also even though it is my husband who pays the household bills , gas electric phone etc , they are in my name as he would fail the credit checks , will this be a problem?
as you can see this is our outgoings WITHOUT paying the debt repayments and even though on paper we are +10 we somehow get by.but it would be impossible to pay the debt which is why we are looking to go bankrupt.
thankyou for taking the time to read the above .

dalip

"bump" saves me repeating mysef.lol;)

deedee_3

I think that Dalip and Wallop have said it all for the moment.

Speak to National Debtline (number in Dalips sig.) You will need to be patient and sit with finger on redial as they are very busy atm. Took me half an hour to get through the other day.

Pop up you SoA and read the Bankruptcy Help sticky at the top of the board. Ask as many questions as you need to. Read threads. Ask more questions.We will help and support you all we can.

dalip

charliebrown10 wrote: »

hi , we are looking for anyone who can help!!
we are around 25k in debt.
around 6 years ago we took out a loan and had credit and store cards etc . we obtained this credit when we were single no children and no house , it was easy to pay then , however when we had our 1st child( we now have 4 ) we moved into a rented house and soon found we could not repay our dept and pay the bills , it soon became uncontrollable and we ended up taking a dmp with gregory penningtton , this was set to high and we couldnt keep it up . we called the national debt line and we set up a dmp with cccs , paying only 97.00 per month we kept this up for around 2 years but still being hassled by creditors and starting to struggle with this payment we looked into bankruptcy and decided this may be a better decision . a year ago we stopped payment to the cccs with the hope that we would save this money for the bankruptcy , however this hasnt happened as our money got tighter. we now want to go bankrupt and finally put an end to everything and start a fresh , but we dont know how the fact that we havnt paid for a year is going too affect this and also we no longer know where our debts are , they have been passed around several collections people .
any help would be very much appreciated .


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 800only put their contribution to houshold bills not thir full income
Benefits................................ 200if in your name and this is your husbnds SOA then don't put it in.
Other income............................ 0
Total monthly income.................... 2000
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 55max £60 for landline and mobile
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 19unless needed for work will have to come out of any surplus you may have
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 40£100
Petrol/diesel........................... 160
Road tax................................ 30
Car Insurance........................... 107
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 150
Other child related expenses............ 40£80?
Medical (prescriptions, dentist etc).... 0£30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0£20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0£30
Entertainment........................... 0
Holiday................................. 0at least £60
Emergency fund.......................... 0
wifes bills............................. 290Not allowed
Total monthly expenses.................. 2190

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
natwest loan...................16000.....0.........0
natwest credit card............3500......0.........0
argos card ....................1000......0.........0
hfc............................250.......0.........0
Total unsecured debts..........20750.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 2,190
Available for debt repayments........... -190
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. +10
Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -20,750
Net Assets.............................. -19,950
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

it is my husband that is going bankrupt as the debt is in his name , so how will this affect me ? ive included my income 800 in the above soa and also added (wifes bills ) as this is what i pay out .
also the cars my husband has 1 that he uses for work value approx 200 and i have one in my name value approx 600, would they be able to take my car ? also the petrol cost , insurance and tax goes 2 ways as does the mobile phones as we both have one , will this be classed as unreasonable?
also even though it is my husband who pays the household bills , gas electric phone etc , they are in my name as he would fail the credit checks , will this be a problem?
as you can see this is our outgoings WITHOUT paying the debt repayments and even though on paper we are +10 we somehow get by.but it would be impossible to pay the debt which is why we are looking to go bankrupt.
thankyou for taking the time to read the above .

Done a few changes. Others in the know may be along with other useful adjustments soon.Dx

deedee_3

As it is just the husband who is going bankrupt then you put down the joint household bills ie rent, utilities and council tax, childrens stuff.

Then you put personal expenses ie mobile, own car costs.

Then you put your full wage and the wifes contribution to the joint stuff. Not her full income as she obviously has her own expenses to pay for.

charliebrown10

thanks for the changes ,
but im still not sure how it would work everything is in my name so soa would be , rent-400
food-600
fuel-80
car ins-40
car tax -15
total = 1135
any thing left would go to me (wife ) to pay remaing bills gas electric etc
asset - would change to 200 this is the car but he uses it daily for work.
debt would remain the same .
sorry im finding it all really confusing .

dalip

It does not matter if the utlities are in your name or not. Your bills are based on houshold income not on whoose name they are in. So you put totals for all houshold bills then OH own personal expenses like car You only put own how much you actualy contribute to the bills after you have paid your own expenses. Bc is an individual thing and so is based on your OH not youDx

charliebrown10

thanks ,
so i put all utiliites etc then what isnt covered by his wage i put as a contrabution from me .
can i not leave the mobiles out of this as they are in my name and paid for out of my benefit as is the tv? we got sky because freeview dosnt work in our area will this be taken off us ? again its in my name and paid for by me.
i have just been reading up on weather or not his car will be taken ? its worth about 200 and i wouldnt say that its upkeep is excessive ? he just wouldnt be able to keep his job if it was to go , he works about 15miles from home we live in a little village and i dont think the bus would be an option !! he works lots of different shifts sometimes working upto 10.30 in the evening and it wouldnt be possable for me to collect him as i would have 4 sleeping babies at that time of night? would they take this into consideration or are they really as bad as people are making out ?