another question please

alwaysskintsarah

hi me again ive been reading some posts and they say about OR checking bank account for 2 years i dont have the statements? ive played bingo online and used my card to pay and on my credit card payed for our cruise last year will this mean i cant enter BR ive posted my income and expens please tell me if u think i can go for BR

INCOME
child benifit 80 month
child tax credits 142.60 month
income support ? (not heared nothing yet?)

unser debt
tsb overdraft 150
tsb loan 2500 68 a month
tsb c/card 1050 30 a month
welcome finance loan 15000 380 a month
capitial one 500 30 a month

monthy expen
pay family board 150 a month
moblie phone 55 a month (going to put on BR)
sky 38 a month (going to cancel or put in boyfreinds bank accout)
aol 15 a month(cancel?)
food 50 a month (babys nappys and stuff)
30 clothing

total income 222.60
monthly expen 230.00 not including sky and aol and phone?
debt a month 508.00 amonth not including overdraft

also can i do that keep sky and aol in my name but put payment in my boyfriends account? also i have a car logbook in my name my freinds for cheaper insurance for her the hpi is in her name but log book is in mine will my BR affect this will they think is my car and try to take it thanks again for all your help so far just every day think of another question!

ttt2009

yeah just move sky/aol over to your boyf, they dont care where it comes from as long as its paid.

£50 is very low for food per month!!!! mind u ive been living on less! food isnt a luxury!

not sure about your car, im sure someone will come along and help u with that.

try not to panic, easier said than done. im a complete stresshead at the mo!

skylight

Dont worry about cruise etc. You were not expecting to go BR last year and paying off debts as usual, so had no reason not to pay for it on a card - you were managing along nicely and were not expecting anything nasty to happen, financially.

dvs

They usually ask for 12 or 24 months worth of statements for all accounts. If you don't have them, they will get hold of them from your creditors.

I was told that the OR will only frown on gambling that totals 10% or 15% of your overall debt. So as long as it wasn't a serious gambling problem, you'll have nothing to worry about. The worst that could happen is a BRO (Bankruptcy Restrictions Order) which basically means you'll have bankruptcy restrictions for longer than a year. The guidance notes describe gambling as betting on sports or in casinos. Doesn't mention lottery or bingo so I wouldn't mention it.

mysterio_2

You would still be discharged from bankruptcy within a year.....a BRO/BRU just extends restrictions on you it does not extend your bankruptcy period


http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/bro.pdf

dvs

Thanks mysterio, corrected statement.

mysterio_2

dvs wrote: »

Thanks mysterio, corrected statement.

its a common mistake....:D

skylight

alwaysskintsarah wrote: »

INCOME
child benifit 80 month
child tax credits 142.60 month
income support ? Assuming you are over 25 - £60.50 per week single person = £242

unser debt
tsb overdraft 150
tsb loan 2500 68 a month
tsb c/card 1050 30 a month
welcome finance loan 15000 380 a month
capitial one 500 30 a month
are all these debts yours alone? Any joint ones? Is this everything??

MONTHYLY EXPENSES
pay family board 150 Family? You live at home with Parents?? What are your circumstances?? Up this to £200
moblie phone 55 a month (going to put on BR) If you are putting this on BR, then do not include it in your SOA. Change it to £20 PAYG and get a free SIM card on PAYG
sky 38 a month (going to cancel or put in boyfreinds bank accout) Remove this from SOA, but as mentioned, you can still keep it - just not in your allowance
aol 15 a month(cancel?) Likewise with broadband - can have it, just not from allowance
food 50 a month (babys nappys and stuff) Don't be daft. DO NOT sell yourself short on this. For you and one baby?? £200
30 clothing About right.

total income 222.60 £460
monthly expen 230.00 £430 (Not including Sky/AOL)

Regarding the car, I would explain all of that to the OR. As long as your friend can prove the car is hers (signed finance, dockets of sale etc) then there will not be a problem. Your friend though should put this in her name ASAP - she is limiting herself to insurance providers if the car is in someone elses name.

Also, as you will be on benefits, you will not pay an IPA anyway. But still, don't take the pee!

alwaysskintsarah

thanks very much for all of this help ive got to wait 3 months before i can go BR so just waiting also i told my iva i had a car do i have to included this in my br or can i miss it out the log book was never in my name in my moms name my mom gave it me i gave it her back as i couldnt affort it?

alwaysskintsarah

HI ME AGAIN I GOT A PHONE CALL OF WELCOME FINANCE FRIDAY GOT A MEETING WITH THEM ON MONDAY AT 10 TO DISCUSS SOME KIND OF ARRANGEMENT I HOPING THEY WILL FREEZE INTERSET AND SETTLE FOR 30 A MONTH MAYBE FOR 5 YEARS (I DID SAY HOPEFULLY!) if they do i might phone everyone else and arrange a smaller amount for them what advice would you give me if i was to attend the appiontment on monday. hopefully if i can get them to agree i would have to go backrupt after all fingers are crossedx

skylight

Whats the loan for?? Is it secured against a property? What assets do you have?

Reading your first post, I am going to assume you have no assets, this was just a usual loan and is not secured in anyway against anything?

As you have no income and no assets, so therefore nothing to protect (?) why would you want to come to an arrangement to pay them? (Being blunt!) You do not have a proper income to pay them with!

If you are trying to avoid BR at all costs (its not that bad, honest!) and you want to continue with the meeting, I would:
1. Ensure I had a clear and written down idea of what I wanted. (So you are not confused with other offers that they will bamboozle you with that will be to their advantage)
2. Ensure I had someone with me - to prevent me from signing anything. Make sure this is their main job! And preferably someone who has a vague idea of the rules (for example, not your Nan who may think you are going to prison if you don't pay today)
3. Ensure that you meet them at their offices. DO NOT make any arrangement for them to come to you. Its your home and you are not to feel intimidated in it. Plus its easier to walk out of their place than to kick them out of yours if you are getting no-where.