enough faffing, i need to make a decision

philnicandamy

remember as well if you use the link provided to do your SOA make sure you select the option "export for MSE" then it's easier to read & go through

Phil

homealone_2

Household Information[/b]
Number of adults in household........... 2 have put 2 as son 18 next month
Number of children in household.........
Number of cars owned.................... car through motability so running costs
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1658
Other income............................ 386.24
Total monthly income.................... 2044.24
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 520
Management charge (leasehold property).. 0
Council tax............................. 0 have not put council tax as dont know how much it will be but think will get full benefit for it
Electricity............................. 79
Gas..................................... 42
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 28
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 42
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 50
Petrol/diesel........................... 30
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 18
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
rent arrears............................ 40
pocket money 17yr old son............... 50
Total monthly expenses.................. 1459

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 7000
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 7000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
hmrc...........................12289.....0.........0
lloyds card....................5638.07...0.........0
halifax loan...................8940.71...0.........0
marks & spencers...............400.......0.........0
Total unsecured debts..........27267.78..0.........-

Monthly Budget Summary
Total monthly income.................... 2,044.24
Expenses (including HP & secured debts). 1,459
Available for debt repayments........... 585.24
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 585.24
Personal Balance Sheet Summary
Total assets (things you own)........... 7,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -27,267.78
Net Assets.............................. -20,267.78

tigerfeet2006

homealone wrote: »

Household Information[/b]
Number of adults in household........... 2 have put 2 as son 18 next month
Number of children in household.........
Number of cars owned.................... car through motability so running costs
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1658
Other income............................ 386.24
Total monthly income.................... 2044.24
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 520
Management charge (leasehold property).. 0
Council tax............................. 0 have not put council tax as dont know how much it will be but think will get full benefit for it
Electricity............................. 79
Gas..................................... 42
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 28
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 42
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 50 £70/80
Petrol/diesel........................... 30 £50
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0 £5 per week activities. £3 per day dinner
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40 some OR's allow some do. leave and see
Haircuts................................ 18
Entertainment........................... 0
Holiday................................. 0 £50
Emergency fund.......................... 50 some allow, some don't. leave and see
rent arrears............................ 40
pocket money 17yr old son............... 50 not allowed
Total monthly expenses.................. 1459

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 7000
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 7000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
hmrc...........................12289.....0.........0
lloyds card....................5638.07...0.........0
halifax loan...................8940.71...0.........0
marks & spencers...............400.......0.........0
Total unsecured debts..........27267.78..0.........-

Monthly Budget Summary
Total monthly income.................... 2,044.24
Expenses (including HP & secured debts). 1,459
Available for debt repayments........... 585.24
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 585.24
Personal Balance Sheet Summary
Total assets (things you own)........... 7,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -27,267.78
Net Assets.............................. -20,267.78

HTH. How are you feeling?

dalip

HA whilst i respect the fact that over the 36 mths you will have repaid 20k back,but you have forgotton that that is how it stands now,interest has to be added to all you cc ect as even with a DMP there is not guarentee that your creditors will freeze interest:rolleyes: .

Also you are looking at this from a purely financial aspect. What about the fact that you would be able to answer your phone without fear of it being a creditor,open your post without it being a demand for payment,go shopping using cash,not have to rob peter to pay paul;) .

As far as HMRC is concerned they will not wipe off that debt, so what are you hoping for that they will only take a small amount off you for x amount of years.....whilst filling in numerous forms every six months to prove you can not afford a higher repayment,the debt will still be owed no matter how you look at it.....unless of course you win the lottery:D

As you said at the begining you have 3 choices.
1.go bc but repay some of your debt
2. do a dmp and repay some of your debt
3. stay as you are and never be debt free.


Dx

Merry_Gentry

peachyprice wrote: »

You're sitting on £7500 which will clear your Lloyds, M&S and small debts completetly, which will leave you only £191 to pay to Halifax. If you have a surplus of £509 this leaves you £318 to play with as and when HMRC come up with a figure.

I think this is definitely skewing the results. You have £7,500 already, and are due a compensation payment which may well mean you might be able to pay off the Halifax in full. Even if you don't receive the compensation payment soon, with the majority of the debts paid off, you are in a much better position to pay off the Halifax.

That way, the only debt hanging over you would be the HRMC. Looking at your income and expenditure, you should be able to come to some sort of arrangement with them.

I don't know if there is something I am missing here, but I really don't think bankruptcy is the way to go when you appear to have the ability to pay a lot of this stuff off.

Sorry, maybe I'm missing something?

homealone_2

tigerfeet2006 wrote: »

HTH. How are you feeling?

thanks tigerfeet, as for my health well not so good. god it ruled out by dentist x-ray that it wasnt my teeth causing the pain and just came from doctors as in agony climbing the wall and although she said last week to take mu liquid morphine that i used in addition to tablets when back really bad, to take that for pain every 4 hours and dint want to spend weekend out of it but when she examined me she said i have something called trigeminal neuralgia and that i have to have a head x-ray on monday and she will be referring me to a neurologist asap god only knows what he will do but she said dont look it up on net as the horror stories will worry you and there is no guarantee you will have it for life, so obviously am typing it into google as we speak. just what i needed one more illness. had to have scan last week because she was concerned i may have abnormal cells again that need removing and a biopsy being done. i might as well just book a bed up in hospital and be done with it


as for my soa even after some tweaking am still not sure what to do. i know ultimately it is my decision but you all have given different advice and you all have some very valid points. why oh why cant i just make a decision and get on with it? is it because i am so ill at the moment i cant think straight? am scared i will make a decision i regret!!!

tigerfeet2006

Sorry to hear that HA. ((hugs))

Sorry to throw another spanner in the works but another option could be to pay the Halifax etc. as you have said and then when/if HMRC come after you and if you feel you can't deal with it as it is under £15k yuo could always go for a Debt Relief Order.

homealone_2

tigerfeet2006 wrote: »

Sorry to hear that HA. ((hugs))

Sorry to throw another spanner in the works but another option could be to pay the Halifax etc. as you have said and then when/if HMRC come after you and if you feel you can't deal with it as it is under £15k yuo could always go for a Debt Relief Order.

what i am concerned about is whatever debt i decided to pay when it comes to april and hmrc go through an expenditure and income with me that they may ask what happened to the x amount i owed so and so if i say i paid it off with shares etc that i cant remember if were declared or not when applying for tax credits as i did not fill in application forms my husband did
will they say a) hang on a minute we didnt know you had that stashed away how comes it never showed as assets on any of your tax credit application forms and they go back over all of them and adjust accordingly and come up with a higher figure that i owe them or b) say ahh well if you no longer are paying them x amount every month then you can give us it instead

or am i just over complicating it all?? i cant even think straight any more i am poring over this computer reading up on allsorts for hours and hours every day and have a stack of paperwork that i carry around with me from room to room. what with being really unwell at the moment my family are really worried i am going to have some kind of break down

Merry_Gentry

Hi Homealone,

I think you are making things much more complicated than they need to be and causing yourself a lot of headache. You can turn this round and round in your head and end up doing nothing, making yourself feel worse, or you can follow the advice you have been given (professional advice, not just the advice from on here) and handle the situation.

You are sitting on a chunk of money that has the potential to make a huge difference to your situation. I understand how you might not want to have to pay off someone else's debt, but this is the situation you are in, and you need to deal with it.

That money is doing you no good sitting there - no point having it there for a rainy day, then not using it when you're in the middle of a downpour.

homealone wrote: »

will they say a) hang on a minute we didnt know you had that stashed away how comes it never showed as assets on any of your tax credit application forms and they go back over all of them and adjust accordingly and come up with a higher figure that i owe them

I too am concerned that you did not inform HRMC of these assets when you applied for your tax credits. I don't know if it would have made a difference to your claim, or to the amount they are saying you owe. But I think this may be a big part of why you are struggling so much at the moment - as long as this is hanging over your head, you will be waiting to be 'caught' out.

Maybe now is the time to just lay it all out on the table and get this sorted? If HRMC ask why you paid the other debts over theirs, you simply explain you were getting yourself into a better financial position to deal with them.

I hope this doesn't sound too harsh - it just seems that you are going round and round, causing yourself lots of hassle, grief and stress.

Merry.

mumoftwins

homealone wrote: »

or am i just over complicating it all?? i cant even think straight any more i am poring over this computer reading up on allsorts for hours and hours every day and have a stack of paperwork that i carry around with me from room to room. what with being really unwell at the moment my family are really worried i am going to have some kind of break down

Homealone, on your other thread you were given advice to contact some debt charities to help you through this. I really believe you should get in touch with one of these as you obviously need their help.

There is no point getting yourself to the point of a breakdown when there are professional people who are willing to help you.

Please make that phone call asap - you need their help!