Any ideas ?

craigkaren

Been on cccs web site and spoke on the phone the only advice was to go bankrupt which i rather not as dont wish to lose the house so any ideas ?
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.................... 1
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 1048
Benefits................................ 220
Other income............................ 140
Total monthly income.................... 3108
Monthly Expense Details
Mortgage................................ 738
Secured/HP loan repayments.............. 402
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 60
Gas..................................... 122
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 0
Mobile phone............................ 80
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 29
Groceries etc. ......................... 400
Clothing................................ 100
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 45
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 34
Contents insurance...................... 0
Life assurance ......................... 18
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2380

Assets
Cash.................................... 0
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 149000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 124880...(738)......6.5 northern rock
Secured Debt.................. 20500....(194)......0 first plus 25 years
Hire Purchase (HP) debt ...... 8000.....(208)......0 3 years left
Total secured & HP debts...... 153380....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
citi loan......................11072.....285.......0
barclays loan..................10000.....192.......0
barclays loan..................7000......192.......0
citi card......................970.......61........0
capital one ...................2400......142.......0
halifax........................5537......85........0
barclay card...................400.......6.........0
virgin card....................897.......27........0
northern rock loan.............28880.....173.......6.5 30 years
Total unsecured debts..........67156.....1163......-

Monthly Budget Summary
Total monthly income.................... 3,108
Expenses (including HP & secured debts). 2,380
Available for debt repayments........... 728
Monthly UNsecured debt repayments....... 1,163
Amount short for making debt repayments. -435
Personal Balance Sheet Summary
Total assets (things you own)........... 149,000
Total HP & Secured debt................. -153,380
Total Unsecured debt.................... -67,156
Net Assets.............................. -63,536

Reproduced on Moneysavingexpert with permission, using IE browser.

gettingbetter

hi

the gas seems very high
clothing could be cut for a while

thats what jumped out at me
the experts will be here soon

kas xx

Lensman_2

I would post this up on the Bankruptcy board. http://forums.moneysavingexpert.com/forumdisplay.html?f=136

It is possible that you might be able to keep the house if you do go bankrupt. You have £1142 secured payments against the need for a private rent that will see you and your large family housed.

50broke

:eek: really don't understand why CCCS advised bancrupsy when u have 728 availble for debt repayments. my total unsecured debt is 1800 per month and i have only 600 available and i am on dmp plan, you really want to check this out again.... does not make sense!! good luck:o

craigkaren

Thanks all

massivedebts

HI
Not sure why only BR offered to you either , We've got £60k ish of unsecured debt and only £330 available to make the repayments. We were offered BR or DMP, we've chosed DMP for the sake of the house - I don't know enough about BR etc and I know tht you don't necessarily lose your house, but if just wasn't for us. Anyway, our DMP has just started and we've been told it'll take about 17 years to clear our debts:eek: . I know that's a long time, but I'm also aware that our circumstances will change in that time and that we will bring that DFD nearer;)
. Did CCCS not offer a DMP?
MD xx

craigkaren

No MD they just said bankruptcy was only way and to get used to losing the house which i thought was i bit harsh

gettingbetter

hi

try havig a word with payplan
and see what they say

kas xx

trina2010

craigkaren wrote: »

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.................... 1
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 1048
Benefits................................ 220 are you getting all benefits you are entitled to?
Other income............................ 140
Total monthly income.................... 3108
Monthly Expense Details
Mortgage................................ 738
Secured/HP loan repayments.............. 402
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 60 £182 a month for energy is huge! you can definitely reduce this, shop around for cheaper rates and keep everything switched off unless its in use
Gas..................................... 122
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 0 no home phone?
Mobile phone............................ 80 also very high, try to drop down a tariff, go PAYG if you can
TV Licence.............................. 12
Satellite/Cable TV...................... 0 freeview?
Internet Services....................... 29 if you shop around you should be able to get this cheaper
Groceries etc. ......................... 400
Clothing................................ 100 this will have to go, or at least be halved for a while
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 45 this is quite high for 1 car, is it a high performance car? maybe try price comparison sites to knock a bit off
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 34 this is also very high even for a combined buildings/contents, again try price comparisons
Contents insurance...................... 0
Life assurance ......................... 18
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2380

Assets
Cash.................................... 0
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 149000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 124880...(738)......6.5 northern rock
Secured Debt.................. 20500....(194)......0 first plus 25 years
Hire Purchase (HP) debt ...... 8000.....(208)......0 3 years left
Total secured & HP debts...... 153380....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
citi loan......................11072.....285.......0
barclays loan..................10000.....192.......0
barclays loan..................7000......192.......0
citi card......................970.......61........0
capital one ...................2400......142.......0
halifax........................5537......85........0
barclay card...................400.......6.........0
virgin card....................897.......27........0
northern rock loan.............28880.....173.......6.5 30 years
Total unsecured debts..........67156.....1163......-

Monthly Budget Summary
Total monthly income.................... 3,108
Expenses (including HP & secured debts). 2,380
Available for debt repayments........... 728
Monthly UNsecured debt repayments....... 1,163
Amount short for making debt repayments. -435
Personal Balance Sheet Summary
Total assets (things you own)........... 149,000
Total HP & Secured debt................. -153,380
Total Unsecured debt.................... -67,156
Net Assets.............................. -63,536

Reproduced on Moneysavingexpert with permission, using IE browser.

there are quite a few reductions that could be made here without feeling like a lot of changes, you could easily find that £435 shortfall.
Maybe also look into the daily clicks, cashback sites for insurances, free scratchcards etc to boost income a bit (every little bit helps).

Like the other say I would question that recommendation of BR, best of luck!

LESLEY192

Hi i am new to this site but do have debts myself and have been infront of a judge a few times now.The most valuable advise i was given by the judge was that whilst ever there were children living in the family home then forcing a sale of that home would be the very last possible action after every other option had been exhausted, bankruptcy while being a very appealing option to those who either have no assets or are a lmt company or business is a completly different matter when you have a home and other items of value.I would definitly be asking for all of my original signed copys of the CCA,to make sure they are valid,i would also try and talk to the creditors to try to get reduced payments the worst they can say is no:rolleyes:

Treacle1983

Ok - firstly i'd try cutting back or cutting out on some things - lower food costs, gas useage, no presents for a while, no haircuts, get a landline or better mobile deal.

What hours do you work? How about a 2nd job - supermarket, avon etc...

You need to get the amount you are paying on your debts down and within your £728 available to spend on debts bit - see if you can arrange lowered payments, interest freezes, extend the loan or mortgage to pay less each month etc....

Do you have a spare room - maybe you could get a lodger?