better to have no life or be bankrupt?

gtanny

Hi all,

Im currently struggling with debt, i pay 100% of my salary out as soon as it comes in leaving me with only any overtime i work for food.

this hasnt been a problem until just recently when for the last 2 months i have had no overtime at work due to the recession etc.. the ammount of work we get has cut so understandably they are cutting peoples overtime hours.

if this was just me i wouldnt have a problem i would struggle through but i have a partner who spends all her time at home looking after our 17 month Daughter.

im already in a DMP for a total of about 26k and have a mortgage with northerrn rock and a secured loan with Picture Financial so i already know im in negative equity.

we are getting married in may (luckily the parents are paying) so one of my concern is that the day she says i do she instantly inherits half of my debt or becomes bankrupt herself (i.e. if i had claimed bankruptcy before the wedding).

what would happen should i go bankrupt as all im concerned about it that i cant support my daughter and wife to be, we need a roof over our heads and we need to eat, i dont know if this is correct in my situation but i also believe we deserve a life of some sort, would this be arranged for in the agreement as currently our only social activitys are going to see the family, we cant afford a holiday and we cant afford days out which i feel im a bad parent for depriving my daughter from these.

any advice is welcommed as im starting to feel the stress as everything is starting to build up with the worry of money, trying to give a child the best life i can and the pressure of the wedding.

sorry for the long post.

regards

Gary

robpw2

post your soa then we can perhpas see if we can help save you money

gtanny

im currently at work so i havent got access to the information but i will do when i go home for lunch.

im assuming soa is: Statement of Affairs i.e. income & outgoings

robpw2

yes it is .. i belive its good to have the oppurtunity to have a fresh look

tigerfeet2006

gtanny wrote: »

Hi all,

Im currently struggling with debt, i pay 100% of my salary out as soon as it comes in leaving me with only any overtime i work for food.

this hasnt been a problem until just recently when for the last 2 months i have had no overtime at work due to the recession etc.. the ammount of work we get has cut so understandably they are cutting peoples overtime hours.

if this was just me i wouldnt have a problem i would struggle through but i have a partner who spends all her time at home looking after our 17 month Daughter.

im already in a DMP for a total of about 26k and have a mortgage with northerrn rock and a secured loan with Picture Financial so i already know im in negative equity.

we are getting married in may (luckily the parents are paying) so one of my concern is that the day she says i do she instantly inherits half of my debt or becomes bankrupt herself (i.e. if i had claimed bankruptcy before the wedding).She won't inherit any of your debt when you marry if it is not in joint names. Also BR is persomnal so she won't be BR.

what would happen should i go bankrupt as all im concerned about it that i cant support my daughter and wife to be, we need a roof over our heads and we need to eat, i dont know if this is correct in my situation but i also believe we deserve a life of some sort, would this be arranged for in the agreement as currently our only social activitys are going to see the family, we cant afford a holiday and we cant afford days out which i feel im a bad parent for depriving my daughter from these.You are not a bad parent, you are just doing what 1000's of others are doing across the UK, surviving. When you go BR you will be allowed resonable living expenses to keep a roof over your head and feed your family.

any advice is welcommed as im starting to feel the stress as everything is starting to build up with the worry of money, trying to give a child the best life i can and the pressure of the wedding.

sorry for the long post.

regards

Gary

Hi and welcome to the board.

The first thing you must do is talk to one of the debt charities (links and no.'s in my sig. and more in the Bankruptcy Help sticky.)

We will try and help and support you all we can through the process. Read as many of the threads as you can, start with the Bankruptcy Help one and keep asking questions.

Don't worry you are among friends,.

tigerfeet2006

This is a good template for your SOA. Format to MSE and c&p it here.

http://www.makesenseofcards.co.uk/soacalc.html

gtanny

a quick phonecall to my fiance and ive got the info

Monthly Income

Income Amount
Net Monthly Salary £ 1,240.00
Partner's Monthly Salary £ 0.00
Benefits £ 80.00
TOTAL MONTHLY INCOME £ 1,320.00

Essential Monthly Outgoings

Outgoings Amount
Mortgage £ 450.00 (interest only)
Secured Loan £ 271.00
Council Tax £ 110.00
Electricity £ 66.00
Gas £ 38.00
Water Rates £ 39.70
TV, Internet & Phone £ 40.00
Mobile Phone £ 30.00
TV Licence £ 11.95
Buildings Insurance £ 25.00
Life Insurance £ Cancelled due to missed payments
Groceries £ See Below
Petrol £ 50.00
DMP £ 160.00
TOTAL MONTHLY OUTGOINGS £ 1,291.65

NET MONTHLY SURPLUS £ 28.35


ive missed Groceries off beacause as a general rule we use my OT and buy what we can afford and do a full month shop

i have a fuel cost but no other costs as i have a company car but have to pay for private milage which averages out around £50 a month.

thanks for the reply so far

robpw2

surely you should be setting yourselves an amount for food each month .. no good paying for everything else if your not getting enough food

perhpas have a look at your electricity and gas and see if you could do a switch .. prices are coming down in april so may be the best time too look


why does your partner not work/claim benefits etc .. perhaps they could get a part time job to enable you to have another source of income ?

tigerfeet2006

gtanny wrote: »

a quick phonecall to my fiance and ive got the info

Monthly Income

Income Amount
Net Monthly Salary £ 1,240.00
Partner's Monthly Salary £ 0.00
Benefits £ 80.00
TOTAL MONTHLY INCOME £ 1,320.00

Essential Monthly Outgoings

Outgoings Amount
Mortgage £ 450.00 (interest only)
Secured Loan £ 271.00
Council Tax £ 110.00
Electricity £ 66.00
Gas £ 38.00
Water Rates £ 39.70
TV, Internet & Phone £ 40.00 Put TV down as £12 and lump phone, internet and mobile together.Guessing you have a package.
Mobile Phone £ 30.00
TV Licence £ 11.95
Buildings Insurance £ 25.00
Contents Insurance?? You need to get this with accidental damage.
Life Insurance £ Cancelled due to missed payments
Groceries £ See Below
Petrol £ 50.00
DMP £ 160.00 you won't be paying this if you go BR alocate to groceries.
TOTAL MONTHLY OUTGOINGS £ 1,291.65

NET MONTHLY SURPLUS £ 28.35


ive missed Groceries off beacause as a general rule we use my OT and buy what we can afford and do a full month shop

i have a fuel cost but no other costs as i have a company car but have to pay for private milage which averages out around £50 a month.

thanks for the reply so far

Hope that helps

dalip

TF your pm box is full

Sorry gtanny:o

gtanny

robPw2: food has been ok with my OT its just that now ive lost my OT i need to re-allocate some funds.

gas and electric has just gone up as i was getting behind with payments, they were nearly half of what they are now 3 months ago.

tigerfeet2006: i have a TV, internet and landline as a 3 for £30 with virgin, plus about £10 on calls a month. also have £30 as i have an 18 month mobile phone contract i got 11 months ago, asked about cancelling but they want the full 9 remaining months rent in full.

the buildings insurance is with contents insurance also, sorry i should of noted that.

surely i wouldnt be paying the mortgage and secured loan payments either as i would lose the house and end up renting (tbh if i went BR i wouldnt want to keep the house i would rarther have a change of location and make a fresh start)


My partner was working part time but lost her job when they cut staff, it worked out of very little benefit due to travel costs, meals and childcare it was worth less then £100 a month. also she has been told by the job centre that as i earn over a set limit (i earn about 24k pa with OT) she isnt entitled to any benefits.