Help please

baddecision

here is my soa, I hope someone can help Im considering bankruptcy next month.., My main problem is that i took out a HP agreement only 3 months ago, our car packed up, went to get a cheap car , stupidly left with a more expensive one. How would the OR view this?? Also my wife's contribution is ctc, she is not on any debts and we have no joint accounts , she pays gas elec, water out of her acct, I pay debts rent food, ctax out of mine, would OR want to see her account to show gas elec etc?? Most of the debt is living expenses and loss of ctc hasnt helped. my wife has made sure that i paid all the debts up to ow, but it cant continue as we have had no money left for food and living off handouts from parents at times...please help, any advice appreciated

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 250
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 139
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 37
Gas..................................... 60
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 40
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 520
Clothing................................ 60
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 28
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1787

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 8600.....(139)......10
Total secured & HP debts...... 8600......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds Tsb Loan................6800......189.......21
Lloyds O/D.....................2900......35........0
Lloyds CC......................1250......25........21
littlewoods direct.............120.......5.........37.9
Argos..........................275.......12........0
T mobile.......................400.......5.........0
Barclaycard....................2000......50........21
Total unsecured debts..........13745.....321.......-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 1,787
Available for debt repayments........... 213
Monthly UNsecured debt repayments....... 321
Amount short for making debt repayments. -108
Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -8,600
Total Unsecured debt.................... -13,745
Net Assets.............................. -8,745

maxmycardagain

now go back and do it again as if gone BR, i.e. with all the debts wiped.

i.e. these.

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 8600.....(139)......10
Total secured & HP debts...... 8600......-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Lloyds Tsb Loan................6800......189.......21
Lloyds O/D.....................2900......35........0
Lloyds CC......................1250......25........21
littlewoods direct.............120.......5.........37.9
Argos..........................275.......12....... .0
T mobile.......................400.......5.........0
Barclaycard....................2000......50....... .21
Total unsecured debts..........13745.....321.......-





this will change

Available for debt repayments........... 213
Monthly UNsecured debt repayments....... 321
Amount short for making debt repayments. -108

to

Amount left for making debt repayments. £426

giving you a 3 year IPO of £298 (ish) per month?

maxmycardagain

if the car has equity or the lender objects (if its HP then it remains the lenders property till paid for) then you may loses it

baddecision

done minus debt repayment and minus car hp

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 250
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 37
Gas..................................... 60
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 40
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 520 (incl x3 school dinners)
Clothing................................ 60
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 28
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1648

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500 (put on basis that i will need a car for kids school and or work 2 buses each way for 4 to school, plus i work 10 miles away
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 1,648
Available for debt repayments........... 352
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 352
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 500

thanks

baddecision

maxmycardagain wrote: »

if the car has equity or the lender objects (if its HP then it remains the lenders property till paid for) then you may loses it

if i have to lose the car then so be it , ill get a cheap runaround, my wifes health is become more important than the car ,she isnt eating and getting ill and i need to sort myself out

dreamcatcher73

is the £250 of your wifes income including CB? or is it just CTC?

baddecision

It is just ctc, no chb, would they include that aswell?

The only other option i have is to default on everything and let my wife set up a dmp,,,she has the capabilities to sort it all this way as her prev career was in debt recovery.... as you can imagine , im in bad books!!!

dreamcatcher73

No they don't include CB, which is why I asked.

You should look at all the options available to you and then decide which one suits you best and is sustainable.. Have you spoken to CCCS or NDL?

baddecision

my company provides a debt advice service , should be hearing back from them within the next 24 hours, they are very good apparently,so hopefully will get some help there

tigerfeet2006

baddecision wrote: »

done minus debt repayment and minus car hp

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 250
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 37
Gas..................................... 60
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 40 £60
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 520 (incl x3 school dinners) £650/700 don't include schooldinners
Clothing................................ 60 £120
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 28 make sure this is fully comp.
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 10 £5 per child per week activities ie: swimming. £2 primary £3 secondary per day school dinners
Medical (prescriptions, dentist etc).... 5 £20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 13 make sure this has accidental damage
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10 £35
Entertainment........................... 0
Holiday................................. 30 £80/100
Emergency fund.......................... 0
Total monthly expenses.................. 1648

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500 (put on basis that i will need a car for kids school and or work 2 buses each way for 4 to school, plus i work 10 miles away
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including HP & secured debts). 1,648
Available for debt repayments........... 352
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 352
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 500

thanks

If you want to get rid of the HP car, then don't pay this month and get yourself a runaround with the money.

Do you pay any professional/union fees?

The figures I have put in red will give you a chance to play around and get rid of that surplus and have a decent living.

baddecision

yes I pay union fees, I havent included this 10pm
car is fully comp, wife has full no claims...and contents ins does have accidental

thanks will take a look at figs again with your recommendations