Should We go BR?

weewillywinkie

hi,

do you work yourself? if not only your partner will be able to go into a trusted deed and if you have joint debts you will prob be advised to become sequested(bankrupt).

my husband has just signed a trusted deed but as he is the only wage earner(i stay at home to look after our 3 kids) i can not be included in the deed and i have been advised to become sequested due to a jnt loan that we have (and 2 credit cards in my own name).

we had to get rid of our car and buy something smaller on hp we were advised that the car could be only worth around 8k.

also my husband is paying his trusted deed ALL his disposable income in to the trust which we will find hard for the next 3 years but better than him going BR as he would lose his job.

we have been advised that the house (which is in neg equity) will be valued and we will they have to pay my husbands trustee £500 so that they wont have an intrest in the home in 3 years(then once i am sequested we will have to go through all that again with more money paid out to the OR)

we were allowed £650 for house keeping, and £110 for clothes.

just thought this may be a bit of help

best of luck:D

totallydepressed

Hi,

No I don't work, I stay home with the kiddies. It will only be him on the Trust Deed.

Given that my car was 10K new and is now 2 years old it's probably worth less than 8K now anyway?

Thanks for your advice!

miss_spooky

Hi,

Just a quick note about the car finance. Is it a Hire Purchase agreement or loan. If it is a HP agreement: 1stly the OR's usually have no interest in it, though I'm guessing your from Scotland so I'm not sure about the rules there.
2ndly check the t&c's for a bankruptcy clause. Some HP's have a BR clause which states that the car could be repo's if you go BR. Mine hasn't got a BR clause so I rung the HP co to be on safe side. They said as payments had been on time and not in arrears then I can keep it.

saveoursouls

whats an execution from court?

Tristesse

I'm putting £500 for groceries for two adults and two children, one still in nappies, (the child that is ) Pretty sure it's within given guidelines so yours could be more.

Tristesse

Up the clothes, too. £120-ish. Children grow so quickly that one season's clothes don't fit the next year and it isn't just school uniform and P.E kit but a couple of weekend outfits, something nice for celebrations, summer and winter shoes, jackets, winter coats, nightwear, socks, underwear, swimming stuff... bedding also needs to be bought and replaced where necessary. Seems reasonable.

Tristesse

Me again! For a BR SOA you are also allowed a holiday fund. Maybe £60 pm for a cheap UK break.

And your travel costs if you keep the car; tax, petrol and insurance. We don't have one but do need to get to places as people with children do, so I've put bus fares and petrol money given to relatives for essential journeys.

I will shut up now , all the best! x

restofmylife

Hiya,

For 2 adults and 3 kids you should have a lot more than that, I will try and help with what was allowed for 2 adults and 2 kids... here goes



Incomings MONTHLY
Wages: £2759

Outgoings
Mortage £499
Council Tax £130
Utilities £190 Is that gas, elec & water?
Housekeeping £450 - I was allowed £600 for 2 adults and kids
TV License £12.00
Maintenance Payments £400
School Meals £10 Surely more than that in 1 month??
Childcare fees £10 Again more than that??
Phone £50 Put £60
Broadband: £20 - Will Only be allowed for work or schoolwork..
Clothing: £50 - I was allowed £160
Mobile phone £30 ( Must be in with Phone)
Emergencies £30

Adding in

Domestic Holiday £80 I was allowed that for mine
Dentist £20
Haircuts £25
What about travel to work or car?
Home insurance??
Car Insurance?
Dry Cleaning £20

£878 left for creditors.


Priority Debt Total Owed Monthly Payment
Mortgage £998 £100

Left Over: £778


So far on above I think you should be claiming about £285 extra which brings your surplus down to approx £480 but I really suggest you look at absolutely everything you pay out for as compared to mine you have very little put down. Good luck and any advice you may need I am here xx