Just a quick question...hopefully

baddecision

HI, I was just curious as to wether anyone can help me with a query I have. my OH is at the start of a dmp, with the hope that his overtime reappears and he can pay off debt at more substantial payment that the £5 p/m currently...However more impending redundancies etc, this is looking doubtful, his wage is dropping month on month due to less o/t being available...

My question is , if he went bankrupt, our full household income is for instance 1398 wage
250 child tax (lower this yr and next due to over payment)
186 child benefit

However the tac credits and cb go into my account and the soa does not allow for my d/d, such as overdraft interest, catalogue etc....

so, what would we do in this situation, would he just put up the relevant proportion of child tax minus my direct debits? ie 250-my d/d's= amount for soa... I am wary as this takes into account all the monies received into my acct but does not allow for my own expenditure?

Any guidance much appreciated

Also, sorry to ramble, we have car in his name finance owed 8000, car worth 5k...now if the car went ,then we would still need approx 160 pm travel expenses as oh works quite a distance away and I would have to get 4 buses to get my kids to school and back which amounts to quite a high bus bill

thanks a lot , Tori x

lisamummytoarchieplusbump

baddecision wrote: »

HI, I was just curious as to wether anyone can help me with a query I have. my OH is at the start of a dmp, with the hope that his overtime reappears and he can pay off debt at more substantial payment that the £5 p/m currently...However more impending redundancies etc, this is looking doubtful, his wage is dropping month on month due to less o/t being available...i though to be able to do a DMP you had to have at least £100 spare after normal bills, is he just doing token payements?

My question is , if he went bankrupt, our full household income is for instance 1398 wage
250 child tax (lower this yr and next due to over payment)
186 child benefit

However the tac credits and cb go into my account and the soa does not allow for my d/d, such as overdraft interest, catalogue etc....

so, what would we do in this situation, would he just put up the relevant proportion of child tax minus my direct debits? ie 250-my d/d's= amount for soa... I am wary as this takes into account all the monies received into my acct but does not allow for my own expenditure?

Any guidance much appreciated

Also, sorry to ramble, we have car in his name finance owed 8000, car worth 5k...now if the car went ,then we would still need approx 160 pm travel expenses as oh works quite a distance away and I would have to get 4 buses to get my kids to school and back which amounts to quite a high bus bill

thanks a lot , Tori x

who is he doing a DMP with?

with the SOA as its just your husband thinking of going br he needs to do a SOA with everything on it BUT YOUR CONTRIBUTION not your whole income as of course you would have your own bills.

so if for example you get £436 which is your CTC and CB and your bills like overdraft cataloges come to £400 you only put your contribution to hes SOA as £36

CB will not be taken into account for the IPA anyway but still list it as an income and you will have a separate part to put CB in later.

and sorry i know nothing about financed cars so ill leave that to someone elses

any other questions just ask

lisa x

baddecision

Thanks for replying, thats cleared that up for me..yes, just token payments atm, self managed dmp(im doing all the work for him as I used to work in the financial industry) , for 3 months with the hope that his income increases,if not then he is going to cccs to see what they say (although their debt remedy says br) and then may have to seriously consider br...Im hopin to get into f/t uni in sept, if all goes well and I get unconditional offer etc, then i will max out my student loan etc and i will spend the next 3 years paying off his debts with my own student debt to avoid br(would love to hear others opinion on this!!!).

Thanks again