Confused with what decision to make....

willow41

Its been weeks since I last posted. So much has happened and I think emotionally I hit rock bottom and had a sort of breakdown. I just couldn't post. Now my situation has gone from bad to worse and I don't know which way to turn. I have spoken to CCCS, citizens advice, family and friends. On monday I had 11pence left in my purse and no other means of getting money for anything. My tax credits came through wednesday. I have made arrangements to pay our 12 creditors but not for £1. It is just too much but trying to get them down etc is proving impossible. The citizen advice say either token payments or BR. But it seems that if you go BR you are still beholden to them to pay money for 3 years so you are not actually free after all of the emotional turmoil of going through it? Have I got that right? Also with we are in negative equity with the secured loan on our house. House value185,000 secure loan 31,000 mortgage 151,000.

Please help someone? How do I move forward? Which way do I turn?

fiveyearplan

You only pay an IPA for 3 years if you have in excess of £99 surplus (after reasonable living expenses) each month. Fill this in and when you get to the bottom format for MSE and post here.

http://www.makesenseofcards.com/soacalc.html

fiveyearplan

I would also advise to keep reading on here and get yourself as informed as possible - it is the unknown that is scary, if you know the procedures etc you will know what will happen at every stage of BR. Also remember that most people on this forum have gone BR and we are all still here living and breathing and getting on with our lives. I don't think any one of us regrets going BR.

Have a fresh start!

Bethankim

Hi lovely, sorry things are so rough..

definitely so a statement of affairs. once all reasonable living costs are factored in, the OR looks at any surplus of £99 and above. once you have posted your soa up we can help you.

I paid £1 token payments for nearly 12 months and sent them my SOA along with a template letter and they all accepted it, they had no choice really. If thats all you have then to take you to court the judge would be likely to stick to it...that will allow you to sort out BR if thats what you decide.

take a breath petal and use us as much as you need for support

Beth
xx

willow41

That doesn't look to clear does it? What did I do wrong?Help

willow41

Thanks all.

copier_guy

Hi Willow,

try having another go at your SOA, if its still giving you probs then post back and we will see if we can guide you thru it

Martin

willow41

Monthly Budget SummaryAmount(£)Total monthly income2,352Monthly expenses (incl. HP & secured loans)1,845Available for debt repayments507UNsecured debt repayments273Amount left after debt repayments234

Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)185,800Total Secured & HP Debt-182,000Total Unsecured Debt-26,346Net Assets-22,546
Household Information

Number of adults in household2Number of children in household3Number of cars owned1
Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax569Partners monthly income1400Benefits383Other income0Total monthly income2352

ExpensesAmount(£)Mortgage703Secured/HP loan payments303Rent0Management charge (leasehold property)0Council tax111Electricity45Gas45Oil0Water Rates35Telephone (land line)35Mobile phone25TV Licence12Satellite/Cable TV18Internet services0Groceries etc.320Clothing10Petrol/diesel80Road tax17Car Insurance12Car maintenance (including MOT)0Car Parking0Other travel24Childcare/nursery0Other child related expenses0Medical (prescriptions, dentists, opticians etc.)0Pet Insurance/Vet bills10Buildings Insurance15Contents Insurance0Life Assurance15Other Insurance0Presents (birthday, christmas etc.)10Haircuts0Entertainment0Holiday0Emergency Fund0Total monthly expenses1845

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage151000(703) 0Secured Debt31000(303)0Secured & HP Debt totals182000- -

willow41

ok I must b doing something wrong. I am copying and then pasting it? Is that right?

Bethankim

fill it in again, but with what you normally have coming in as income - you may not get the same amount as normal, unless your sure you will earn that next month.

at the bottom of the form there are three buttons in a box called format for discussion forums click on the mse one and it will format it for here.

willow41

ok thanks. No I am not sure because that was a one off. I am now looking for work. So I will fill it in. Its not 100% accurate anyway because I never budget for birthdays, Christmas etc. I can't afford to. So I just put a figure in the box. Many thanks