Think I'm ready to get the ball rolling but.....

LifesABeach

OK so here goes.....Im a 27 year old guy and alot of my debt is down to gambling (DO NOT GAMBLE ANY MORE) but some down to mismanagement of income....have been reading loads on here and have finally done my SOA .....i dont currently have all of my paperwork due to moving and losing alot of it but i know i have about 10 creditors which include 2 loans 2 overdrafts and several utility companies.....i dont use the banks which i have the overdrafts with any more or any of the utlity companies as i rent and my landlord pays all of this....I have no assets and no savings ....can anyone give any advice as to where i go from here?if BR is my best option, and also if CCJs have started coming what the hell i do with those? and any other advice much appreciated....seen there are some very lovely people on here in the same boat as me so feeling much relieved to have found this site.....


Statement of Affairs and Personal Balance Sheet

Monthly Income Details[/b]
Monthly income after tax................ 1179
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1179

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 160
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 40
Emergency fund.......................... 15
Total monthly expenses.................. 1025


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loans/ODs/utilities............53000.....0.........0
Total unsecured debts..........53000.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,179
Expenses (including HP & secured debts). 1,025
Available for debt repayments........... 154
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 154

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -53,000
Net Assets.............................. -53,000

pielegs

I am currently contemplating bankruptcy as well and likewise my debts are all from gambling, so here are a few notes that I would make you aware of. Hopefully everything I tell you is correct!

1) Bankruptcy due to gambling is viewed badly by the receiever compared to others who fall into trouble. This could result in an extended period of bankruptcy restrictions upto 15 years. Having spoken to the experts, it seems 15 years would be for highly fraudulent activity to aquire credit which you knew you would gamble- so consider just how you might be affected by this. So if you want to set up your own business, be a local councillor or a director this will be an issue.

2) If you do indeed have a ccj and you havent made the payments put on you, then bailiffs can technically come to your house. So if you dont go bankrupt I would make these a priority to sort out.

There are so many things to read about bankruptcy its hard to know what to tell you. You need to read it all yourself, but feel free to ask more and I will answer if I know. cheers

LifesABeach

Thanks for your response....
and in response to your response (sorry its late and im babbling)

1) How will they know unless i tell them that my debt is due to gambling as I have never done it online or on card?

2)What can a bailiff take if i have nothing?

If your still about a response would be great if not then nite nite

pielegs

1) you have to explain how you got to the bankruptcy stage and I think as you got into this mess you might as well be honest from here on in (thats how I feel about it anyway!) as opposed to conjuring up something that doesnt add up and make sense

2) bailiff cannot take anything if you dont have anything, nor can they take something you can prove belongs to someone else. However, they can walk into your property through a door or window if they get the opportunity. So standard advice is to keep all doors and windows locked and refuse them entry....if it ever got to that stage

hope that helps

Fire_Fox

The first thing I notice from your SoA is that your rent is more than half of your income. This is widely accepted to not be a sustainable position - could you move somewhere cheaper, perhaps a house share?

LifesABeach

Im actually not living there yet but that is a studio flat which includes all bills is that still not acceptable?

LifesABeach

Erm ??? what??? i know im new to this site but what has any of what this person just said got to do with my BR? hope my OR doesnt confuse me like this....i gota go sleep ....yawn....thanks for your help people....hope i get more on here by the time i come back.....

tealady

Hi. You say the flat includes bills, which bills please?
Do you have to pay gas/electricity/water rates/service charge on top of this?
Whee do you have to trave to and from? Consider walking journeys if they are less than a mile (unless you have an unlimited bus/train pass)
Clothing has to stop or be drastically cut.
Holiday has to go as well, you cannot afford it. Visit Costa Del back garden or go sightseeing in free parks and art galleries.
HTH

Fire_Fox

LifesABeach wrote: »

Erm ??? what??? i know im new to this site but what has any of what this person just said got to do with my BR? hope my OR doesnt confuse me like this....i gota go sleep ....yawn....thanks for your help people....hope i get more on here by the time i come back.....

I was either a joke post or they had more than one window open and posted in the wrong one! Just ignore it.

Fire_Fox

LifesABeach wrote: »

Im actually not living there yet but that is a studio flat which includes all bills is that still not acceptable?

Please find out for sure which bills are included: by law if you are a separate household (lockable door) you need your own TV license. Also the resident is legally responsible for registering and paying the council tax - occasionally the landlord agrees to pay this but you wouldn't be the first to be chased by the council when a landlord has not paid. It's more common for gas/ electricity and water to be inclusive, but again telephone calls and internet connections are not normally included, unless it's student halls.

Have you thought about a shared house or flat? I know from experience that studio flats can be a very depressing existence when money is tight and you are stuck with just four walls and no company. There's always someone on the 'daily chat' thread or in the Money Savers Arms if you are feeling at a loose end!

LifesABeach

I'm on a DMP with a company called DebtMatters....does anyone know anything bad about this company that I should know? I've currently only paid them 100.00.

Also as I dont currently have the fee to covers costs of going BR....what do I tell all my creditors in the meantime?....