Can I become bankrupt?

myothercarisaferrari

shameless bump as I really need advice!:money:

fiveyearplan

If you list your debts, your joint debts and your OH's debts, your income and his income etc I can give you a better idea of what I think your options are.

Even though you are not on the mortgage you would still likely have a beneficial interest in the house. How long have you lived together in the house?

No need to worry about your personal possessions and furniture etc - they would not be taken in BR. I'm not so sure however that BR would be your best option.

fiveyearplan

myothercarisaferrari wrote: »

Thank you so much everyone, I am not as stressed now.

I know is says I have money left over, but I don't for some reason, I don't know where it goes. I rarely go out, but sometimes I get the train to work which is £11 a day:eek:

Clapton, the house is all in my partner's name, incl. the deeds. The only thing we have related to the house in my name is a 'declaration of trust', plus the gas, leccy and TV are in my name x

Everything else is split 50/50, apart from pet isurance which I pay. I haven't posted my parnter's income as he pays nothing towards my debts. He knows about them but they are mine and I don't want him to have anything to do with him.

I pay him £430 pm which includes my half of the mortgage, my half the council tax/phone bill/water rates etc

Household Information[/b]
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1022
Partners monthly income after tax....... 0 You NEED to put contribution here
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1022
Monthly Expense Details
Mortgage................................ 0 put total mortgage
Secured/HP loan repayments.............. 0
Rent.................................... 430
Management charge (leasehold property).. 0
Council tax............................. 0 need to put total monthly pmt.
Electricity............................. 0 need to put total
Gas..................................... 0 ditto
Oil..................................... 0
Water rates............................. 0 same
Telephone (land line)................... 0 £30
Mobile phone............................ 5 20
TV Licence.............................. 11 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120 I think this is 250 for 2 but not sure
Clothing................................ 0 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 21.58 22
Buildings insurance..................... 0 you must have this 20
Contents insurance...................... 0 you should have this 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 30 not allowed in BR
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 735.08

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
loan...........................3674......40....... .0
council tax....................564.52....0.........0
gas bill.......................463.31....0.........0
Total unsecured debts..........4701.83...40........-

Monthly Budget Summary
Total monthly income.................... 1,022
Expenses (including HP & secured debts). 735.08
Available for debt repayments........... 286.92
Monthly UNsecured debt repayments....... 40
Amount left after debt repayments....... 246.92
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,701.83
Net Assets.............................. -4,701.83[/

If anyone can give me an idea of how to get the ball rolling, I'd appreciate it. Or will I get laughed at as I know there are people worse off than me?

You won't get laughed at however if you live as a couple you must do your SOA as a couple. Your partner will not be questioned or drawn into the BR. See my other post above re beneficial interest etc. You don't need to put partner's total salary as he/she will be deemed to have their own personal expenses and debt to pay.

Please list your debt ie
citicard £000
barclayloan £000
etc. and state whether it is yours, partner's or joint. This is really important to enable the best advice to be given.

fiveyearplan

myothercarisaferrari wrote: »

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
loan...........................3674......40....... .0
council tax....................564.52....0.........0
gas bill.......................463.31....0.........0
Total unsecured debts..........4701.83...40........-

Monthly Budget Summary
Total monthly income.................... 1,022
Expenses (including HP & secured debts). 735.08
Available for debt repayments........... 286.92
Monthly UNsecured debt repayments....... 40
Amount left after debt repayments....... 246.92
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,701.83
Net Assets.............................. -4,701.83[/

If anyone can give me an idea of how to get the ball rolling, I'd appreciate it. Or will I get laughed at as I know there are people worse off than me?

If that is your total debt and there is no joint debt then it doesn't look like you are insolvent therefore not able to go BR. If the council tax and gas bill are for the current property you live in then your partner is jointly liable therefore the whole thing would fall to him/her (sorry hard to tell which by your username!) if you were to go BR so this would just leave the £3,674 loan.

Have you tried to make a reasonable offer of payment to them?

I realise I'm working on a lot of assumptions here but until I have the information thats all I can do.

I'm logging off shortly but will look in here tomorrow and I'm sure many others will comment before then.

skylight

Echo FiveYearPlan.

CLAPTON

firstly you need to find out exactly where all your money actually goes.
so start a spending diary and write down absolutely everything you spend and update you SOA

secondly can you clarify the debts
-you put zero for gas spending but say you have a 463 in debt... are the Gas company pursuing you for the debt and why are you paying nothing atall?
-council tax is a priority debt ... they will prosecute for the back money...what is the current situation?
- the loan seems to have a very low monthly payment .. is that the contracted amount?


-what is a declaration of trust?.. what does it say?

myothercarisaferrari

the council tax and gas bill are from a previous property before I moved in with OH. We have lived together for year or so.

The loan is with a DCA (all the debts are and its the gas and leccy who are threate4ning with bailiffs to come today). They orignally wanted £100 per month for the loan, but I have been paying £10 here and there.

Declartion of trust is a legal thing our solicitor put together saying if we split up I would get whatevr I have paid into the house (eg, mortgage payments for the last however few months)

5 yr plan, I'll be back on just after 1:30pm as I'm at work this morning so I'll answer you queries then.

Thanks everyone x

milliemonster

It looks to me like you have a surplus there of almost £250 but obviously you are hardly paying any of this towards your debt at present. You need to start a spending diary to find out where that money is going.

It would also be worthwhile going over to the DFW board and posting a full SOA there (with your partners income outgoings on also) if you are living together then you have to do a joint SOA really to enable us to give you sound advice on how you can possibly restructure things to enable you to service your debts.

Looking at your SOA currently I can see ways already how you can cut back, I don't think BR is necessary at the moment. For instance, your half of the grocery bill is £120, I presume your partner is also contributing the same so you are spending £240 a month for the 2 of you, I spend less than that for 4 of us so this is one area you could cut back

You have £30 and £20 for entertainment and holiday, this needs to be cut back whilst you have essential debts to pay (the utilities)

Your TV licence contribution is £11 a month, isn't your partner contributing to this? so it should be half that, we really need a proper SOA to be able to advise.

But initially based on what you have told us, your gas and council tax bills take priority over the loan, what are they asking you to pay?, if you make some cutbacks and with your surplus you can easily afford £100 a month each to these and then possibly £50 a month to your loan, once your gas and council tax bills are paid off (which will only be a few months) that £200 can then be added to the £50 to pay towards your loan.

You need to stop getting yourself in a panic, start a spending diary to see where your surplus is going currently and take control of your budget. I don't think you are insolvent and therefore I cannot see a BR being agreed, you just need to do a realistic SOA and budget better.

myothercarisaferrari

thanks guys, I'll have to redo it.

I'm not doing my partner's income though as he has nothing to do with it so I will redo my SOA with the breakdown of what I pay him each month x

skylight

If you chose to go BR, you will HAVE to list your OHs contribution to the household bills and list the bills entirely. Its so that the OR can see that everyone is doing their fair share and that its split equally.