Can I become bankrupt?

david_hellier

CLAPTON wrote: »

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?

Another way of using a spending diary is to allocate a weekly amount to yourself per week, from your budget after all essentials have been deducted. Using receipts, deduct as you spend through the week. Try to get to the end of the week leaving some over to carry forward to the next week. This has the effect of keeping your overdraft down and avoids overspend.