Bankrupt!

NickToye

I'm seriously considering going bankrupt, every month I am struggling to meet the bills, even if we cost cut, I still seem to struggle.

I pay bank charges at the start of every month, ranging from £30 to £90 per month.

I really can't cope. I would love to just pay my debts off. I just think this is fastly becoming my own solution.

Anyone have any advice?

Emmzi

Nick,

Sorry you are so down today.

I could be wrong, but aren't you the Nick that was excited about saving £70 a month just a few weeks ago after insurance, electricity etc..?

I would advise against making any decisions for the first 2/3 months of money saving, until you have tried and know what you can live on - it takes time to get into the swing of it.

I also seem to recall you had an OH with a large wardrobe and next card (copuld be wrong!).. have you discussed things with her yet?

Just wondering!

Emmzi
xx

NickToye

Wrong Nick, my wife doesn't overspend, quite the opposite really. I did save £70 on monthly bills, but I still have £161 car finance, £160 personal loan, £145 personal loan, credit card debts adding to 5k

I really can't cope, and I hear about people who have applied for bancrupcy and have felt the benefits.

moozie_2

Emmzi wrote:

I could be wrong, but aren't you the Nick that was excited about saving £70 a month just a few weeks ago after insurance, electricity etc..?

I would advise against making any decisions for the first 2/3 months of money saving, until you have tried and know what you can live on - it takes time to get into the swing of it.

I also seem to recall you had an OH with a large wardrobe and next card (copuld be wrong!).. have you discussed things with her yet?

Was just going to say the same as above! Sorry Emmzi to copy your post

EDIT: Sorry, obviously wrong Nick.

Do you think you could post your SOA again? Maybe there are areas you can improve further. Every little help!

jesster_2

Hi Nick. Definitely post your SOA. Sorry you're feeling down, but don't necessarily hold bankruptcy up as a eutopia which will solve all your problems! It may be right, maybe not. When people have a better idea of your situation and earnings etc, they'll be able to help.

Emmzi

WARNING - RANT ALERT

Nick, this was your original SOA...

Running Costs:
Rent: £595.00
C/Tax: £115.00
NPower Gas: £30.00
NPower Electricity: £25.00
House Insurance: £31.65
TV Licence: £32.87 (Per Quarter)
BT Phone: £40.00
Appliance Rental: £12.95
Sky Digital: £42.50
HP Car: £164.23
Life Insurance: £30.00
Car Insurance: £61.20
Orange Mobile: £35.00 approx
Wanadoo Broadband: £26.99
Choice Catalogue: £100.00 approx

Total = £1320.47
+ loans repayment
Total = £1634.54
+ credit card repayments
(£150.00 per month approx.)
Total = £1784.54

My income varies because I run a Web Consultancy, so I can be busy one month and average the next. I generally earn at least:

£1,080.00

My wife earns at least:

£750.00


So, your challenge seemed to be finding enough for things like food etc! You made some savings already,and your income figure is stated as 'at least'.

I'm sorry to sound harsh, but you spent it, it's time to pay it back! Yes, it's difficult, but think about..

-do you want a mortgage in the future? do you want to pay normal or loaded rate for it?
- do you want to learn to live within your means, or generate more debt forever?

Plus you haven't really given this cutting back a fair crackof the whip, have you? How many weeks has it been, and you're fed up of it? Well how many weeks did it take to run up the debt?

I read comments from others on here who are scraping by and making every effort to repay creditors who would LOVE your wages.

It might be that a debt management plan from eg payplan might help you handle your creditors better; but with your income, I guess I would be dissappointed if you took an 'easy option.'

Just IMHO; your mileage may vary.

[/END RANT]

NickToye

I've already posted SOA in another post but i'll repost here too.

Barclaycard £3464.00
ASDA Card £1500.00
O/D £1500.00
Choice Catalogue £897.89
Personal Loan £8888.26 (£166.62 per month)
Personal Loan £5469.76 (£147.45 per month)

I also have Student Loans of approx. £5.5k, unfortunately I don't know the exact figure because I must have done the cardinal sin and chucked the letter. I have just been deferred for another year, as I only need to start paying back if I earn 2k per month gross.

Running Costs:

Rent: £595.00
C/Tax: £115.00
British Gas/Electricity: £45.50
Water: £50
House Insurance: £14
TV Licence: £32.87 (Per Quarter) £10.95 p/m
BT Phone: £14
Appliance Rental: £12.95
Sky Digital: £36.50
HP Car: £164.23
Life Insurance: £30.00
Car Insurance: £61.20
Orange Mobile: £35.00 approx
Madasafish: £16.99
Choice Catalogue: £100.00 approx
Laptop Repayment: £100.00
Fuel: £60
Food: £150

Total = £1611.32
+ loans repayment

Total = £1925.39
+ credit card repayments
(£150.00 per month approx.)

Total = £2075.39

My income varies because I run a Web Consultancy, so I can be busy one month and average the next. I generally earn at least:

£1,080.00

My wife earns at least:

£750.00, but recently been hitting £925.00

NickToye

Well I think the rant is a little unfair.

I don't smoke, I never go out, I don't drink that much. I work 24/7 to try and make my life better. If I won 40k on the lottery would I feel guilty because others have as much trouble as me but don't earn my wages, probably not.

I went to Uni which was what caused all this debt, and i'm quite aware that I need to pay it back. However, when I hear that that one half of two fat ladies, has been bancrupt, I think why shouldn't I? She was born with a silver spoon and i've never had such luxuries, i'm just like everyone else trying to survive.

beer2006

I've never had debts, so I might not be the right person to answer this, but shouldn't you be cutting out sky completely, if you can? ie if you're not on a 12 month plan, even then you should surely be cutting down to the minimum required.
Also doesn't your business pay your mobile bill?

And personally, I don't think you should be betting what you can't afford to lose, which you obviously can't.

Broken_hearted

Well my opinion is the bankruptsy laws should be tightened back up and set at 5 years. It's too easy now. Rant over.

NickToye

I'm not gambling money that I need to pay on bills. I took on some free offers and have earned around £50 for doing not much. However, its not a trap that I am willing to get myself into.