Parents options

Pieman

Hi All,

can someone help?

Had a long conversation with my parents last night they have over £35,000 of debt some loans, some credit cards they cannot afford to pay the monthly repayments over £1400 per month. (debts come from a failed business over 10 yeas ago)

My dad is 68 mum 65 both have part time jobs, not enough to pay back each month. They rent a house and only asset is the car its value £1000, they need this to travel to work.

I am unable to support them on my income or pay off there debts, is there best option to go bankrupt?

What effect will this have on them at this stage of there life?

Is there any policy out there that the siblings can take out that will help support them in a few years time?

Regards
Very worried son

inmypocketnottheirs

Can you get a statement of affairs drawn up and post on here to see what can be done before considering bankruptcy?

philnicandamy

And they need some FREE profesional advice from any of the debt charitys listed in my sig below they'll help your parents sort the problems out....bankruptcy is a very last resort BUT if it has to be then it has to be

Pieman

Will get the statement of affairs up later today.

Have passed on the contact numbers for the Free profesional advice.

Thanks alot for your help so far.

philnicandamy

Pieman wrote: »

Will get the statement of affairs up later today.

Have passed on the contact numbers for the Free profesional advice.

Thanks alot for your help so far.

when you get chance later use this for SOA

http://makesenseofcards.com/soacalc.html

once you've done click on the "format for MSE" icon then just copy & paste into a new message box here....its a bit easier

Pieman

SOA

This is as close as i can get it.



Household Information[/b]
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1840
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1840
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 520
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 20
Mobile phone............................ 0
TV Licence.............................. 140
Satellite/Cable TV...................... 0
Internet Services....................... 40
Groceries etc. ......................... 75
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1230

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 750

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
cards..........................15000.....520.......6
loan...........................25000.....500.......4.2
Total unsecured debts..........40000.....1020......-

Monthly Budget Summary
Total monthly income.................... 1,840
Expenses (including HP & secured debts). 1,230
Available for debt repayments........... 610
Monthly UNsecured debt repayments....... 1,020
Amount short for making debt repayments. -410
Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -40,000
Net Assets.............................. -39,250

Thanks

philnicandamy

Are they both looking at going bankrupt? it'll have to be 2 SOAs if they are and 2 lots of fees some of which they could be entitled to a reduction on IF they qualify...

Pieman

This SOA is joint so it would be split down the middle

jamesb1239

Pieman wrote: »

SOA

This is as close as i can get it.



Household Information[/b]
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1840
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1840
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 520
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 20
Mobile phone............................ 0
TV Licence.............................. 140 (?? per month)
Satellite/Cable TV...................... 0
Internet Services....................... 40 (?? this seems a lot too)
Groceries etc. ......................... 75 (this doesnt seem much)
Clothing................................ 20
Petrol/diesel........................... 200 (long distance to work?)
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1230

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 750

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
cards..........................15000.....520.......6
loan...........................25000.....500.......4.2
Total unsecured debts..........40000.....1020......-

Monthly Budget Summary
Total monthly income.................... 1,840
Expenses (including HP & secured debts). 1,230
Available for debt repayments........... 610
Monthly UNsecured debt repayments....... 1,020
Amount short for making debt repayments. -410
Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -40,000
Net Assets.............................. -39,250

Thanks

I think there may be a few figures that you need to confirm with them, hope it helps a little.

Lost2

jamesb1239 wrote: »

I think there may be a few figures that you need to confirm with them, hope it helps a little.

As Jay said I think you should get some figures off your parents.
As you have not put down anything for :- MOT Road Tax Car Insurance
Medical Haircuts