Time to bite the bullet - BR booked next week

suziedarkness

After a couple of years trying to avoid it the time has come to stop trying and go with the flow.

With a debt of almost £100,000 (most of that joint debt with ex due to mortgage shortfall) I have decided that BR is the only way to shake off this nightmare.

I have my hearing booked next week and I am a bit scared.

I have not yet started to fill in the forms, the thought of that is very daunting but I must do it this weekend.

I have a couple of questions that someone may be able to help with. I have a car, a "P" reg so old and not really worth anything but I rely heavily on this getting my kids to school and helping my disbled father. Will they take this away from me?

Also, I am now on Income support due to a breakdown. I am worried that they will freeze my account where my benefit is paid in and I wont be able to get it. This is the only money I have to live on. The account is a basic Cooperative one which I know will be ok for BR. I just dont want not to be able to get my money.

I have been told by the court that as soon as I leave there, I have to go direct to OR's office.

Suzie

I_need_therapy

suziedarkness wrote: »

After a couple of years trying to avoid it the time has come to stop trying and go with the flow.

With a debt of almost £100,000 (most of that joint debt with ex due to mortgage shortfall) I have decided that BR is the only way to shake off this nightmare.

I have my hearing booked next week and I am a bit scared.don't be, it not as bad as you think it will be, did mine yesterday.

I have not yet started to fill in the forms, the thought of that is very daunting but I must do it this weekend.I found them easier to do online, you could go back to things as you remember them, correct dates etc. until all done.

I have a couple of questions that someone may be able to help with. I have a car, a "P" reg so old and not really worth anything but I rely heavily on this getting my kids to school and helping my disbled father. Will they take this away from me? I went onto the Parkers website, paid £3.50 for quick access and got the valuation of my car, went for the 'poor' condition price as it is and put that on the forms

Also, I am now on Income support due to a breakdown. I am worried that they will freeze my account where my benefit is paid in and I wont be able to get it. This is the only money I have to live on. The account is a basic Cooperative one which I know will be ok for BR. I just dont want not to be able to get my money. Same issue here, rang my OR, they said that account should be fine (but seems you can't live in Brighton)

I have been told by the court that as soon as I leave there, I have to go direct to OR's office. My form also said this, but the person in the court who I paid the money to actually rang the OR, went through the paperwork and they said they did not need to speak to me and would contact me soon

Suzie

By no means an expert compared to some on here, but this is my personal experience, really hope it all works out for you.

fiveyearplan

Hi Suzie and welcome. Fill in this soa and when you get to the end there is a button to format for MSE - then post it on here for guidance.

http://www.makesenseofcards.com/soacalc.html

If you have any problem with the forms just ask. They seem very daunting at first but just take one question at a time - I found them easier to print and fill in by hand but everyone is different.

Do you need your car for work?

suziedarkness

Thanks Fiveyearplan, is it easy to post forms on here?

I dont work at the moment, on Income Support. Was working up till July but have had a bit of a breakdown. I rely on the car for getting the kids to school as their school is 5 miles away, also my disabled father lives 14 miles away and I do a lot for him as he is incapable, although, I havent been much help to him the last few weeks due to my state of mind. My car is only worth about £500-£600 max although its value to me is priceless.

Suzie

alastairq

you will keep the car....don't forget to include VED, insurance and servicing costs in your SOA.
{ I would doubt the OR would argue with servicing costs.....in light of the fact the OR insists that the car they leave you with MUST be taxed, insured and serviceable for the duration????

Also be honest about all fuel costs, emphasising exactly the nature of the journeys you are compelled to undertake...family running about, etc.]

stressedandconfused_2

Hi, your circumstances are very different from mine, others here will give you loads of advice, but best of luck, so far everyone I have spoken to has been kind, helpful and supportive. You haven't committed a crime, just got in a mess and you will get out of it. Keep in touch x

suziedarkness

Thank you everyone. Moral support albeit via internet is the best tonic.

Suzie

suziedarkness

Fiveyearplan, here is the results of SOA



Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 685
Other income............................ 200
Total monthly income.................... 885
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 12
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 7
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 860

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 885
Expenses (including HP & secured debts). 860
Available for debt repayments........... 25
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 25
Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 600
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

suziedarkness

Has anyone looked at my SOA?

Suzie

fiveyearplan

suziedarkness wrote: »

Fiveyearplan, here is the results of SOA



Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 685
Other income............................ 200 what is this?
Total monthly income.................... 885
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 40 this looks low is it a realistic figure to get you through a cold winter?
Gas..................................... 40 ditto
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 12
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 7
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 not allowed usually but leave in and see
Haircuts................................ 20
Entertainment........................... 20 ditto
Holiday................................. 0
Emergency fund.......................... 20 ditto here too!
Total monthly expenses.................. 860

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 885
Expenses (including HP & secured debts). 860
Available for debt repayments........... 25
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 25
Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 600
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I've made a few comments above. Sorry it took so long - I've been out all day. If benefits are your main source of income it is unlikely you will be given an IPA.

fiveyearplan

There is nothing guaranteed where cars and bankruptcy are concerned. I wouldn't take for granted that you will be able to keep your car (sorry to rain on your parade but just thought you should be aware). I thought cars were usually only allowed if they were needed for work not just useful. Saying that, your car is of low value so if need be could someone raise the money to buy it back from the OR? You could always negotiate the price down and offer maybe £200.

Lisamummytoarchieandbump had her car taken away and she was one of the main carers for her grandmother and of course she also had 2 very young children. PM her to ask her experience.