Just spoke to CCCS - not good! :-(

Tinytim

Hi Desperate,

The definition of insolvency is not being able to pay your committments as they fall due, or having more liabilities than assets, or both. On that basis, my opinion would be that you are insolvent.

The fact that you will have surplus income after the BR does not mean that you are not insolvent. Indeed, the whole point of BR is to give insolvent people a chance to start afresh being able to meet their commitments; indeed, the court could refuse BR if you didn't have a surplus afterwards, as there would be no chance of you living on your income without resort to further credit. As others have said, do try National Debtline.

Do please think very carefully about what you want your life to be like in the future. On your current earnings, you could return to your home and manage with the mortgage and secured loan as they are. If your ex has moved out, then this option should at least be considered. The negative equity will, with the passage of many years sort itself out when property values eventually recover. This would leave the £20,000 unsecured, and your disposable income would be approx £750 after there was no more rent, but say £500 to account for the increase in bills when you move back. If you were to arrange a (self administered) DMP, and were prepared to commit £400 per month, the £20,000 would be paid in just over 4 years assuming interest was frozen.

However, if there is no possibility of returning to your house, then BR may be the preferred option. This is one of those cases where the level of your income means that there are a number of possible solutions, but just remember, the decision is yours, not someone at the end of the telephone line, and the right decision is invariably the one which would make you happiest

Desperate4help

Thanks TT :-) If I'm honest, I don't *want* to move back to the house for following reasons:

- it's a 90 min commute from workplace (£300 petrol a month at least)
- ex has totally let the place go (it's a 250 year old cottage) so it's a bit of a wreck and needs MAJOR work done (damp, roof leaking etc)
- LOTS of unhappy memories from my time there with abusive ex

Maybe again I'm being naive but those reasons are enough to make me want to still consider the BR route. Tried calling debtline earlier but couldn't get through and had to leave work. Can't try tonight but will call tomorrow and hopefully get through to someone with a bit more of a helpful attitude than CCCS.

Thanks again guys for all your helpful advice.. :-)

d4h

Trollfever

You may have to join the queue, but have you got a local CAB?

debt_doctor

Desperate4help wrote: »

Thanks guys for being so helpful yet again! Basically, the CCCS said that a judge probably wouldn't make me BR due to the surplus I have

Hi again,
What nonesense that statement is ! - I've assisted people in to BR with a surplus of more than £3k per month with no issue at all !

Celebrities go BR whilst still having a massive income that most can only dream of !

DD

Desperate4help

Hi DebtDoctor - thanks for your reply...that's made me feel oodles better! It did cross my mind that surely celebs and business people go BR and are still bringing in lots of money each month/year.

I obviously need to speak to the CAB!! :-) i dont' suppose you're in the Bristol office? haha - if so can I come and see you?!

On a more serious note, if you do have any specific advice I'd be really grateful to hear it.

Thanks again
d4h

p.s. isn't it funny how much you can change your mindset in a week? Last Wednesday I spent a good chunk of the afternoon in tears as I was so desperately worried at the thought of BR. Now I'm anxiously trying to find evidence to prove that i WILL be able to do it!

CCCS_Sarah

Hello,

Just noticed this thread. Are you looking to stay in the property or move into rented? One of the things I have noticed from your budget is that you have very high priority expenditure i.e. rent, secured loan and mortgage.

One of the things to take into account is, if you are moving into rented how much would your rent be? If this is a lot less than what you are currently paying then this would mean more surplus to go towards your debts.

If you would like a second appointment, you would be more than welcome to give the CCCS a call back and we can have another look at it for you.

You could for example move into another property and then have another appointment on your new figures and then you will know where you stand and what your budget is going to look like. If bankruptcy is an option for you we will be able to discuss this in detail and refer you through to our bankruptcy support department.

CCCS_Sarah

debt_doctor wrote: »

Hi again,
What nonesense that statement is ! - I've assisted people in to BR with a surplus of more than £3k per month with no issue at all !

Celebrities go BR whilst still having a massive income that most can only dream of !

DD

Surplus is not really the issue; it’s the amount of time to clear the debts and circumstances. If the surplus is enough to clear the debts in a reasonable amount of time then a judge would not class an individual as insolvent and would suggest seeking advice for other solutions.