Going to bite the bullet - Part 2. No reprieve.

skylight

Part one - http://forums.moneysavingexpert.com/showthread.html?t=172848

Anyhow, for a quick summary of part 1 - we were toying with bankruptcy, OH got a better job and we thought we were reprieved.

Part 2 - Turns out it was a false hope. Had a nice long chat with Payplan today. Its taken ages as we have been playing telephone "tag" and been missing each other. They sent an "interiewer pack" which I completed.

They have decided that I am running at a deficit (even with the extra money in Neils wage). They up'ed my housekeeping to meet the government guidelines, as well as some other household expenses. They reckon I should be spending £620 per month on housekeeping! :eek: I know there are 6 of us, but I haven't spent that much since - well, finding this place really!

She insisted that I must keep things realistic spending wise. I know that I am really tight on the household budget, but that amount is over £100 a month more than I spend. (My £500 a month includes breakfasts, work/school lunches as well as dinners, all cleaning stuffs, nappies etc and breaks down to £2.60 per person, per day).

So, on their revised figures, we are running at a deficit of £230 per month. There is no money to offer to creditors. (They can come and have a sandwich with the extra spending money I have for Tescos if they like though!)

My figures though, showed us running at a slight "profit" - £35 per month whoo-hoo!!!! Only 85 years at the same rate to pay back the debts!

So. We come to a choice. Do we cut back further still and try to keep paying creditors?? Or take Payplans advice that we are not being realistic enough with our budgets and look at bankruptcy?

moxie_2

I've just posted about how creative Payplan can be, in another thread. They are probably giving you extra to pay for birthdays, Christmas etc. Even though they give you a set allowance for something, it's up to you how you spend it (or save it!). I don't know enough about bankruptcy to advise, but you need to look at the possible implications. It was not an option for me, for example, as I would have lost my job.

In_Search_Of_Me

I dont know enough to advise but wanted to send a hug. At least you can say that you have done your best if you do have to go bankrupt...suggest getting as much advice as possible. Did they give you info on the implications of going bankrupt for your own circumstances? Hope it all sorts out...

beanielou

Food for thought there then
Good luck with whatever you deceide Charlotte664

CLAPTON

i've read part 1 but there where is the SoA? not really possible to give good advice without the full SoA