Bankrupcy discounted where do I go now

simonlightbulb

Good morning all,

I've had a thread running on the banrupcy forum "£30k in debt"

Basically through the help of some fine people I have come to the conclusion that BR is not the option for me and it's going to be head down for a few years to pay off my debts.But.................thats where the cry for help comes in.

Here are some facts:

1) I earn £31,500 a year (Net £1869 a month)

2) I have the following loans

£10k - 5 year (5 months in 8.8% APR) £200 a month
£7.2k - 3 year (1 month in 20% APR) £272 a month
£5k - 4 year (1 month in 20% APR) £150 a month
£3.2k - 5 year (0 month in 20% APR) £84 a month

Total - £700 a month

3) I have the following credit cards

Aqua - £2.5k which is killing me 40% APR and £120 a month

So out of my salary I am paying half in debts

I then have a 50% share of bills with my other half who does not know what situation I am in.

This leaves me with pounds a month of my own money.

Help please!!!!!!

katsu

Can you do a proper SOA - links in sticky threads on main boards. Help us see where all your money goes then people can suggest savings on the bills you and your OH are paying (unless you already optimised this in your other thread).

If you are going to be paying these debts off for several years then I think you do need to talk to your OH about it. It will be easier with support and I can't believe you would manage to do this without her knowing.

Good luck and congratulations for making the decision to sort it out.

Shoe_Gal

Hello and welcome - you are in the right place

I expect everybody will tell you to put up an SOA - did you have one on your other thread?

And maybe you need to get OH on board - you may be surprised

Verbatim

hi and welcome,

the first thing is to do a statement of affairs with all your income and outgoings listed. It's easier then to see where there's wiggle room. The advice is to concentrate all spare money on the cc with the highest interest rate paying only minimum payments on the rest until the first is paid and then concentrating on the next highest and so on. With loans there is often a penalty for paying them off early, does this apply in your case?

Are some of these debts due to gambling or another addiction? I ask as several of the loans are of very recent date. If there is an underlying reason like this it's obviously important to sort this out so that the debt doesn't continue to grow.

Can you tell your OH what the situation is? She'll probably find out anyway and it would be better coming from you. You're going to need her support if things are this tight.

Could you take a second job to help with at least getting the ccs down?
Good luck
V

simonlightbulb

Here you go.

The child amount is child maintenance there are a couple of odds and sods missed off but hopefully people will get the picture


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1869
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1869
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 412.5
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 15
Gas..................................... 15
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 50
Clothing................................ 0
Petrol/diesel........................... 30
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 857.5

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Barclays loan..................25200.....700.......NaN
Credit.........................2700......120.......40
Total unsecured debts..........27900.....820.......-

Monthly Budget Summary
Total monthly income.................... 1,869
Expenses (including HP & secured debts). 857.5
Available for debt repayments........... 1,011.5
Monthly UNsecured debt repayments....... 820
Amount left after debt repayments....... 191.5
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -27,900
Net Assets.............................. -27,900
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

That-Guy

OK would see if you can sort a debt management plan. Contact CCCS and give them all the info above and they should be able to lower the monthly payments. If your under a debt management plan most companies should stop adding interest (but they dont have too)

Hope this helps

Buffythedebtslayer

You have almost two hundred pounds left right?

Not great I grant you but not impossible

1. see if you can balance transfer your horrible 40% card to 0 or low life of balance card.

2. Can you get a second job?

3. Can you sell anything? ebay etc make money that way?

xxxxx

katsu

Have you halved all the bills etc in your SoA so you are only showing your half of the rent etc?

gfplux

Your real problem is that your other half does not know of your problem.
Living in the same house, sharing your life with another person AND then keeping up this pretence can not and will not get you out of this.
Your first step out of this nightmare is to come clean about this.
Tell them NOW and then come back here.

Good Luck

nutsohazelnuts

Try punching all your debts into The Snowball Calculator at whatsthecost.com.

It won't let me post the actual link.

LadyGooGoo_2

Are your figures realistic, and your girlfriend pays the lions share of your joint living expenses? Or do you need to redo your SOA to include more accurate amounts?

The SOA that you do when you are working towards bankruptcy is all geared towards what you will be able to claim for, but a DFW SOA needs to be what you actually spend now.

A lot of us get into trouble in the first place because we haven't got to grips with our actual factual living costs. Perhaps a spending diary would help? It's a bit of a faff, but real figures would be much more use to you than rough and random numbers plucked from the air.

Lots of us make the mistake of just putting down the basics, but most of us also buy our kids presents, have nights out, visit the dentist and get our hair cut which all needs to be reflected in your SOA.

Last thing: Are these new/recent loans?