Bankrupcy discounted where do I go now

Primarni

I just wanted to wish you all the best and reassure you that you are in the right place. I can't analyse your SOA for you like these clever peeps cos I'm still learning how to work my own finances, but I did notice that you pay less than me for everything which is making me v jealous!

RAS

Simon

You have listed petrol but not other car costs?

simonlightbulb wrote: »

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 - if this is half it is very expensive
Electricity............................. 15
Gas..................................... 15
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 10 - £12 split in two
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 50 - this is vey low are you sure?
Clothing................................ 0 - what have you spent in the last year - divide by 12
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 - if you have a child, you will be spending here?
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.

CatValou

RAS wrote: »

Simon

You have listed petrol but not other car costs?

From reading the other thread on the bankruptcy board I think I recall that those are paid for by his employer.

RAS

if so, that is a huge help.

Simon - do you have £191 spare each month?

With an APR of 40%, that debt will increase if you pay the minimum.

1. Do you have any charges you can reclaim?
2. Is there anything that you can sell - e-bay, amazon or a car boot sale?

You need to shove everything you can at the credit card to reduce that ASAP.

Play with the snowball on the site and see what happens if you throw an extra £100 at it each month.

Jacks_xxx

Hi Simon, :wave:

The first thing I want to say is that you've come to the right place! On the whole the posters here are at varying stages of going through the same things, or we've been through the same things in the past - so we understand, and we sympathise and we want to help you.

So there's a lot of love here - but in my case I'm afraid it's tough love. :eek::D

All those debts - were they incurred paying off other debts? Living beyond your means? I'm a great believer in getting it all out in the open but you don't have to tell us if you don't want to.

However, you do need to be honest with yourself about how you got here. If you don't "own" the actions that led to those debts. and take on full responsibility for them you'll make the same mistakes again - and we really don't want that.

We consolidated loads of times :rolleyes: before we got here and learned about Snowballing. And that's your next step: Punch all the info about your debts into the snowball and see what it says.

http://www.whatsthecost.com/snowball.aspx

It may well depress the hell out of you, but I find it makes you realise just how deep a hole you're in and motivates you to make the changes necessary to dig yourself out of it - and stay out. (Ours said we'd be paying until 2028 when I first filled it in! :eek: )

Next step is to inject a little real life into that SOA. Include all the odds and sods that you say are missing because it's a meaninglesss tool unless it's as accurate as you can make it. It's vital that you know how much you spend on what, and it's useful info for us to point you in the right direction. If the SOA looks all right to you then you definitely need to keep a spending diary for a little while.

Don't be disheartened hon. This is totally doable - and Snowballing messes with your life way less than a DMP, IVA or bankruptcy. You just need to get your problemsolving "can do" head on and go at it!

How's your credit rating? What's the chances of a low rate or 0% balance transfer card to help you get out from under that horrific 40% one?

And while we're at it how' s the financial balance at home? is there any chance that you're paying more than your fair share?

Could you switch your bank and get a cheap overdraft of - ooh about £2700 - to enable you to pay that 40% card off? Are first direct still doing that Free £100 if you switch to them offer?

Anything you could list on eBay, Amazon or Play.com?

Any gold lying around that you could sell? I just got £108 for a bunch of odd earrings and some tangled up chains that had been sat in a drawer for a decade!

Big hugs sweetie. I know this is tough, and in some ways asking for help is the hardest part, but just remember more info = more help.

Love Jacks xxx

Primarni

Simon, are you still around?