Think I'm finally going bankrupt! Gambling ! Can't cope!

in_a_mess_4

confused76 wrote: »

hi inamess
sounds like you have taken advice and know what you need to do.
it sounds like you are worried about the stigma of going br - it used to be a problem and to be fair there are a few people out there who would criticise but for many it is the only way out and a chance to get their lives under control.
i've struggled for the last 5 years to pay my debts and have reached the point where i have no other viable option. i never thought this would happen to me but i need to get on and do it and hopefully come out the other side able to get on with my life.
it is good to see that you are taking positive steps towards your gambling addiction. if you go br you will need to really take control of your finances and stick to a budget, otherwise you will continue to get yourself in a mess.
i can't imagine they will take your car if it is worth £500 and you need it for work.
you have a chance to get your life back on track, but you need to be strong and be careful in future.
i'm going br next week, i am scared but know its what i need to do. i will never take out credit again unless it is a mortgage.
keep posting here, the people are so helpful and supportive.
let us know how you get on
confused76

I really hope your bankruptcy helps you move forward, good luck with it.

To be honest I've ignored the advice to go bankrupt for years as I've always thought this is my mess and i must get myself out of it but I finally have to face that i just physically cannot do it. I agree that the only credit i will ever have will be a mortgage and that is something i want in the future, if i have children i want a stable roof over here head and an investment to pass on.

I know this is prob the best and only option it just seems scary x

michael1983l

How much is your total debt?

Your counsil tax is at £120 a month, do the council know you live alone? did you know you can get a reduced rate if you live alone?

confused76

in_a_mess wrote: »

I would love the chance to get back on track and i am asked for hlp for gambling (even though i am extremely embarassed as i am so young). I would love nothing more than to get paid, pay every bill and getthrough the month until the next payday without messing up. I can't express how much i would love to have that feeling, I know that sounds sad but i would be sooooo proud.

I really want to get my life back on track more than anything and this has been a horrible lesson but I will always always remember it and I never ever want anymore credit ever again!

Thankyou for your support x

you may feel embarassed but the best thing to do is get the help and move forward. i bet after a few sessions you will be confident about talking about it. just keep at it x

betterlatethannever

I'm a little tired to be posting now but couldn't read n run.
You sound, in many ways, so mature for your age, but as Dieselhead states, 'why shouldn't you have nice things'..well this is because you can't afford too.
You say your too young to be sat at home with nothing, but i am that 'sat at home with nothing person' and trust me, its no fun when your older, and supposedly wiser.
You have the chance to learn from your mistake and make a good future for yourself before its too late...but only if you see that gambling is no easy way and that debt is a terrible thing if you can't afford re-payments.
You have a good head on your shoulders..so use it!
If BR is the way forward, then do it, but only if this is going to help you longterm.
Your SOA looks good, apart from the Haircuts. £30 is too much and £10 a month is more like it.
You could add some for holidays but the OR may have an interest in your Life insurance.
Lose the stress of debt and you'll meet the perfect person..trust me!!

I truly wish you all the best, but seek help if gambling is a problem.
Keep posting and you'll get a ton of help here.
X

in_a_mess_4

dieselhead wrote: »

I don't normally post on this board, however being a similar age (I'm 25) I felt I needed to comment. I still think from the comments you have highlighted below that you still need to come to terms with your finaces a little more. It so hard being youngish and living alone, and having to deal with the cost of living by yourself, I am always suprised how much just the bare essentials of living cost!

What worries me is when you say "why shouldn't I have nice clothes" well unfortunatly not being about to afford them is a good reason. I really looked forward to starting work after uni and being able to "treat" myself. The reality is that in my budget I have a small amount for a treat but it is just one treat so it has to be a new item of clothing or going out. And I have to accept that if my car needs some work or the electricity bill is high I don't get that treat.

Others will help you with the bankruptcy but it is so important that you accept your financial situation first.

I do agree with what you say, thankyou.

I think its just really difficult been young and seeing my friends enjoying their young life which i just cant do, and what frustrates me even more is that i will never be 21, 22, 23 again and i can never get these years back and i really want to enjoy myself. But i suppose i have to face he consequences.

I'm not saying i want a full wage to myself but just enoughto go out even once every 3 week, something to look forward to and to even buy clothes for work would be a god send. My work clothes are literally falling to bits and i have nothing to wear in the winter and it just bothers me. I do understand though that its all my fault and there are people much much worse off but sometimes that thought doesnt help me feeling rubbish and upset about it

in_a_mess_4

michael1983l wrote: »

How much is your total debt?

Your counsil tax is at £120 a month, do the council know you live alone? did you know you can get a reduced rate if you live alone?

When i went to CAB they totalled it to around 30k.

Council tax is arrears and if i dont pay tis amount they will go for detachment of earnings which i dont want to happen and yes i get the single person discount

in_a_mess_4

betterlatethannever wrote: »

I'm a little tired to be posting now but couldn't read n run.
You sound, in many ways, so mature for your age, but as Dieselhead states, 'why shouldn't you have nice things'..well this is because you can't afford too.
You say your too young to be sat at home with nothing, but i am that 'sat at home with nothing person' and trust me, its no fun when your older, and supposedly wiser.
You have the chance to learn from your mistake and make a good future for yourself before its too late...but only if you see that gambling is no easy way and that debt is a terrible thing if you can't afford re-payments.
You have a good head on your shoulders..so use it!
If BR is the way forward, then do it, but only if this is going to help you longterm.
Your SOA looks good, apart from the Haircuts. £30 is too much and £10 a month is more like it.
You could add some for holidays but the OR may have an interest in your Life insurance.
Lose the stress of debt and you'll meet the perfect person..trust me!!

I truly wish you all the best, but seek help if gambling is a problem.
Keep posting and you'll get a ton of help here.
X

Thankyou I really appreciate your support. xx

michael1983l

in_a_mess wrote: »

When i went to CAB they totalled it to around 30k.

Council tax is arrears and if i dont pay tis amount they will go for detachment of earnings which i dont want to happen and yes i get the single person discount

I think you can add your Council Tax arrears into you BR, 30k is alot for a person with you4r income so the CAB probably right to me it seems that BR is the way for you. You will need around £500 to do this. But if you go ahead with this please please stick to your budget otherwise you will end up in the same mess again. If you take action now and stick to your budget by the time you are 30 you will be in a good position. I struggled with debt from 18 similar to yourself and now I'm nearly 27 and still have 32k of debt. I wish I had taken action when I was your age and you have this chance to do so. It may seem harsh now but not dealing with it is delaying the inevitable and prolonging your pain. Once you feel like your back in control the stress will evapourate and you will love life again.

in_a_mess_4

michael1983l wrote: »

I think you can add your Council Tax arrears into you BR, 30k is alot for a person with you4r income so the CAB probably right to me it seems that BR is the way for you. You will need around £500 to do this. But if you go ahead with this please please stick to your budget otherwise you will end up in the same mess again. If you take action now and stick to your budget by the time you are 30 you will be in a good position. I struggled with debt from 18 similar to yourself and now I'm nearly 27 and still have 32k of debt. I wish I had taken action when I was your age and you have this chance to do so. It may seem harsh now but not dealing with it is delaying the inevitable and prolonging your pain. Once you feel like your back in control the stress will evapourate and you will love life again.

Thanyou, I think I have made the decision to go BR I'm just really scared but i know i have to accept this is the best way forward. I called the CAB today and i have to call them monday to book appointment. I am going to book BR date in january if i can as this will give me 2 wages to get the £500 together

tigerfeet2006

in_a_mess wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1140
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1140
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 120 Is this with the 25% single person discount? Or does it include arrears?
Electricity............................. 60
Gas..................................... 0
Oil..................................... 0
Water rates............................. 40 Is this on a meter? Or does it include arrears?
Telephone (land line)................... 13
Mobile phone............................ 20
TV Licence.............................. 25£12
Satellite/Cable TV...................... 0
Internet Services....................... 10 Not allowed on SoA, will have to come from surplus.
Groceries etc. ......................... 200
Clothing................................ 0 £40
Petrol/diesel........................... 160 You will need to start keeping reciepts as the OR may question why this is so high.
Road tax................................ 20
Car Insurance........................... 65
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 28 £20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 you need to get your self some with accidental damage £20
Life assurance ......................... 11 the OR will most likely take an interest in this.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30 £10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1222

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
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,140
Expenses (including HP & secured debts). 1,222
Available for debt repayments........... -82
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -82
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

If you can answer a couple of questions for me I would be greatful.

As you have been gambling you may get a BRO/U. A BRO/U will extend the restrictions of BR from 2 to 15 years. You will still be discharged with in 12 months.

This is from the Bankruptcy Help sticky

Bankruptcy Restriction Undertakings / Orders.

• Bankruptcy Restrictions Orders (IS)
• FAQ - Bankruptcy Restriction Orders / Undertaking ( BRO/BRU ) (IS)

I suggest you read through the sticky over the weekend as there is a lot of useful links in there. Also read as much on the boards as yuo can and ask about anything you don't understand.