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

in_a_mess_4

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
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............................. 70
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 12.5
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 160
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
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1092.5

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

Monthly Budget Summary
Total monthly income.................... 1,140
Expenses (including HP & secured debts). 1,092.5
Available for debt repayments........... 47.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 47.5
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.

I think this is about what it would be after BR.

I'm not sure exactly how much i spend on food, to be honest i dont have a budget because something has to gove everymonth but after br it wil be easier to tick to one......to be honest im quite excited about been able to work to a budget and it actually fit.

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.........
Number of cars owned....................
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............................. 70
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 12.5
Mobile phone............................ 20 put with LL max £50
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10 unless needed for work this will have to come from surplus.
Groceries etc. ......................... 200 this is fine
Clothing................................ 0 £40//50
Petrol/diesel........................... 160
Road tax................................ 20
Car Insurance........................... 65 make sure this is fully comp.
Car maintenance (including MOT)......... 20 £30
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 important you get some especially with accidental damage £20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0 £20
Emergency fund.......................... 0
Total monthly expenses.................. 1092.5

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

Monthly Budget Summary
Total monthly income.................... 1,140
Expenses (including HP & secured debts). 1,092.5
Available for debt repayments........... 47.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 47.5
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.

I think this is about what it would be after BR.

I'm not sure exactly how much i spend on food, to be honest i dont have a budget because something has to gove everymonth but after br it wil be easier to tick to one......to be honest im quite excited about been able to work to a budget and it actually fit.

Have another play with that.

in_a_mess_4

tigerfeet2006 wrote: »

Have another play with that.

The internet isnt a necessity with work as i dont work from home but work in sales so i do use it some evenings, mainly weekends for lead sorcing, but i do this off my own back.

I'll do a new soa now.

thanks x

in_a_mess_4

[/b]
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
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............................. 70
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 160
Road tax................................ 20
Car Insurance........................... 65 This is fully comp
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 1202

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). 1,202
Available for debt repayments........... -62
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -62
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.[/font]

this is after BR

tigerfeet2006

Right, so we are now in deficit so we need to adjust slightly.

Lose the holiday, cut clothes to £40, lose the internet and cut the phones to £40 joint.

I think that should just about balance, if you are a couple of quid over that won't matter too much.

in_a_mess_4

tigerfeet2006 wrote: »

Right, so we are now in deficit so we need to adjust slightly.

Lose the holiday, cut clothes to £40, lose the internet and cut the phones to £40 joint.

I think that should just about balance, if you are a couple of quid over that won't matter too much.

Ok thanks, my wage for the last few month has been £1200 which is extra £60 but my basic guaranteed wage is £1140.

What happens if i have a defecit after br then?

tigerfeet2006

You need to put your guaranteed wage down and note that sometimes you recieve a bonus. The OR will ask you to send wage slips in for a while and then will take an average, if this gives you a surplus over £99 then you will have to pay an IPA.

If you have to much of a deficit the Judge and OR will want to know how you are going to live if you can't keep with in your budget with no credit to fall back on.

in_a_mess_4

tigerfeet2006 wrote: »

You need to put your guaranteed wage down and note that sometimes you recieve a bonus. The OR will ask you to send wage slips in for a while and then will take an average, if this gives you a surplus over £99 then you will have to pay an IPA.

If you have to much of a deficit the Judge and OR will want to know how you are going to live if you can't keep with in your budget with no credit to fall back on.

Ok thanks, next month i will fetch home between 1500-1600 as i have a quartely and xmas bonus, i am using some of this to pay for bankruptcy fee and then taking the rest from januarys wage.

Theres a possibilty from january onwards i will be earning around £1400 a month, so i'm assuming this will be taken off me?

Its hard to predict as i've only just started earning a bit of bonus/commision its different every mnth so totally unpredictable. I'm expecting that even after bankruptcy the next 12month will stil be a hard struggle as i wont gbe allowed to keep the bonus i earn

lorraine64_2

I went bankrupt in 2001 and it was the best thing I ever did. I owed £37,000 following a divorce. You get instant peace of mind. The Official Receiver was great with me. He even asked if I would like to pay the fee on my credit card before taking them off me. He wasn't interested in my car which was worth about £3,000. He said obviously if I had a porche he would make me sell it to buy something cheaper. They took none of my monthly income. He said I just had to be straight with them and not lie about anything and there would be no problems. Bankruptcy lasted three years then and I had to update them on any changes during that time. I came out of Bankruptcy 2004 and now have a clean credit rating with bank and credit cards but have learned my lesson. You wont have much of a credit rating for six years so will find it virtually impossible to get credit or anything but basic bank account (Co Operative take bankrupts by the way for basic accounts) I just knew I would never repay such a large amount so it was the best thing to do.

tigerfeet2006

If your bonus is more than the £99 a month then you will get to keep from 50% of it. Which isn't too bad.

How guaranteed is the bonus? be truthful about it..