Really confused... Is this the best way?!

MeandtheLilUn

Hi,

I've managed to get in touch with CCCS, CAB and Nat Debtline and I'm still no clearer about it all.

National Debtline told me pretty much what I already knew (the cost, procedures etc) but didn't really go into any advice on whether or not it would be worth it.

CAB told me that because I already have an agreement with CCCS whereby I send letters of Financial Hardship and £1 token payments, then I should speak to them, as they didn't want to contradict any advice I may be given by them.

And CCCS said I should stick to paying £1 a month, and they will re-assess my situation when my circumstances change, as when I go back to work I will be in a better position financially.

However, my finances are one of the main reasons I am off work with depression. I will post an SOA showing my finances now, and what they are like when I'm working. Hopefully I might be able to make a bit more sense of things.

Also I've had a look at entitledto.co.uk, and they have said I will be entitled to Tax Credits (which I already get), Child Benefit (which I already get) and Housing Benefit (which I have applied for, and am being told it will be January before I hear anything from them, at the earliest).

And today I have received another 2 letters saying that the £1 payments will be accepted, yet will be reviewed in 3-6 months. So that makes 5/11.

Thanks again,

Me x

MeandtheLilUn

Hi,

As I said, I've put together an SoA, well really it's 2! The figures in brackets are my typical incomings/outgoings when I am working. These are oviously the figures CCCS and all of my creditors are expecting to help me be financially better off, and help me pay off my debts quicker.

Monthly Incomings
Wages £361.40 (£1022.67)
Child Benefit £86.67
Tax Credits £786.67 (£710.97)

Monthly Outgoings (figures in red are debts owing)
Rent £475.00
Nursery £368.16 £1,022.64
Car Tax £2.92
BCA A/C1 £4.99 £17.95
BCA A/C2 £4.99 £18.91
Mothercare £23.75 £593.72
Dorothy Perkins £12.81 £12.81
Virgin CC £89.68 £1,267.46
HSBC Mastercard £15.16 £961.17
Next £40.97 £434.70
HSBC Loan £124.95 £3,123.75
Clydesdale £31.11 £858.00
Barclaycard £48.34 £2,148.59
EDF £86.67
Dentist £10.00
TV License £12.12
BT £11.28
O2 £60.00
Water £30.00
Sky £21.45
Car Insurance £42.29
Blockbuster £4.88
Council Tax £212.00 £1,126.46
Vehicle S&S £10.00
Fuel & Parking £150.00 (£300)
Groceries etc £213.00
Clothing & Footwear £40.00
Ilana's Dance Class £22.00
Winsor Pilates £20.00

Incoming £1,234.74 (£1,820.31)
Outgoing £2,188.52 (£2,338.52)
Incoming-Outgoing -£953.78 (-£518.21)
Total Debts £11,586.16

Thanks,

Me x

MeandtheLilUn

I've had some good news this morning (if you call it that?!) If I were to go bankrupt then my car would be safe as I need it to get to work and back, however, I won't be eligible for a DRO as it is worth more then £1k. I'm now trying to get through to CCCS to explain to them what my finances are expected to be like when I go back to work, and see if they can help me in any way.

Me x

kerrypn

Hi there

Please take a look at the insolvency website www.insolvency.gov.uk which will tell you all you need to know about Bankruptcy to make a decision if its best for you, and keep posting any questions you may have.

Also, would you have time to fill in an SOA from here?http://www.makesenseofcards.com/soacalc.html

It is just a bit easier to read thats all

HTH

MeandtheLilUn

Would filling in the forms on the insolvency website mean I'm starting the process?? I haven't decided for definate yet, and don't want to unless I'm certain :-S

Me x

Mrs_Malaprop

Until you press the submit button then you commit to nothing. Your details will be held on the site for a few months and if not used they will be deleted.

MeandtheLilUn

This is my SOA from the SOA Calc:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 361.4
Partners monthly income after tax....... 0
Benefits................................ 873.34
Other income............................ 0
Total monthly income.................... 1234.74

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 212
Electricity............................. 86.67
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 11.28
Mobile phone............................ 60
TV Licence.............................. 12.12
Satellite/Cable TV...................... 21
Internet Services....................... 5
Groceries etc. ......................... 220
Clothing................................ 40
Petrol/diesel........................... 150
Road tax................................ 3
Car Insurance........................... 42.29
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 369
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 0
Entertainment........................... 4.88
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1782.24


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Dorothy Perkins................32........1.........29.9
HSBC Loan......................3123.75...124.9.....0
HSBC Mastercard................1022......40........27.9
BCA A/C2.......................25........1.........0
BCA A/C 1......................18........1.........0
HSBC Overdraft.................700.......0.........19
Next...........................435.......41........27
Mothercare.....................624.......1.........29.9
Clydesdale.....................858.......31.11.....0
Barclaycard....................2149......60........13
Virgin (MBNA)..................1267.46...1.........20
Total unsecured debts..........10254.21..302.01....-


Monthly Budget Summary
Total monthly income.................... 1,234.74
Expenses (including HP & secured debts). 1,782.24
Available for debt repayments........... -547.5
Monthly UNsecured debt repayments....... 302.01
Amount short for making debt repayments. -849.51

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,254.21
Net Assets.............................. -8,754.21

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Thanks

Me x

jez123cars

Hi hon, just wanted to send big hugs, I do know how you feel. I was off work for 6 months with depression, but the lack of money cos of not working was making it worse! I put off going BR for 2 years, finally did it last week and already feeling like a huge weight has lifted.

You can get through this, and whatever you decide everyone on these boards will be here to help and support you - You are not alone! :beer:
Good luck x

Mrs_Malaprop

The council tax, is that the actual amount or does that include arrears?

MeandtheLilUn

The council tax includes arrears of £1126.

Thank you for your support. I just don't know what to do, and I wish I did!! I think I'm going to look into it some more, before I decide. Although at the moment I think it may be my best option. Perhaps it's just nerves that are keeping me back. I really don't want things to be any worse than they are already.

Thanks,

Me x