New Year Still Broke

So_Sad_Angel

suzzybabe wrote: »

I know I know That is what my Mum has said She has bailed me out twice in the past to the tune of 100k and is refusing to do it again She cannot understand how I can spend so much.

I earn a good living and should be able to manage

I live in a 2 bedroom house in the middle of York It is so small it is practically Japanese

The rent seems high but it is a really nice area I am loath to move

Hi Suzzy

You know that you have to reign it in a bit but it is do-able & maybe you need to consider your spending habits & keep a spending diary for a while & ask yourself if you really need to spend on certain things.

I know where you are coming from as when you work hard & earn a good salary you expect to be able to have the nice things in life....trouble is its all relative...the more you earn...the more you spend.

I learnt the hard way but you still have a chance to get it sorted.

Angiexx

debtinfo

Also have a go at posting on the DFW boards, they are all people working towards getting debt free by saving what they can, lots of useful info

suzzybabe

Thanks for all your constructive replies my mind is buzzing

I am off down the pub I will think about all of this tomorrow (Scarlett O'Hara style)

Good luck to you all

Suzy xx

BTW I am 33

MicheH

I think it's fair to say that in bankruptcy you will be allowed the allowance of a single person, whether you earn megabucks or a pitance we're all allowed to have the maximum for spending on things that are important. If you have a surplus income a high proportion of that will be taken from you for 3 three years, the rest you can keep but here's the important bit.. I think you have to weigh up whether you want to totally kiss good bye to the life you lead with a bankruptcy order or you take control and truelly take these debts by the horns.. if you can that is because having said all that I just don't see how you can find the money to pay off £900+ a month is repayments. Good luck in what you decide, definately speak to a debt charity (a judge wont grant an order unless you have had professional advice) and don't listen to others out there who tell you effectively to be dishonest and ultimately commit fraud.

suzzybabe

Here is my re jigged SOA Can anyone have a look at it I believe that will leave me with an IPA of £553 per month for three years if the OR accepts it

I think Br is the best route for me as it would trash my credit file and with my history That would be for the best

My Mum and Dad will be furious but at least I am OWNING my problems and not running to them

I take it OR will take my car which will leave me with a BIG problem doing my job????

Also was wondering what the story is with the tax code?

At the moment I am paying my cc's with cash back from other cc's

so its a big mess

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2650
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2650
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 850
Management charge (leasehold property).. 30
Council tax............................. 120 includes SPD
Electricity............................. 60
Gas..................................... 30
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 50
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 10 work related research
Groceries etc. ......................... 240
Clothing................................ 50
Petrol/diesel........................... 130
Road tax................................ 17
Car Insurance........................... 30
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...................... 15
Life assurance ......................... 20 whole of life
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 25
Emergency fund.......................... 20
professional fees....................... 10
newspapers.............................. 20 work related science journals
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1860

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5,500 Market value £5.5k
Other assets............................ 0
Total Assets............................ 5,500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................47000.....470.......16.5
Bank Loans.....................20000.....465.......0
Total unsecured debts..........67000.....935.......-

Monthly Budget Summary
Total monthly income.................... 2,650
Expenses (including HP & secured debts). 1,860
Available for debt repayments........... 790
Monthly UNsecured debt repayments....... 935
Amount short for making debt repayments. -145
Personal Balance Sheet Summary
Total assets (things you own)........... 5.500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -67,000
Net Assets.............................. -61,500

Reproduced on Moneysavingexpert with permission, using IE browser.[/i]

suzzybabe

Thanx BAAB Yes the car was bought with a personal loan

And Oblige

Suzy

curly04

I dont know much about these yet but I will tell you what my OR didn't allow if that will help

suzzybabe 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.................... 1
Monthly Income Details
Monthly income after tax................ 2650
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2650
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 850
Management charge (leasehold property).. 30
Council tax............................. 120
Electricity............................. 60
Gas..................................... 30
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 30
Mobile phone............................ 25
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 240 I was allowed £350 for 2 people and between use we earn more than yourself
Clothing................................ 40
Petrol/diesel........................... 100
Road tax................................ 17
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0 You sure I'm disabled and even I dont get 100% free parking
Other travel............................ 30 - OR will ask what this is
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 £20.00 glasses / dentist / prescritpions
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 i wasn't allowed
Haircuts................................ 10
Entertainment........................... 20 i wasn't allowed
Holiday................................. 20 I was allowed £40.00 but that was for 2 of us
Emergency fund.......................... 20 i wasn't allowed
professional fees....................... 10 OR will ask what this is
newspapers.............................. 20 i wasn't allowed
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1825

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 8000 They will take this :mad:
Other assets............................ 0
Total Assets............................ 8000

Monthly Budget Summary
Total monthly income.................... 2,650
Expenses (including HP & secured debts). 1,825
Available for debt repayments........... 825
Monthly UNsecured debt repayments....... 935
Amount short for making debt repayments. -110
Personal Balance Sheet Summary
Total assets (things you own)........... 8,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -67,000
Net Assets.............................. -59,000

Reproduced on Moneysavingexpert with permission, using IE browser.[/i]

have you spoken to one of the debt charties yet?

good luck, take care

suzzybabe

Thanx curly for that most helpful reply

You are a star

The other travel is for a return trip to London on train to visit my sick Grandmother Thought I would be allowed this by OR

Reading these boards and going on the Insolvency Service website gives me the feeling there is quite a lot of lee way as to what the OR will or wont allow Do you think that is true?

Will the interview be face to face or on telephone??

I intend to be very contrite (which I am) and throw myself on their mercy Do you think that will work?

I have done the CCCS debt remedy which recommended a DMP which I believe to be unworkable for me

curly04

Suzzy - Off to bed as I have to be up at 6am
I will double check for you tomorrow, as far as I am aware you have to take advice before you go BR, and they have to had recommended BR

If CCCS has recommended a DMP, and you go to court for BR, you could pay your £510.00 fees and the judge not agreed to the BR, then you will be £510.00 worse off and in the same situation.

I've been up 17 hours and my head is mushed, but I will give you some more info tomorrow

suzzybabe

curly04 wrote: »

Suzzy - Off to bed as I have to be up at 6am
I will double check for you tomorrow, as far as I am aware you have to take advice before you go BR, and they have to had recommended BR

If CCCS has recommended a DMP, and you go to court for BR, you could pay your £510.00 fees and the judge not agreed to the BR, then you will be £510.00 worse off and in the same situation.

I've been up 17 hours and my head is mushed, but I will give you some more info tomorrow

Thanks Sleep tight

Suzy