23 and considering bankruptcy... HELP PLEASE

Raggs_2

Go to the Debt free wannabe part of the boards. There is an SOA (Statement of Affairs, basically a breakdown of what comes in and what goes out) calculator (not sure of the link myself, but I think it is at the top). Fill it in (as truthfully as possible), and post it. Let the experts do their work, and see if you can cut back to pay it all off, without having to go BR.

boliston

I think the important thing is to ONLY deal IN WRITING with creditors and never discuss matters over the phone or in person.

If you don't own property or an expensive car or have other major investments then there is little that creditors can do. Council tax probably being the main exception!

kkjamor

Great, thank you. I will do that.

No property, no car (wrote it off last week), definately no investments, no nothing really! The one thing that is ALWAYS paid is rent and Council Tax. I have a little girl so have to keep her safe.

Manoona

kkjamor wrote: »

Sorry, i'm new to all this. What is an SOA please?

SOA is a statement of affairs - or an income and expenditure form! the guys on here have really helped me loads with mine - Im also considering bankruptcy. I have spoken with most - not all of my creditors but i have written to them all I included my SOA that the CCCS went through with me and they are all accepting my 'token' payments.

Try not to worry too much about things, you'll feel loads better once you've made a desicion and definately try not to loose sleep over it, everything can be sorted out in the end!!

Good luck with it

fredfedup

Fill the SOA in here ; https://www.makesenseofcards.com Post it up and we will help.
As you have no assets to protect, Bankruptcy is definitely an option. You need to read all the sticky's (front page of forum) and contact one of the debt charities.
fred

kkjamor

I did the SOA, is this the right place to post? Thanks for all the advice.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 800
Benefits................................ 450
Other income............................ 0
Total monthly income.................... 2200
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 136
Electricity............................. 25
Gas..................................... 30
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 80
TV Licence.............................. 13
Satellite/Cable TV...................... 20
Internet Services....................... 10
Groceries etc. ......................... 220
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 67
Car maintenance (including MOT)......... 22
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 520
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 77
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1986

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................18500.....25........14.9
Loan...........................3000......113.......0
Credit Card....................2000......0.........0
Overdraft......................1000......0.........0
Overdraft......................2000......0.........0
Debt...........................250.......0.........0
Finance........................2000......0.........0
Finance........................2000......0.........0
Total unsecured debts..........30750.....138.......-

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,986
Available for debt repayments........... 214
Monthly UNsecured debt repayments....... 138
Amount left after debt repayments....... 76
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -30,750
Net Assets.............................. -30,250
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Manoona

Im no expert, in fact im quite a newbie, and I know someone who knows there stuff will be along to give you some help very soon, the onyl few things I know to mention are....

Groceries - Im sure you can bumo this up to figure more like £400, Entertainment I think is not usualyl allowed but Holiday is so move the figure there. Im not sure where the OR would stand on mobile expense either as you have no landline it may well be allowed!

But as I said someone will be along sortly with everything you need!

kkjamor

Oh, I was skrimping trying to leave as much money over as poss. Is this not right? x

Manoona

Where its true that you can be refused bankruptcy if after doing so you would still be 'insolvent' but there are just certain areas that you can put the figures in, if that makes sense! Its about having a reasonable 'quality' of life even after bankruptcy.

But like i said im pretty new, I posted my SOA up a few days ago and got some fab advice so someone with more experience can advise you on which figures to bump up and which ones to leave out to give you a godd balance!

fredfedup

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 800
Benefits................................ 450
Other income............................ 0
Total monthly income.................... 2200
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 136
Electricity............................. 25 (very low, try 50)
Gas..................................... 30 ( as above )
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 80 ( 61 )
TV Licence.............................. 13
Satellite/Cable TV...................... 20 ( not usually allowed )
Internet Services....................... 10 ( have to use for work/study )
Groceries etc. ......................... 220 ( 400 )
Clothing................................ 10 ( 80 )
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 67 ( seems high )
Car maintenance (including MOT)......... 22 ( 30 )
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 520 ( only if working )
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40 ( 25ish unless proved )
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 6 ( very low, need to upgrade)
Life assurance ......................... 0
Other insurance......................... 77 (OR will have an interest)
Presents (birthday, christmas etc)...... 15 (not allowed )
Haircuts................................ 20
Entertainment........................... 40 ( not allowed )
Holiday................................. 0 ( try 60 )
Emergency fund.......................... 0
Total monthly expenses.................. 1986



Hope that helps a bit, others will offer further help as well. You get quite good allowances in BR. As said earlier they are expecting you to be able to stay afloat after BR (else what we be the point ).
Best of luck
fred