Impending bankruptcy - any thoughts?.

Enoughsenuff

Hi everyone - new poster (but a devotee of the forum)

I know flattery gets you nowhere but first things first gotta say you guys are the best source of bankruptcy info bar none. You should all be well chuffed!!.


My situation is as follows:

Faced up to my debts (around £17k) a few months ago and initially linked up with 'DebtMovers' and recently investigated yet didn't sign off on an IVA.

Alas, i've come to the conclusion, as advised by CCCS/CAB that bankruptcy is my best route forward.



I've a few questions, which i've an idea what the answers are i just want your thoughts if poss.

Firstly, i've an estimated surplus of around £80 so as i understand it an IPA is unlikely?. I am still 'better job' hunting and fully accept any increase would have to be disclosed. How do you stand in terms of any bonuses etc within your 12 months pre-discharge?.

Secondly, i have a paid off car (approx value £880 in poor condition according to PARKERS) and have a copy of the original hire purchase agreement in my fathers name. Am i right in thinking i'll get to keep it?.

Thirdly, i have a stakeholder pension started in 2001. Again this would not form part of the estate would it?

Lastly, probably 20% of my debt is through gambling as i've foolishly tried to speculate to accumulate during the last year. I'm sure a BRU would be applied i just wondered if anyone had any predictions length-wise or similar experience?.


Apologies if some of this appears obvious but having read many posts myself i'm sure it will be of help info-wise to all.


I'll add a SOA when i get the chance but for the meantime any opinions would be greatly appreciated.

Please don't think i'm taking this all lightly its just the realisation alone that BR is imminent has helped me focus more.



Cheers - 'Enoughsenuff'

debt_doctor

Impending bankruptcy - any thoughts?.
Hi everyone - new poster (but a devotee of the forum)

I know flattery gets you nowhere but first things first gotta say you guys are the best source of bankruptcy info bar none. You should all be well chuffed!!.


My situation is as follows:

Faced up to my debts (around £17k) a few months ago and initially linked up with 'DebtMovers' and recently investigated yet didn't sign off on an IVA.

Alas, i've come to the conclusion, as advised by CCCS/CAB that bankruptcy is my best route forward.



I've a few questions, which i've an idea what the answers are i just want your thoughts if poss.

Firstly, i've an estimated surplus of around £80 so as i understand it an IPA is unlikely?. I am still 'better job' hunting and fully accept any increase would have to be disclosed. How do you stand in terms of any bonuses etc within your 12 months pre-discharge?. All income counts, overtime, bonuses etc. If the IPA doesnt start whilst undischarged, it will never start. Once in force it will last for 3 years (variable amounts)

Secondly, i have a paid off car (approx value £880 in poor condition according to PARKERS) and have a copy of the original hire purchase agreement in my fathers name. Am i right in thinking i'll get to keep it?. If its your fathers car HE can keep it and allow you the use of it, if it is deemed to be owned by you then you would have to prove a NEED for it rather than a want.

Thirdly, i have a stakeholder pension started in 2001. Again this would not form part of the estate would it? Correct.

Lastly, probably 20% of my debt is through gambling as i've foolishly tried to speculate to accumulate during the last year. I'm sure a BRU would be applied i just wondered if anyone had any predictions length-wise or similar experience?. Hard to say, ive seen a fair few gamblers get nothing but a couple with 3 yrs and 5 yrs.


Apologies if some of this appears obvious but having read many posts myself i'm sure it will be of help info-wise to all.


I'll add a SOA when i get the chance but for the meantime any opinions would be greatly appreciated.

Please don't think i'm taking this all lightly its just the realisation alone that BR is imminent has helped me focus more.

Hope that helps.

DD


Cheers - 'Enoughsenuff'

Enoughsenuff

Thanks for the reply DD, much appreciated.




Here's my first attempt at a SOA

(just put my half of outgoings in, hope thats right)




Again any red markings/advice etc from anyone would be very helpful.








Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 870
Partners monthly income after tax....... 0
Benefits................................ 36
Other income............................ 0

Total monthly income.................... 906

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 197.5
Management charge (leasehold property).. 0
Council tax............................. 55
Electricity............................. 25
Gas..................................... 20
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 12.5
Mobile phone............................ 20
TV Licence.............................. 6
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 15
Petrol/diesel........................... 150
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 3
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 15
Total monthly expenses.................. 850

Assets

Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 880
Other assets............................ 0
Total Assets............................ 880

No Secured nor Hire Purchase Debts

Unsecured Debts

Description....................Debt......Monthly...APR
Northern Rock Loan.............1250......93........0
Capital One credit ca..........4200......120.......0
Abbey credit card..............2600......84........0
A & Leic overdraft.............2200......0.........0
Debenhams Master card..........5800......200.......0

Total unsecured debts ..........16050.....497.......-



Monthly Budget Summary


Total monthly income.................... 906
Expenses (including HP & secured debts). 850
Available for debt repayments........... 56
Monthly UNsecured debt repayments....... 497
Amount short for making debt repayments. -441

Personal Balance Sheet Summary

Total assets (things you own)........... 880
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,050
Net Assets.............................. -15,170


Created using the SOA calculator on the makesenseofcards website.

Sunnylooloo

Hi ya

sorry I am still very new but from past threads as far as I understand you are not allowed an emergency fund or money for presents

I am sure someone will be along with more help soon

LL

debtinfo

hi Enoughsenuff

on the BRO thing

have a look at these BRO reports and see if any are similar to your situation. t might give you an idea of how long you might be looking at

http://www.insolvency.gov.uk/databases/ddirector/brobrusearch.htm

Enoughsenuff

Cheers 'debtinfo' - most of those receiving 3years or thereabouts seem to have been far worse than me so i'm slightly encouraged.

Enoughsenuff

Any comments on the SOA folks, where i may need to cut down or i'm selling myself short? - cheers.

fa1ryw1ngs

Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 870
Partners monthly income after tax....... 0
Benefits................................ 36
Other income............................ 0

Total monthly income.................... 906

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 197.5
Management charge (leasehold property).. 0
Council tax............................. 55
Electricity............................. 25
Gas..................................... 20
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 12.5
Mobile phone............................ 20 <<<<< not allowed PAYG from surplus
TV Licence.............................. 6
Satellite/Cable TV...................... 0
Internet Services....................... 0<<< none?
Groceries etc. ......................... 150
Clothing................................ 15
Petrol/diesel........................... 150
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 6 <seems low you got Accidental damage?
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 < not allowed has to come from surplus
Haircuts................................ 3 << allowed 5 pp i think

Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 15 <<<< not allowed
Total monthly expenses.................. 850

Assets

Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 880
Other assets............................ 0
Total Assets............................ 880

No Secured nor Hire Purchase Debts

Unsecured Debts

Description....................Debt......Monthly.. .APR
Northern Rock Loan.............1250......93........0
Capital One credit ca..........4200......120.......0
Abbey credit card..............2600......84........0
A & Leic overdraft.............2200......0.........0
Debenhams Master card..........5800......200.......0

Total unsecured debts ..........16050.....497.......-


Hope that helps i am basically going by what i was told by others someone else might be more "up" on it

Discharged

It's interesting you spend as much on petrol as you do on Food?? I'm near bald but when I had my interview with the OR they were brill and told me what I could and couldn't claim and they told me to claim £20 for haircut, you may find that you're quoting some figures too low, eat more, insure more, and if you can, get your rent raised for the next twelve months, that would really help your case, don't know anywhere where you could home a family for £197 (unless it's subsidised by council??)

Enoughsenuff

Cheers you 2.

Figures are all my half (i.e food, insurance etc) except for petrol which is my work.

Forgot the internet but i heard that many people lump tv package/broadband and mobile together?.

Discharged

Who's name is the tenancy agreement in? If it's solely you then put the full amount down, if you only pay half rent you won't keep half the house!