IVA or Bankrupcey - Which One!

cleanyspringy

:rolleyes: OK so was happily married up until about 6 months ago - when found Husband was having an affair!!:mad:

So I have filed for Divorce but have more debts now than whan I met him.

£4000 - Egg
£4000 - Barclaycard
£7000 - Cahoot
£20,000 - Lloyds

I have a take home of £1200, house costs of £318, car costs - £40 MOrtgage Costs £365 (half) & Debts Repayments of £620. I am going to see the CAB next week to see if we can talk to the above creditors and sort things our. My house is going on the market soon and then I will have to rent which in Gloucester for anywhere decent is like £500.00.

So all you well gifted and sensible people out there, what should I do IVA or Bankrupcey!

Let_Robinson_Sing

cleanyspringy wrote:

:rolleyes: OK so was happily married up until about 6 months ago - when found Husband was having an affair!!:mad:

So I have filed for Divorce but have more debts now than whan I met him.

£4000 - Egg
£4000 - Barclaycard
£7000 - Cahoot
£20,000 - Lloyds

I have a take home of £1200, house costs of £318, car costs - £40 MOrtgage Costs £365 (half) & Debts Repayments of £620. I am going to see the CAB next week to see if we can talk to the above creditors and sort things our. My house is going on the market soon and then I will have to rent which in Gloucester for anywhere decent is like £500.00.

So all you well gifted and sensible people out there, what should I do IVA or Bankrupcey!

Do not go bankrupt whilst you own the property as the creditors will be drooling over the equity in it. IVA try and avoid but that depends on what the house is worth. Let the CAB do your SOA and establish a set amount to pay the creditors and start paying the creditors. it might take a long time for the house sale to go through but just keep up with the token payments and avoid defualts at all costs. Once the house sale has gone through then you can clear the debts.

going bankrupt and through an IVA means you've got a lot to lose with your house etc but as long as you keep up with token payments your creditors will lay off you especially with the knowledge that you are dealing with the CAB

cleanyspringy

:T thanks for that, I guess that I sohuld have said that when he house is sold it will clear the mortgage and the estate agents costs - just.

What do you mean by an SOA

Bunnyinthelights

CLeanyspringy:
Sorry to hear about your troubles, SOA is 'Statement of Affairs' The kind folks on this site are brilliant at helping you cut down on your costs on bills etc.
write down what you pay for EVERYTING including food, clothes, meals etc.
Good luck,
Bunny

MrsTinks

For hints on how to do an SOA look here at SoutherScousers thread for first time posters

Once the house is sold then things should be a little simpler hopefully But a full SOA will help us see what we're up against

cleanyspringy

So shall i just right everything down like all direct debits and everything yeah? Sorry to seem to thick??

cleanyspringy

Cool thanks for that it seems that I am going in the right direction then with CAB!!

lynzpower

cleanyspringy wrote:

So shall i just right everything down like all direct debits and everything yeah? Sorry to seem to thick??

Your not thick- your just new

Yep, literally everything you spend

cleanyspringy

Ok then guys and gals here goes . this is a list of everything that I pay per month.

I will say that i have a lodger for the time being but have been told by my divorce sols and by CAB not to include her money as this can be withdrawn at any time. I would have cancelled sky but i had it when my tenant moved in.

Wasing Macihne £2.99
B&C £23.00
GAS £25.00 EDF
Bolier £23.79
Talktalk £32.00 (landline and internt)
Electricity £20.00 EDF
Water £16.43
Tv Licence £10.99
C/Tax £86.00
Sky £34.50
Life Ins £15.43
mobile £25.00 (12 months of contract left)
Mortgage - £347 - Half the payment

Barclaycard £100.00 (£4K)
Egg £78.96 (£4K)
Cahoot £138.31 (£7K)
Lloyds £203.00 - refinanced Laon ( £20K)

Petrol £40.00
Pin Ins £3.95
Bank Acct Charges £10.00

:eek:
I literally am left with £250 - which is the remainder of my lodgers rent. Thats to last me the month - for example this month I have my car tax of £60 and my last Britsh Gas Bill of £66

cleanyspringy

thanks matey!

skylight

cleanyspringy wrote:

Ok then guys and gals here goes . this is a list of everything that I pay per month.

I will say that i have a lodger for the time being but have been told by my divorce sols and by CAB not to include her money as this can be withdrawn at any time. I would have cancelled sky but i had it when my tenant moved in.

Wasing Macihne £2.99 Why? Is this rent or insurance?
B&C £23.00 ??? Whats this?
GAS £25.00 EDF
Bolier £23.79 Again, is this a protection type plan?
Talktalk £32.00 (landline and internt)
Electricity £20.00 EDF
Water £16.43
Tv Licence £10.99
C/Tax £86.00
Sky £34.50 Why cannot you cancel this?
Life Ins £15.43 IS this the best quote so far? DOes it include mortgage cover?
mobile £25.00 (12 months of contract left)
Mortgage - £347 - Half the payment

Barclaycard £100.00 (£4K)
Egg £78.96 (£4K)
Cahoot £138.31 (£7K)
Lloyds £203.00 - refinanced Laon ( £20K)

Petrol £40.00
Pin Ins £3.95 ??? This isn't necessary. Another way for the bank to make money out of you - I assume this is PIN as in your number for you cards?
Bank Acct Charges £10.00 Because you are overdrawn or is this what the bank charges you for running the account? If so, change account!

Are any of the debts yours and ex-hubbys? Cos bankruptcy will mean he is then liable for them:rotfl:

All these insurances, have you ever actually used them? There *appear* to be a lot.