Help

lino1977

HI THERE EVERYONE WE HAVE BEEN ON HERE ALONG TIME AGO, BUT JUST TRYING TO AVOID SITUATION AND NOW WE HAVE BOTH DECIDED TO GO BANKRUPT NOW

OUR SITUATION IS ME AND MY HUBBY OWE ABOUT £86000 IN DEBT TO UNSECURED LOANS CATALOGUES,STORE CARDS ETC WE HAVE TWO CHILDREN AGED 6 & 4 WE ARE CURRENTLY IN NEGATIVE EQUITY WITH OUR MORTAGE.

OUR ONLY PROBLEM IS WE ARE REALLY STRUGGLING TO SAVE ANY MONEY FOR BANKRUPTY IS ANYONE ELSE HAVING THE SAME PROBLEM ?OR HAD THE SAME PROBLEM? AND HOW YOU ADDRESS THIS PROBLEM ?

WE HAVE BEEN IN CONTACT WITH CCCS ABOUT 9 MONTHS AGO WHO ADVICED US TO DO BANKRUPTCY THEN TO PAY ALL OUR CRDITORS £1 EACH WHICH WE HAVE DONE .

WHERE DO WE GET THE SOA FORM FROM AND HOW DO WE PUT IT ON HERE

WE HAVE VERY LITTLE MONEY LEFT OVER EVERY WEEK.:(

PLEASE HELP !!!!!!!!!!!!!!!:(:(:(:(

dojoman

http://www.makesenseofcards.com/soacalc.html

The above is the link for your SOA, once you have completed it you will see a format for discussion boards section, you need to do it for MSE. Any other questions you need answering just ask away. Also could you please not your caps lock off

lino1977

yeah sorry about that i will do now really sorry thanks

lino1977

thanks dojoman took the caps off that might be the reason people might not be replying lol

can you only do the soa when applied for bankruptcy or can i do it so please can see where i can save some money to get fees for bankruptcy

would like answers from anyone please i would really appreciate it

philnicandamy

nothing to stop you doing the SOA before bankruptcy.....just put things down as it is now what you pay out etc

lino1977

Statement of Affairs and Personal Balance Sheet

hi all done sod if there is anyway anyone can help please please text back

sorry ignore council tax amount thats wrong its £140

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1516
Partners monthly income after tax....... 514
Benefits................................ 407
Other income............................ 0
Total monthly income.................... 2437
Monthly Expense Details
Mortgage................................ 534
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 534
Electricity............................. 85
Gas..................................... 45
Oil..................................... 0
Water rates............................. 55
Telephone (land line)................... 15
Mobile phone............................ 40
TV Licence.............................. 13
Satellite/Cable TV...................... 30
Internet Services....................... 5
Groceries etc. ......................... 500
Clothing................................ 150
Petrol/diesel........................... 120
Road tax................................ 10
Car Insurance........................... 50
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 274
Other child related expenses............ 16
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 26
Contents insurance...................... 0
Life assurance ......................... 18.48
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2650.48

Assets
Cash.................................... 0
House value (Gross)..................... 103
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1103

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 103000...(534)......6
Total secured & HP debts...... 103000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
northern rock..................23000.....372.......0
tesco..........................18000.....185.......0
black horse....................3500......20........0
bt.............................500.......1.........0
barclays.......................493.......1.........0
abbey..........................797.......1.........0
simple be......................400.......1.........0
ge capital store card..........1800......1.........0
next...........................1300......1.........0
Total unsecured debts..........49790.....583.......-

Monthly Budget Summary
Total monthly income.................... 2,437
Expenses (including HP & secured debts). 2,650.48
Available for debt repayments........... -213.48
Monthly UNsecured debt repayments....... 583
Amount short for making debt repayments. -796.48
Personal Balance Sheet Summary
Total assets (things you own)........... 1,103
Total HP & Secured debt................. -103,000
Total Unsecured debt.................... -49,790
Net Assets.............................. -151,687
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

cameron1

Hiya

Having had to restrict my expenditure to the absolute minimum, i would suggest the following:

£500 per month on food shopping is an awful lot. You could reduce this by at least £100 by bulk cooking, doing away with luxuries ie fizzy drinks, chocolate, cakes etc, buying own brands including toiletries. Theres nothing wrong with pasta bakes and jacket potatos. Baked beans are good for you. I found it hard to adapt but actually it isnt that bad now. We still have a proper roast dinner every week and i still have fruit and veg for everyday of the week, particulrly for the children. I spend £400 per month and thats with two children still in nappies and me requiring a special diet due to intolerences. So it can be done.

Also £150 per month on clothes? Is this right. My budget allows £20 per month. I only buy new clothes as a necessity and new clothes/shoes are not required every month, even with kids.


£30 per month on haircuts. You could try having the cuts every 8 weeks instead of every 4. My partner and son have theirs done every 8 weeks, and me and my daughter every 12 weeks.
And £50 per month on birthdays. CCCS will allow me £14 per month. Cut back. Stop buying for family and friends. Explain you are having difficulties and in the short term can’t afford it. Just buy for your children. Plus you cant have a birthday to buy for every month of the year?
I know this all sounds really drastic but needs must. It’s hard to get used to at first but you will manage.
If you spent £400 next month on food, nothing on clothes, nothing on haircuts, and nothing on birthdays, you would save £330 in one month! How much is the bankruptcy fee?

tripled

£535 per month on council tax? And £130 p/m on gas/ele? You must be living in a mansion - I don't pay that in a year on council tax, and around £250 a year on ele (no gas).

So_Sad_Angel

Hi Lino & welcome.

Sounds like a stressful time Hun...have you spoken to one of the debt charities? CAB, CCCS Nat Debtline...its worth checking that BR is the right option for you.

Are you in arrears with council tax? the £534 a month is very high or is this a mistake maybe?

Getting the BR monies together is tough....£510 each is alot to find. Maybe cut back a little on food & clothes but I would look at a doing a few boot sales ( hopefully the weather should improve soon) or ebay any stuff that you no longer need. It will soon add up.

Angiexx

Cash_Waster

If you are going BR just stop paying the creditors, that will free up money as I guess the £500+ for CTax is a mistake? You would have to owe more than 2 years to be that far behind. And surely the courts would already be after you for that much money

lino1977

hi all thanks for the reply yeah the council tax is a mistake its only £130 per month gas and electric is right i have arrears so trying to get back on track

thanks cameron 1 for the advice we are going to put everything in place that u have suggested thanks again all

hi so sad angel yes i have spoken to cccs and they advised us to go bankrupt