bankruptcy are we elidgable?

g4z

ok where to begin i have debts of around 10000 pounds and my partner of around 3000 these are unsecured apart from 1 which im, unsure about it was a hire purchase on a car which was sold so i no longer have the car (the car was hpi clear :S)? debts to around 8 lenders most of these have had no payments made on them for at least 2 years.

my income is 1015 per month and this is consumed by bills, me and my partner have a 1 year old son and she is on just benefits after bills and shopping we have no disposable income and are unable to make payments to my lenders.

also my partner has a car on finance, now were not bothered about the car they can take it back as we cant afford it but as i understand this wont be part of the bankruptcy, also the car is in negative equity so we owe 4700 but its only worth 2000, we have tryed to get them to lower payments and have told them of our financial difficulties but they are not intrested?

any help suggestions appreciated

thanks garry

confused76

hi garry
welcome
have you spoken to one of the debt charities? i would speak to the national debtline, cccs or the cab. advice is free - if you were to go bankrupt you would need to have taken advice anyway
i spoke to the national debtline who were great, so helpful and not judgemental
keep posting!

g4z

thanks for quick reply,

i will contact someone im just waiting to do credit checks as im unsure of the details of what i owe to who and i know they will ask for it.

cheers garry

Sunnylooloo

Hi Garry

I echo what Confused says get some advice from one of the Charities. I spoke with CAB and also National Debthelpline, and again I agree helpful and not judgemental in any way shape or form.

I have also found this site a great place for help and advice and just a general place to let of steam if need be and there are some great people out there who have all been in similar situations to you so we all know how you are feeling.

Take care and good luck. At some point down the line it may also be an idea to post your SOA up here and get some help and comments on that.

LL

g4z

soa...........?

Sunnylooloo

Sorry Statement of Affairs - you basically put down your income/what your owe/what assets you have etc.

I think if you look at the sitckys on the front of the board you will see a link to one (or some kind person will post the link up here for me - sorry still quite new myself)

Have you had a read through the sticky's as they have some invaluable info there.

As I said I am still quite new myself but my comment will give you a bump up and someone with much more experience will be along to help

take care

IF

Hello g4z, echo what confused and sunnylooloo has said, Make a list of all your creditors, debts, assets.
check with one of the debt charities first, and do a SOA

http://www.makesenseofcards.co.uk/soacalc.html

Hope this helps

Ifwishes...x

g4z

ok cheers for that guys here is my rough SOA i need my credit check through first and to gather more info on my debts.
Summary

Monthly Budget Summary Amount(£)
Total monthly income 1,415
Monthly expenses (incl. HP & secured loans) 1,391
Available for debt repayments 24
UNsecured debt repayments 0
Amount left after debt repayments 24
Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 600
Total Secured & HP Debt -6,000
Total Unsecured Debt -9,301
Net Assets -14,701
Household Information

Number of adults in household 2
Number of children in household 1
Number of cars owned 2
Income, Expense, Debt & Asset Details

Income Amount(£)
Monthly income after tax 1015
Partners monthly income 0
Benefits 400
Other income 0
Total monthly income 1415
Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 220
Rent 475
Management charge (leasehold property) 0
Council tax 90
Electricity 40
Gas 37
Oil 0
Water Rates 30
Telephone (land line) 25
Mobile phone 10
TV Licence 11
Satellite/Cable TV 60
Internet services 0
Groceries etc. 150
Clothing 20
Petrol/diesel 80
Road tax 12
Car Insurance 50
Car maintenance (including MOT) 0
Car Parking 0
Other travel 0
Childcare/nursery 0
Other child related expenses 60
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 0
Buildings Insurance 0
Contents Insurance 11
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 0
Haircuts 10
Entertainment 0
Holiday 0
Emergency Fund 0
Total monthly expenses 1391
Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 0 (0) 0
Hire Purchase (HP) Debt 6000 (220) 18
Secured & HP Debt totals 6000 - -
Unsecured Debt Description Debt(£) Monthly(£) APR(%)
loan 2300 0 28
mobile 180 0 0
bank overdraft 321 0 0
council tax debt 400 0 0
car already sold 5000 0 13
fashion world 800 0 20
jacamo clothing 300 0 20
Unsecured Debt totals 9301 0 -
Asset Description Value (£)
Cash 0
House Value (Gross) 0
Shares and bonds 0
Car(s) 600
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 600
Comments on the results

You have sufficient monthly income to meet your expenses and your minimum monthly debt repayments with £24 left over. You can use this to pay off your debts more quickly or to build/top-up an emergency fund.

Sunnylooloo

Garry I'll bump you up a bit and see if someone can leave some helpful comments for you

g4z

thanks....