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whitey31
whitey31 Posts: 34 Forumite
in Bankruptcy & living with it
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 675
Partners monthly income after tax....... 1100
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 1895

Monthly Expense Details
Mortgage................................ 545
Secured/HP loan repayments.............. 271
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 85 fell behind on payments due to dispute
Gas..................................... 40
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 20
Mobile phone............................ 40 for both myself and OH
TV Licence.............................. 12.99
Satellite/Cable TV...................... 65
Internet Services....................... 0
Groceries etc. ......................... 330
Clothing................................ 70
Petrol/diesel........................... 150 we commute an hour a day
Road tax................................ 10
Car Insurance........................... 45
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 60
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 0
Buildings insurance..................... 25
Contents insurance...................... 10
Life assurance ......................... 22
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 23
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 2055.99

Assets


Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 97000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 109000...(545)......5.69
Secured Debt.................. 22000....(271)......?
Total secured & HP debts...... 131000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
cccs...........................4500......184.......0 DMP we have 10 creditors
Total unsecured debts..........4500......184.......-

Monthly Budget Summary
Total monthly income.................... 1,895
Expenses (including HP & secured debts). 2,055.99
Available for debt repayments........... -160.99
Monthly UNsecured debt repayments....... 184
Amount short for making debt repayments. -344.99

Personal Balance Sheet Summary
Total assets (things you own)........... 97,000
Total HP & Secured debt................. -131,000
Total Unsecured debt.................... -4,500
Net Assets.............................. -38,500


Any advice is much appreciated.

Comments

  • markandkate
    markandkate Posts: 846 Forumite
    Your expenditure exceeds your income which is not a long term viable proposition You probably owe money on credit cards because you are living off them reather than your wages which means that you get deeper in debt every month. Something has to change, you either have to reduce expenditure or increase income

    You really only have two choices. Either walk away from the house throw in the towel and go bankrupt or think about how you are going to get solvent and start paying off the debt.

    If the latter hten you need to look at all of your lifestyle and what yo can change. Could you increase your salary? Get a job closer to home, share petrol costs with a colleague?

    You will need to cut everything to the bone, no holiday, sky etc but the starting point is making the monthly account at least balance
  • mummytotwo_3
    mummytotwo_3 Posts: 341 Forumite
    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 1

    Monthly Income Details
    Monthly income after tax................ 675
    Partners monthly income after tax....... 1100
    Benefits................................ 120
    Other income............................ 0
    Total monthly income.................... 1895

    Monthly Expense Details
    Mortgage................................ 545 Is this interest only - if not consider this for a small amount of time.
    Secured/HP loan repayments.............. 271
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 98
    Electricity............................. 85 fell behind on payments due to dispute
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 40
    Telephone (land line)................... 20
    Mobile phone............................ 40 for both myself and OH
    TV Licence.............................. 12.99
    Satellite/Cable TV...................... 65 Are you watching all of what you are paying for - can you lower your package or change provider? I pay virgin £35.00 per month for all three of my services, tv, phone and internet.
    Internet Services....................... 0
    Groceries etc. ......................... 330
    Clothing................................ 70
    Petrol/diesel........................... 150 we commute an hour a day
    Road tax................................ 10
    Car Insurance........................... 45
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 60
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 14
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 25 Can you not have policy that includes both buildings and contents? I pay esure £10.65 per month for a combined policy.
    Contents insurance...................... 10
    Life assurance ......................... 22
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 23
    Entertainment........................... 0
    Holiday................................. 50
    Emergency fund.......................... 0
    Total monthly expenses.................. 2055.99

    Assets


    Cash.................................... 0
    House value (Gross)..................... 95000
    Shares and bonds........................ 0
    Car(s).................................. 2000
    Other assets............................ 0
    Total Assets............................ 97000

    Secured & HP Debts
    Description....................Debt......Monthly.. .APR
    Mortgage...................... 109000...(545)......5.69
    Secured Debt.................. 22000....(271)......?
    Total secured & HP debts...... 131000....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    cccs...........................4500......184...... .0 DMP we have 10 creditors
    Total unsecured debts..........4500......184.......-

    Monthly Budget Summary
    Total monthly income.................... 1,895
    Expenses (including HP & secured debts). 2,055.99
    Available for debt repayments........... -160.99
    Monthly UNsecured debt repayments....... 184
    Amount short for making debt repayments. -344.99

    Personal Balance Sheet Summary
    Total assets (things you own)........... 97,000
    Total HP & Secured debt................. -131,000
    Total Unsecured debt.................... -4,500
    Net Assets.............................. -38,500


    Any advice is much appreciated.

    I totally agree you must at least get your income and expenditure to balance first. If you are seriously considering the bankrupty route - you need to show that you can live within your income. Hope that is useful.
    BSC # 308
    I should really rename myself mummytothree!!! Child no3 born 14/09/10
    ED 12/01/11
  • dojoman
    dojoman Posts: 12,027 Forumite
    whitey31 wrote: »
    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 1

    Monthly Income Details
    Monthly income after tax................ 675
    Partners monthly income after tax....... 1100
    Benefits................................ 120
    Other income............................ 0
    Total monthly income.................... 1895

    Monthly Expense Details
    Mortgage................................ 545
    Secured/HP loan repayments.............. 271
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 98
    Electricity............................. 85 fell behind on payments due to dispute
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 40
    Telephone (land line)................... 20
    Mobile phone............................ 40 for both myself and OH (INCLUDE IN LAND LINE)
    TV Licence.............................. 12.99
    Satellite/Cable TV...................... 65 (NOT ALLOWED IN BR, WOULD HAVE TO COME OUT OF SURPLUS IF THERE IS ANY?
    Internet Services....................... 0
    Groceries etc. ......................... 330
    Clothing................................ 70
    Petrol/diesel........................... 150 we commute an hour a day
    Road tax................................ 10
    Car Insurance........................... 45
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 60
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 14
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 25
    Contents insurance...................... 10
    Life assurance ......................... 22
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 23
    Entertainment........................... 0
    Holiday................................. 50
    Emergency fund.......................... 0
    Total monthly expenses.................. 2055.99

    Assets


    Cash.................................... 0
    House value (Gross)..................... 95000
    Shares and bonds........................ 0
    Car(s).................................. 2000
    Other assets............................ 0
    Total Assets............................ 97000

    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 109000...(545)......5.69
    Secured Debt.................. 22000....(271)......?
    Total secured & HP debts...... 131000....-.........-

    Unsecured Debts
    Description....................Debt......Monthly...APR
    cccs...........................4500......184.......0 DMP we have 10 creditors
    Total unsecured debts..........4500......184.......-

    Monthly Budget Summary
    Total monthly income.................... 1,895
    Expenses (including HP & secured debts). 2,055.99
    Available for debt repayments........... -160.99
    Monthly UNsecured debt repayments....... 184
    Amount short for making debt repayments. -344.99

    Personal Balance Sheet Summary
    Total assets (things you own)........... 97,000
    Total HP & Secured debt................. -131,000
    Total Unsecured debt.................... -4,500
    Net Assets.............................. -38,500


    Any advice is much appreciated.

    Hope this helps?
    :pB&SC No. 298
    Life`s Tragedy is that we get OLD too soon
    and WISE too late!
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