New here need some questions answered.

karend1980

Another question .... I'm a additonal card holder on my mums card which i owe 5000. My mum transfered the balance to another card as the interest rates went sky high on the additonal cardholder one. What can I do about this? My poor mum was only trying to help and i've left her in deep pooopoo now !! (

IF

karend1980 wrote: »

Another question .... I'm a additonal card holder on my mums card which i owe 5000. My mum transfered the balance to another card as the interest rates went sky high on the additonal cardholder one. What can I do about this? My poor mum was only trying to help and i've left her in deep pooopoo now !! (

I'm afraid Karen but that is the case, if she was the additional card holder, then that could be added to your BR. I sorry! x

karend1980

ifwisheswerehorses... wrote: »

I'm afraid Karen but that is the case, if she was the additional card holder, then that could be added to your BR. I sorry! x

Ok thanks i thought that might be the case. I suppose after i go BR I may be able to help her out more paying it as shes paying most of it as i just dont have the cash.

After going BR do you have to spend your money in a specail way , do they tell you what you can and cant spend? do i have to pay anything to anyone I do get quite a bit in benefits as i have 4 kids, not enough for the debts but without them i would have quite a bit ? My heads hurting with questions

skylight

Is your income solely benefits??? You're not working??
If so, then you cannot be made to pay an IPA at all. However, you still need to complete an SOA (Statement of affairs) detailing how you spend your money. The OR checks that you are not spending willy nilly and that you now have more money coming in than going out. They still check if you are on benfits, although it's irrelevant!

As to your Mums debt; and it is your Mums debt as it's entirely in her name, if you chose to pay her back from your money then it is entirely up to you; but you cannot list it as an outgoing on your SOA.

IF

karend1980 wrote: »

Ok thanks i thought that might be the case. I suppose after i go BR I may be able to help her out more paying it as shes paying most of it as i just dont have the cash.

After going BR do you have to spend your money in a specail way , do they tell you what you can and cant spend? do i have to pay anything to anyone I do get quite a bit in benefits as i have 4 kids, not enough for the debts but without them i would have quite a bit ? My heads hurting with questions

Karen let's do one thing at a time, I know your worried and heads spinning,
contact CAB tomorrow as they will help you face to face and help fill in the forms too and of course we'll help. You will have a surplus, yes to spend as you wish. I wouldn't mention about the money you owe to your mum though, as she would go down as a creditor, and you can't favour one creditor more than another.
Do this between you and your mum. x

karend1980

skylight wrote: »

Is your income solely benefits??? You're not working??
If so, then you cannot be made to pay an IPA at all. However, you still need to complete an SOA (Statement of affairs) detailing how you spend your money. The OR checks that you are not spending willy nilly and that you now have more money coming in than going out. They still check if you are on benfits, although it's irrelevant!

As to your Mums debt; and it is your Mums debt as it's entirely in her name, if you chose to pay her back from your money then it is entirely up to you; but you cannot list it as an outgoing on your SOA.

Yes I'm solely on benefits, I dearly want to go back to work but when i did a back to work calculation it worked out i was better off on benefits!!! I'm a single mum to 4 children ranging from 1 years to 9 years, and rent privately. Just checked my tenancy agrement.. not a mention of bankrupcy thank goodness.

karend1980

ifwisheswerehorses... wrote: »

Karen let's do one thing at a time, I know your worried and heads spinning,
contact CAB tomorrow as they will help you face to face and help fill in the forms too and of course we'll help. You will have a surplus, yes to spend as you wish. I wouldn't mention about the money you owe to your mum though, as she would go down as a creditor, and you can't favour one creditor more than another.
Do this between you and your mum. x

Thank you so much for your help. My local CAB do a drop in on tues and weds only so will have to wait until tuesday. But that was my next port of call.

skylight

karend1980 wrote: »

Yes I'm solely on benefits, I dearly want to go back to work but when i did a back to work calculation it worked out i was better off on benefits!!! I'm a single mum to 4 children ranging from 1 years to 9 years, and
rent privately. Just checked my tenancy agrement.. not a mention of bankrupcy thank goodness.

Same here but I have the 5. I just cannot afford the childcare and I know that tax cedits would help with some of the cost but the amount is capped as a total and not per child; so although it's generous it just doesn't help me!

So instead I have finally (after some hiccups!) sorted out a course I can study that starts in May; get what I can done now and be in a better position in a few years when the youngest finally starts school.


But anyway - as you are only on benefits, you will not have to pay an IPA. Even if your income is at a fictional £800 a month and your outgoings are £100 per month.

karend1980

skylight wrote: »

Same here but I have the 5. I just cannot afford the childcare and I know that tax cedits would help with some of the cost but the amount is capped as a total and not per child; so although it's generous it just doesn't help me!

So instead I have finally (after some hiccups!) sorted out a course I can study that starts in May; get what I can done now and be in a better position in a few years when the youngest finally starts school.


But anyway - as you are only on benefits, you will not have to pay an IPA. Even if your income is at a fictional £800 a month and your outgoings are £100 per month.

Ok thanks for your help. I'm doing a teaching assistant course, which im really enjoying, so like you when my bubba is at school hopefully i can get a job i really want. x

skylight

karend1980 wrote: »

Ok thanks for your help. I'm doing a teaching assistant course, which im really enjoying, so like you when my bubba is at school hopefully i can get a job i really want. x

Perfect! And debt free, worry free and hassle free. The best way to start a new life!