I’m considering taking a LILA Bankruptcy

Sterlingsilver

Hello,

First of all, can I say a big THANK YOU:T to all of the contributors of this forum, some of the Q&A have really helped to ease my nervousness and inhibitions.

A little about my case:

I had my first Store Card at the age of 18 years, with a limit of 500.00, I was not working and did not own a penny to my name. ID provided to them was a cash card! (From what I understood they normally require Debit Card etc...)

After that -- temptation was at my door step, having paid off my Store Card from working at a bakery all summer. They Increased the limit to 750.00 and changed it to a gold card ...

I was also suffering from undiagnosed IBD ( inflammatory Bowel Disease) at that time, however being young, doctors shrugged it off as IBS.

This has caused depression even suicidal thoughts to escape this, turned to more debt…

I have no choice but to think about going down the BR route -- as after talking to my Creditors none of them would work out a payment plan which I could afford or freeze interest. I was relying on my parents whom I live with to bail me out on a few of the occasions when things got too much, however I would go back into debt!

My father was made redundant from a very well paid job about 6 months ago, and as a result, he and my mother are no longer able to assist me fully financially, as they are also responsible for my 3 younger siblings under the age of 16 years old.

First of all -- my father is very unhappy with me taking the BR route, and has even offered to put the immediate debts on his Credit Cards, I will not allow him to do so as I think this is being selfish, and I need to teach myself a lesson, albeit the hard way!

Also I quit my FT job last week, as the pressure of work, and not making ends meet on the salary played havoc on my IBD, which as a result I was under threat of dismissal (I have decided to leave amicably)

I applied for new job, I will get a reply tomorrow if I was successful, my new job is P/T and pays 160.00 per week. However if I was not successful, can the OR decline my application?

Also, I have a casual work contract with a company, however for the past year they had no hours available, however I preempt that they may ask me to work a few hours here and there, so the amount would be variable, and I could go without working for them for several weeks at a time. My question is would I need to declare this on my expenditure, when they ask me? Or if I got the job, can I just declare it as my main source of income?

Would my Parents House Hold Insurance be effected by my BR as I live with them, but I do not own it.
Also, my father’s stipulation is that I will still need to pay this debt back, regardless! so if I was able to save money from my available excess , or was lucky enough and had money from another source, once I pay my debtors off, can the OR remove my BR all together, so is that If asked I can say that I am not BR?

If I may be honest at age of 24 years old, I have never paid my parents a penny, not because I’m selfish, but I was brought up to not understand the meaning of money or its worth. And my father would buy me anything I needed and more. Also I have every intention of paying them back out, however I need the breathing space, which they are not allowing me.

On the advice of the CAB advisor, I should start paying board and keep etc, as this will both help me manage my affairs, and help my parents.

Can someone please have a look at this to let me know if it's reasonable? My food shopping is high, as I have special dietary requirements owing to my IBD.

NB: this is based on the assumption that I get this job .

Thanking you in anticipation.

Silver xxx

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 3
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 640
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 640

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 20
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 5
Mobile phone............................ 15
TV Licence.............................. 4.33
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 40
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9.33
Life assurance ......................... 13.6
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 707.26


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

No Secured nor Hire Purchase Debts

Unsecured Debts




Monthly Budget Summary
Total monthly income.................... 640
Expenses (including HP & secured debts). 707.26
Available for debt repayments........... -67.26
Monthly UNsecured debt repayments....... 535
Amount short for making debt repayments. -602.26

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,781
Net Assets.............................. -11,781


Reproduced on Moneysavingexpert with permission, using Firefox browser.

Sterlingsilver

Sorry -- also CAB adviser asked me to wait 8 weeks before doing this, as the OR needs to see bank // wage slips? what happens if I do this now, as I feel under so much pressure, I can't even sleep at night.

I live in Scotland.

Sterlingsilver

I'm really sorry to be a pain, can some please have a look at this for me? I'm so worried ,I have had no sleep all night, and just keep refreshing the page.

Thank you.

Silver

broxiebear1

Sterlingsilver wrote: »

I'm really sorry to be a pain, can some please have a look at this for me? I'm so worried ,I have had no sleep all night, and just keep refreshing the page.

Thank you.

Silver

can someone help silver