fighting on .. but is it worth it?

tbourner

Is your gas/electric in arrears? It seems high!
Sky, BT and mobiles need to go or be reduced as soon as they can - can you reduce the payments now? Normally if you phone and say you're in trouble they will add discounts for the remainder of the contract.
What car is it? Seems a lot for insurance unless you have accidents/penalties?
What is Sky Insurance?

Happytogetdebtfree

Can you not claim your charges back due to harsahip ? surely thats allowed ?

podperson

Always hard to check when the income is up and down, I guess taking the lowest wage and lodger that would give £1538 a month so a lot down on the outgoings - although if you can get rid of BT and Sky in a month then will be saving £104.
Gas and electric is very high, is this because you are paying off the arrears in this as well? Water is also quite high, worth shopping around for. Also is the council tax over 10 or 12 months, if it's 12 then go for 10 to drop the monthly amount down a little.

Would your mortgage company consider letting you go on interest free payments for a while so you can try and get some of the arrears paid off? Try speaking to someone there and see if they can do any kind of arrangement for you. If there's no chance of selling at the moment that needs to be your priority as you don't want them to be kicking you out They are a lot more helpful then they used to be since new government guidelines saying they have to try and work a reasonable solution out with you before starting court action.

With the debts to your mother and aunt, are these debts that they took out for you in their names or did they lend you the money direct? If it's the later do they need the money back urgently or can they give you a bit of leeway on that?

As Happy said you could look at seeing if the debts are enforceable. Send CCA requests to all your debtors, there are templates I think and will need a £1 postal order with each one. If they are enforceable then look at claiming charges back on them, credit cards are claimable whether in hardship or not, think someone more knowledgeable would need to advise on the loans.

Regarding bankruptcy, yes it does seem bad but in this situation I guess you need to look at all the options. Get some more information on it, for example it looks like you own a limited company so if it's going to stop you being a director then that needs looking into more. It's hard for others to tell when someone is self-employed, honestly when you are saying the wage goes from 1200 to 3000 which end does it tend to land at more often? If it's at the lowest end then you're going to be a few hundred short on the basic outgoings each month so it's perhaps not going to be feasible to have something spare to try and pay the debts back with as well. If it's at the higher end or it's a short term situation then hopefully you can avoid it.

pepe2008

RexPerrins wrote: »

Be dazzled on the #1 Newsletter in terms of penny stocks! Copy and paste this Link in your browser - [amazingstocks.net16.net]

....Reported

stevieb1

family loans are direct so i have some leeway.
the ltd company hasnt traded, but i cant afford to make it insolvent as i understand it costs a fair bit to do this.

yes there are arrears on the gas/electric.
sky insurance is for the sky box.
mobiles are high, more so as only one is used now, the other sits dormant just waiting on the contract to end, can only be dropped one tariff a month circa £5 a month decrease.

on average the wage situation is around 55 hours @ £8 a week so about 440 a week, 880 a fortnight 1720 four weekly.

the car insurance is up for renewal in August, no penalties it has always been around that figure, last 3 - 4 years with different vehicles.

my credit rating as you can imagine has had somewhat a hammering over the last 18 months so is extremely poor, as i have looked at remortgaging/consolidating but with my limited knowledge of credit ratings even i wouldnt lend to me at the moment! lol

i lost around 20k wages per annum from before i went into hospital to now, which is where im finding it hard to continue.

to give you an idea of my mindset at this moment in time, i am about to pay in a cheque which will cover the remainder of this months bills, but will leave me with nothing _again_ for the next 2 weeks or just simply start the bankruptcy procedure, as i mentioned in my original post a fresh pair of eyes, usually spots something i have missed.
yes i am going to attempt to get the charges back and have downloaded the templates now, so see what they say, i have also been advised to start a complaints procedure off against the banks/credit cards re: payment protection insurance,as they closed the accounts whilst i was off sick trying to sort them out.

so i am swayed to hanging in there for another month to see where/if i am anywhere better off next month.

stevieb1

@podperson the mortgage company took me to court, and i am currently under a suspended 30 day reposession order, foolishly? i paid a "solicitor" to go to court with me that day... £700 later and she didnt even speak! not bad for half hours work. it was the court that set the amount .. it breaks down to 811 mortgage payment (6.5%) and 189 for the arrears. it was a fixed rate mortgage, the fixed rate ends in february next year so only 8 months left. :S

dancingfairy

Council Tax - £150
Gas /electric- £138 are these usage figures or do they include arrears? they are massive.
TV License - £13
Sky £48 Gotta Go
BT Phone - £45 Last month this month?
Car Insurance - £48
mobiles - £90 Get rid of one - if you have to default so be it. In fact you might be better off defaulting both and getting PAYG?
sky insurance - £11 what? your mortgage is at risk and you are paying sky insurance? Gotta go.
account - £8 Is this interest or for 'services'
water - £39
cc payments to debt agencies - £5
maintenance - £150
Car loan - £200 How much longer to go on the car loan? Can you sell it and get a cheaper one?
Total: £1945

No food? haircuts? entertainment? clothes? presents?
You need to get annual figures and average them out to get a tru picture as at the moment we are only getting part of the picture.
AND if you go bankrupt (or whatever) it's only going to work if you have a realistic budget.

Are you entitled to any benefits at all? I think you give them last years income and they will tell you if you can claim anything.
Your biggest problem as your probably already know is that with minimal income you can't afford basic outgoings.
Is it beneficial for you to move out and rent somewhere and rent your house out?
df

dancingfairy

To be honest I think your best bet may be to go bankrupt. I'm not saying there is not a way you could claw yourself back but even if you earnt 15000 a month and got 400 from the lodger it would still be very tight as you need to eat and buy clothes occassionally.
I would post on the bankruptcy board and see what they think.
Good Luck
df

stevieb1

dancingfairy wrote: »

Council Tax - £150

No food? haircuts? entertainment? clothes? presents?
You need to get annual figures and average them out to get a tru picture as at the moment we are only getting part of the picture.
AND if you go bankrupt (or whatever) it's only going to work if you have a realistic budget.

Are you entitled to any benefits at all? I think you give them last years income and they will tell you if you can claim anything.
Your biggest problem as your probably already know is that with minimal income you can't afford basic outgoings.
Is it beneficial for you to move out and rent somewhere and rent your house out?
df

food i eat @ work, entertainment? whats that then, work clothes are provided and no presents my mother has funded them for my son's birthday/xmas.

yes June is the last month of BT, it has been cancelled
sky i have checked is now on a 30 day cancellation period.
getting rid of one mobile i would do without hesitation, but they are on the same network account so wouldnt it also impact the other?
due to where i work a mobile is essential .. no telephones up the fields
I have looked at renting the whole house out, but the mortgage company got funny, said i would need to change to a buy to let mortgage.. but they arent offering _any_ new mortgages anymore, so if i did that i would be in breach of the original terms of the mortgage agreement, and the rental income of the property in that area will not pay the mortgage now, everything has fallen through the floor.
sky insurance has 3 months left on the contract.
account charges are for the account? i dont know never used anything on there other than the debit card/standing orders
the car loan is till june next year.

outside of work i have no life purely down to the hours i work. im up @ 5 in the morning bedding down around midnight and depending on how exhausted i am in between depends on how many hours i can put in. last week i did 93 billable hours, yet the week before was 52 as i had my son for 3 nights.

tbourner

You should be able to reduce your bank account to a basic account then and save that account charge.