fighting on .. but is it worth it?

podperson

Ok so the mortgage and gas/electric arrears are being paid off in your outgoing already which makes it a bit better then it was
SAR all the credit card and loan companies to see what charges etc they owe you and then maybe see about it from then. If claiming charges and ppi back would take a chunk out of those debts and you are already making payments to the mortage and utilities then perhaps not as bad as first thought.

Is there a business advice centre or anything near you where you could get some advice on closing the business down? It didn't cost me much to close mine down, although not as many debts on it, so think would be worth looking into. Also might be a chance that could have reduced liability on the business debts since it's a limited company.

Would also suggest talking to a bankruptcy advisor at least, lots of free charities that don't charge, so you at least have all the facts before making a decision. I would want to be asking them how it would effect your mortgage for a start as well as whether you would be able to include the debts to your family as they might not want to count them in it. Not very well up on it but there is a forum section so as dancing fairy said maybe post over there as they will probably be more knowledgable on the subject.

dancingfairy

Average income: 1900 a month

Mortgage/Rent - £1000
Council Tax - £150
Gas /electric- £138
TV License - £13
Sky £48 - 0
BT Phone - £45
Car Insurance - £48
mobiles - £90
sky insurance - £11
account - £8
water - £39
cc payments to debt agencies - £5
maintenance - £150
Car loan - £200

Outgoings = 1835. = approx 75 a month spare to make token payments to accountant, etc.
df
You might even be able to shave a bit off by getting the mobiles a bit cheaper, shopping around for car insurance etc?
Maybe you could put aside 10 a month for birthdays?
It's tight but doable.

dancingfairy

Maintenance - is that for a child?
If you get in claims for back charges that were unfair and any missold ppi then things would start to look up as the above poster said.
df

clang_uk

Could you be sneaky and rent out the whole house and not tell the bank/morg. co. - I'm not sure on the legality of this and may be suggesting something highly illegal but...I'm sure someone will tell me if that's the case. Depending on where you are, and how many rooms you have, could you get a lodger for another room, or increase the rent?

You also mentioned you are working a lot of hours at a low rate, could you cut your hours and take a part time/eve job?

I don't think things are massivly bad - just need some help

bottleofred

Hi Stevie,

Having went Bankrupt myself sometime ago, I found it was an end to my problems. However, I did not have a house at the time and was able to move back into my parents. The one thing I would say though, is I had to pay £1000 to go bankrupt and that was almost 16 years ago, so investigate if it's going to cost you anything to go bankrupt and speak to people from Citizens Advice and the Consumer Credit Counselling Service before deciding what to do.

Good luck with whatever you decide

wishicouldsave

Hi, who is it you let out to? You cam get different rates for lettin gout to students. My sister does it, she supllies three meals a day, breakfast - cornflakes etc, luch - packed lunch, dinner - usual dinner type of thing, its not hard, she gets good money.

As for the 'letting whole house and not telling' i wouldnt, i dont know the legalities too, but i do know you are meant to have different mortgage, different insurance.

I called sky the other day to attempt to cancel my sky, they told me you have to give them 30 days notice too. They offered me half price though for 3 months, sadly i took it! I love my sky ;-)

Hope things get easier soon.

stevieb1

ill try to answer the questions ..

BT and Sky are on there way out -> exit stage left.
maintenance is for my son yes.
ive been advised to talk to the FSA over the handling of the situation when i first went ill, and tried to claim on the PPI? it cant hurt to ask can it? maybe before contacting them with SRA?what is this?

I have someone asking their boss "an accountant" about winding up the ltd company, costs procedures whether or not if companies house strike it off, if the debt goes or passes on to me.

I am awaiting on some info back re the mobiles, how defaulting on one would affect the other as they are on separate bills, but the same account.

I will have to talk to the bank tomorrow as I cant see a "downgrade" option on the online banking anywhere.
Does anyone know anything re water meters? are they significantly cheaper than a set yearly fee as mine is at the moment? maybe this could also bring costs down.


I am renting out to someone that has just gone bankrupt, ironically, completely different circumstances to mine.
I have asked them to ask around incase anyone else wants to rent another room. again it cant hurt.

tbourner

stevieb1 wrote: »

I will have to talk to the bank tomorrow as I cant see a "downgrade" option on the online banking anywhere.

They'll never offer a downgrade, and they'll try to persuade you that you NEED all the things on the account that you've never used!

TBH I have a Platinum account which is something like £17 a month, but I make use of the AA membership and mobile insurance which would cost me more than that on their own.

Happytogetdebtfree

Morning hope you have woken up to a better day. I've just ready you seem to do a lot of hours in 1 week are you getting paid for all of the hours or ? I know it's hard to let go of things as dancing fairy said might be an idea to post on the bankruptcy board? I'm worried that with all them hours plus poor sleep will make you poorly... If the ppi did not pay out wha. You were off sick or you haven't used it then claim it back and all the bank charges I would assume you cAn get back for hardship? I hope you can anyway all the best :-)

stevieb1

BT GRRRRRRRRRRRR silly people .. much arguements i think will carry on.
the bank account? is it under a "contract"? does anyone know, apparently mine is still in the "contract" period?

also negotiating more wages .. so fingers crossed

whilst i was bored earlier ...

i guess you can work out the orginal song


every day debts are getting bigger
mounting faster than a roller coaster
bankruptcy will surely come my way
a-hey a-hey-hey
everyday the forums going faster
everyone said, cut the bills, be stronger
a-hey, a-hey-hey
everyday seems a little better
every way, supports a bit stronger
come what may
do you ever long for, a debt free way
every day debts are getting smaller
shrinking faster than a roller coaster
friens like you, will surely help my way
a-hey a-hey-hey