What next?

edited 30 November -1 at 1:00AM in Bankruptcy & Living With It
11 replies 935 views
fant123fant123 Forumite
10 Posts
edited 30 November -1 at 1:00AM in Bankruptcy & Living With It
Not the usual reasons for going BR, but here we go. For the last 6 months I and my family have been plagued with abuse, false allegations of assaulting a child and verbal threats by neighbours and other individuals in the area where we live.
We are now at the stage where even the police have advised us that the best course of action is to get out of the area and start again; we are unable to sell as we are also in negative equity.
I have contacted CCCS today as I am at the end road and need to break free from my “family home”, they advised an IVA due to our money issues, but I just want to get away from where we live and am even willing to quit my job to secure my family.
Housing Amount Comments
Mortgage £356 Includes £51 towards arrears of £305
Secured loans/2nd mortgage £612 Includes £47 towards arrears of £565
Water £98 Includes £33 towards arrears of £195
Council tax £110
Gas £60
Electricity £80Amount Comments
Building/contents insurance £35
Telephone/mobile/internet £77
TV licence £14
Satellite £21
Childcare £50
Life insurance/pensions £40
Public transport £150& Housekeeping Amount Comments
Food, toiletries, cleaning £450
School meals/meals at work £110
Pets/pet foods/insurance £21
Tobacco £128 Reduced from £150ods & Services Amount Comments
School trips/activities £10
Medicine/prescriptions £7
Dentist/opticians £14
Hairdressing £28
Union/professional fees £40
Laundry/cleaning £30Personal & Leisure Amount Comments
Clothing/footwear £68
Sports/hobbies/entertainment £25
Children's pocket money £20& Emergencies Amount Comments
Sundries/emergencies £25
Loan from family/friends £40
Date budget created 30 Jul 2010

No of adults 2
No of dependants 2Amou
Take home pay £1,960
Partner's take home pay £840
Child Benefit £143
Total Income £2,943 £2,719
Surplus (Deficit) £224
Budget Comments

Besides the secured debt’s have unsecured of around £25000 to around 12 lenders, I understand that if I go down the BR any shortfall could be included in the BR petition, but can you go BR if you do have a surplus income?
«1

Replies

  • tigerfeet2006tigerfeet2006 Forumite
    14K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    Yes you can go BR with a surplus income. You would have pay an IPA. Have a look at the sticky thread marked LOOK HERE FIRST: Bankruptcy Help, the first post has lots of useful info.

    Please can you repost your SoA using this template

    http://www.makesenseofcards.co.uk/soacalc.html

    How much of your debt is yours, your OH's and joint?
    BSCno.87
    The only stupid question is an unasked one
    Loving life as a Kernow Hippy
  • lilibet1lilibet1 Forumite
    820 Posts
    Also you will find lots of kind people here to help. Hope life improves for you eh x
  • debtinfodebtinfo Forumite
    7K Posts
    and is the house in joint names
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • fant123fant123 Forumite
    10 Posts
    All debts are shared so we both myself and partner will be going down this path, is an awful situation to be in. I will check out the link.

    Many Thanks
  • fant123fant123 Forumite
    10 Posts
    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned....................
    Monthly Income Details
    Monthly income after tax................ 1960
    Partners monthly income after tax....... 850
    Benefits................................ 135
    Other income............................ 0
    Total monthly income.................... 2945
    Monthly Expense Details
    Mortgage................................ 305
    Secured/HP loan repayments.............. 560
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 110
    Electricity............................. 80
    Gas..................................... 60
    Oil..................................... 0
    Water rates............................. 13
    Telephone (land line)................... 80
    Mobile phone............................ 21
    TV Licence.............................. 13
    Satellite/Cable TV...................... 21
    Internet Services....................... 21
    Groceries etc. ......................... 450
    Clothing................................ 68
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 150
    Childcare/nursery....................... 50
    Other child related expenses............ 110
    Medical (prescriptions, dentist etc).... 7
    Pet insurance/vet bills................. 21
    Buildings insurance..................... 32
    Contents insurance...................... 0
    Life assurance ......................... 40
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 28
    Entertainment........................... 30
    Holiday................................. 20
    Emergency fund.......................... 30
    Tobacco................................. 128
    Total monthly expenses.................. 2468

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

    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 69000....(305)......12
    Secured Debt.................. 28000....(560)......21
    Total secured & HP debts...... 97000.....-.........-
    Unsecured Debts
    Description....................Debt......Monthly...APR
    CC Card........................300.......9.........0
    CC Card........................300.......9.........0
    CC Card........................1200......36........0
    PayDay Loan....................600.......60........0
    CC Card........................600.......18........0
    Student Loan...................4800......133.......0
    Loan...........................8000......234.......0
    Overdraft......................4000......200.......0
    CC Card........................4800......144.......0
    Overdraft......................300.......15........0
    Catalogue......................900.......55........0
    Total unsecured debts..........25800.....913.......-

    Monthly Budget Summary
    Total monthly income.................... 2,945
    Expenses (including HP & secured debts). 2,468
    Available for debt repayments........... 477
    Monthly UNsecured debt repayments....... 913
    Amount short for making debt repayments. -436
    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -97,000
    Total Unsecured debt.................... -25,800
    Net Assets.............................. -122,800
    Created using the SOA calculator at
    Reproduced on Moneysavingexpert with permission, using IE browser.
  • FlyrightFlyright Forumite
    424 Posts
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    ✭✭
    You will not be allowed tobacco as an essential expense. If you want to spend on tobacco it will have to come out of your share of any surplus.
  • tigerfeet2006tigerfeet2006 Forumite
    14K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    fant123 wrote: »
    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned....................
    Monthly Income Details
    Monthly income after tax................ 1960
    Partners monthly income after tax....... 850
    Benefits................................ 135
    Other income............................ 0
    Total monthly income.................... 2945
    Monthly Expense Details
    Mortgage................................ 305
    Secured/HP loan repayments.............. 560
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 110
    Electricity............................. 80
    Gas..................................... 60
    Oil..................................... 0
    Water rates............................. 13
    Telephone (land line)................... 80 £60 for all phones
    Mobile phone............................ 21 put under LL.
    TV Licence.............................. 13
    Satellite/Cable TV...................... 21 not allowed on your SoA, will have to come from surplus income.
    Internet Services....................... 21 ditto, unless needed for work or study.
    Groceries etc. ......................... 450 £525
    Clothing................................ 68 £120
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 150
    Childcare/nursery....................... 50
    Other child related expenses............ 110 £2 per day primary and £3 secondary per child school meals. £5 per week, per child activities
    Medical (prescriptions, dentist etc).... 7 £30
    Pet insurance/vet bills................. 21
    Buildings insurance..................... 32
    Contents insurance...................... 0 you really MUST get some, especially with accidental damage.
    Life assurance ......................... 40 the OR may have an interest in this.
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20 most won't allow.
    Haircuts................................ 28 £30
    Entertainment........................... 30 not allowed
    Holiday................................. 20 £80
    Emergency fund.......................... 30 not allowed
    Tobacco................................. 128 definatly not allowed.
    Total monthly expenses.................. 2468

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

    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 69000....(305)......12
    Secured Debt.................. 28000....(560)......21
    Total secured & HP debts...... 97000.....-.........-
    Unsecured Debts
    Description....................Debt......Monthly...APR
    CC Card........................300.......9.........0
    CC Card........................300.......9.........0
    CC Card........................1200......36........0
    PayDay Loan....................600.......60........0
    CC Card........................600.......18........0
    Student Loan...................4800......133.......0
    Loan...........................8000......234.......0
    Overdraft......................4000......200.......0
    CC Card........................4800......144.......0
    Overdraft......................300.......15........0
    Catalogue......................900.......55........0
    Total unsecured debts..........25800.....913.......-

    Monthly Budget Summary
    Total monthly income.................... 2,945
    Expenses (including HP & secured debts). 2,468
    Available for debt repayments........... 477
    Monthly UNsecured debt repayments....... 913
    Amount short for making debt repayments. -436
    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -97,000
    Total Unsecured debt.................... -25,800
    Net Assets.............................. -122,800
    Created using the SOA calculator at
    Reproduced on Moneysavingexpert with permission, using IE browser.

    Some figures for you to play with. You haven't put your union fees down? If you wear suits for work then put £10 dry cleaning.
    BSCno.87
    The only stupid question is an unasked one
    Loving life as a Kernow Hippy
  • fant123fant123 Forumite
    10 Posts
    Speak to CAB/national debt line on Monday (Don’t Pay mortgage/secured debts as it will be used for rent and bond)
    Speak to employer and ensure no complications will arise
    Find a house (rental) and move in
    Send keys back to mortgage provider (And ensure I do not sign any agreement for the shortfall)
    Petition court for bankruptcy order
    Does this seem like the right path, am totally kacking myself
  • DoucamDoucam Forumite
    1.1K Posts
    Hi, just wanted to say hello and welcome, you have come to the right place, and we will all try and help you where we can.

    What a dreadful situation you have been in, I do hope you can move and get a nice new start for you all, keep coming on here and asking the questions x
  • edited 31 July 2010 at 8:10PM
    tigerfeet2006tigerfeet2006 Forumite
    14K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    edited 31 July 2010 at 8:10PM
    fant123 wrote: »
    Speak to CAB/national debt line on Monday (Don’t Pay mortgage/secured debts as it will be used for rent and bond)
    Speak to employer and ensure no complications will arise
    Find a house (rental) and move in
    Send keys back to mortgage provider (And ensure I do not sign any agreement for the shortfall)
    Petition court for bankruptcy order
    Does this seem like the right path, am totally kacking myself

    Yep, seems like a good plan to me. Once you have taken advice stop paying all creditors and save for the new rental. Be aware that any loans from the Student Loan people aren't included and will still have to be paid so that will have to be included on the SoA.
    BSCno.87
    The only stupid question is an unasked one
    Loving life as a Kernow Hippy
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