defeated - the only option

crumbling

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 465
Other income............................ 250
Total monthly income.................... 715

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 10
Gas..................................... 10
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 23
TV Licence.............................. 5
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 5
Petrol/diesel........................... 50
Road tax................................ 20
Car Insurance........................... 43
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 14
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 16
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 719


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
lloyds loan....................8133......255.......0
lloyds cc......................2090......45........0
virgin cc......................1940......34........0
lloyds overdraft ..............500.......5.........0
halifax overdraft..............1326......20........0
barclaycard mastercar..........3375.73...65........0
barclaycard gold...............6044.96...135.......0
Total unsecured debts..........23409.69..559.......-


Monthly Budget Summary
Total monthly income.................... 715
Expenses (including HP & secured debts). 719
Available for debt repayments........... -4
Monthly UNsecured debt repayments....... 559
Amount short for making debt repayments. -563

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -23,409.69
Net Assets.............................. -21,909.69

i live with my partner and he pays most of the household bills - hence 2 adults but one income as all of the debts are mine. i've explained a bit more below on my next post. thank you.

does this work? darn technology!

crumbling

sooooo, any ideas on what i can do to sort my hideous mess out?

dancingfairy

Hi - well there isn't really anything on your SOA to cut is there?
Are you getting all the benefits you are entitled to? are you on ESA/DLA etc?
Have you got any insurance that will pay out - any PPI? illness policies etc?
Apart from that it does appear to be a case of making token payments for now.
Realistically what has a specialist said about your condition? Sometimes paying your debts off just isn't feasible so bankruptcy becomes a sensible option - without knowing you it's impossible to say whether you will be able to get back into work and things will change or not really. I think personally I would maybe investigate bankruptcy and have a chat with the people on the bankruptcy board here but it's a very personal choice.
Good Luck and your health comes first whatever you decide.
df

injaroc

Just to check are the benefits for both adults in the house?
And do you get any help with your rent and council tax as your income is so low?

HappyMJ

This income drop seems permanent. I wouldn't even bother offering the £1 token payment. Just save it for the BR fees. Write letters to them telling them the situation. If this is a permanent income drop and there is no chance of ever earning more you should be declaring bankruptcy.

Electric/Gas/Tv Licence seem very low. Are you sharing?

NorthernLas

It would help if you edited your SOA post and put some notes on it so that people can understand your situation.

You have listed 2 people, 1 child and 2 cars ... but only an income for 1. Is this because your finances are completely separate or that they don't contribute?
Also, a lot of your bills like TV and electric look like they are halved, have I understood?
If groceries are for 3 it is ok, but if only for 2 then you could reduce.

crumbling

sorry for the confusion - trying to sort my soa in the midst of phone calls.....

yes, i now live with my partner but all of the debts are in my name. he has a decent income but also pays his own child maintenance, the bulk of the household expenses and bails me out so this can't go on - i don't want to have to add relationship breakdown to the list too.....

we have 2 cars at the moment as he works 20 miles away and we live in a rural area which consists of 2 pubs, a church and a school. not one single shop or post office within walking distance and the public transport runs only on a monday, wednesday and friday.

my son has just started at senior school and has been given a pass for the school bus. however, even on his first day there, the bus failed to turn up so i'm on red alert to get him to school if this happens again.

i shop as few times as possible but i also have quite regular doctors and hospital appointments which again, i need transport for as the partners car is in use daily.

i have applied for dla at least 3 times on the advice of other agencies but as i can walk, talk and dress myself, i do not qualify.

i've advertised my car for sale thinking that i could downsize and save on insurance but have had no takers.

briefly re my injury...i had an accident 5 yrs ago and sustained a serious head injury which required surgery. fantastic docs saved my life but obviously it has altered drastically regards cognitive ability - concentration, memory, all of the higher executive functioning of the brain and extreme fatigue so unless i can find an employer who may let me sleep for 3 hours during the day, i doubt i'll be returning to work (i was an accountant by trade prior to my accident - irony eh!).

well, i've managed to change some of the utility bills to partners name so thats a start:)

crumbling

What a wipe out of a day. I've done nothing regards my debt as I have had to lie in a dark room with ice on my head. Wretched migraine.

From reading other threads, is it unlikely that my offers of token payments will be accepted as I haven't missed any payments yet?

Things have started to go majorly pear shaped on a personal level too so my head is whizzing.

Sorry, self pitying rant over!

NorthernLas

Your creditors pay not like the token payments, but your SOA says that you can't afford more. Don't stress that they won't accept.

Have you phoned for a new bank account - getting your benefits somewhere safe is your priority.

Migraines are pants, hope you feel better soon.

Not sure if CCCS will help you with letters, there are lots of good sample letters on National Debtline. CAB may also be able to help.

RAS

Hi

It does not matter what the creditors think or whether you have been paying up to date. i am guessing you have robbed peter to pay paul?

Tomorrow get that new bank account opened. It needs to be the cash minder as you can keep that when you go BR.

Give Christians against Poverty a ring - they have people who can help you put together the BR forms.

Consider putting the BR fees on your CC if you have enough money on them. Most times the OR accepts that.