I think I've kinda come to a decision

MCBIRNIE25

I agree with putting up an SOA,
however, I have to disagree with some people saying that because he has borrowed, he should pay every penny back. Whilst that is my own line of thought, sometimes circumstances dictate that people are better off going bankrupt.
Rather that than people doing something stupid, which being in debt can drive some people to.
Just my opinion of course..

I still think if you only owe 11000 though inroads could be made in to this.

Regards,
Mike.

CLAPTON

about the house...how much is it worth and how much is the mortgage and how much any secured loans

System

The mortgage is approx £65K but on top of that there is a 18K secured loan against the house, with the mortgage provider. I expect I will have to keep paying that secured loan. Man thats depressing, I now figure I owe £35Kish

Currently we owe approx £84K on the house and secured loan. I will see if I can get an SOA up this evening.

CLAPTON

how much is the house worth?

System

The value of the house, at a rough guess is approx £90K

misscutiepie1984

i currently owe about 13.5k and have recently enetered into a DMP and my DF date is april 2010 so thats only 3 and a half years and if you have a DMP with places like CCCS then you will get a statement every month stating you will recieve a statement detailing how much you have paid of each month and to date and how much is outstanding in my case i pay £335pcm so mine goes down by more than 1k every 3 months and when you look at it that way it really dont feel so bad..... i used to have to have the latest phone, console, tv, clothes etc but now i have learn that material things dont really matter!!!

at least if you pay of your debts you can feel proud of yourself and its something to learn from dont let debt defeat you.... you can beat it!!!!

have faith in yourself

Amy

MCBIRNIE25

Good post that Amy ;-)

System

Well, here is my SOA, as fully as I can see it. Bear in mind currently I only pay for some of the food not all of it, hence why food bill is so low.

Income
Wages 1500

Payments
Mobile 5
MBNA 100
Egg Loan 79
Co op cc 50
NR Loan 96
Car maintainance 20
Car Tax 15
Entertainment 100
OD 30
Water 46
Food 50
Elec 30
Gas 30
Car Insurance 16.57
Petrol 90
NTL 14
C Tax 100
Mortgage 445
1316.57

Difference £183.43

misscutiepie1984

glad you liked the post lol, soz for repetition forget where i got too half asleep me thinks lol

CFC

Hello 13000, I don't have a moral opinion to offer you on whether you should go bankrupt or not, but I do have some words in general.

Bankruptcy is a very serious step which will have far-reaching consequences for you. You need to do a lot of research to decide whether it's really the way to go. Have you tried a DMP? I should think you might consider that if you haven't.

You say your house is worth around 90k, and you owe 84k secured against it. If you sell a share in your house to your g/f for a pound, I think that might well be picked up, because it looks like you actually do have equity in the house, around 6k to be precise.

As you are earning, you'll be expected to go on paying the bankruptcy off for a few years. It's only one year if you are not earning anything, I believe - or so a friend of mine who has gone bankrupt tells me. It was a hard decision for him, and more problematic than he thought, despite earning only £1000 a month before tax and owing over 25k. He's young, so one factor he took into account was his age - he's 27, so he thought that in 10 years time when he wanted to look at buying a house he'd be then in a position (credit-worthiness wise) to be able to do so. He's finding it fairly miserable, as the receiver has left him with pretty much benefit levels to live on for the next couple of years, so he tells me anyway. In fact, in a way he's hoping to lose his job and be on benefits again.

Please give it a lot of careful thought, it's not an option which just wipes out the debt and leaves you free.