BR or Not BR... this is the question?

lala9

tigerfeet2006 wrote: »

Once the OR has agreed with you the figures on your SoA then he will take any amount over £20 left over for 36 months. This can be altered up or down or suspended if your circumstances change and the suspended months count towards the 36 months.

If you put together another SoA based on mine and INAM's sugestions then you will have a ball park figure at what you are looking at.

It's seems quite a severe commitment for 36 months, but that's the price you pay for being irresponsible I guess. Don't get me wrong I don't expect a free and easy ride. I just like to know where I am with things and going for BR but not really knowing how things are going turn out is pretty daunting to say the least.

Ineedaname

lala9 wrote: »

I'm not coping with the threat of him dropping this on me at any point in time, which he will as he is evil.

Serve him right when you drop it in his lap then.

lala9 wrote: »

That's ok don't worry :-)

So should I be looking at around £200 for groceries?

Not that low, £200 is the allowance for a single person, so I reckon you could try it at £280, the worst that can happen is the OR lowers it a bit. The best is they never ask the question about shared parental percentage and you get to keep the £280 allowance.

Apparently there's loads of tips over on the old style board about shopping and eating more frugally. I know I find it much cheaper to buy fresh and cook from scratch. I'm also growing quite a bit of my own veg this year and that's going to save quite a bit, kids love mucking about in the soil too. I use the Square Foot Gardening method which uses very little space, time and energy.

mel12

Personal Balance Sheet Summary
Total assets (things you own)........... 123,050
Total HP & Secured debt................. -89,000
Total Unsecured debt.................... -19,881
Net Assets.............................. 14,169

Is the asset a house? If I've worked out right there's about 30-35K of equity in it? Is it in your name only or joint?
You might want to consider this before choosing bankruptcy, as the OR will have an interest in any equity thats in your name (eg if its jointly owned 50% of the equity).

lala9

Ineedaname wrote: »

Serve him right when you drop it in his lap then.
My sentiments entirely


Not that low, £200 is the allowance for a single person, so I reckon you could try it at £280, the worst that can happen is the OR lowers it a bit. The best is they never ask the question about shared parental percentage and you get to keep the £280 allowance.

Apparently there's loads of tips over on the old style board about shopping and eating more frugally. I know I find it much cheaper to buy fresh and cook from scratch. I'm also growing quite a bit of my own veg this year and that's going to save quite a bit, kids love mucking about in the soil too. I use the Square Foot Gardening method which uses very little space, time and energy.

You appear to be a pro on this subject I prefer to cook from scratch like you say it is much cheaper. I will take a look at the old style board for some info.

lala9

Ineedaname wrote: »

Serve him right when you drop it in his lap then.

My sentiments entirely!!

moneyguy0151

BR is never a bad thing in my opinion

lala9

mel12 wrote: »

Is the asset a house? If I've worked out right there's about 30-35K of equity in it? Is it in your name only or joint?
You might want to consider this before choosing bankruptcy, as the OR will have an interest in any equity thats in your name (eg if its jointly owned 50% of the equity).

Hi Mel12 - The asset is the house, but it's not an asset. I have a second charge on my mortgage with the local housing authority. They lent me 32.5k towards my mortgage so when I sell they get that back + % increase in value on top. The mortgage is in sole name. The house is borderline negative equity unfortunately.

lala9

moneyguy0151 wrote: »

BR is never a bad thing in my opinion

It does seem the sensible option, but I am worried about living on a shoestring for the next 3 years. I am coping with my own debt and paying it off everymonth and always pay on time and over the odds. It's the joint loan that is the problem, I do think why should I go BR and my family suffer due to my exs irrresponsible actions. Have you been through BR moneyguy?

dojoman

I would leave your groceries where they are, the OR has guidelines and they are not set in stone.

lala9

dojoman wrote: »

I would leave your groceries where they are, the OR has guidelines and they are not set in stone.

Does worry me having to live to such a tight budget for 3 years, but then I'm doing it now I guess, paying hundreds in credit card payments.