Am I doing the right thing??

Ineedaname

I concur with NA's comments.

You do need to check with the Court before attending as not all operate a drop in service and they'll also be able to tell you how many copies of your forms to take with you. Make sure your fees are in cash by the way, cheques are only accepted from certain sources. When you ring, ask for the Bankruptcy Clerk and give them your address so they can check if you are in their 'catchment' area.

This is a useful search page to help you find the right Court.

Definitely get your student grant money in a separate account. I had something similar and opened two Co-op Cashminder accounts prior to going BR and then a Barclays Basic account shortly after for some grant money. It just means you can keep everything separate and pin receipts to bank statements knowing exactly where the money is going, helps the OR see things clearly too.

Tink2107

Thanks for your replies - so my student loans and grants wont be classed as income?

tigerfeet2006

You will have to declare them but you won't get an IPA as they are for your study and living expenses.

Tink2107

Hi Guys,

Just an update from little old me and just wanting some feedback etc on my SOA. I have now booked my appointment for next Tues @ 9am. Got to miss half a day off college but needs must and I'll be glad when its all over. Really nervous and keep crying now and can see me breaking down on the day... so exhausted at the moment.

Drove past my house the other day and seen the 7 day notice to gain access to the property end of an era... gutted wish I had waited and saved up a deposit etc and waited until I met my partner and maybe wouldnt have got in this mess but hindsight is a great thing aye!!

So here goes please tell me if I have missed anything off and if I have go over on anything... my friend works in debt management and has helped me out with most of it I have just added the car ins amounts on etc.

It is based on 2ad/2ch even though we only have 1 depndant on us however we have my partners other 2 children 3 and 1/2 days a week so my friend asked her boss if we can put something down for them in outgoings. This has all been noted and explained on my forms.

It is just me going bankrupt so my partners income is his contribution not his full wage.

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.................... 1
Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 1000
Benefits................................ 338
Other income............................ 300 (student loan)
Total monthly income.................... 2438
Monthly Expense Details
Mortgage................................ 139
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 91
Electricity............................. 67
Gas..................................... 67
Oil..................................... 0
Water rates............................. 22
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 595
Clothing................................ 68
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 66
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 283
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 31
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 25
(Unnamed monthly expense)............... 0
School meals............................ 28
Nappies................................. 50
Total monthly expenses.................. 2119

Assets
Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 97000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 25000........(139)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................6000......0.........0
Mortgage Shortfall.............30000.....0.........0
MBNA...........................6000......0.........0
Creation Finance...............500.......0.........0
Overdraft......................2500......0.........0
Total unsecured debts..........45000.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,438
Expenses (including HP & secured debts). 2,119
Available for debt repayments........... 319
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 319 this included my student loan which I understand they shouldnt take off me.
Personal Balance Sheet Summary
Total assets (things you own)........... 72,000 Both partners car and house
Total HP & Secured debt................. -0
Total Unsecured debt.................... -45,000
Net Assets.............................. 27,000 Partners car and house

tigerfeet2006

Tink2107 wrote: »

Hi Guys,

Just an update from little old me and just wanting some feedback etc on my SOA. I have now booked my appointment for next Tues @ 9am. Got to miss half a day off college but needs must and I'll be glad when its all over. Really nervous and keep crying now and can see me breaking down on the day... so exhausted at the moment.

Drove past my house the other day and seen the 7 day notice to gain access to the property end of an era... gutted wish I had waited and saved up a deposit etc and waited until I met my partner and maybe wouldnt have got in this mess but hindsight is a great thing aye!!

So here goes please tell me if I have missed anything off and if I have go over on anything... my friend works in debt management and has helped me out with most of it I have just added the car ins amounts on etc.

It is based on 2ad/2ch even though we only have 1 depndant on us however we have my partners other 2 children 3 and 1/2 days a week so my friend asked her boss if we can put something down for them in outgoings. This has all been noted and explained on my forms.

It is just me going bankrupt so my partners income is his contribution not his full wage.

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.................... 1
Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 1000 is this his full wage?
Benefits................................ 338
Other income............................ 300 (student loan)
Total monthly income.................... 2438
Monthly Expense Details
Mortgage................................ 139 is this the full mortgage payment?
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 91
Electricity............................. 67
Gas..................................... 67
Oil..................................... 0
Water rates............................. 22
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 595 bit high for 2a2c £500
Clothing................................ 68
Petrol/diesel........................... 200 Is this your car or your OH's? Do you use it?
Road tax................................ 15
Car Insurance........................... 66
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 50 what is this?
Childcare/nursery....................... 283
Other child related expenses............ 200 what is this?
Medical (prescriptions, dentist etc).... 31
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 £10 per atult £5 per child
Entertainment........................... 0
Holiday................................. 0 £80
Emergency fund.......................... 25
(Unnamed monthly expense)............... 0
School meals............................ 28 is this for your OH's children?
Nappies................................. 50 must come from housekeeping
Total monthly expenses.................. 2119

Assets
Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 97000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 25000........(139)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................6000......0.........0
Mortgage Shortfall.............30000.....0.........0
MBNA...........................6000......0.........0
Creation Finance...............500.......0.........0
Overdraft......................2500......0.........0
Total unsecured debts..........45000.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,438
Expenses (including HP & secured debts). 2,119
Available for debt repayments........... 319
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 319 this included my student loan which I understand they shouldnt take off me.
Personal Balance Sheet Summary
Total assets (things you own)........... 72,000 Both partners car and house
Total HP & Secured debt................. -0
Total Unsecured debt.................... -45,000
Net Assets.............................. 27,000 Partners car and house

A few comments for you

Teen_the_Drama_Queen

Hi Tink

Well done for getting the ball moving, time to look forwards now - and then you can stop looking over your shoulder!

We went down the vol repo route, handed keys back, wouldn't sign anything from mortgage co or our secured loan bods. Eventually, mortgagees treated house as 'abandoned', sounds awful, but I think it speeded things up. We did this just before going BR (although Nat Debtline said you could do it in any order).

Just one thing...... don't drive past your old house, it will only open up old wounds.... best just to move on with life and look ahead - ok so we don't own a house now, but neither do we have to struggle with mortgage, credit cards, secured loan, etc. etc. worrying about how to 'juggle' money each month. Yes we have an IPA and it goes on for 3 years, but in the long term, I think it will save our sanity.

Good luck with everything from now on

LittleMissGiggles123

Your groceries seem really high. Also your gas & electric, are you paying arrears on these?

Good luck with everything.

x

Tink2107

Thanks guys - I am trying to look ahead and trying to believe it will get easier it is prob the hardest decision I had to make though and unfortunately I have to drive past it quite often!

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.................... 1
Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 1000 is this his full wage? No this is his contribution as it is me that is going bankrupt This is what I got told to put.
Benefits................................ 338
Other income............................ 300 (student loan)
Total monthly income.................... 2438
Monthly Expense Details
Mortgage................................ 139 is this the full mortgage payment? Yeah he hasnt got a large mortgage. I havent included mine as I have handed my keys back.
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 91
Electricity............................. 67 This and the gas is joint I pay £134 a month we have the heating on quite a bit over winter.
Gas..................................... 67
Oil..................................... 0
Water rates............................. 22
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 595 bit high for 2a2c £500 - This is what we have been advised to put.
Clothing................................ 68
Petrol/diesel........................... 200 Is this your car or your OH's? Do you use it? This is my partners car and I do use it.
Road tax................................ 15
Car Insurance........................... 66
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 50 what is this? This is for travel to college/work when I havent got the car
Childcare/nursery....................... 283
Other child related expenses............ 200 what is this? - child maintenance to his ex.
Medical (prescriptions, dentist etc).... 31
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30 £10 per atult £5 per child
Entertainment........................... 0
Holiday................................. 80 £80
Emergency fund.......................... 25
(Unnamed monthly expense)............... 0
School meals............................ 28 is this for your OH's children? Again I have been advised to put this in.
Nappies................................. 50 must come from housekeeping - this again has come from advice :undecided
Total monthly expenses.................. 2119

Assets
Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 97000

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 25000........(139)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Loan...........................6000......0........ .0
Mortgage Shortfall.............30000.....0.........0
MBNA...........................6000......0........ .0
Creation Finance...............500.......0.........0
Overdraft......................2500......0........ .0
Total unsecured debts..........45000.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,438
Expenses (including HP & secured debts). 2,119
Available for debt repayments........... 319
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 319 this included my student loan which I understand they shouldnt take off me.
Personal Balance Sheet Summary
Total assets (things you own)........... 72,000 Both partners car and house
Total HP & Secured debt................. -0
Total Unsecured debt.................... -45,000
Net Assets.............................. 27,000 Partners car and house

I have commented on things been asked so far

Ineedaname

OK, it sounds like your adviser has confused you as to what should go on YOUR SOA and what shouldn't. Remember, it is YOU going BR and not your partner. So you only put down your personal expenditure and joint household expenditure. Maintenance for his children are his responsibility, not yours. You can add a bit to groceries for the percentage of time his children stay with you both, plus you could say that the days he is responsible for paying their school meals are also joint household expenditure as it's food again. But any other child related expenses such as after school clubs and the maintenance payments are really and truly his personal expenses.

Nappies most definitely come under grocery (regular household shopping) expenditure. If you split these off you could theoretically split off many other items!

The car is also his and not your responsibility to pay for so shouldn't be included. Just put a small amount for the petrol you pay for when you use the car.

Gas and electric are very high in my opinion. I'm in the house most of the time so need the heating on quite a bit during the day in the winter and I spend just over half your amount. Turn the heating off overnight, or right down to 10 degrees, you don't need it when you're tucked up under a duvet! Never turn it up above 18 degrees, wear a jumper instead, although at 18 degrees you still shouldn't need to wrap up. During the day I keep my temp down to about 14 degrees which, if you think about it, is a temp you wouldn't put the heating on at in the summer, so is plenty. Just some suggestions to help save energy.

If your friend hasn't dealt with BR before then please be aware that income and expenditure for BR can be different than for other forms of debt management.

So you need to sort out what is joint household expenditure and what is your personal expenditure. Take out anything which is your partner's personal expenditure.

Then add your incomes together and work out what percentage of the total each of you brings in. Then your partner's contribution is his income percentage of the household expenditure.

So if his income is 60% of the total household income then his contribution towards joint household expenditure is 60% of the total expenditure figure.

Tink2107

Hi Guys

Well got mad bankrupt last Tuesday (a week a go) thought I would keep you all updated.

Appointment was at 9 am and was slightly late due to traffic and having to drop my step daughter off at school. Just gave them a call to let them know.
Arrived and was asked to wait in a room and the clerk would join me (only about 5-10 min wait). She was lovely - read over my forms and then went off again. Came back around 20 mins later and handed me a copy of my forms back all stamped and gave me a red folder explained where I needed to go and what I needed to do.
Handed in my folder to the usher and was advised there could be a wait. Probably waited about 20 minutes and then was called into the court room to see the judge - the judge only wanted to know what was happening with my house and if it had been sold, which I replied no however it was up for sale and they had repossessed it. He asked if there was no shortfall would I be going bankrupt and I said no however from doing my research houses on the same road in much better condition were selling for £20'000 less than I paid for mine. He completely understood and signed all the forms of there and then.

So back downstairs to wait for the clerk, who was in with someone else. Went in to the clerk and she filled out some forms and went over a few things and then rang the OR that would be dealing with my case. I spoke to the OR for about 10 mins - she just asked about where I lived, how I got the deposit together and a few questions about my bank accounts. She advised she had no interest in them there and then. Then off I went. No way near as bad as I was expecting and they were all very friendly.

Received a couple of forms in the post that I need to sign and send back and then received another letter yesterday asking me to send some information to them and advising me of my interview. I just have a few questions on what they have asked me to send them

* loan and finance agreements - what if I don't have them?
* bank and credit card statements - cc statements I don't have any. My bank statements I can get hold of online but don't really want to printing 12 months worth of statements off. Also all the bills come out of my partners account and then we live out of my account will the OR be ok with this?

My interview is on the 8th November - how long after will I find out if I have and IPA?

Look forward to hearing from you.

Tink