Fear I'm facing BR - SOA attached...please be nice, feeling VERY fragile

Takingcontrol_2

I am in such a mess! My now ex-husband and I split a year ago, and hes left me in financial ruin! we had debts before the marriage ended, but was all easily payable, however now Ive been left with all the debts, no job (although desperately trying to find one) in receipt of benefits, which I hate with a passion, I receive no maintenance from said Ex, all I get from him are the baillifs banging and the phone calls and the letters! (Plus police coming to arrest him for non-payment of other driving fines, not sure what these are about) I have spoken to NDL and no matter how what I do, I keep being advised that BR is my only option, as even a DMP is not affordable.....But I hate the thought of walking away from all my debts, doesnt seem right to me, but at the same time, I need to think of my two year old and five year old, and they need a happy mummy? Also my total debt is approx 10k and BR seems seriously extreme for this amounty!! Like I say, Im very fragile about this at the moment, and would quite like to hit the stop button on the world and get off :(:(:(:(:(:(:(

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1732.71
Other income............................ 0
Total monthly income.................... 1732.71

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 745
Management charge (leasehold property).. 0
Council tax............................. 82
Electricity............................. 40
Gas..................................... 80
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 40
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 25
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 120
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1619


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC...........................4218......90........22
Home Learning College..........1127.8....110.......0
Simply Be......................1067.97...65........39.9
Very...........................93.6......0.........40
HMRC...........................100.......0.........0
National Insurance.............150.......0.........0
Next...........................149.39....0.........26
Barclaycard....................236.68....0.........27.9
BT.............................321.......0.........0
Orange.........................299.......0.........0
Capital One....................335.3.....0.........30
Council Tax....................524.74....0.........0
Preschool Account..............800.......200.......0
Natwest OD.....................750.......0.........0
Total unsecured debts..........10173.48..465.......-


Monthly Budget Summary
Total monthly income.................... 1,732.71
Expenses (including HP & secured debts). 1,619
Available for debt repayments........... 113.71
Monthly UNsecured debt repayments....... 465
Amount short for making debt repayments. -351.29

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,173.48
Net Assets.............................. -9,373.48

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Standingtall

Hi. Welcome to the board. I do not have the time to properly look at your SOA right now as on my lunch break. However, I thought that with debts under £15k a Debt Relieft Order would have been a solution. This is a more affordable form of Bankruptcy. If you go in the Bankruptcy Form it will have further details in there.

Superbiatch

The first thing that jumps out on me is why are you paying nursery/childrcare costs when you aren't in work?

Also, the car is costing you £115 each month but by putting £50 petrol/diesel its hardly being used. Is this something you could go without for a while?

Gas seems high and also the landline/cable tv costs could also be reduced. Is it a package?

Standingtall

Takingcontrol wrote: »

I am in such a mess! My now ex-husband and I split a year ago, and hes left me in financial ruin! we had debts before the marriage ended, but was all easily payable, however now Ive been left with all the debts, no job (although desperately trying to find one) in receipt of benefits, which I hate with a passion, I receive no maintenance from said Ex, all I get from him are the baillifs banging and the phone calls and the letters! (Plus police coming to arrest him for non-payment of other driving fines, not sure what these are about) I have spoken to NDL and no matter how what I do, I keep being advised that BR is my only option, as even a DMP is not affordable.....But I hate the thought of walking away from all my debts, doesnt seem right to me, but at the same time, I need to think of my two year old and five year old, and they need a happy mummy? Also my total debt is approx 10k and BR seems seriously extreme for this amounty!! Like I say, Im very fragile about this at the moment, and would quite like to hit the stop button on the world and get off :(:(:(:(:(:(:(

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1732.71
Other income............................ 0
Total monthly income.................... 1732.71

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 745
Management charge (leasehold property).. 0
Council tax............................. 82
Electricity............................. 40
Gas..................................... 80 This is high. Are there arrears in this?
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 40
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 25
Internet Services....................... 0
Groceries etc. ......................... 200 This could be lowered and there are lots of tips on the old style forum
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 120 you do not mention that you work so do you need this
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1619


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC...........................4218......90........22
Home Learning College..........1127.8....110.......0 are you tied in to this as being on benefits may entitle you to free education elsewhere
Simply Be......................1067.97...65........39.9
Very...........................93.6......0.........40
HMRC...........................100.......0.........0
National Insurance.............150.......0.........0
Next...........................149.39....0.........26
Barclaycard....................236.68....0.........27.9
BT.............................321.......0.........0
Orange.........................299.......0.........0
Capital One....................335.3.....0.........30
Council Tax....................524.74....0.........0
Preschool Account..............800.......200.......0 sorry, what is this?
Natwest OD.....................750.......0.........0
Total unsecured debts..........10173.48..465.......-


Monthly Budget Summary
Total monthly income.................... 1,732.71
Expenses (including HP & secured debts). 1,619
Available for debt repayments........... 113.71
Monthly UNsecured debt repayments....... 465
Amount short for making debt repayments. -351.29

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,173.48
Net Assets.............................. -9,373.48

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

I felt guilty not commenting on your SOA so please see comments above. I know you want to avoid bankruptcy but this situation is not of your doing and the blame lies firmly with your husband.

Takingcontrol_2

Im registered as self employed as of November but as yet have not generated an income. This also makes a DRO a hard option as if my income increases by >£50 a month, it would be cancelled and i would be liable for the debts but still have a DRO on file, as NDL told me

Wellyboots6

Hi,

I'm sorry to hear your situation. I am still a beginner at this sort of thing, so can't really offer any practical advice, but I just popped by to say that you really are in the right place here as everyone is so wonderfully supportive.

No matter what the solution ends up being, there will be one!

Good luck!!

Standingtall

Takingcontrol wrote: »

Im registered as self employed as of November but as yet have not generated an income

Ah ok, is this also a reason you need to avoid bankruptcy? When will you start receiving an income? It may be possible to just pay token payments to your creditors and then start a DMP once you have a little more money coming in, if this is only a couple of months away.

You might also consider that you can do a self managed DMP. I believe National Debtline has template letters for this on its website - someone correct me if I am wrong though.

Takingcontrol_2

My gas is horrifically hign, but I have an old drafty cold house (even with the heating on!) I have spoken to my landlord about insulation for the house as I would receive a grant for the vast majority of it, yet he was not willing to do this I use my car for school runs etc as live in the sticks, I wish I didnt have to have a car at all, as it would save me a lot of money to get rid of it.

Takingcontrol_2

Standingtall wrote: »

Ah ok, is this also a reason you need to avoid bankruptcy? When will you start receiving an income? It may be possible to just pay token payments to your creditors and then start a DMP once you have a little more money coming in, if this is only a couple of months away.

This is a great idea, which I had not thought of before, like you say, could help for a couple of months til business takes off (hopefully:o)

Superbiatch

Takingcontrol wrote: »

My gas is horrifically hign, but I have an old drafty cold house (even with the heating on!) I have spoken to my landlord about insulation for the house as I would receive a grant for the vast majority of it, yet he was not willing to do this I use my car for school runs etc as live in the sticks, I wish I didnt have to have a car at all, as it would save me a lot of money to get rid of it.

How about moving to a more energy efficient house nearer to the school so you wouldn't have to drive? Could kill two birds with one stone

Takingcontrol_2

I am trying to, though cant afford to move privately (upfront rent and deposit etc) am applying for social housing but once people have a house, they tend to not leave it round here lol