Facing bankruptcy and need advice

Newchapter

Dear Jojo1410

I know this was a while ago since you posted this and I do hope you have sorted a payment arrangment out and are settled into a calmer way of life.

This might be nosey, but I am interested to learn more about the process - but why your ex was able to have an IVA that did not involve the mortgage ( you did say you're both on the mortgage?). That seems a little unfair to me

bw

Jojo1410 wrote: »

Hi all
I've posted in the bankruptcy forum (titled "Need some help on what happens next). Basically, after building up a huge debt which was manageable and is now not, my largest debt has been passed on to a debt collection agency. Before I speak to them I need to make sure I'm fully prepared and at the moment I'm feeling incredibly uncertain about what to do next.
I'm separated from my husband and since he is now unemployed I don't receive any maintenance for my two teenage children. He was previously paying £700 per month. Coupled with a new rise in mortgage payments of an extra £100 a month and another £20 being taken from my wages each month for increased pension payments, things have now got to unmanageable proportions.
Six months ago I got in tough with CCCS and they advised two options, bankruptcy or an informal payment arrangement to buy me some time. I did the informal arrangement with Halifax (Loan of £23047) and Barclaycard (£2036). I pay Halifax £11 a month and Barclaycard £5. I tried to pay off my store card but have now ignored it for a couple of payments and haven't given them anything.
My student loan payment will kick in next month and I've calculated about £100 a month out of my salary, although as it has not yet started I don't know the exact figure.
So here is my SOA. I've put £40 for entertainment although it is usually spent in driving my kids to friends houses. I live in a small country town and their friends are 10 miles away so they can't bike there yet. Other than that we don't go anywhere as we can't afford it. I don't smoke and as much as I'd love a glass of wine now and again, I don't buy alcohol. Any real expenditure on entertainment is non existent. My fuel costs are high as I travel 26 miles each way to work.



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

Monthly Income Details
Monthly income after tax................ 1705
Partners monthly income after tax....... 0
Benefits................................ 133
Other income............................ 0
Total monthly income.................... 1838

Monthly Expense Details
Mortgage................................ 591.5
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 93
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 45.5
Telephone (land line)................... 26.5
Mobile phone............................ 22.5
TV Licence.............................. 18.18
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 320
Clothing................................ 20
Petrol/diesel........................... 320
Road tax................................ 22.4
Car Insurance........................... 32.73
Car maintenance (including MOT)......... 29
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 8
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 23.53
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 40
Holiday................................. 10
Emergency fund.......................... 10
pocket money............................ 20
School meals............................ 50
Teachers union NASUWT................... 13.95
Total monthly expenses.................. 1856.79


Assets
Cash.................................... 0
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 177000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 167367...(591.5)....0
Total secured & HP debts...... 167367....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax personal loan..........23047.7...11........0
Halifax overdraft..............300.......0.........0
Barclaycard....................2036.3....5.........0
Next...........................131.78....0.........0
Student Loans Company..........6129......100.......0
Total unsecured debts..........31644.78..116.......-


Monthly Budget Summary
Total monthly income.................... 1,838
Expenses (including HP & secured debts). 1,856.79
Available for debt repayments........... -18.79
Monthly UNsecured debt repayments....... 116
Amount short for making debt repayments. -134.79

Personal Balance Sheet Summary
Total assets (things you own)........... 177,000
Total HP & Secured debt................. -167,367
Total Unsecured debt.................... -31,644.78
Net Assets.............................. -22,011.78


Halifax have passed the loan to Blair, Oliver and Scott debt collection agency and they are awaiting my SOA too so they can set up an arrangement. However, I'm wondering if they are likely to accept the current arrangement of £11 a month or are they likely to push for more? I can't see where the extra money can come from as things are tight enough already. So, should I go down the bankruptcy route and get out of this or pay minimal amounts and not move forward at all? I can't see my financial situation changing any time soon.

Also, my mortgage is in joint names with my ex. We have been separated over 4 years now but not divorced. The Halifax (my mortgage provider) has twice refused to put the mortgage into my name only as they see it as too risky. This was before my debts became unmanageable. My ex has just been through an IVA too and is in no position to take over the mortgage or buy my share.

Any help or advise you can offer, I would be so grateful for. Thank you so much!