Help!! and SOA

flis21

Hi All,

Well, I am finally trying to face up to our debts (although it is difficult as OH is reluctant to do so!). Can I take you through what has led us to this position?

We got into quite a lot of debt when we were younger going to uni, setting up home, getting married, spent too much money, went on expensive holidays etc. Then after our honeymoon we sat down and worked out that we were going to have trouble keeping up with the minimum payments on everything. That was in October 2004. We rang CCCS at that time and they said that there was 2 avenues open to us either bankruptcy or an IVA. I didn't know much about bankruptcy at the time, but think I had some idea of someone throwing me into debtors prison or something!! Anyway, we decided to opt for an IVA (although even the insolvency practitioner who was sorting our IVA out told us to seriously consider bankruptcy). The IVA was sorted out and we started paying it in July 2005.

December 2005 I became very ill and had to give up my well paid job. We couldn't keep up the IVA payments and the IVA failed. We thought the IP would make us bankrupt as the IVA had failed, but that didn't happen. Anyway I have now got another job (althought I am off work again with a broken ankle for at least 3 months!), but my new job pays about £6k less than my old job. However it is much better for my health.

So the current situation, after the IVA I managed to run up another £2k overdraft and about £300 on a catalogue (I know my own stupid fault, I am beating myself up over it already). However we have not now used any credit since Decemeber and are finally learning to live on what we have coming in.

We are not currently making any payments to our creditors, about 3 of them have started to chase us since the IVA failed, but the rest have not. I think our best option now is to bankruptcy, but how / where do we start.

Will do SOA in next post.

plumduff-2

SOA needed next... If this is the way forward, you need to phone your local county court.. they will tell you if an appt is needed and give you a date. this could at least a month away..

Or they could tell you to fill in the forms and jsut bring them in.. but this is usually only in the high court in london..

You can download and print off the BR forms from the insolvency service website... 6.27 & 6.28 (i think)

You can even complete them online..

Lastly - are you renting..?

flis21

OK SOA:

My debts:

Ace £71.07
Argos £170.57
Amex £3,594.64
Cap One £1,861.50
Egg £3,030.80
Egg £8,081.76
Hsbc £1,810.11
HSBC £1,589.50
IF £1,813.58
Morgan Stanley £2,394.55
Next £140.02
Student Loan £10,468.19

Next £209.89
Nationwide £2,032.43

Total: £37,268.61

Without student loan: £26,800.42


OH's debts:

Barclaycard £108.00
Capital One £5,043.39
Egg £3,620.45
HSBC £679.72
HSBC £7,149.52
Halifax £3,838.10
IF £1,396.55
Natwest £1,053.08

Total: £22,888.81


So total debts for both of us: £60,157.42
Without Student Loan: £49,689.23


OK, here is our SOA (although I realise some of these amounts won't be allowed by the OR, any advice on this would be great).

Rent £650.00
Powergen £75.00
Southern Water £6.50
House Insurance £14.42
TV Licence £11.38
South East Water £16.64
Sky £15.00
BT £50.00
Specsavers £15.50
Council Tax £112.66
Gym Membership £26.00

Mobile Phone £20.00
Food / Toiletries £345.00
Clothing / Footwear £60.00
Train Travel £45.70
Bus Travel £20.00
Hairdressing £20.00
Pet £20.00
Medical (Prescriptions) £13.30
Dentist £20.00
Social £50.00
Contingency £50.00
Tobacco £45.00
Birthdays (18 per year) £30.00
Christmas (15 presents & food) £30.00
Holidays £40.00

Total outgoings: £1787.10

Income OH: average £1335 (he earns commision, so this changes every month)
Income Me: At moment £280, but when back at work £930.

Total income: £2,265

Surplus: £477.90 - I realise this means we will have to repay quite a lot every month for 3 years.

Any advice?

flis21

plumduff-2 wrote: »

SOA needed next... If this is the way forward, you need to phone your local county court.. they will tell you if an appt is needed and give you a date. this could at least a month away..

Or they could tell you to fill in the forms and jsut bring them in.. but this is usually only in the high court in london..

You can download and print off the BR forms from the insolvency service website... 6.27 & 6.28 (i think)

You can even complete them online..

Lastly - are you renting..?

OK SOA done. Yes we are renting. Will need to go and find our local court number, but can't afford the fees until at least the end of next month.

plumduff-2

You would go BR as individuals... so for example on your form you would put only your income and then if you earn similar, put 1/2 each fr the bills...

Couple of points..

1. Cant see an OR allowing you for gym, sky, social, conginency, cigs, b/days and xmas... You would have to pay for these out of the surplus they leave you with if an IPA is made..

2. Cant see amounts for gas, electric and TV licence..

plumduff-2

d'oh powergen and water on...

flis21

Toots wrote: »

I'm sure I've seen on an earlier thread that someone put the court fees on a credit card and then got that liability included as part of the creditors' amount too.

I'm not necessarily advocating this but maybe it's an idea if you are really stuck and need to take this route.

Toots

Would love to do that, but since the IVA in 2005 we haven't had credit cards and my bank account with overdraft is maxed out (and defaulted on anyway). So this is not really an option, thanks anyway tho.

flis21

plumduff-2 wrote: »

You would go BR as individuals... so for example on your form you would put only your income and then if you earn similar, put 1/2 each fr the bills...

Couple of points..

1. Cant see an OR allowing you for gym, sky, social, conginency, cigs, b/days and xmas... You would have to pay for these out of the surplus they leave you with if an IPA is made..

2. Cant see amounts for gas, electric and TV licence..

1. I am hoping the gym would be allowed, as I was referred to it by my doctor for medical reasons, may be able to get him to put something in writing to that effect as well. I know we are going to have to cut the sky out. I thought they let you have amounts for Christmas / birthdays etc.?

2. Powergen supplies both electricity and gas. TV licence etc. is there.

plumduff-2

If you can prove the gym is needed, then that should be ok... Xams, and brthdays seem to be viewed differently OR to OR... some will allow it soe say pay for these out of the surplus..

plumduff-2

Travel is quite low, you could hide social and cigs in there maybe

scootw1

My OR said no birthdays, christmas were allowed (fancy cancelling christmas for three years). I pointed out the OR guidelines which stated you were allowed a figure for these so they are checking. Will let you know when I hear