No longer with CCCS should we self manage SOA or go bankrupt

mummybiz5

Heres our SOA

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 5
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 2219
Benefits................................ 550
Other income............................ 0
Total monthly income.................... 2769

Monthly Expense Details
Mortgage................................ 725
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 125
Electricity............................. 75
Gas..................................... 75
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 30
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 750
Clothing................................ 150
Petrol/diesel........................... 100
Road tax................................ 20
Car Insurance........................... 75
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 45
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 40
Total monthly expenses.................. 2394


Assets
Cash.................................... 0
House value (Gross)..................... 139950
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 140650


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 127800...(725)......4.75
Total secured & HP debts...... 127800....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,769
Expenses (including HP & secured debts). 2,394
Available for debt repayments........... 375
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 375

Personal Balance Sheet Summary
Total assets (things you own)........... 140,650
Total HP & Secured debt................. -127,800
Total Unsecured debt.................... -0
Net Assets.............................. 12,850

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

Have been posting on bankruptcy board for advice CCCS have left us to it as DH cancelled the direct debit - he wrks full-time but has issues with depression and the beginnings of a drink problem due to the debt. We have been on a dip for 3 years and paid off £15000 leaving us each with £25000 of debt - our cccs dip was joint but our debts are separate - total debts of £50000 between us.
I found the North Derbyshire CAB plan for self managing a dip yesterday which looks an option. I may be able to return to work in a year or so so could increase income but DH thinks we should give up and go bankrupt - any opinions?

mildredalien

I'm a bit confused - you haven't listed your debts on this SOA? You need to add all them in so you can see actually how much money you have left over each month to service your debts.

Also, your expenses seem awfully high. £750 for groceries?? £150 for clothes every month?! If you are in so much debt you are considering bankruptcy, you need to do an SOA for the amount you actually need to live on, not your wishlist amounts! There are a few other anomalies - £40 for entertainment but nothing for gifts? With 5 children I'm betting you buy a few birthday and christmas presents a year! How old are your children? Do you have any childcare or school expenses that need to go on your SOA?

I'd suggest reposting your SOA with realistic amounts and debts included, it will be loads clearer whether it's something you can manage or not at that point. Your debt is pretty high but paying off £15k in 3 years is a brilliant start! It's not an easy situation and I feel for you and your DH having to deal with it - has he been to his GP about the depression/alcohol issues? Why did he cancel the CCCS payment?

freshstart11

mummybiz5 wrote: »

Heres our SOA

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 5
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 2219
Benefits................................ 550
Other income............................ 0
Total monthly income.................... 2769

Monthly Expense Details
Mortgage................................ 725
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 125
Electricity............................. 75
Gas..................................... 75
Oil..................................... 0
Water rates............................. 45 - due to number of children if on a meter ask for watersure type scheme
Telephone (land line)................... 30
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 750 far too high, batch cooking, drop a brand etc would save hundreds!
Clothing................................ 150 why so high? Can you not ebay for clothes?
Petrol/diesel........................... 100
Road tax................................ 20
Car Insurance........................... 75
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 45 shop around
Contents insurance...................... 0
Life assurance ......................... 0 with children this is something that you should 100% have!!!
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 40
Total monthly expenses.................. 2394


Assets
Cash.................................... 0
House value (Gross)..................... 139950
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 140650


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 127800...(725)......4.75
Total secured & HP debts...... 127800....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,769
Expenses (including HP & secured debts). 2,394
Available for debt repayments........... 375
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 375

Personal Balance Sheet Summary
Total assets (things you own)........... 140,650
Total HP & Secured debt................. -127,800
Total Unsecured debt.................... -0
Net Assets.............................. 12,850

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

Have been posting on bankruptcy board for advice CCCS have left us to it as DH cancelled the direct debit - he wrks full-time but has issues with depression and the beginnings of a drink problem due to the debt. We have been on a dip for 3 years and paid off £15000 leaving us each with £25000 of debt - our cccs dip was joint but our debts are separate - total debts of £50000 between us.
I found the North Derbyshire CAB plan for self managing a dip yesterday which looks an option. I may be able to return to work in a year or so so could increase income but DH thinks we should give up and go bankrupt - any opinions?

I think if you are 100% serious about this then you can make a few cuts - groceries jumps out at me!

I self manage my DMP but I have cut EVERYTHING back

Gimpsdad

You can definitely make a case for BR here as you are definitely insolvent, but you would run a risk of losing your home as you lose control of your assets in BR. If you are pragmatic and are not too fussed then it is definitely worth consideration.

Have you considered IVA? CCCS guidelines on expenditure for IVA would see a monthly payment reduce from the £375 you have posted on your SOA come down to around the £200 mark. Trigger figure for food would come down to £616, clothing down to £105, but you could offset up to £200 for school meals, depending upon the ages of the children. You would be able to put down up to £30 for school trips, £36 for work meals, £40 for dental/medical, £40 for haircuts, £55 for pocket money, £46 for contingencies etc etc.

At least that way there would be an end to it and you will be legally protected with guarantees that you haven't got now. I stress again that BR is very attractive, but if you cannot face it then give IVA serious thought.