Help needed :)

debtfreewanab

Hi

I am hoping someone can offer me some advice.

Me and my partner have decided we would like to go bankrupt after thinking long and hard about this. I have just recently had a little boy and with our house in 30k negative equity plus 17k nrock unsecured loan and 16k unsecured debt = 63k it looks to be our only option as even if I returned to work we would only have around £100 a month left for a long long time and that not taking into account emergency funds, hair, contact lenses, dental etc.

I need time to save up the funds for bankruptcy and a deposit for renting a property, which seems like thats going to be hard especially as we will fail the credit check and have 2 dogs.

My question is, what is a reasonable amount for monthly rent/groceries/car insurance/petrol etc, just looking for a guide as I know there is no money left at the end of every month for 3 years so I don't want to put a lower amount especially when i am just getting to grips with the cost of a new baby.

I would also like to know if anyone has gone bankrupt and moved in with their parents, just as an option wondered if i could budget giving them some kind of rent?

And lastly, I wonder if you are granted a holiday budget as I would love to take my little boy away in his first 3 years and dont want to have to take it out of my food budget to do this.

Thank you in advance for any advice as this would be much appreciated.

Louise

wildheart83

The best thing to do is to fill in your SOA with what you spend on groceries/car insurance etc at the moment. The amount you pay for your accomodation will differ depending on whether you're living in your own home, rented accomodation or living with family.

I was living with family when I went BR, I was allowed reasonable rent but it was as bed and board, so I wasn't allowed to claim for my share of council tax or utilities. I was allowed £190 per month for food and groceries as I explained I work full time and most often am making my own food. But I was doing this as a single person, it might be different as a family.

Hope this helps x

OutofDebt-NOT-OutofDanger

wildheart83 wrote: »

The best thing to do is to fill in your SOA with what you spend on groceries/car insurance etc at the moment. The amount you pay for your accomodation will differ depending on whether you're living in your own home, rented accomodation or living with family.

I was living with family when I went BR, I was allowed reasonable rent but it was as bed and board, so I wasn't allowed to claim for my share of council tax or utilities. I was allowed £190 per month for food and groceries as I explained I work full time and most often am making my own food. But I was doing this as a single person, it might be different as a family.

Hope this helps x

You'll have a higher allowance as a family so just put down what you spend (if the OR thinks it's too high they'll let you know).

With rent, insurance and petrol again it's the actual cost that matters providing it's reasonable in your circumstances. If you're looking to rent then find prices on Rightmove or Zoopla for the type of property you need - there's no set allowance as prices vary across the country.

You can include an allowance for holidays (I think it's £20 per person) and £10 per person for emergencies.