Sell or bankrupcy? all advice welcome!

toplass5

I earn a decent amount of £2043.00 AFTER TAX, but fell into the trap of getting the secured debt around my kneck. I have £100 p/m to live on not including fuel, will i lose my house although there is negative equity?
do i declare bankrupcy or sell?
House Value £170,000.00
Mortgage £750.00
First secured loan £500.00
Second Secured Loan £165.00
Poll Tax £96.00
Dpm £90.00
Utilities £128.00
etc...............

It goes on & on ................... & 2 cats to feed...................currently not feeding myself!

toplass5

Is anyone there?

chevalier

hi there i think they are all eating tea etc just now. But to start the ball rolling, what is DPM?
Could you break the utilities down, because that seems a high amount just for gas/electric

you may also want to ask this question in the bankruptcy forum too
best of luck
chev

CLAPTON

you need to post a full SOA, details of income, all the spending and all the debt details and value of the house and mortgage and secured debts.
without the full picture is impossible to give good advice.

toplass5

what is SOA?

wherediditallgo

Statement of Affairs. It's a breakdown of your income & expenditure.

okra

A Statement of affairs, I think there's a sticky about it at the top of the DFW foum page. It means detailing everything, all your incomings and outgoings for the month, from your mortgage down to your bus fare (you get the picture!). Then we can see where you might cut back on your budget.

toplass5

Mortgage £750.00
secured loan £500.00
secured loan £164.00
council tax £94.00
water £25.00
gas £55.00
electricity £30.00
building & contents insurance £26.00
telephone £40.00
t.v license £11.00
satalite/sky £18.00
car insurance £25.79
fuel & parking £180.00
pet insurance £14.08
prescriptions £14.00
food pets & myself £140.00
CCCS £90.00 (DMP)

I cannot afford to go to the dentist, what shall i do?

tomterm8

Have you got children?
How much of your debt is from bank late charges / credit card late charges?

toplass5

No I Have No Children, Hi Tom. No Bank Charges As Far As I Know Credit Cards Are Frozen And Taken Care Of Through The Dmp = Cccs

okra

toplass5 wrote: »

Mortgage £750.00
secured loan £500.00
secured loan £164.00
council tax £94.00
water £25.00
gas £55.00This is a lot. Could you shop around for a cheaper deal? Using uswitch or a similar site?
electricity £30.00
building & contents insurance £26.00
telephone £40.00This is also a lot. Is this a domestic phone or mobile or both?
t.v license £11.00
satalite/sky £18.00You know what I'm going to say - get rid of this altogether
car insurance £25.79
fuel & parking £180.00
pet insurance £14.08
prescriptions £14.00I'm sure there's a prescription passport thingummy for under £100 that covers all your prescriptions for a year - does anyone know what I mean? That would be cheaper
food pets & myself £140.00Again, a lot. We are a family of five with two dogs and we don't spend this much on food and so on
CCCS £90.00 (DMP)

I cannot afford to go to the dentist, what shall i do?

Again, you're not going to like this suggestion, but could you get rid of your car for a year or two, until you are more comfortable? That would save you a large sum of money. It may not be possible with your work, but it's an idea