Bankruptcy advice needed for young family.

rog2

savagevixen wrote: »

I am sorry, !!!!!!? There is a christian group against debt? Is even debt religious now?

Apparently so, savage. They are actually called Christians against Poverty, and I came accross them on the following thread:

http://forums.moneysavingexpert.com/showthread.html?t=516747

I have researched them, and they appear to offer a very good service, without 'forcing religion down your throat'. I don't think that they have as good a national coverage as CAB or the other major Debt Counselling Services, but it is gratifying to see that the church is taking an interest.
I hasten to add that I am not particularly religious - I do go to church for weddings and the odd funeral - but I don't knock it, and if they can help someone with a debt problem that's good enough for me.

rog2

blind-as-a-bat wrote: »

Didnt you Know Vix debts the work of the devil.......i should know he,s a friend of mine





(No offence meant rog2 just a bit of humour )

None taken, ba. I've often been compared to 'Old Nick' myself. :rolleyes: :rotfl: :rotfl:

ps. where do you get those smileys?

dappanumber1

hi again everyone, just a quick update.

have booked my bankruptcy for 11 oct at 12pm!

i have changed over to a coop cashminder and my wife gets cb and tax credits into her account.
i have had my form checked by cab but will post my soa here for a last check asap.

couple more questions though if thats ok.....

cab seem to think i will have restrictions because in my reasons why i went br i wrote that i moved in with gf etc, had kids and did the house up, consolidated debts etc, then got housing assc house and borrowed more to get things for this. then paid off this and that etc etc

she seems to think the OR will say i should have seen it coming and done something about it?!

also what about insurance? i have contents at mo but like i said in another post next door but one nearly didnt get paid out because of being undis br, shall i changed to another company or does anyone know a company that will accept a undischarged br?

i was also a director in my dads (part time) company, which is not making much money at all and i received no money from, will OR be interested in this even tho i put no money in or took anything out? also i am not on bank accounts and am no longer a director.

i know im not allowed sky or broadband but i was hoping to hide that in household, however, will they contact sky or bt about this or am i best to keep my mouth shut?

or shall i get my wife to set them up in her name, and get all my charges for ending my contract into my br if you see what i mean.

cant think of other questions yet but i will be coming on here a bit more regularly during the next month or two to ask other questions i would think!

rog2

Hi dappa - Not sure why you should have problems because of your attempts to address your debt situation by 'consolidation'. We see, all too often, the effects of 'consolidation' and generally advise against it.
However, you tried it, in an attempt to AVOID bankruptcy - it didn't work - we'd ALL be a lot wiser if we could have foreseen bankruptcy.
You WON'T be allowed to remain a director in your dad's company.

Good luck for the 11th.

madoldbat

Hi Dappa.
First to give you a giggle.Saw your post on main BR board,well I normaly like to read th op so I can follow other peoples train of thought.Good idea!Yes ? Well it is if I botherd to look at the flippin date:o There me getting all hot under the coller agreeing with Vixen and Bat and ready to let off steam at one or two others only to see Im MONTHS out of date.:o :rotfl: :rotfl: :rotfl:
Well done for looking at your options and dealing with your situation.Its better to get sorted now while you can and rebuild your life on firmer foundations.
Rog2 is correct a lot of us have been caught in the consolidation trap.Our OR did not comment on ours .After all they must hear the reasons for the loans every day and be good at weeding out anyone who is tring to pull the wool.
Good luck for 11th October.Post and let us know how you get on.

dappanumber1

just a few more things!!

i forgot to mention i get about £75 a month expenses from work for milage, will i need to include this in my income? i assume i will!

also has anyone got any tips on what to write as "reasons for BR"? as i think i woant to rewrite mine as i only pencilled them in!

fiveyearplan

Hi dappa, what exactly have you written? Let us know and we can give an opinion. Good luck on Thursday - it's my wedding anniversary that day!

dappanumber1

here is my reason

i started off with a small loan when i was younger, after moving in with my girlfriend, in order to furnish the property. we have two children now and over the years have tried to keep up with repayments and at times lived off credit, as my wife stopped work to look after the children. i then got credit cards being offered to me and stupidly i took them. i tried transfering balances to keep payments down, but it didnt work and i ended up paying more out a month. i got loans to pay off loans and c/ cards but stupidly didnt pay off all cards and shut accounts. i would then use then cards againwhen we needed food or essentials for the home. i was borrowing money off one company to pay another.at present my outgoings are a lot higher than my incomings, and ive struggled to pay for essential items, such as food, and using credit cards for them instead.


any suggestions what else to add? more about my wife leaving work? stuff about her coming out of work cos childcare is so dear? any other things i should add?



also here is my soa on form

rent 346

housekeeping 400

gas elec 70

water 25

telephone 40

travelling to from work 150

clothing 80

home ins 10.90

contacts 24.99

tv license 11.37
tv rental 22.29

car tax repairs mot 30

car ins 33

pet food 14

pet ins 16

home maintanance 20

mobile 20

breakdown 5

children 38

haircuts 20

total 1477

income

wages 1040

tax credits 351

cbenefit 120

total 1511

minus child benefit

1391

but i have heard OR taking cb into account for kids stuff?




shall i add anything more? what about my £75 month expenses coming in from work? is that an income?

have a look let me know what you think!!!

thanks alot!

fiveyearplan

Because I haven't actually been through this yet, I won't comment but I'm sure someone else will be along to give advice. Good luck tomorrow.

fermi

dappanumber1 wrote: »

i started off with a small loan when i was younger, after moving in with my girlfriend, in order to furnish the property. we have two children now and over the years have tried to keep up with repayments and at times lived off credit, as my wife stopped work to look after the children. i then got credit cards being offered to me and stupidly i took them. i tried transfering balances to keep payments down, but it didnt work and i ended up paying more out a month. i got loans to pay off loans and c/ cards but stupidly didnt pay off all cards and shut accounts. i would then use then cards againwhen we needed food or essentials for the home. i was borrowing money off one company to pay another.at present my outgoings are a lot higher than my incomings, and ive struggled to pay for essential items, such as food, and using credit cards for them instead.

Personally I would include less of the "being stupid" and phrase things more along the lines of "I used credit for day to day living expenses, anticipating that I would be able to pay this off at a letter date" & "circumstances later meant that this was not possible".

Adjust that to suit your circumstances, but you probably get my drift.;)

SOA looks OK to me, but I'm rubbish at those.

If you are actually paid the expenses then you should included them, but make it very clear what they are spent on and why.