Bankruptcy because of family member

egrescrimp

MK55 wrote: »

Stepchange have been great and have give me some advice, if my gran has £263 left over and £700(ish) minimum payments do you think they will let her go bankrupt?

Yes, she can still go bankrupt

You might want to post up a recent SOA as people on here might be able to help make that surplus smaller

fatbelly

MK55 wrote: »

Soooo... 2 months on and we are on our way!

My gran is much happier, i have got rid of all the cards, we are currently paying £1 per month to them, i'm managing all the letters for her so the stress has gone from her.

The car my gran had on purchase plan for her daughter is now in my possession and is being VT'd on Tuesday.

Soooo... Once i've got the bill for the car going back, it's done 12k miles outside of contract and has quite a lot of damage, I'll have all my grans Debts.

Gran's debts stand at 22k currently, she has £263 left over each month after all bills and everything else so i'll be filled in the 6.26 & 6.27 forms next week (they look scarey!!)

Stepchange have been great and have give me some advice, if my gran has £263 left over and £700(ish) minimum payments do you think they will let her go bankrupt?

Stepchange have confidently said they don't see a reason why not but it just feels like i'm waiting for something to pop up and say no!!

I can't wait to get these forms filled out and our appointment booked, want the rest of my grans years to be as good as possible for her!!

She's insolvent - shouldn't be a problem

Worst case scenario is she gets an Income Payment Arrangement at £263 x 36 months = £9468

Are you sure she has £263 left over? What about posting the figures here first?

Armorica

Encourage your gran to write/update her will so that the aunt gets nothing.

And it’s a form of financial abuse. Worth a read through http://www.ageuk.org.uk/health-wellbeing/relationships-and-family/protecting-yourself/what-will-happen-if-i-report-abuse/ (and linked pages). As she’s not in their care, it should be practical to ensure it doesn’t continue.

MK55

Evening all,

The SOA i have from Stepchange is a PDF I can't copy and paste, is there one I can fill out online that would be easier to post up on here? x

fermi

http://www.stoozing.com/calculator/soa.php

When done click the MSE button "Format results for discussion boards" section and copy/paste the result which should be formatted to display on here.

MK55

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 3

Monthly Income Details
Monthly income after tax................ 1402
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1402

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 0
Mobile phone............................ 14
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 40
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 80
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 40
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1274


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................4811......0.........0
capital 1......................8000......0.........0
lloyds.........................515.......0.........0
natwest cc.....................4304......0.........0
natwest od.....................700.......0.........0
hsbc...........................2875......0.........0
Total unsecured debts..........21205.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,402
Expenses (including HP & secured debts). 1,264
Available for debt repayments........... 138
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 128

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -21,205
Net Assets.............................. -20,205

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

Just realised Stepchange have a higher income! I didn't notice this before, Grans income is £1,403! Leaves her £138pm.

MK55

so the adults is 3 my gran rents the annexe from my sister, same dwelling but gran has her own part of the house kitchen etc.

number of adults is the other part of the family that lives that, as well as the other cars but these don't belong to my gran in anyway.

tigerfeet2006

Ok, so there is no need to mention other adults and cars as she is not living with them.

Just getting a feel for the SoA at the moment can you explain why the electric, gas and water are so high?

Why no TV license? Why no road tax? What is other travel? What about breakdown cover? What is other child related expenses? Why no medical expenses £20. OR may sat groceries are too high but I would argue that in this day and age they are reasonable. Haircuts £10 might get away with putting £20 down. Put holidays in at £25.

Just a few thoughts for the moment.

egrescrimp

What's the entertainment? That's likely to be rejected unless she can give a good reason for it.

Should that be content insurance rather than buildings?

No broadband or phone line?

You should really add some parking funds, even if only £5 or £10 as there isn't many places with free parking these days.

patanne

Firstly, well done you for helping your gran, she must have found it difficult to tell anyone. The SOA looks a little odd but some things which should be there. Contents insurance. Medical exps, even though she will get free prescriptions, she will not get free dental care and I think needs at least £20 in there. There are some glaring gaps - no gran is not going to give at least her grandchildren presents at Christmas & birthdays. TV license, phone line or a share of the phone line etc. Just needs a little re-jig there.

Good luck! Hope you do manage to get some back from your aunt!

ETA please tell your gran that she isn't the only one this has happened to, not that that will help much as it is very difficult to believe that your own child could ever betray you so much.