bankruptcy SOA

owlet

You could open 2 accounts, so you have a separate bills account. Then transfer into the bills account when you get paid. Sometimes it's easier to manage.

HappyMJ

minniemouse4 wrote: »

Thankyou all. I will get out my gas and electric statements and divide the annual figure by 12 to get a monthly exact spend and re do the SOA later on today.


I've had huge amounts of advice from the CAB, it my husband that doesn't want to go bankrupt but we really have no choice with the amount of money owed and the loss of his job. Mine is only a 12 month term contract so god knows what is going to happen next year! At least this side of the money problems will hopefully be sorted. I will go and open a basic bank account next week, where my wages go in and the direct debits come out!!


I want to get rid of the house phone too. We never use it, only our mobiles but it came in the package with virgin! The only time it rings is if its someone chasing us for money!

Unfortunately you need the landline for the internet so don't worry about that just have the basic line which is £17 per month. Don't add any call packages.

£65,000 is a lot of debt for a household earning a gross salary of £9,000. It's a bit too much to try and pay back over the next few years with the salary you've got. You could continue paying £20 a month for the rest of your life....or stop paying at all and allow them to make you BR that'll save you from paying the BR fees. Or stop paying and wait for 6 years when the debts become unenforceable....12 years in the case of the mortgage shortfall.

minniemouse4

does school trips, dinner money etc come under child related expenses?

HappyMJ

minniemouse4 wrote: »

does school trips, dinner money etc come under child related expenses?

Yes and no. Dinner money technically comes under groceries. If you aren't paying out for groceries and paying for school dinners instead then you need to reduce the groceries by the same amount...so you may as well just leave the groceries figure as it is using the highest recommended figure.

School trips are harder to quantify. You're on child tax credits so you might not have to pay out the full cost of a school trip in any case. Many schools offer students whose parents are on some form of benefits free or discounted school trips.

If you're not claiming working tax credits due to insufficient hours and are only getting child tax credits then school dinners and school trips are just about always free so you definitely can't include them and should use a slightly reduced figure than the maximum recommended figure for groceries.

tiggerbodhi

Hi little correction to "Unfortunately you need the landline for the internet so don't worry about that just have the basic line which is £17 per month. Don't add any call packages."


With virgin media you do not have to have a "package" you can go for the cheapest broadband option without a phone line, the cheapest like this is £28.50 as apposed to the cheapest BB and phone line at £34.49.


HTH and good luck.