Stressed and anxious....

KeepOnKnitting

Hi there,
I have a couple of questions for you, which I am asking just to maybe help you think things through rather than to put any pressure on you.

If you are full time students, should you not be exempt from council tax?
If you are in your third year at uni, will you being getting a better job with better pay within the next year? If so, would it be worth just hanging this situation out for a bit and arranging £1 minimum payments until then with the plan to clear the debt once you are earning more?
At the moment your monthly expenses exceed your income. Do you have a plan to fix this?

Wishing you luck.

Whynot66

KeepOnKnitting wrote: »

Hi there,
I have a couple of questions for you, which I am asking just to maybe help you think things through rather than to put any pressure on you.

If you are full time students, should you not be exempt from council tax?
If you are in your third year at uni, will you being getting a better job with better pay within the next year? If so, would it be worth just hanging this situation out for a bit and arranging £1 minimum payments until then with the plan to clear the debt once you are earning more?
At the moment your monthly expenses exceed your income. Do you have a plan to fix this?

Wishing you luck.

Hi yes we are exempt till June. But I've done a 2 year course and then a one year course, I currently owe the council £390 that they have agreed I pay Jan, Feb, March. Then 2 months after I'll be paying in full again.

I have been very conservative on my soa as it is, I tend to borrow cash from family often or bounce certain bill then catch up with student finance. Also my partners contribution will be able to increase over the coming months as some of her debts will be repaid.

My income will improve, but not very quickly. Wages are poor where I live, plus I need more experience to get where I want to be. My plan is around 5 years. It's going to be at least 2/3 before I can make meaningful repayments.

Strachan

Good luck as well.

Don't be conservative with your SOA figures

You will be applying for bankruptcy rather than OH andyou should be financially separate. You can declare her contribution but do not need to provide details of her i comings and outgoings.

You must get your own account into which your salary is paid and bills paid from out of.

Improvements in partner's income does not need to be declared and will be needed to repay the loan to her mother

Whynot66

Appreciate all of your replies, thank you.

I've been thinking and i've been discussing my options with my partner.

In may we both receive student finance totaling around £4800. We normally owe a good amount of this out, but my partners financial situation is going to improve over the coming months so its possible that we could have £2000 available. We also have a car each, mine isn't worth much but hers would maybe fetch £2500, all though we work in opposite directions from home it wouldn't be impossible to manage with one car. Plus in may we would be paying of a £1k loan to a family member, she would happily lend it again. Finally id have the £700 bankruptcy fee

so we could raise £6200

I owe £28k, £26k is defaulted, (2k is my current account that is up to date and interest free) most of it is with different debt collectors, the debts have been passed around several different companies. I haven't made a payment to any of them for some time.

If i got together a list of all of by creditors and worked out a pro rata full and final payment which would equate to 23.8% would there be a realistic chance of everyone settling or is the % simply too low?