My SOA

WrongTurnRight

Thanks again for your helpful nonjudgmental replies.

My only thought it is we have nothing to give, no house or car etc. I'm just unsure as to how it would work us both going joint bankrupt even though we're not financially linked it terms of joint bank accounts and having loans in the same name. It's all so daunting but if I don't start now I never will. I'm in the mindset never to gamble again after the mess it's got me in to, if I even consider it then I'll b straight to GA for support.

HappyMJ

WrongTurnRight wrote: »

Thanks again for your helpful nonjudgmental replies.

My only thought it is we have nothing to give, no house or car etc. I'm just unsure as to how it would work us both going joint bankrupt even though we're not financially linked it terms of joint bank accounts and having loans in the same name. It's all so daunting but if I don't start now I never will. I'm in the mindset never to gamble again after the mess it's got me in to, if I even consider it then I'll b straight to GA for support.

You would both go bankrupt individually. You don't give anything. You really need to take face to face advice as it's a big decision.

You've missed a lot of expenses off your SOA.

Medical for instance isn't just prescriptions at £10.40 a month each it's also dental visits every 6 months and opticians every few years and any glasses that you require. It also counts any preventative treatments that you need. I would put £40 a month for a couple.

You have no holiday budget. Everyone is entitled to a holiday including people who cannot pay their debts. A reasonable amount to put here is £20 per person per month. That won't get you much. It might get you one week away in a seaside holiday camp in the UK once a year.

You can increase the amount you spend on clothing. It also includes shoes as well. Think about what you really spend. The OR will not require you to spend nothing nor will they expect you to live on charity. They give you a fair and reasonable allowance each month.

Running_man

Hi
Cut up credit card
Loan payments to parents- see if you can either reduce payments or stop payment. Use this money for the rent arrears then to pay off credit card
Then either use money to pay off other debts or resume payments to parents-
£88 for phones a definite NO reduce asap
Do not sell go sim only
These small things and you will be surprised how soon things look better
One other thing regarding the gambling
Was once told about gambling -You never ever see a poor bookie
And this applies to all gambling these companies are always willing to take your money

WrongTurnRight

I didn't want to put things like a holiday in case it was seen as a luxury. I shouldn't be entitled to one as its my fault kind of thing! One last question not sure if anyone knows, what kind of documents are required? Full bank statements wage slips etc? I think I'll phone Stepchange rather than email as I feel it'll be easier explained that way.

HappyMJ

WrongTurnRight wrote: »

I didn't want to put things like a holiday in case it was seen as a luxury. I shouldn't be entitled to one as its my fault kind of thing! One last question not sure if anyone knows, what kind of documents are required? Full bank statements wage slips etc? I think I'll phone Stepchange rather than email as I feel it'll be easier explained that way.

So what are you going to do on your 5.6 weeks of annual leave. You could sit at home watching telly or you could get away on public transport with your season ticket and go somewhere and do something. This will cost money. Yes it's a luxury but it's also considered an essential. Nothing fancy just a very basic holiday once a year. £20 per person per month isn't going to buy much of a holiday.

They won't accept the £10 entry you have for presents. You are expected to use the grocery money for presents. Whilst shopping at a discount supermarket you could put some gifts into your basket. That expense then becomes Groceries rather than Presents.

They also won't accept £50 a month for Entertainment. Yes entertaining yourself is a way of reducing stress but budgeting for it is not permitted. Again you'll need to use your excess Grocery money for this. If you're out and you want to buy an ice-cream for yourself and your partner it's food and should come out of groceries. If you want to go out for a meal you would be skipping a meal at home instead so you would use Grocery money for that too. You'd do that by shopping wisely at discount grocery stores most of the month then treating yourself with the money you've saved.

It probably won't make much difference to your excess funds but hopefully it gives you an idea of what is allowed and what isn't. You need to increase some of the categories to allow you to spend money on things which wouldn't otherwise be permitted.

You've also got nothing for landline. A landline is £18 per month and you are allowed to add the £5 unlimited calls package on so you can put down £23 for landline. You can also keep the £20 you have for internet. You'll need to reduce the mobiles down to £20 per person per month.

£43 for electricity is quite low....it's very low. Increasing that might give you enough to keep the property warm for longer. Keeping a cold house just to save money isn't going to do your health any good. Turn the thermostat up to 20 degrees and increase the amount you spend on heating. It's not supposed to be a choice between heating and eating you should do both.

JCS1

WrongTurnRight wrote: »

I didn't want to put things like a holiday in case it was seen as a luxury. I shouldn't be entitled to one as its my fault kind of thing! One last question not sure if anyone knows, what kind of documents are required? Full bank statements wage slips etc? I think I'll phone Stepchange rather than email as I feel it'll be easier explained that way.

Speak to Stepchange, and if you then wish to consider further pop over to the bankruptcy board. There are lots of helpful stickies.

redpete

WrongTurnRight wrote: »

To be honest, the above is pretty much down to my gambling, obviously not very well.

That comment says to me that maybe you think that it is possible to gamble 'well' - i.e. come out winning overall.

You need to realise that gambling is never something you can do well - seek help.

Flooky

redpete wrote: »

That comment says to me that maybe you think that it is possible to gamble 'well' - i.e. come out winning overall.

You need to realise that gambling is never something you can do well - seek help.

Matched betting is a way of gambling "well" however this takes dedication, good mindset and a very good understanding of the idea of matched betting.

However, that being said I believe what is best for the OP at the moment is professional help. I used to make a living playing poker and I know all to well if you exclude yourself from their sites like I did, you will always find a way round it, just like I did. Unless you fix the problem at cause you will never fix it. Find some professional help and go from there. If you would like to PM me to chat about the gambling problems I can give you advice on my experiences.

All the best

Flooky

poppasmurf_bewdley

Would you both need to go bankrupt?

If your wife only has one loan in her name, it may not be necessary for her to enter bankruptcy. There would be benefits in one of you not being bankrupt.

redpete

Flooky wrote: »

Matched betting is a way of gambling "well" however this takes dedication, good mindset and a very good understanding of the idea of matched betting.

I know about matched betting (and made a few thousand pounds at it when I had the time to put into it) but I don't consider that gambling at all - you always know exactly what the financial outcome will be when you place the bets.