Is bankruptcy my best option

fishfinger1

tigerfeet2006 wrote: »

If you want to lower the debt amount for a DRO then lower the debts equally across the board and then look at a DRO when they are under £20k. If your OH gives you the money to do this then just share it out equally not one debt, one lump sum as you will be favouring.

If I did get the money together to get me under £20000 whilst dividing it equally would I have over £50 a month left tho as I would no longer be paying the debts or is it £50 before going ahead with a dro in which case I don't have that left at present

HappyMJ

fishfinger1 wrote: »

My partner pays for all the food shopping etc. She pays for everything to do with the 2 cars including fuel tax etc. She also pays the water bills phone Internet kids clothes presents basically everything as most hee wage is what we live on apart from a couple of Her debt repayments

You need to look at it differently. In a marriage her money is also your money.

You both have your own individual incomes but as a couple you pool your resources and the money either of you earn then becomes "our" money. You then use "our" money to pay the bills and support the children. You shouldn't think she is paying for everything and you aren't contributing anything. Together you are both paying all of the bills using household income.

What is then left over is then split to spend on your own personal spends each month. She could choose to save her half of the money in accounts which you do not have access to which is her choice.

If your half of the left over money each month doesn't leave you with enough to clothe yourself, pay for your mobile contract and pay your debts in your name then you need to either enter into a DMP or go bankrupt...or look into other options.

HappyMJ

fishfinger1 wrote: »

If I did get the money together to get me under £20000 whilst dividing it equally would I have over £50 a month left tho as I would no longer be paying the debts or is it £50 before going ahead with a dro in which case I don't have that left at present

A DRO is a mini-bankruptcy. It has exactly the same affect as a full bankruptcy. It's just a cheaper version. You may as well go bankrupt and save yourself £2,500 getting your debts under £20,000.

fishfinger1

HappyMJ wrote: »

You need to look at it differently. In a marriage her money is also your money.

You both have your own individual incomes but as a couple you pool your resources and the money either of you earn then becomes "our" money. You then use "our" money to pay the bills and support the children. You shouldn't think she is paying for everything and you aren't contributing anything. Together you are both paying all of the bills using household income.

What is then left over is then split to spend on your own personal spends each month. She could choose to save her half of the money in accounts which you do not have access to which is her choice.

If your half of the left over money each month doesn't leave you with enough to clothe yourself, pay for your mobile contract and pay your debts in your name then you need to either enter into a DMP or go bankrupt...or look into other options.

Having read that it's seems ive been over complicating things so If I add up everything we spend each month x12 and divide by 2 will that give me the figures im looking for not including the debt repayments

HappyMJ

fishfinger1 wrote: »

Having read that it's seems ive been over complicating things so If I add up everything we spend each month x12 and divide by 2 will that give me the figures im looking for not including the debt repayments

That's right and make sure you slightly over estimate all of the figures going forward. You do not want to be leaving yourself short at any time during the next 12 months.

If you want an idea on figures try posting a SOA and you'll get some opinions on what allowances can be increased and which should not be on the SOA at all. They do allow the basic Sky/Virgin package including the kids and documentary packs when you have children. No Movies or Sports though. They allow £20 per person per month for holidays. The allowances can be very generous. £600 a month for groceries is not unheard of....groceries does not mean just food. It's virtually anything you must buy during the month.

Johnsmith2016

Certainly be generous with your amounts.

Add

£10 emergency fund Per person
Rac breakdown
Presceiptions of needed
Opticians
Dentist

TighterThanTwoCoatsOfPain

Hold on, surely if you're capable of saving a 25% deposit in 3 years you shouldn't ever have considered/ been able to go for bankruptcy ?

fishfinger1

TighterThanTwoCoatsOfPain wrote: »

Hold on, surely if you're capable of saving a 25% deposit in 3 years you shouldn't ever have considered/ been able to go for bankruptcy ?

If you read through. I'm not capable of saving that deposit. The deposit would be from inheritance but obviously I have no idea when that will be and I'm certainly hoping it's not soon. The last thing I do want tho is to make myself bankrupt and then receive inheritance and it all gets taken off me. Dont think I could handle that guilt as non of my extended family know the situation im in. Only me and my partner

fishfinger1

HappyMJ wrote: »

That's right and make sure you slightly over estimate all of the figures going forward. You do not want to be leaving yourself short at any time during the next 12 months.

If you want an idea on figures try posting a SOA and you'll get some opinions on what allowances can be increased and which should not be on the SOA at all. They do allow the basic Sky/Virgin package including the kids and documentary packs when you have children. No Movies or Sports though. They allow £20 per person per month for holidays. The allowances can be very generous. £600 a month for groceries is not unheard of....groceries does not mean just food. It's virtually anything you must buy during the month.

Thanks i wont have time to do the SOA today as im at work all day. What ever I do put on the SOA does the OR then scrutinize my account to make sure it all matches up as in if I say put £30 for sky TV do they look through my account to make sure there's a direct debit to sky for that amount

fishfinger1

Johnsmith2016 wrote: »

Certainly be generous with your amounts.

Add

£10 emergency fund Per person
Rac breakdown
Presceiptions of needed
Opticians
Dentist

Thanks for all your help I will do my SOA tomorrow when I have more time. All the thought of this has been stressing me out