Is bankruptcy my best option

fishfinger1

The_Walking_Debt wrote: »

I think speaking to someone at Step Change is a priority. I was absolutely terrified when I called them in February...shaking like a leaf an unable to speak above a whisper. But the people I spoke to were so supportive, helpful and non judgemental. I think the fact you are facing this now is a good thing, getting your life in order so you can face the future. The years' take their toll on you, your relationships and peace of mind, with debt. Get to grips with it now and your whole life will change for the better.

Well done on posting and getting to grips with this.

Thanks. Im going to be ringing them on Tues im sick of worrying over this constantly now. I just need that push in the right direction then I can start with the most appropriate action to get me out of this mess. I just want a fresh start for me and my family in the quickest way possible

fishfinger1

tigerfeet2006 wrote: »

OK then you need to just put her contribution to the joint household income not her full income.

Her mobile payment shouldn't be on the SoA. She also has her own debts etc. that need to be paid. Your mobile and transport are an individual expense to you.

How many children do you have? How old?
We have 2 children aged 6 and 9

How many cars and who bought them? Are those expenses for morethan 1 car?

We have 2 cars, 1 is on finance in my partners name. The other is a £500 run about in my name

tigerfeet2006

The car on finance should be paid for by your OH. So do not put on thee finance expense and her car expenses. That is not a joint household bill, it's her personal bill. Reduce her contribution accordingly.

tigerfeet2006

fishfinger1 wrote: »

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1410
Partners monthly income after tax....... 1200
Benefits................................ 148
Other income............................ 0
Total monthly income.................... 2758
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 141
Electricity............................. 40
Gas..................................... 50
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 18
Mobile phone............................ 85 ONLY YOUR MOBILE GOES ON AS IT IS A PERSONAL EXPENSE.
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 400 £540[/COLOR]
Clothing................................ 60 £90
Petrol/diesel........................... 280 ONLY YOUR EXPENSES
Road tax................................ 33 TO GO IN
Car Insurance........................... 70 THIS
Car maintenance (including MOT)......... 70 SECTION
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 46 Allow £5/6 a week for activities per child. Also up to £2.50 per day per child for school lunches. School trips etc. £30/40
Medical (prescriptions, dentist etc).... 10 £25/30
Pet insurance/vet bills................. 0 IF YOU HAVE A PET WHY DONT YOU HAVE INSURANCE?
Buildings insurance..................... 0
Contents insurance...................... 0 PLEASE MAKE SURE YOU GET CONTENTS INSURANCE PREFRERABLY WITH ACCIDENTAL DAMAGE.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 MOST ORs WONT ALLOW.
Haircuts................................ 30
Entertainment........................... 50 MOST ORs WONT ALLOW
Holiday................................. 80
Emergency fund.......................... £40
breakdown cover ........................ 12
tax credit repayment.................... 30 THIS WILL BE DOWN TO YOUR OH TO REPAY AND SHOULDNT BE ON YOUR SoA.
sofa ................................... 27 WAS THIS A JOINT LOAN/ YOURS/HERS?
pet food................................ 20 COMES OUT OF GROCERIES.
Total monthly expenses.................. 2305

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,758
Expenses (including HP & secured debts). 2,305
Available for debt repayments........... 453
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 453
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

A few things for you to think about.

ok so heres our SOA please feel free to advise, also here is a list of my current debts:
Barclaycard £5674
Barclaycard £6809
Natwest £2337
Yorkshire bank £1705
Nationwide £2007
Virgin £3776
Halifax overdraft £600


My partners debts:
Argos card £1000
Lloyds £3000
Tesco £2681
Barclaycard £3425
Car finance £167
at present all her debts are in order and being paid correctly mine are the big problem as you can see

Some things for you to think about. Have a play around with that and see what you come up with and may be pop it up again.

Good luck with Stepchange.