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BR advice please?
Nancy_PepperPot
Posts: 24 Forumite
Hi
i would appreciate some advice regarding BR?
Due to 5 years of mental health problems, in and out of employment, I am now retraining at at university. Me and my partner have £29300 worth of debt. Which is currently managed with stepchange via a DMP and paying £73 a month
I owe £21000 made up of loan, c cards and my partner £6000 in c cards. We also owe £2300 in joint overdrafts.
Being a student, my income is made up from an NHS bursary (475) and a student loan. My husbands is from ft employment.
Stepchange have recommended we go BR as it will take over 30 years to clear this debt.
I would like your advice if possible? Would my hubby be better off going for the other kind of bankruptsy which is cheaper given the amount we owe?
I'm so happy that I am finally able to move on with my life but the thought of being in debt for the next 30 years is bringing me to tears.
I will put a SOA here in a bit minus the debt.
Thank you
i would appreciate some advice regarding BR?
Due to 5 years of mental health problems, in and out of employment, I am now retraining at at university. Me and my partner have £29300 worth of debt. Which is currently managed with stepchange via a DMP and paying £73 a month
I owe £21000 made up of loan, c cards and my partner £6000 in c cards. We also owe £2300 in joint overdrafts.
Being a student, my income is made up from an NHS bursary (475) and a student loan. My husbands is from ft employment.
Stepchange have recommended we go BR as it will take over 30 years to clear this debt.
I would like your advice if possible? Would my hubby be better off going for the other kind of bankruptsy which is cheaper given the amount we owe?
I'm so happy that I am finally able to move on with my life but the thought of being in debt for the next 30 years is bringing me to tears.
I will put a SOA here in a bit minus the debt.
Thank you
0
Comments
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Apologies: missed out child benefit for DS of 82 per month.
Is it also correct that OR will not class my student loan as income when putting together a Income repayment order? Thanks
ont=courier new]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 1 (17)
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1992
Benefits................................ 0
Other income............................ 745
Total monthly income.................... 2737
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1065
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 22
Mobile phone............................ 78
TV Licence.............................. 13
Satellite/Cable TV...................... 12
Internet Services....................... 18
Groceries etc. ......................... 400
Clothing................................ 80
Petrol/diesel........................... 120
Road tax................................ 25
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 13
Medical (prescriptions, dentist etc).... 16
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80
Haircuts................................ 60
Entertainment........................... 50
Holiday................................. 80
Emergency fund.......................... 40
Sons university maintenence............. 200
Total monthly expenses.................. 2677
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.................... 2,737
Expenses (including HP & secured debts). 2,677
Available for debt repayments........... 60
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 60
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 00 -
Hi, I'm not sure exactly what the criteria is for a dro. It's like a mini or cut down bankruptcy but the fees are substantially cheaper and the restrictions are less, so certainly if you qualify I would choose a dro over bankruptcy.
DfMaking my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0 -
dancingfairy wrote: »Hi, I'm not sure exactly what the criteria is for a dro. It's like a mini or cut down bankruptcy but the fees are substantially cheaper and the restrictions are less, so certainly if you qualify I would choose a dro over bankruptcy.
Df
I do hope that my partner would be able to go down the DRO route due to his debts being under £20k unfortunately mine are more so would possibly need a different solution.
Thank you0 -
Who are the adults in the household?
What does 'other income' consist of?BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0 -
Nancy_PepperPot wrote: »Apologies: missed out child benefit for DS of 82 per month.
Is it also correct that OR will not class my student loan as income when putting together a Income repayment order? Thanks
ont=courier new]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 1 (17)
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1992
Benefits................................ 0
Other income............................ 745
Total monthly income.................... 2737
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1065
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 22
Mobile phone............................ 78
TV Licence.............................. 13
Satellite/Cable TV...................... 12
Internet Services....................... 18
Groceries etc. ......................... 400
Clothing................................ 80
Petrol/diesel........................... 120
Road tax................................ 25
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 13
Medical (prescriptions, dentist etc).... 16
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80
Haircuts................................ 60
Entertainment........................... 50
Holiday................................. 80
Emergency fund.......................... 40
Sons university maintenence............. 200
Total monthly expenses.................. 2677
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.................... 2,737
Expenses (including HP & secured debts). 2,677
Available for debt repayments........... 60
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 60
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Could you clarify what the £200 "son's university maintenance" is for please?0 -
tigerfeet2006 wrote: »Who are the adults in the household?
What does 'other income' consist of?
Adults- me, my partner and son (comes home weekends from uni)0 -
and other income? Is this your student loan etc?BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0
-
Nancy_PepperPot wrote: »Adults- me, my partner and son (comes home weekends from uni)
Well, that answers my question but why is it so much?0 -
tigerfeet2006 wrote: »Who are the adults in the household?
What does 'other income' consist of?
My nhs student bursary and my student loan0 -
tigerfeet2006 wrote: »and other income? Is this your student loan etc?
Yes nhs bursary and student loan divided by 120
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