Moving Out?

peterkay369

It's based on living with parents, so electricity/water etc all included in the £400 with additional contributions towards council tax, TV license etc. I buy and prepare all of my food, do all own laundry etc. Only thing I have missed out is meals at work but that's only £20 or so a month.

Yes, I'm only 23 and never had an accident yet (touch wood) hence the pretty high insurance premium. Insurance is actually up for renewal soon so hopefully I may be able to sort this before the BR so I'm not stung by an even higher monthly payment.

peterkay369

bump (10 characters)

x__Indigo_x

Hi


I would say maybe complete a SOA based on what you will pay when you move in as £400 per month plus half tv licence, council tax, all own food seems high. They may ask for proof of this as some clients do seem to say they pay family x but really they pay y ( much lower) I don't know your area but I image a one bed place would be in the region of 500 per month so split between you and partner and 50% of bills would probably work out similar to what you pay now.


If you have any disposable income left after essential expenditure you may be given an income payment order ie you are ordered to pay x amount each month for up to 3 years.


if you were my client I would advise you get set up in your new home before going bankrupt.


Re the car as others have highlighted you are well within your rights to sell it for its true value. You will then have to keep that money as the OR will want it. You are allowed to use some of it for essentials ie furniture for new home/fridge/freezer/bedding ...etc. Keep receipts of everything.


I would have a think whether the £300 car is ok as now is your opportunity to get a car worth up to £1000 which may run better. If your £300 is suffice then that's fine. If not then you would sell the ££ car buy another worth less than £1000 and sell the £300 one as well.


Be aware that post bankruptcy your tax code will change. Check your employment contract doesn't mention insolvency ( 99% don't)




Lots of info here https://www.nationaldebtline.org/EW/factsheets/Pages/bankruptcy/how-to-go-bankrupt.aspx