Bankruptcy (for 2nd time) or iva...please help!

Lylamae29

So I went bankrupt bk in 2009..fairly straight forward..discharged after a year..vowed never to get on debt again..however here I am again..after a couple of years of family troubles were my now 15 year old son has been in terrible trouble at school and running away from home things took a downward spiral..I'm deeply ashamed to admit I've become involved in gambling and more disgustingly cocaine..as you can imagine it's left me deeply in debt..so now I don't know what to do..do I go bankrupt again or iva? Will I be able to go bankrupt again even? I work full time and rent..I have a husband but things are strained at moment..he's self employed but dosnt give me much money.ivr tried to copy a soa I've seen on here to give a rough guess
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 2
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1130
Partners monthly income after tax....... 600
Benefits................................ 628
Other income............................ 0
Total monthly income.................... 2358

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 438
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 20
TV Licence.............................. 22
Satellite/Cable TV...................... 26
Internet Services....................... 15
Groceries etc. ......................... 500
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 30
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 40
Total monthly expenses.................. 1509


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
Credit card ...................3500......150.......0
Credit card ...................2750......80........0
Catalogue .....................500.......100.......0
Pay day loan ..................500.......40........0
Personal Loan..................17900.....379.......0
Total unsecured debts..........25150.....749.......-


Monthly Budget Summary
Total monthly income.................... 2,358
Expenses (including HP & secured debts). 1,509
Available for debt repayments........... 849
Monthly UNsecured debt repayments....... 749
Amount left after debt repayments....... 100

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -25,150
Net Assets.............................. -25,150

CRH71

Worst mistake I made, around the same time as you first went bankrupt, to go into an IVA.

I'm in the unfortunate same position again, nine years later, but this time it's time to 'properly' wipe the slate clean and go bankrupt.

If you've got no assets to protect, as such, I'd say just go bankrupt and be done with it. It'll be a weight off your shoulders, and far fewer phone calls.

However, by the looks of your SOA, it doesn't look as though it's worth you going to the extremes of bankruptcy, or even an IVA - I can see an IPA being put in place, for a fairly substantial amount, if you proceeded with bankruptcy. I'm not convinced it's the best option for you. Have a look at the StepChange website (https://www.stepchange.org/) and try the online debt remedy for more tailored advice.

Lylamae29

Thanks for your replie..so going by my soa what would you guess my payments would be if I was given a ipa..my soa was a rough first time draft..I did get in touch with them online and a debt management programme was suggested.im just afraid of all the phone calls and harassment

luvchocolate

Definitely speak to one of the debt free charities, I found stepchange very helpful they will not judge you they have heard it all before.
An I.P.A is put in place if there is any surplus over £20 and all surplus including the £20 is taken.
First thing make the call and read everything you can, all the stickies on here and the I.S site.

Lylamae29

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1130
Partners monthly income after tax....... 600
Benefits................................ 636
Other income............................ 0
Total monthly income.................... 2366

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 438
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 15
Mobile phone............................ 20
TV Licence.............................. 18
Satellite/Cable TV...................... 22
Internet Services....................... 14
Groceries etc. ......................... 620
Clothing................................ 50
Petrol/diesel........................... 40
Road tax................................ 25
Car Insurance........................... 25
Car maintenance (including MOT)......... 10
Car parking............................. 5
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 17.8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 10
Holiday................................. 10
Emergency fund.......................... 20
Total monthly expenses.................. 1699.8


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
Credit card ...................3700......140.......0
Credit card ...................2750......100.......0
Personal loan .................17950.....379.......0
Pay day loan ..................500.......234.......0
Total unsecured debts..........24900.....853.......-


Monthly Budget Summary
Total monthly income.................... 2,366
Expenses (including HP & secured debts). 1,699.8
Available for debt repayments........... 666.2
Monthly UNsecured debt repayments....... 853
Amount short for making debt repayments. -186.8

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -24,900
Net Assets.............................. -24,900

So this is more a up-to-date soa..we have a car but I don't drive and it's my husband's.. as he brings in so little his income goes on his on bits and pieces and debts in his name..I'm properly been under generous maybe on some bits? I have no idea how to fill it out tbh!

Lylamae29

Also my marriage is in a state at minute and it I'm worried if I put husband's income down and receive a large ipa and then we split I'm left paying one I can't afford

Lylamae29

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1130
Partners monthly income after tax....... 600
Benefits................................ 636
Other income............................ 0
Total monthly income.................... 2366

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 438
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 15
Mobile phone............................ 20
TV Licence.............................. 18
Satellite/Cable TV...................... 22
Internet Services....................... 14
Groceries etc. ......................... 620
Clothing................................ 50
Petrol/diesel........................... 40
Road tax................................ 25
Car Insurance........................... 25
Car maintenance (including MOT)......... 10
Car parking............................. 5
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 17.8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 10
Holiday................................. 10
Emergency fund.......................... 20
Total monthly expenses.................. 1699.8


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
Credit card ...................3700......140.......0
Credit card ...................2750......100.......0
Personal loan .................17950.....379.......0
Pay day loan ..................500.......234.......0
Total unsecured debts..........24900.....853.......-


Monthly Budget Summary
Total monthly income.................... 2,366
Expenses (including HP & secured debts). 1,699.8
Available for debt repayments........... 666.2
Monthly UNsecured debt repayments....... 853
Amount short for making debt repayments. -186.8

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -24,900
Net Assets.............................. -24,900

So this is more a up-to-date soa..we have a car but I don't drive and it's my husband's.. as he brings in so little his income goes on his on bits and pieces and debts in his name..I'm properly been under generous maybe on some bits? I have no idea how to fill it out tbh!

maxmycardagain

always been wondering how a BR income is assessed if they are jobless but their partner (who isnt going BR) is working..

say i go under with £30k debts but the wife is working but the debts are not joint and we have no joint accounts and no assets of any description joint or solely, how does the IS calculate my needs and expenses?

broaps

I want to join in the advice others have given to get some free guidance. We used stepchange, debtline and also had a long meeting with an adviser at CAB before applying. No-one will judge you or criticize just offer possible ways forward.

One other thing, if you are worried about an IPA and your husband leaving, the IPA can be adjusted at any time if your circumstances change so you wouldn't be left to struggle with the payments alone.