Up **** creek

chasingsolvency

I'm in massive amounts of debt, stuck my head in the sand for various (genuine) reasons and it's come to a head today. Bailiffs have been out and clamped my car for what was originally a £70 fine, now standing at £380. I've totally panicked and swapped wheels and drove it away, too late to change that now, it's done and hopefully won't end up with me getting arrested

I need to go bankrupt ASAP, how long does the process usually take? I'll write to the bailiffs and the fine company to explain the situation so hopefully that will halt things from their end.

Beyond stressed, really don't know what to do. I don't have the money for the BR fee as it stands...

Any advice, please? I'm a 'normal' and decent person, so ashamed of myself for getting into this state.

Momofthree_2

Hi

Firstly can't really advise on the clamping, dont suppose they'll be thrilled but i don't see how a baliff could get you arrested (im sure someone will advise if wrong) but you will probably incur further costs.

As of now leave your car away from your house, out of view and lock all windows etc. Do not let anyone in your home.

How much do you owe as you may be eligible for a DRO. Do you own your home & how much is your car worth? Please seek professional advice from stepchange or national debtline. They are fab and will advise you on dealing witb creditors in the meantime.

If bankruptcy is the way forward, its £680. Could you not make some repayments so you could pay it? Or is anyone able to help you? It is very quick. I sent my form in on a sunday night (online) and was officialy bankrupt the next day by 10am. The interview etc was a few weeks later but I had a reference number to give to creditors. Its very quick and simple usually.

Please dont stress out or be too hard on yourself. We all have had circumstances that got us in poor financial states and nobody will judge you (here or the official receivers) the good side is you are looking to fix it one way or another.

I can honestly say once you do it, the relief is immense. its changed my life.

Good luck

chasingsolvency

Thank you so much. I feel a bit calmer just knowing that I've made a firm decision, definitely a huge weight off my shoulders.

Did you need a comprehensive list of every debt you owe? I'm working at the moment but will get everything out later, have a huge box full of unopened letters

Annie35

The more creditors you can give the official receiver the better simply as they write to everyone for you, but generally all debts are included in bankruptcy whether you forgot to list them or not (excluding some debts here, https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/bankruptcy-2/bankruptcy-explained/debts-that-bankruptcy-covers/ )

But there could be other ways to deal with it, why not do your SOA now & post here, everyone can give you some options http://www.stoozing.com/calculator/

Momofthree_2

I did too. I literally slept a whole night the day it went through! And opened my blinds after months of being too scared to haha

You will need creditor name, account number and amount owed. You will also be asked when the account was opened but I gave rough answers as 1) had no idea when they opened and 2) I also ignored letters so totals owed were way out. If you owe someone but dont have the info dont panic the official receiver will help you. Same goes if you forget to add a creditor, the bankruptcy will still apply. Also dont forget any council tax debts or HMRC overpayments etc.

Its so important to ger your expenditure in order before declaring as if you underestimate expenditure you could have to pay an amount each month and leave yourself short. There is a statement of affairs document on here somewhere and the people that come on are great at helping with that. The amounts accepted are very good and they dont expect you to live without fuel or clothes etc. Please ask for advice with that :-)

Hope that helps
L

chasingsolvency

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1148
Other income............................ 169
Total monthly income.................... 1317

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 452.04
Management charge (leasehold property).. 0
Council tax............................. 67
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 500 (includes dog food)
Clothing................................ 80
Petrol/diesel........................... 120
Road tax................................ 1.75
Car Insurance........................... 48
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 33
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 50
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1666.79


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 400

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Council Tax....................538.......0.........0
College Course.................300.......0.........0
HMRC Tax Cred Ovpmt............10000.....0.........0
Council Tax....................538.......0.........0
Student Grant Ovpmt............6661......0.........0
Sky............................195.......0........ .0
eBay...........................435.......0........ .0
Gym............................685.......0........ .0
Barclays.......................535.......0........ .0
Very...........................5844......0........ .0
Ideal World....................412.......0.........0
Endsleigh......................161.......0........ .0
NEXT...........................581.......0........ .0
V12............................362.......0........ .0
Barclays.......................644.......0........ .0
Very...........................1744......0........ .0
Personal Loan..................18500.....0.........0
HMRC Late Tax Return...........1200......0.........0
Total unsecured debts..........49335.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,317
Expenses (including HP & secured debts). 1,666.79
Available for debt repayments........... -349.79
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 0

Personal Balance Sheet Summary
Total assets (things you own)........... 900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -49,335
Net Assets.............................. -48,435


This is a rough guide, I found this one from mid 2018 and have updated everything except for I now owe more money, it will be over £50k.

I'm self employed so income changes but it's minimal and business expenses mean I just about break even - this is short term with a view to good earning potential once established.

Momofthree_2

A few questions :-)

are these figures from being self employed as its in the benefits bit?

If it is from employment, do you get child benefit and tax credits?

Official receiver may ask about child maintenance too (i dont mean to pry, sorry)

L

chasingsolvency

The £1317 income breaks down into £169 child maintenance, £942 Universal Credit, £48.10 Child Benefit. I haven't put any income on from self employment, as I say it's negligible when factoring in expenses (I haven't included these as they pretty much just cancel each other out).

fatbelly

chasingsolvency wrote: »

I'm in massive amounts of debt, stuck my head in the sand for various (genuine) reasons and it's come to a head today. Bailiffs have been out and clamped my car for what was originally a £70 fine, now standing at £380. I've totally panicked and swapped wheels and drove it away, too late to change that now, it's done and hopefully won't end up with me getting arrested

I need to go bankrupt ASAP, how long does the process usually take? I'll write to the bailiffs and the fine company to explain the situation so hopefully that will halt things from their end.

Beyond stressed, really don't know what to do. I don't have the money for the BR fee as it stands...

Any advice, please? I'm a 'normal' and decent person, so ashamed of myself for getting into this state.

The clamp remains the property of the bailiff. You should return it to them. I have known people offer to return it for a fee, and do they want to pay this in instalments? Please note this approach is not recommended.

I have looked at your soa and agree that bankruptcy appears to be the way forward. £680 to be paid by credit or debit card

You still need some work to achieve a balanced budget, though. I'd suggest a benefits check and a spending diary re groceries and clothing.

Bear in mind that you won't pay council tax in the year of your bankruptcy

https://debtcamel.co.uk/debt-options/bankruptcy/
https://debtcamel.co.uk/council-tax-insolvency/

Annie35

Are any debts joint with your wife?

You need to check about tax credit & student grant, they may not be wiped, saying that there's still a lot debt that will but do find out so there's no surprises.

There's a list of debt charities top of this board, but step change & citizens advice off the top of my head.

Something you need to address today is the £300+pm deficit, how are you going to manage that.

The money saving & old style boards are very good with this but is there a way to increase & stabilise your income over the next year. Could your wife bring an income in. That's what you need to be thinking.

Annie35

fatbelly wrote: »

Bear in mind that you won't pay council tax]

But your wife probably will for the household if in joint names so check that, it may still be a cost to the household.

IGNORE, Sorry got mixed up, thanks @mumofthree