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Life Ruined Help Needed

33 replies 4.4K views
Hello ive been lurking around this forum for some time.  In so much debt , been stupid.
I think bankcrupcy is the right thing to do
but really unsure.

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Replies

  • sharpe106sharpe106 Forumite
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    I think we might need some more information to offer any advice.  Try filling in a statement of affair and are sure somebody can give you some advice.
    https://www.lemonfool.co.uk/financecalculators/soa.php
  • luvchocolateluvchocolate Forumite
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    Please contact one of the debt free charities and they will talk you though your options. 

  • AshMufc20AshMufc20 Forumite
    12 posts
    10 Posts
    [font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

    Household Information[/b]
    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 1[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 1380
    Partners monthly income after tax....... 0
    Benefits................................ 1200
    Other income............................ 0[b]
    Total monthly income.................... 2580[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 800
    Management charge (leasehold property).. 0
    Council tax............................. 120
    Electricity............................. 70
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 42
    Telephone (land line)................... 0
    Mobile phone............................ 80
    TV Licence.............................. 13
    Satellite/Cable TV...................... 20
    Internet Services....................... 30
    Groceries etc. ......................... 600
    Clothing................................ 50
    Petrol/diesel........................... 170
    Road tax................................ 15
    Car Insurance........................... 60
    Car maintenance (including MOT)......... 50
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 11
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 10
    Life assurance ......................... 20
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 40
    Haircuts................................ 25
    Entertainment........................... 40
    Holiday................................. 0
    Emergency fund.......................... 0[b]
    Total monthly expenses.................. 2306[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1
    Other assets............................ 0[b]
    Total Assets............................ 1[/b]
    [b]
    No Secured nor Hire Purchase Debts[/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    Bank loan......................12000.....280.......0
    Loan...........................17000.....310.......0
    Store credit...................5000......100.......0
    Very...........................1300......60........0
    Cc.............................8000......95........0
    Cc.............................9000......110.......0[b]
    Total unsecured debts..........52300.....955.......-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 2,580
    Expenses (including HP & secured debts). 2,306
    Available for debt repayments........... 274
    Monthly UNsecured debt repayments....... 955[b]
    Amount short for making debt repayments. -681[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 1
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -52,300[b]
    Net Assets.............................. -52,299[/b]

  • fatbellyfatbelly Forumite
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    Yes that looks like a bankruptcy situation.
    Are any of the debts joint with your partner?
    Who owns the car? How much is it worth?
    Are there likely to be any big changes (new job, house move, lump sum?) in the next year?


  • AshMufc20AshMufc20 Forumite
    12 posts
    10 Posts
    Hi yess some are joint loans.
    car in my name worth around 1200.
    No change in situation.
    But unfortunately i have My  doubts  i have lost alot through gambling errractic spending also    Had a very bad 2 years  and had zero care in life.
    lied on loans applications as other things  it looks so bad.
  • fatbellyfatbelly Forumite
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    Well you understand that the liability for the joint loans will go to the other signatory, who may have to take their own advice.

    If you can show that the car is essential for your work you would be allowed to keep it (probably) - there is a limit of £1000 for an essential vehicle but it's not going to be worth anyone's effort to try to liquidate the £200.

    OK, the OR will look into your conduct leading up to this and you may get a restriction - it would probably be 3-4 years (an IPA/IPO lasts 3 once it is set up anyway).

    You can have a look at the sort of thing that gets a BRO/BRU here

    https://www.insolvencydirect.bis.gov.uk/IESdatabase/viewbrobrusummary-new.asp

    first one on the list today sounds a bit like you (4 years)


  • nyermennyermen Forumite
    444 posts
    Fifth Anniversary 100 Posts
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    Since HP isn't noted, I guess you own the car outright (or the loan paid for it but wasn't secured).  Be warned that bankruptcy will consider the value of the car (I assume its not £1), and it will be sold if it's more than threshold (I forget what that is, it's not a lot - 1200?  1500?)
    Peter

    Debt free - finally finished paying off £20k + Interest.
  • AshMufc20AshMufc20 Forumite
    12 posts
    10 Posts
    Thank you. Wel i lost alot of money last year gambleing.
    6months ago i withdrew 8000 in cash to stop me betting online but ended up spending vast majority of it in the betting shops.
    I am currently receiving Help for gamberling and stopped completely.
  • fatbellyfatbelly Forumite
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    AshMufc20 said:

    I am currently receiving Help for gamberling and stopped completely.
    Well that's good. I sort of assumed that was the case but should have asked.
  • John_John_ Forumite
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    What’s the story with the wage? It looks as though only one of you is working, for not very many hours a week, on minimum wage.

    Is the other one not able to get work in the evenings or weekends, or could you get some extra hours, or take on a second job? It’s never going to be comfortable if you stick with the current situation.
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