Advised to go bankrupt 19 October 2020 at 1:11PM in Bankruptcy & living with it 20 replies 1.3K views

CrazyGirl91

Hello  guys  new to the forum.
Me and my husband av been advised to go bankrupt by national debt helpline.
Really don't know that to do as this is really intimidating and since the call had many sleepless nights, constantly on my mind.

National debt told me that we cannot keep our car if we choose this route which is recent and on Hp.
Really dont know what to do  any advice would be much appreciated x

bradders1983

Do you own your own house? That could be at risk if so.
As for the car, you will be allowed to buy a "banger" to use.

Nobody on here knows your specific circumstances so if they have told you to go bankrupt, that may be the best route. Stop paying creditors ASAP in order to get the £680 (?) fee saved up.

CrazyGirl91

Hiya  we are renting and we have no money for a car  really tight budget 🙁

sourcrates

Hi,

You need to give us a whole lot more information than that for us to be of any use to you.

Fill in the SOA, and we can make a start -

https://www.stoozing.com/soa.php

bradders1983

I for one would be interested to know how much the car is costing. Not paying that for 2 months might be enough to buy a replacement banger.

fatbelly

I hope that was National Debtline.

If not, that's who you should be talking to

CrazyGirl91

Hi  its the first time  i have done anything like this, had ago best i can without my husband.
The income is my partners wage
Benefits are universal credit  and child benefit.
Other income  dla for my oldest son.
Debts theres so many  but its round the 65k mark, must of which are joint debts.

CrazyGirl91

[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................ 0

Partners monthly income after tax....... 1500

Benefits................................ 870

Other income............................ 104[b]

Total monthly income.................... 2474[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 730

Management charge (leasehold property).. 0

Council tax............................. 0

Electricity............................. 110

Gas..................................... 0

Oil..................................... 0

Water rates............................. 32

Telephone (land line)................... 0

Mobile phone............................ 90

TV Licence.............................. 12

Satellite/Cable TV...................... 55

Internet Services....................... 0

Groceries etc. ......................... 550

Clothing................................ 60

Petrol/diesel........................... 120

Road tax................................ 2

Car Insurance........................... 65

Car maintenance (including MOT)......... 40

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 15

Other child related expenses............ 30

Medical (prescriptions, dentist etc).... 20

Pet insurance/vet bills................. 0

Buildings insurance..................... 0

Contents insurance...................... 11

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 60

Haircuts................................ 30

Entertainment........................... 60

Holiday................................. 0

Emergency fund.......................... 0

Hp car.................................. 290[b]

Total monthly expenses.................. 2382[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 0

Other assets............................ 0[b]

Total Assets............................ 0[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR[b]

Total unsecured debts..........0.........0.........-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,474

Expenses (including HP & secured debts). 2,382

Available for debt repayments........... 92

Monthly UNsecured debt repayments....... 0[b]

Amount left after debt repayments....... 92[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 0

Total HP & Secured debt................. -0

Total Unsecured debt.................... -0[b]

Net Assets.............................. 0[/b]

[i]Created using the SOA calculator at www.stoozing.com. 

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

bradders1983

So what debts do you actually have then? You have stated £0 above. 

sourcrates

You need to fill in all of your debts in the SOA.

CrazyGirl91

Hi good morning, 
Mortgage shortfall (with ex partner)- 16k
Joint Loan  - 16000 (Defaulted)
8500 loan my name - (Defaulted)
9000- husbands loan  4.1 apr
Mbna  Credit Card - 7000 defaulted
very  - 1500
Universal credit overpayment - 550
Creation x 3  total 4000