We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Soa Preparing to bite the bullet!!
Options

Steph8821
Posts: 22 Forumite

Hiya me and my partner are finally getting ready to apply for bankruptcy and a dro would these figures be okay x
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................ 292
Partners monthly income after tax....... 0
Benefits................................ 1784
Other income............................ 359[b]
Total monthly income.................... 2435[/b][b]
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 70
TV Licence.............................. 12
Satellite/Cable TV...................... 55
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 40
Petrol/diesel........................... 100
Road tax................................ 13
Car Insurance........................... 70
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 5
Other child related expenses............ 359
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 40
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 20[b]
Total monthly expenses.................. 2520
[b]
0
Comments
-
You're not far off but that shows a significant negative balance - do you get outside help? Friends/family?
What are the 'other income' and 'other child expenses'?1 -
Hiya all bills are accurate food and clothes vary. Other income is my childs dla which i put down as expenses.
Am I allowed to do this x1 -
Child dla isn't your income but it's good to be open about receiving it and doing what you have done with it. It also explained why there is an apparent shortfall.
I looked at your other thread and worked this out earlier- it might have been easier to keep everything in one place.
I did suggest that your husband's bankruptcy should go first. You don't need anyone else to do that and you can see what happens to the joint debts.1 -
Hiya thank you. I was under the impression you could apply for both online
we was going to do it at the same time. My other half rang about the joint debt but they will not take my name of it.
Really annoying tbh that have to do this over 1 debt were a literally just scribbled my name on a loan years ago.0 -
I think I posted a factsheet about DROs on your other thread. You do need to read it.
You will find a DRO not as easy as bankruptcy as the FCA are making life difficult for intermediaries and you will need to jump through a lot of hoops.
In all probability the joint lender will chase you for the joint debt but it's not 100%., Do the bankruptcy and take it from there2 -
You can't omit things from a DRO1
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards