Is Bankruptcy as Daunting and Scary as it seem

Mart7379

I’ve gone through my budget a couple of times since my last post earlier and it is above the maximum surplus of £50 each time

Going down the DRO route, Everything has to be accurate the same as BR cos I assume they go thru your expenditure thoroughly. So can’t bump up my spends and lie cos it’ll almost certainly be refused.

Regardless of the amount of debt I’m in, I’ve struggled for 10 years maybe longer, don’t really have a social life cos of my debt and seemingly having to pay my debts before even contemplating booking that holiday abroad, or simply going to the pub for a drink or a family meal out, having to go without that little treat. I am sick of seeing my wage land in my bank account then minutes later being left with not that much once I’ve then gone out to do the weekly shop. Yes I will probably have to pay into the bankruptcy for 3 years but theres an end in sight for my debt problems where as at the moment, I can’t see it. 

luvchocolate

Please listen to Fatbelly..they know their stuff 

Mart7379

I was recently in discussion with Payplan, who went through my budget thoroughly and they determined once all my bills were paid my surplus was £140 a month. So even if the DRO surplus figure is increased to £100 I’m still above the figure. However I am going to go through it again. Like I said I can’t stick an extra few quid on top of each of individual items in my expenditure just to make my surplus below the max allowance as it I assume it is checked?? 

If I did go for a DRO though. Do my debts/creditors have to abide by it? Or can they apply to the court to be allowed to continue recovery of a debt I owe? I’m sure I read somewhere earlier they can do so. 

luvchocolate

Can you please put your SOA up here 

luvchocolate

Just to add Fatbelly and a couple of others know the allowances you are allowed ...and they have nothing to gain to push you in any direction 

Mart7379

I can quickly do it on just my income and expenditure , my wife is currently out doing her dads weekly shop. 

luvchocolate

Don't panic take your time..over the weekend or sometime. 
It's important you make the right decision 

Mart7379

that's just my personal income it may help, I'm grateful for all of your assistance and the advice is being taken in. (I have added my wife's average sky and broadband bill to my expenditure). 

MissFlossy222

You've nothing in there for birthdays or Christmas.  You're also allowed £20pm savings which you could use to build an emergency fund.

Mart7379

[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......... 3

Number of cars owned.................... 0[b]

Monthly Income Details[/b]

Monthly income after tax................ 1688.33

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 0[b]

Total monthly income.................... 1688.33[/b][b]

Monthly Expense Details[/b]

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

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

Rent.................................... 407.33

Management charge (leasehold property).. 0

Council tax............................. 108

Electricity............................. 65

Gas..................................... 65

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

Water rates............................. 60.67

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

Mobile phone............................ 45

TV Licence.............................. 25

Satellite/Cable TV...................... 0

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

Groceries etc. ......................... 480

Clothing................................ 50

Petrol/diesel........................... 80

Road tax................................ 1.75

Car Insurance........................... 85

Car maintenance (including MOT)......... 30

Car parking............................. 10

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

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

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 22

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

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

Contents insurance...................... 12

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

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

Presents (birthday, christmas etc)...... 0

Haircuts................................ 15

Entertainment........................... 0

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

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

SKY TV & BROADBAND...................... 43

GYM MEMBERSHIP.......................... 20[b]

Total monthly expenses.................. 1639.75[/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

DEBTS..........................15250.....0.........0[b]

Total unsecured debts..........15250.....0.........-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 1,688.33

Expenses (including HP & secured debts). 1,639.75

Available for debt repayments........... 48.58

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

Amount left after debt repayments....... 48.58[/b]

[b]Personal Balance Sheet Summary[/b]

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

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

Total Unsecured debt.................... -15,250[b]

Net Assets.............................. -15,250[/b]

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

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