Advice please

swalk1939

Hi,

I am looking for some advice re Bankruptcy.  I recently set up a DMP but the maximum they say I can afford is £84.  I have 2 CCJ's plus 12 other creditors, owing a total of £29870.  Paying £84 a month means that It will take me years to pay off, so Bankruptcy seems the better option.  I have 2 main issues I need some advice on.

1.  My Husband has a good job and receives a good wage, he will get around £2000 after tax. I have worked out all of my own expenditure (shown below) but I have no idea what he spend his money on and he wont tell me.  He said I shouldn't be including him as its my debt and my problem.  How much info do I need to add? He pays the rent and I pay the bills and we split childcare and child costs.  I know he pays £400 a month maintenance and he has a DMP, but I have no idea how much he owes or what his DMP payments are.  We have always had separate finances and this can be proved with bank statements, well mine at least.  Its a source of conflict between us as he feels I should do what he is doing and pay a DMP, but I don't think that is right for me for reasons stated above.

2. My other issue is the car.  Basically, my engine seized and I didn't have a car which was a nightmare when having to ferry 3 kids around and get to Uni or work myself.  Logistically we couldn't do it.  To help us out a bit, my father in law (who lives abroad) transferred us some money to buy a car for us to use.  The stipulation is that, when he is in the country he will take the car to go and visit family, usually once or twice a year.  The car is registered to me (FIL doesn't have a UK address) and insured to me and my Hubby, but I effectively do not own it, I am just permitted to use it.  Would I still be forced to sell the car?  If so, I will have then have to pay him back the money for the car.  This is my main sticking point on the bankruptcy.  I feel if they made me sell the car it would cause huge family issues.  We also have a really old Renault that's worth about £500 that costs us a fortune in garage bills because its had various things wrong, but the fuel economy is brilliant.  Hubby works 45 miles away so uses the Renault more, hence why the Renault is registered to him and the Zafira to me.  Is there a way around this issue?   I wish he had just registered it to himself now! 


Thank you

S.



Monthly Income Details[/b]

Monthly income after tax................ 1430

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

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

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

Total monthly income.................... 3009[/b][b]

Monthly Expense Details[/b]

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

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

Rent.................................... 0

Management charge (leasehold property).. 0

Council tax.............................120

Electricity.............................100

Gas..................................... 90

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

Water rates............................. 50

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

Mobile phone............................ 15

TV Licence.............................. 13

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

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

Groceries etc. ......................... 250

Clothing................................ 17

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

Road tax................................ 30

Car Insurance........................... 87

Car maintenance (including MOT)......... 50

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

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

Childcare/nursery....................... 100

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

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

Pet insurance/vet bills................. 60

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

Contents insurance...................... 0

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

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

Presents (birthday, christmas etc)...... 20

Haircuts................................ 20

Entertainment........................... 100

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

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

Family Money Owed....................... 0

Child Benefit........................... 0

Total monthly expenses.................. 1317[/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

14 debtors totalling £29'870

Total unsecured debts..........56334.....0.........-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 1430

Expenses (including HP & secured debts)

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

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

Amount left after debt repayments....... 113[/b]

[b]Personal Balance Sheet Summary[/b]

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

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

Total Unsecured debt....................£29'870 [b]

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

MalMonroe

Hi, have you contacted one of the debt help agencies? If not, I would really make that a priority. I can personally recommend StepChange. It's a free service, free to call and their staff are kind, friendly and non-judgemental. 

It's none of my business, I know it but your husband seems very harsh. It also appears that he has children with someone else, hence his having to pay maintenance.

Marriage is a partnership (says me, who is now divorced!)(Sorry about that but my marriage ended up not being a partnership and so we divorced and I had custody of our daughter). It's a lot better if you can share all the good times and the bad as well as all the finances, no matter who earns the biggest salary. Especially if you have children together. Your husband seems to be saying that you're on your own - sink or swim. 

If you want to consider Bankruptcy, StepChange can help you with that. But why not give them a call and see what they say? You've already done your statement of account so you're ready to speak to someone. They are very knowledgeable. 

Here is a link  :  https://www.stepchange.org/

I was at the end of my tether and didn't know where to turn, everything seemed utterly hopeless. They really did help me to see that there was a way out of my debt and suggested a DRO, which finally dropped off my credit file two years ago. I won't say things were easy but things were a lot better afterwards. I am now capable of budgeting, which I couldn't do before and I know my financial limits and am happier. You can do it too. It'd be nice if your husband could be more of a supportive partner since you have children - but you can do it on your own. Lots of others on this site have been in similar situations too, so you are definitely not on your own. We know what it's like. You just need a bit of help and advice.  Good luck! 

sourcrates

Your debt is just under the 30,000 limit for a DRO, if you meet the rest of the qualifying criteria, that may be a better option for you.

Again, the stepchange website provides clarity on both options.

How much is your car worth ?

Anything over two grand would likely be a problem.