How much will I be left with?

BRbear_2

Just thinking about going BR, I am £55k in debt with a possible additional £25k coming my way with negative equity on a property I need to sell with my ex.
I am single and currently earn good money and can afford to pay my current debt, If I carry on the way I am going I will have £30k of the £55k paid off in the next 3 years at a stretch, however can't afford to pay the additional £25 on top so have looked at going BR. I know this is not an easy option and have thought long and hard about it.

Just a couple of things I wanted to know though,
How do they work out how much you pay back a month?
How much disposable cash will I be left with every month after paying rent, bills, food travel to work etc. If any?
Also what happens with bonuses? I can earn bonus every 3 months at work.

Please help

tigerfeet2006

Hi and welcome to the board

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only. CCCS operate a system of telephone appointments that are designed to be flexible and don’t require you to attend an office based interview. At the CAB you will need to make an appointment with a specialist Financial Advisor; other advisors may not have the specialist knowledge you’ll need.

http://www.cccs.co.uk/

http://www.nationaldebtline.co.uk/

http://www.citizensadvice.org.uk/index.htm

If you’re advised that bankruptcy is the most suitable solution to your financial problems then we can offer the best support and anecdotal advice that you’ll find anywhere on the Web.

For more specific advice and support, in an environment that is managed by people with first hand experience of bankruptcy, and moderated to ensure that no deliberately inflammatory or abusive posts are made then please visit:

http://bankruptcysupportersclub.co.uk/default.aspx

Just remember, as desperate as you may feel at the moment, we have all experienced what you are going through at the moment and with the right support and advice things will improve. It’s not an easy route to take but it is a route that will put you back in control of your life rather than just reacting to events.

BRbear wrote: »

Just thinking about going BR, I am £55k in debt with a possible additional £25k coming my way with negative equity on a property I need to sell with my ex.
I am single and currently earn good money and can afford to pay my current debt, If I carry on the way I am going I will have £30k of the £55k paid off in the next 3 years at a stretch, however can't afford to pay the additional £25 on top so have looked at going BR. I know this is not an easy option and have thought long and hard about it.

Just a couple of things I wanted to know though,
How do they work out how much you pay back a month?You fill out a SOA for the OR. You are then allowed up to £90 surplus and then you pay % of anything after that
How much disposable cash will I be left with every month after paying rent, bills, food travel to work etc. If any? See above
Also what happens with bonuses? I can earn bonus every 3 months at work. You notify the OR and he will take a portion of this.

Please help

We can help with all the forms etc. Also have a really good read of the board there is a wealth of information on here and any questions just ask.