Do I Go Bankrupt?

nuttyp

hi, good luck in your desicion. Please post how you get on with CCCS, at least then if you have any further questions maybe someone can give you a bit of help.

sdbanotts

Just also wanted to ask.

Has anyone got any experience of applying for a mortgage once the bankrupcy has been undertaken.

Just how difficult is it?And at what rates are we looking at?

sdbanotts

Thought it might be useful to show my incomings and outgoing.

Your Income Amount

Your take home pay
Your partner's take home pay
Rent/board received £975
Pension received
Any other income received £135
Income Support
Jobseekers Allowance £256

Your Income Amount

Incapacity Benefit
Disability Living Allowance
Working Tax Credit
Child Benefit
Child Tax Credit
Child Support

Total income £1,366

Housing Amount Comment

Rent £1,019
Mortgage
Secured loans/2nd mortgage
Mortgage endowment premium
Service charge/ground rent
Water
Council tax
Gas £10
Electricity £10
Other household fuel

Household services

Building and contents insurance
Telephone, mobile & internet £50
TV licence
Satellite
Repairs and maintenance
Household appliance rental
Child maintenance
Childcare
Fines, CCJs, Decrees
Life insurance/pensions
Medical/accident insurance
Hire purchase

Transport

Vehicle spares and servicing
Road tax
Motor insurance
Vehicle breakdown cover
Fuel & parking
Public Transport £20

Food & housekeeping

Food, toiletries, cleaning £100
School meals/meals at work
Pets, pet food/insurance
Tobacco £50

Misc. goods & services

School trips/activities
Medicines/prescriptions
Dentist/opticians
Hairdressing
Union/professional fees
Laundry/dry cleaning
Education fees

Personal & leisure

Clothing & footwear £12
Newspapers/magazines
Sports, hobbies, entertainment £5
Children's pocket money
Church/charity donations

Sundries/emergencies/other costs

Sundries/emergencies £5
Loan from family/friend
Other

Total expenses £1,281

Additional information Comment

No of adults 1
Dependants 0

Totals Amount

Total income £1,366
Total expenses £1,281

Surplus (Deficit) £85

So am I am eating, albeit it very basically, and paying bills, just living like a real down and out musician, which is my choice, as I believe in my music and want to make a real go of it.

Age is against me,I'm 36, so going to work till my debts are paid off is not an option.

Cheers
s

potnoodle_2

Your rent is really high, is there nothing you can get cheaper than 250 a week? tobacco is a bit of a luxury in your position, nothing worse than an ex smoker preaching huh!

betterlatethannever

sdbanotts wrote: »

Thought it might be useful to show my incomings and outgoing.

Your Income Amount
Your take home pay
Your partner's take home pay
Rent/board received £975 Is this Housing benefit?
Pension received
Any other income received £135
Income Support
Jobseekers Allowance £256
Your Income Amount
Incapacity Benefit
Disability Living Allowance
Working Tax Credit
Child Benefit
Child Tax Credit
Child Support
Total income £1,366
Housing Amount Comment
Rent £1,019
Mortgage
Secured loans/2nd mortgage
Mortgage endowment premium
Service charge/ground rent
Water is this included in your rent then?
Council tax
Gas £10 thats low, per week?
Electricity £10 ditto
Other household fuel
Household services
Building and contents insurance
Telephone, mobile & internet £50 if you go BR then internet won't be allowed unless your doing a course or its needed for work, but could come out of surplus
TV licence included in rent?
Satellite
Repairs and maintenance
Household appliance rental
Child maintenance
Childcare
Fines, CCJs, Decrees
Life insurance/pensions
Medical/accident insurance
Hire purchase
Transport
Vehicle spares and servicing
Road tax
Motor insurance
Vehicle breakdown cover
Fuel & parking
Public Transport £20
Food & housekeeping
Food, toiletries, cleaning £100 per month you'd be allowed approx £163 ish
School meals/meals at work
Pets, pet food/insurance
Tobacco £50 would have to come out of surplus
Misc. goods & services
School trips/activities
Medicines/prescriptions
Dentist/opticians
Hairdressing £5 p.m
Union/professional fees
Laundry/dry cleaning
Education fees
Personal & leisure
Clothing & footwear £12 maybe upto £35 p.m
Newspapers/magazines
Sports, hobbies, entertainment £5 would have to come out of surplus
Children's pocket money
Church/charity donations
Sundries/emergencies/other costs
Sundries/emergencies £5
Loan from family/friend
Other
Total expenses £1,281
Additional information Comment
No of adults 1
Dependants 0
Totals Amount
Total income £1,366
Total expenses £1,281

Surplus (Deficit) £85

So am I am eating, albeit it very basically, and paying bills, just living like a real down and out musician, which is my choice, as I believe in my music and want to make a real go of it.

Age is against me,I'm 36, so going to work till my debts are paid off is not an option.

Cheers
s

Hi sdbanotts.

Thats just a rough guide to what the OR would allow if you decide on BR.
As your income is made up of benefits you wouldn't get an IPA though.

Re: mortagages, several people on here have got them/been offered them, but at a couple of % higher than the norm. I believe Richard_s wrote something about them recently so will try and find that for you.

betterlatethannever

I can't find the one i was looking for but this may help http://forums.moneysavingexpert.com/showthread.html?t=846089&highlight=mortgages

you would have to wait until your discharged but it can be done.

sdbanotts

Cheers everyone, some really kind advice.
Regarding my rent.
When I was earning well, me and a friend rented a 2 bed flat.
He moved out last year, whilst I was unemployed, so I readvertised the room.People came, saw how small it was, and the fact the window in it is like a prison cell, and haven't been able to fill it since.

Fortunately housing benefit cover £975 per month of it (total £1018.33).

I could move to a cheaper place, but it's difficult for dole people to find rented accomodation isn't it?

Maybe I should just move away from London, back in with my mum, and live like Timothy Lumsden from Sorry! (bad 80's sitcom for those too young)....

betterlatethannever-much thanks for the link.

sdbanotts

TV licence is fully paid upto Dec 2008, water included in the rent by the way...

betterlatethannever

I understand your predicament.
Do you stay or do you go? if you leave then, as you say, it would be difficult to rent another property and there would be some quite large costs involved- deposit, removal costs etc.
Its a tough one and who wants to be be Timothy (yes i remember it well:o )
You have to do whats right and best for you.

sdbanotts

I'm seriosuly thinking of going for bankruptcy, as I don't ever see a time when I will clear the full £59,000 debt (including interest).

However, I have always believed that what you borrow you should pay back.I have always treid to live by this.

Spoke to HSBC, who have agreed to freeze interest and accept pro rata payments on my loan/credit card/overdraft.

Sent letter to Egg and M&S asking to do the same.

If they agree, is it better to keep making the pro rata payments (should they agree), and thus have my credit rating affected, and also still have big debts by making such small payments, or-

Get on with going BANKRUPT right away, as deep down, I know I will never return to TV (it's horrible-insincere-fake-nonsense- Believe me I've worked on some of the biggest 'reality' shows Britain has made-And at a very high level)

I want to do everything I can to give my music a good go, and if it all goes pair shaped I will happily go back to work in whatever capacity, or with whoever will employ me. As long as it's not TV.

Someone on this thread, or a previous one, asked me why I hadn't worked since Aug 2006. The truth was I couldn't face the thought of continuing in the profession any longer, and got very depressed.,and left it so long, my name was out of the TV loop.

Any experts think bankruptcy is right given my situation/income/outgoings?

Thanks for your continued advice.it means a lot