Shall I go bankrupt or carry on ignoring my debt?

Carlyt

I'm on champix at the minute but they seem to be making me depressed, crying alot etc, i hope its the tablets anyway......so i stopped taking them a few days ago, i'm going to try something different on thursday.......

Waspeze

The thing you have to remember is that you are denying your brain of a stimulant that its depended on for however long you've been smoking so it's natural to feel depressed.... however there have been a few (very few) reports of it have adverse effects and causing more serious forms of depression so if that's the case then you're probably right to give something else a go!

Carlyt

Yeah, I think I'm going to try something else, I think something like a pipe inhalor will help more than anything, Champix was keeping me up all night, crying at nothing, staying in bed through the day, but did have other things on my mind so that can't have helped! I'm not going to give up yet, I want to be a non smoker in 2 weeks!!!

Waspeze

Well good luck with it when you give up properly feel free to post on the smoking thread on DFW and the people on there are great for support

This is a link to a tool that does your full SOA, might be worth using this and posting the results?
http://www.makesenseofcards.com/soacalc.html

dalip

NekoZombie wrote: »

Actually, even if you get an IPA any inheritance you come into after discharge is yours to keep. An IPA is only affected by your regular income. With that in mind, I don't know if it's worth changing any wills unless your grandparents are literally at death's door.

Neko
I was concerned about this as well and despite people telling me the same thing as you said, i e-mailed the IS yesterday and the reply was Quote:- "If an IPA/IPO is in place you have a duty to inform the trustee of any inheritance and the agreement can then be amended". It seems to be one of those grey areas where it's better to be safe than sorry;) .

JimmyTheWig

What are the chances of moving back in with your mum (or dad) for a year or two? This would cut your rent, council tax, water, electric, TV licence, phone rental. But obviously not always possible.

You can apparently get free gym through a health insurance that's cheaper than paying for the actual gym.
Mobile and internet seem expensive. Are you paying for stuff you don't use? Or are you using more then you need?

Carlyt

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 345
Management charge (leasehold flat)...... 0
Council tax............................. 65
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 15
Mobile phone............................ 35
TV Licence.............................. 20
Satellite/Cable TV...................... 0
Internet Services....................... 23
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 10
Car Insurance........................... 48
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 10
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1158

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 3500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC CREDIT CARD...............1500......0.........0
HSBC OVERDRAFT.................1200......0.........0
HSBC LOAN......................5000......0.........0
SMALL DEBTS....................1000......0.........0
CCJ............................400.......0.........0
BARCLAYS OVERDRAFT.............3500......0.........0
MUMS PARTNER...................2500......0.........0
WELCOME LOAN...................3000......0.........0
BLACK HORSE LOAN...............2000......0.........0
Total unsecured debts..........20100.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,200
Expenses (including secured debts)....... 1,158
Available for debt repayments........... 42
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 42

Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total Secured debt...................... -0
Total Unsecured debt.................... -20,100
Personal net worth...................... -16,600


I never put anything aside for car tax or MOT etc, never budget for these things but have included them as would like to start and do so

JimmyTheWig

As far as the inheritance goes, presumably any interest from a lump sum _would_ be counted as a regular income and taken into account?

Carlyt

JimmyTheWig wrote: »

What are the chances of moving back in with your mum (or dad) for a year or two? This would cut your rent, council tax, water, electric, TV licence, phone rental. But obviously not always possible.

You can apparently get free gym through a health insurance that's cheaper than paying for the actual gym.
Mobile and internet seem expensive. Are you paying for stuff you don't use? Or are you using more then you need?

I don't get on with my dad, he kinda screwed me over when i was young, still see him but he has a family with 4 kids living with him in a 4bedroom house, would rather live on the streets than live with him, harsh but true, also mum lives in a small 1 bed flat as she is disabled so has to have special facilities, I had to live on my own as my mum was a victim of domestic violence so we had to move out quick, she only could get a 1bed flat, so i made sure she was ok and got my own place, was kind of pushed into it but i love living on my own, wouldnt have it any other way.

My partner stops at mine alot so he helps out with food as he spends time at mine and if i get short at the end of the month, he helps but want to be able to stand on my own 2 feet!

xx

Waspeze

Looking at it from a debt free wannabee perspective i'll try and add some comments, obviously if you were going BR then the responses would be different!

Carlyt wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 345
Management charge (leasehold flat)...... 0
Council tax............................. 65
Electricity............................. 80 looks a little high but see you have no gas , so maybe ok.. there might be a way to reduce this though.
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 15
Mobile phone............................ 35 Do you need this? can you go PAYG?
TV Licence.............................. 20 Are you in arrears? normally 11.63
Satellite/Cable TV...................... 0
Internet Services....................... 23 Seems expensive, can you get it cheaper
Groceries etc. ......................... 160
Clothing................................ 20 Maybe not buy any for a few months?
Petrol/diesel........................... 200 Seems a lot? can you get public transport to some places to save petrol (its so expensive now )
Road tax................................ 10
Car Insurance........................... 48 Have you looked at the insurance tab above, some good ways to get cheaper insurance.
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 10
Presents (birthday, christmas etc)...... 15 £180 a year on presents? can you cut this back a bit.
Haircuts................................ 20
Entertainment........................... 50 Might have to cut back.
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1158

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 3500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC CREDIT CARD...............1500......0.........0
HSBC OVERDRAFT.................1200......0.........0
HSBC LOAN......................5000......0.........0
SMALL DEBTS....................1000......0.........0
CCJ............................400.......0.........0
BARCLAYS OVERDRAFT.............3500......0.........0
MUMS PARTNER...................2500......0.........0
WELCOME LOAN...................3000......0.........0
BLACK HORSE LOAN...............2000......0.........0
Total unsecured debts..........20100.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,200
Expenses (including secured debts)....... 1,158
Available for debt repayments........... 42
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 42

Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total Secured debt...................... -0
Total Unsecured debt.................... -20,100
Personal net worth...................... -16,600

Those are just my initial thoughts, it might free up some income that can be put towards a DMP.

I do think you should talk to one of the debt charities though.