Wot a life's thread.

Richard_S

Hi Wot a life,

I assume you've been in touch with one of the Debt Charities, and that they've probably advised that bankruptcy is your best alternative.

It's our son's 20th Birthday today, and there's something of a party going on here, so I haven't got much time.

It certainly works in your favour that rented property is about the same as your mortgage, and the arrears that you've accrued are no big deal either. We were almost a year and £9k in arrears and we still managed to keep our house. Has the bank / building society taken any legal action against you?

If you're in a position where you're able to meet your mortgage payments and essential expenditure, then bankruptcy may well give you the chance to get your life back on a sound financial footing.

The equity in your property could be a problem if it's too high, but my guess is that you've over estimated the value of your house, I know you've had a recent valuation but that may well not be an accurate indication of it's true worth.

I can imagine that as things stand at the moment you probably think your position is hopeless, but from what you've said so far, I think there's every chance you can get rid of your unsecured debt, and still stay in your house.

Obviously, your O.H's health must be a constant worry, but that's going to be the case whatever course of action you take. Hopefully, if you can get your financial problems behind you, it may well have a positive effect on your O.H's health.

Keep believing that it's possible, and that the future is worth looking forward to, and you'll be in a much better frame of mind to meet the challenges ahead.

Have you actually spoken to one of the Debt Charities?

I'll be on-line tomorrow, if not later.

Best regards

Richard

fiveyearplan

Have fun at the party Rich!

Scarlett.1974

Hi WAL and welcome

I hope you're feeling a bit better today. I think pretty much everyone here on the BR forum can relate to your feelings of despair and hopelessness. But, please trust me, as has already been said, there is NO debt problem that can not be solved - it's just a matter of working out what is the best solution for you.

If you do decide that BR is the option for you then I promise you, the support and advice you will receive here is second to none

Good luck,
Scarlett xx

AllNancy

Welcome to the Family. Things look dark at the moment but believe me it will get better.

People on here are great and will see you through this ...then it's champagne..............ahem......orange juice all round!


Best wishes


Nancy

Broken_hearted

Can the 18 year old find a job to help its not ideal but neither is them watching you suffer.

blind-as-a-bat_2

That might actually be counterproductive BH as i believe if the 18 year old earns the CTC and possibly any grants and the like may be reduced.

also in BR that contribution would be added to the household income leaving the chance of a higher IPA thus leaving the OP no better off

It may help but it may not so if it is possible the OP needs to be carefull it doesnt make matters worse

Broken_hearted

From reading their threads though it sounds like the family can cope as long as two adults are working. If the 18 year old worked full time for couple of years they could get themselves out of trouble without going Br. During that time their partners needs can be assesed as to DLA claims and finding suitable work.

blind-as-a-bat_2

I agree BH it might be a solution, i was just advising caution as there are some minusus that go with it too. How big a minus would depend on how things progress though

Assuming the 18 year old would want to help, not a forgone conclusion they would these days though

(the OP will lose CTC for that child but not sure how a siblings contribution to the household effects WTC of the parents if at all.............anyone know )

nuttyp

Hi and welcome, I too lost my house job etc BUT things do get better.

Both me and my OH have been declared BR, im now discarged but hes only just gone BR as we had to save up for the fees.

I would definatly look into the sickness benefit route, im sure he is entitled to something.

What ever happens, please remember your not the first and wont be the last in this situation. I wish you the very best of luck and if you need any further advise please post on here, theres always someone to help/talk to.

Send you lots of ((((hugs)))) sandra

wot_a_life

[tt]
Statement of Affairs and Personal Balance Sheet



Monthly Income Details

Monthly income after tax................ 520

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

Benefits................................ 889

Other income............................ 0

Total monthly income.................... 1409



Monthly Expense Details

Mortgage................................ 1175

Secured loan repayments................. 0

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

Management charge (leasehold flat)...... 0

Council tax............................. 51

Electricity............................. 80

Gas..................................... 80

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

Water rates............................. 52

Telephone (land line)................... 10

Mobile phone............................ 30

TV Licence.............................. 10

Satellite/Cable TV...................... 52

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

Groceries etc. ......................... 420

Clothing................................ 30

Petrol/diesel........................... 220

Road tax................................ 25

Car Insurance........................... 60

Car maintenance (including MOT)......... 20

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

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

Childcare/nursery....................... 0

Other child related expenses............ 50

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 47

Buildings insurance..................... 41

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

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

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

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

Haircuts................................ 10

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

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

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

Total monthly expenses.................. 2463



Assets

Cash.................................... 0

House value (Gross)..................... 199950

Shares and bonds........................ 0

Car(s).................................. 600

Other assets............................ 0

Total Assets............................ 200550



Secured Debts

Description....................Debt......Monthly.. .APR

Mortgage...................... 169......(1175).....7.9

Total secured debts........... 169.......-.........-



Unsecured Debts

Description....................Debt......Monthly.. .APR

CCJ ...........................1276.57...5.........0

Orange.........................360.12....5........ .0

Vets...........................469.9.....5........ .0

Storecard......................846.71....5........ .0

Storecard......................1044.71...5........ .0

Barclays Loan..................954.71....10........0

CallServe......................3447.11...5........ .0

Debt Managers..................744.32....5.........0

Storecard......................555.......0........ .0

Barclaycard....................NaN.......5........ .0

Charging order.................2.1.......0.........0

CCJ............................1904.76...0........ .0

CCJ............................928.99....0........ .0

Callserve......................1034.96...5........ .0

CCJ............................691.72....0........ .0

Statutory Demand...............NaN.......50........0

Business Card..................4120.7....20........0

Overdraft......................6346.95...10....... .0

Yell.com.......................527.59....5........ .0

Vodafone.......................2080.13...5........ .0

Total unsecured debts..........NaN.......145.......-



Monthly Budget Summary

Total monthly income.................... 1,409

Expenses (including secured debts)....... 2,463

Available for debt repayments........... -1,054

Monthly UNsecured debt repayments....... 145

Surplus(deficit if negative)............ -1,199



Personal Balance Sheet Summary

Total assets (things you own)........... 200,550

Total Secured debt...................... -169

Total Unsecured debt.................... -NaN

Personal net worth...................... NaN

I hope this gives you a better understanding of our financial situation, I know the unsecured debt is alot, only 7 of them are actually mine! so please don't be too hard on me x

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