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  • FIRST POST
    • LaLaLa34
    • By LaLaLa34 3rd Mar 18, 6:38 PM
    • 13Posts
    • 7Thanks
    LaLaLa34
    Decided on bankruptcy.
    • #1
    • 3rd Mar 18, 6:38 PM
    Decided on bankruptcy. 3rd Mar 18 at 6:38 PM
    Hi all,

    Iíve decided on bankruptcy to deal with my unsecured debts of around 23,000.

    Iím in the process of filling out the online application and just need skmething clarifying under the expenditure bit.

    So currently iím claiming jobseekers allowance due to losing my job, iím getting around 315 per month and thatís my lot.

    Iím back with my parents and expcted to pay £380 a month, at the minute theyíre charging me £25 a week while iím out of work. On the sheet which would you put down? Does your expenditure mean as it is right then? Which leaves me around £750 per month over, or as it is right now with me paying £25 pw and the rest to balance my expenditure and earnings from benefits to 0.00?

    Any advice would be much appreciated.

    Iíve spoken with national debt line who have said due to what iíve told them etc that bankruotcy is definitely a consideration for me.

    Thanks in advance.
Page 1
    • fatbelly
    • By fatbelly 3rd Mar 18, 9:17 PM
    • 12,244 Posts
    • 9,278 Thanks
    fatbelly
    • #2
    • 3rd Mar 18, 9:17 PM
    • #2
    • 3rd Mar 18, 9:17 PM
    If your only income is benefits you won't get an IPA.

    However, if you get back to work, you might.

    Put £380 as your rent.
    • LaLaLa34
    • By LaLaLa34 3rd Mar 18, 9:23 PM
    • 13 Posts
    • 7 Thanks
    LaLaLa34
    • #3
    • 3rd Mar 18, 9:23 PM
    • #3
    • 3rd Mar 18, 9:23 PM
    Tbh iíd try and keep my hours mimimal until the 12 months is done and go to study full time from September onwards. On the expenditure would you include credit card payments which iím supposed to make? Or is it a debt free statement of affairs as such?
    • fatbelly
    • By fatbelly 3rd Mar 18, 10:57 PM
    • 12,244 Posts
    • 9,278 Thanks
    fatbelly
    • #4
    • 3rd Mar 18, 10:57 PM
    • #4
    • 3rd Mar 18, 10:57 PM
    You won't be paying your credit cards. Stop making those payments now
    • LaLaLa34
    • By LaLaLa34 8th Mar 18, 3:39 PM
    • 13 Posts
    • 7 Thanks
    LaLaLa34
    • #5
    • 8th Mar 18, 3:39 PM
    • #5
    • 8th Mar 18, 3:39 PM
    Filling out the application form.
    I live with my parents and don't know their income, they wouldn't tell me anyway if I asked.
    Do I HAVE to put their financial info on the application. There is no sharing of bills, I pay £380 a month inc everything except food & my personal things.
    • fatbelly
    • By fatbelly 8th Mar 18, 5:40 PM
    • 12,244 Posts
    • 9,278 Thanks
    fatbelly
    • #6
    • 8th Mar 18, 5:40 PM
    • #6
    • 8th Mar 18, 5:40 PM
    Filling out the application form.
    I live with my parents and don't know their income, they wouldn't tell me anyway if I asked.
    Do I HAVE to put their financial info on the application. There is no sharing of bills, I pay £380 a month inc everything except food & my personal things.
    Originally posted by LaLaLa34
    No. Their income is not relevant. Household means you and any partner/children you live with
    • LincsPaul
    • By LincsPaul 11th Mar 18, 1:23 PM
    • 131 Posts
    • 66 Thanks
    LincsPaul
    • #7
    • 11th Mar 18, 1:23 PM
    • #7
    • 11th Mar 18, 1:23 PM
    Put £380 as your rent, if that's what you think it's worth and suitable for the area in which you live. Note on the form - or if you can't, in the interview - that this includes bills. Don't include any of your parents' financial information as it's not relevant. Your situation is no different to if you were renting an all-inclusive room off a stranger.

    Don't put any of your debt repayments in your expenditure as you won't be paying these anymore,
    unless you have a student loan or something not covered by bankruptcy.

    I was also unemployed when I went BR and even though my expenditure was way above my benefits income, I included all relevant items and this wasn't questioned - toiletries, a tiny bit for holidays, public transport ticket, etc. Try to think of everything you need to pay for to live (even if in reality your parents are giving you a bit of money towards them at the moment). Then at least it's officially on the form to go against your income when you start earning again.

    As you say, keep the income minimal and below your expenditure. Remember you will be on Nil tax code and any income tax will go from your employer to the OR and not to HMRC. Are you happy with your employer (HR dept only perhaps) knowing you're BR?

    Great positive idea on resuming studies but remember the OR is unlikely to allow any money to pay for this. Bank of mum and dad again
    • LaLaLa34
    • By LaLaLa34 11th Mar 18, 4:50 PM
    • 13 Posts
    • 7 Thanks
    LaLaLa34
    • #8
    • 11th Mar 18, 4:50 PM
    • #8
    • 11th Mar 18, 4:50 PM
    Cheers mate, much appreciated!

    Iíll have no probs at all with them knowing that, itíd only be HR anyway and if they let slip to colleagues iíd be questioning their professional pratice and handling of the situation.

    Iíd be looking at an apprenticeship anyway which pays low, I want a complete change of career from working in the public sector and an apprenticeship is probably my way in.

    Its obviously not ideal going bankrupt but I need the fresh start and the chance to start again for my own mental sanity.

    People say th8ngs like you wonít get a mortgage for the next 6 or 7 years etc, well even if I didnít go bankrupt I wouldnít anyway as iíd still be paying the debt off without any chance to save money.
    • LincsPaul
    • By LincsPaul 12th Mar 18, 12:04 PM
    • 131 Posts
    • 66 Thanks
    LincsPaul
    • #9
    • 12th Mar 18, 12:04 PM
    • #9
    • 12th Mar 18, 12:04 PM
    You're welcome. Sounds like you have a good plan too. Screw the house, enjoy debt free life
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