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  • FIRST POST
    • Lylamae29
    • By Lylamae29 13th Oct 18, 11:24 PM
    • 5Posts
    • 0Thanks
    Lylamae29
    Bankruptcy (for 2nd time) or iva...please help!
    • #1
    • 13th Oct 18, 11:24 PM
    Bankruptcy (for 2nd time) or iva...please help! 13th Oct 18 at 11:24 PM
    So I went bankrupt bk in 2009..fairly straight forward..discharged after a year..vowed never to get on debt again..however here I am again..after a couple of years of family troubles were my now 15 year old son has been in terrible trouble at school and running away from home things took a downward spiral..I'm deeply ashamed to admit I've become involved in gambling and more disgustingly cocaine..as you can imagine it's left me deeply in debt..so now I don't know what to do..do I go bankrupt again or iva? Will I be able to go bankrupt again even? I work full time and rent..I have a husband but things are strained at moment..he's self employed but dosnt give me much money.ivr tried to copy a soa I've seen on here to give a rough guess
    [font=courier new]Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 3
    Number of children in household......... 2
    Number of cars owned....................

    Monthly Income Details

    Monthly income after tax................ 1130
    Partners monthly income after tax....... 600
    Benefits................................ 628
    Other income............................ 0
    Total monthly income.................... 2358


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 438
    Management charge (leasehold property).. 0
    Council tax............................. 120
    Electricity............................. 40
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 20
    Mobile phone............................ 20
    TV Licence.............................. 22
    Satellite/Cable TV...................... 26
    Internet Services....................... 15
    Groceries etc. ......................... 500
    Clothing................................ 50
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 40
    Childcare/nursery....................... 0
    Other child related expenses............ 20
    Medical (prescriptions, dentist etc).... 20
    Pet insurance/vet bills................. 30
    Buildings insurance..................... 0
    Contents insurance...................... 8
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 40
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 40
    Total monthly expenses.................. 1509



    Assets

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


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Credit card ...................3500......150.......0
    Credit card ...................2750......80........0
    Catalogue .....................500.......100.......0
    Pay day loan ..................500.......40........0
    Personal Loan..................17900.....379.......0
    Total unsecured debts..........25150.....749.......-



    Monthly Budget Summary

    Total monthly income.................... 2,358
    Expenses (including HP & secured debts). 1,509
    Available for debt repayments........... 849
    Monthly UNsecured debt repayments....... 749
    Amount left after debt repayments....... 100


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -25,150
    Net Assets.............................. -25,150
Page 1
    • CRH71
    • By CRH71 14th Oct 18, 12:34 AM
    • 85 Posts
    • 163 Thanks
    CRH71
    • #2
    • 14th Oct 18, 12:34 AM
    • #2
    • 14th Oct 18, 12:34 AM
    Worst mistake I made, around the same time as you first went bankrupt, to go into an IVA.

    I'm in the unfortunate same position again, nine years later, but this time it's time to 'properly' wipe the slate clean and go bankrupt.

    If you've got no assets to protect, as such, I'd say just go bankrupt and be done with it. It'll be a weight off your shoulders, and far fewer phone calls.

    However, by the looks of your SOA, it doesn't look as though it's worth you going to the extremes of bankruptcy, or even an IVA - I can see an IPA being put in place, for a fairly substantial amount, if you proceeded with bankruptcy. I'm not convinced it's the best option for you. Have a look at the StepChange website (https://www.stepchange.org/) and try the online debt remedy for more tailored advice.
    • Lylamae29
    • By Lylamae29 14th Oct 18, 12:49 AM
    • 5 Posts
    • 0 Thanks
    Lylamae29
    • #3
    • 14th Oct 18, 12:49 AM
    • #3
    • 14th Oct 18, 12:49 AM
    Thanks for your replie..so going by my soa what would you guess my payments would be if I was given a ipa..my soa was a rough first time draft..I did get in touch with them online and a debt management programme was suggested.im just afraid of all the phone calls and harassment
    • luvchocolate
    • By luvchocolate 14th Oct 18, 9:36 AM
    • 1,664 Posts
    • 1,498 Thanks
    luvchocolate
    • #4
    • 14th Oct 18, 9:36 AM
    • #4
    • 14th Oct 18, 9:36 AM
    Definitely speak to one of the debt free charities, I found stepchange very helpful they will not judge you they have heard it all before.
    An I.P.A is put in place if there is any surplus over 20 and all surplus including the 20 is taken.
    First thing make the call and read everything you can, all the stickies on here and the I.S site.
    • Lylamae29
    • By Lylamae29 14th Oct 18, 12:01 PM
    • 5 Posts
    • 0 Thanks
    Lylamae29
    • #5
    • 14th Oct 18, 12:01 PM
    • #5
    • 14th Oct 18, 12:01 PM
    [font=courier new]Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 3
    Number of children in household......... 2
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1130
    Partners monthly income after tax....... 600
    Benefits................................ 636
    Other income............................ 0
    Total monthly income.................... 2366


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 438
    Management charge (leasehold property).. 0
    Council tax............................. 120
    Electricity............................. 50
    Gas..................................... 50
    Oil..................................... 0
    Water rates............................. 20
    Telephone (land line)................... 15
    Mobile phone............................ 20
    TV Licence.............................. 18
    Satellite/Cable TV...................... 22
    Internet Services....................... 14
    Groceries etc. ......................... 620
    Clothing................................ 50
    Petrol/diesel........................... 40
    Road tax................................ 25
    Car Insurance........................... 25
    Car maintenance (including MOT)......... 10
    Car parking............................. 5
    Other travel............................ 40
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 17.8
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 20
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 20
    Entertainment........................... 10
    Holiday................................. 10
    Emergency fund.......................... 20
    Total monthly expenses.................. 1699.8



    Assets

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


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Credit card ...................3700......140.......0
    Credit card ...................2750......100.......0
    Personal loan .................17950.....379.......0
    Pay day loan ..................500.......234.......0
    Total unsecured debts..........24900.....853.......-



    Monthly Budget Summary

    Total monthly income.................... 2,366
    Expenses (including HP & secured debts). 1,699.8
    Available for debt repayments........... 666.2
    Monthly UNsecured debt repayments....... 853
    Amount short for making debt repayments. -186.8


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -24,900
    Net Assets.............................. -24,900


    So this is more a up-to-date soa..we have a car but I don't drive and it's my husband's.. as he brings in so little his income goes on his on bits and pieces and debts in his name..I'm properly been under generous maybe on some bits? I have no idea how to fill it out tbh!
    • Lylamae29
    • By Lylamae29 14th Oct 18, 12:03 PM
    • 5 Posts
    • 0 Thanks
    Lylamae29
    • #6
    • 14th Oct 18, 12:03 PM
    • #6
    • 14th Oct 18, 12:03 PM
    Also my marriage is in a state at minute and it I'm worried if I put husband's income down and receive a large ipa and then we split I'm left paying one I can't afford
    • Lylamae29
    • By Lylamae29 14th Oct 18, 12:06 PM
    • 5 Posts
    • 0 Thanks
    Lylamae29
    • #7
    • 14th Oct 18, 12:06 PM
    • #7
    • 14th Oct 18, 12:06 PM
    [font=courier new]Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 3
    Number of children in household......... 2
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1130
    Partners monthly income after tax....... 600
    Benefits................................ 636
    Other income............................ 0
    Total monthly income.................... 2366


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 438
    Management charge (leasehold property).. 0
    Council tax............................. 120
    Electricity............................. 50
    Gas..................................... 50
    Oil..................................... 0
    Water rates............................. 20
    Telephone (land line)................... 15
    Mobile phone............................ 20
    TV Licence.............................. 18
    Satellite/Cable TV...................... 22
    Internet Services....................... 14
    Groceries etc. ......................... 620
    Clothing................................ 50
    Petrol/diesel........................... 40
    Road tax................................ 25
    Car Insurance........................... 25
    Car maintenance (including MOT)......... 10
    Car parking............................. 5
    Other travel............................ 40
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 17.8
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 20
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 20
    Entertainment........................... 10
    Holiday................................. 10
    Emergency fund.......................... 20
    Total monthly expenses.................. 1699.8



    Assets

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


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Credit card ...................3700......140.......0
    Credit card ...................2750......100.......0
    Personal loan .................17950.....379.......0
    Pay day loan ..................500.......234.......0
    Total unsecured debts..........24900.....853.......-



    Monthly Budget Summary

    Total monthly income.................... 2,366
    Expenses (including HP & secured debts). 1,699.8
    Available for debt repayments........... 666.2
    Monthly UNsecured debt repayments....... 853
    Amount short for making debt repayments. -186.8


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -24,900
    Net Assets.............................. -24,900


    So this is more a up-to-date soa..we have a car but I don't drive and it's my husband's.. as he brings in so little his income goes on his on bits and pieces and debts in his name..I'm properly been under generous maybe on some bits? I have no idea how to fill it out tbh!
    • maxmycardagain
    • By maxmycardagain 14th Oct 18, 3:22 PM
    • 4,673 Posts
    • 3,740 Thanks
    maxmycardagain
    • #8
    • 14th Oct 18, 3:22 PM
    • #8
    • 14th Oct 18, 3:22 PM
    always been wondering how a BR income is assessed if they are jobless but their partner (who isnt going BR) is working..

    say i go under with 30k debts but the wife is working but the debts are not joint and we have no joint accounts and no assets of any description joint or solely, how does the IS calculate my needs and expenses?
    Dont worry, be happy
    • broaps
    • By broaps 14th Oct 18, 4:02 PM
    • 35 Posts
    • 14 Thanks
    broaps
    • #9
    • 14th Oct 18, 4:02 PM
    • #9
    • 14th Oct 18, 4:02 PM
    I want to join in the advice others have given to get some free guidance. We used stepchange, debtline and also had a long meeting with an adviser at CAB before applying. No-one will judge you or criticize just offer possible ways forward.

    One other thing, if you are worried about an IPA and your husband leaving, the IPA can be adjusted at any time if your circumstances change so you wouldn't be left to struggle with the payments alone.
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