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| bencymru |
Posted - 26 February 2009 : 14:07:49
Hi, i 'm hoping someone can advise me. I have a worsening debt situation and on several occasions over the last few years have considered bankruptcy as a real option.
I now have unsecured debts totalling £ 50,000 , spread across a number of different creditors. Worryingly 15k is on credit cards which have now reverted to normal interest rates after the interest free period.
We rent our premises and one of the loans is in joint names ( my wife ).
I guess after paying all the usual costs per month we have approx 500 left over to live on, which considering i have a 5 year old and the current utility costs, will reduce rapidly over the coming months.
I can't see a way out as each month, the debt increase as we seem to be hit by constant price rises, income reduction ( due to my wife taking extended leave to cover school holidays etc ) . We are genuinly trying to avoid it but the pressures on us both are immense and is affecting home life etc.
total monthly debt payments amount to approx £1000.
Can anyone advise what the best course of action is?
we are in a new tenancy agreement so would the landlord be informed.Does the OR make a judgement on whether the amount of rent we are paying is suitable? we have a 3 bed detached that costs 875 per month - not unreasonable i think.
How would the joint loan be dealt with?
many thanks
ben
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| 2 L A T E S T R E P L I E S (Newest First) |
| grace347 |
Posted - 26 February 2009 : 22:03:45
Hi there,
We have just applied for BR on 2/2/09 and just completed our interviews with the OR.
Just to give you the bankground.
Myself and my partner also live in private rented, 3 bed semi 750 per month, the letting agent was informed but is fine about it as we have always paid rent on time. This amount of rent was fine by our OR, obviously the amount will vary from region to region, I dont think it sounds unreasonable.
My approx debt was 20k my partners was approx 40k, all unsecured. My partner ran his own business for 18mths which eventually came under difficulty mid last year and he had to cease trading with a few business debts of around 1k (if that) and also 10k in personal income tax unpaid to the HMRC.
Our date to file for BR was 2/02/09 which was the due date of our second baby to be born which fortunatley she didnt arrive on that day but waited until 4 days later! We also have another young child, our daughter who is 23 mths now.
I was working and being paid maternity pay up until Dec 2007 and all our debts were in a debt management plan that we were managing to pay 500 a month to but when the business went down and my mat pay went we just couldnt do it anymore and decided to file for BR.
After a long time stressing we have now just completed our interviews with the OR and as people have said on here in the past it is not as bad as you think its going to be and its the best thing we have done!
This is the list of outgoings that we put down on our I&E, we dont have an IPA as our income doesnt even cover the Income and Expenditure.
Rent £750
Housekeeping £500
Gas / elec £202
Water £40
Telephone £55
Petrol £130
Public Transport £30
Clothing £155
Council tax £126
Student loans £TBC
Household insurance £TBC
Car tax £17
MOT £5
TV Licence £12
Toddler groups £40
Hair dressing £23
Drycleaning £10
Holiday £100
Dentist £5
Contingency £50
Car Insurance £59
Car Maintenance £60
£2,399
As for the loan, I was asking questions about this as my partner was going to go BR before me and I was advised that the creditor would chase me for the full debt should anything be in joint names and just him go BR, thats why we decided to just do it together.
I suppose you just have to decide whats best for you, we decided to do it as we werent bothered about not being able to get credit again as we havent used it for 3 years anyway and managed just fine, even with regards to getting a mortgage even if we werent BR we wouldnt be able to find the deposit you need nowadays anyway!!
Jen x |
| Skippy |
Posted - 26 February 2009 : 19:58:42
I would recommend that you speak to an IP to go through all your options - this advice should be free. Have a look on www.iva.com where you will be able to read reviews about IPs and firms.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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