All Forums  New Questions  Forum Questions  These figures look bankruptcy worthy to you?

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by mighty reds[/i] [br]Relevant factors --> rented accommodation --> my job / career is not adversely impacted I have checked --> No assetts, savings or even any one item worth over £500 --> £33,000 total debt (one personal loan, multiple credit cards and overdraft) --> Girlfriend just moved in to my one bed flat, she's a very low earner (see below, her income has been taken into consideration). After doing a full budget planner with National Debtline using their "guidance as to what's reasonable living expenses" and with my bills etc added on, I have a monthly surplus of £440. [b]This takes into account that my girlfriend would be expected to contribute to the rent, housekeeping and bills in a "pro-rata" way [/b] (i.e. I earn 3 times her salary so she pays 33% of rent, bills and housekeeping) --> So, left with a £440 surplus --> Mimimum payments are about £550 a month now and will rise to about £650 when my last set of promotional credit rates expire --> I've tried to get a new 0% credit card and failed (probably a good thing eh!) and I've also tried to get a debt consolidation loan at 8.9APR and failed so I have tried one last throw of the dice --> 33,000, going to cost me £650 (ish) each month just for the minimum payments, if I somehow upped it to £750 I might be able topay it all off in 8-10 years at a total cost of £45,000 according to many hours of on-line calculations recently. [b]Remember £440 surplus and thats with me working a 2nd job (one evening a week).[/b] --> no assetts, savings, --> got a child who lives with his mum, i pay mainteancne and its been factored into above stats about surplus etc I'm thinking best case scenario (financially) over next 5 or 10 years is to go Bankrupt? Any advice or corrections of my thought process here much appreciated!!!! [:)] [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.