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| T O P I C R E V I E W |
| ddonna |
Posted - 22 October 2010 : 13:39:31
Hi I need help filling in my i&e form,at the minute we only spend very little as we have made our debts a priority ie:40 pwk shopping etc .I m worried as i have been informed off the insolvancy service i have to put down what im spending now as a guide to my expenditure .It is low as im still paying my debt and im worried the OR will look at that and say this family of 5 is managing on £40 pwk for food so therefore they have ?? disposable income and that he may take it off me.I am really clueless as i thought it was all in hand but now i have decided to go bankrupt and im now awaiting the forms im worrying again.What i dont understand is you have to be honest on what your spending each month is and now its low,obviously i want to have as much to live on as i can have but the advice ive got is that he'll go off what im spending now?? I dont know if ive got my wire's crossed can someone explain it all to me |
| 9 L A T E S T R E P L I E S (Newest First) |
| debtinfo |
Posted - 22 October 2010 : 17:39:39
It is your choice, get advice from a few places, remember it is just them giving their opinion, it is you that need to decide what will be best for you and your family, ask lots of questions from differnt sources and make sure you know as much as possible about both before making a decision |
| donna pearcy |
Posted - 22 October 2010 : 16:55:34
I really dont want an iva ,but obviously i dont want to look bad for going for bankruptcy when the cccs thinks i could have an iva.And my fear was that the judge would think the same as the cccs and decline my bankruptcy petition,could this happenquote:
Originally posted by Viki.W
Just to add, it's your choice if you want to go bankrupt and not do an IVA
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/
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| Viki.W |
Posted - 22 October 2010 : 16:51:57
Just to add, it's your choice if you want to go bankrupt and not do an IVA
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| Viki.W |
Posted - 22 October 2010 : 16:49:57
Hi Donna,
If CCCS worked out that you only had a DI of £200 and your debt repayments are more than that then that's fine, as you can't afford them.
You must include the child maintenance arrears payment in your expenditure as this won't get written off, but you can't include the payment to your parents as this debt will be written off in the bankruptcy (of course you're free to pay them in the future which most people do with family)
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| donna pearcy |
Posted - 22 October 2010 : 16:40:30
Hi Viki ,i have rang the cccs and was told that we could get an iva I have considered it but what concerns us about that is that but it meant us living on 80pwk for groceries and not alot more for anything else and she worked out we'd have exactly 200pmth disposable income so we could get an iva,and to be honest i thought it was unrealistic to manage on that for the next 5yrs and plus my husband is a decorator /maintenance man and often over winter periods he can get laid off which means we couldnt pay the iva and would basically end up bankrupt anyway if that happened. We basically have these incomings and outgoings pr mth would you be able to have a look and tell me if you think we are insolvent?
Husbands pay =920 pr mth
child tax= 548 pr mth
child benefit=188 pr mth
maintenance(voluntry) 60pmth
working tax credit=157 pr mth
our normal utility bils are £849
our debts are 608 (which includes £70 for child maintanence arrears :this is currently being processed and 50 for our parents for money we have borrowed)
i think it works out we have £400 pr mth for our family to live on,so it basically shows me why i have to order clothes etc out of a catalogue !!i hope you dont mind looking at these figures for me ,i think ive proburbly just answered my question though!
We have tried so hard to pay it off but cant and my worry is that the judge may think an iva is better for us also,judging by the figures i have give you do you think the same and agree with the cccs? I know i have 400 left but i cant live on it with a husband and 3 kids as after the food shopping theres nothing left for anything else thats important. the thing is ive always paid my debts and lived like that was the norm.But if i never paid them i would be able to manage to buy what my family needs so therefore does it mean im insolvant ..im so confused!
Thanks again and sorry for rambling on and on!
Donnaquote:
Originally posted by Viki.W
Hi Donna,
Don't worry, you're not doing anything wrong at all.
Most people stop paying their debts before they go bankrupt as they can't afford to keep the repayments up. If you were to keep paying your debts then you may have to use more credit to live on and that's not helping your situation.
Your income and expenditure is purely to do with your living costs and for them to see if you can afford to pay anything back.
You have to be insolvent to declare bankruptcy and I presume you have already taken advice on this to confirm it. That is all the judge will want to know at that stage.
Hope this helps.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/
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| Viki.W |
Posted - 22 October 2010 : 15:18:44
Hi Donna,
Don't worry, you're not doing anything wrong at all.
Most people stop paying their debts before they go bankrupt as they can't afford to keep the repayments up. If you were to keep paying your debts then you may have to use more credit to live on and that's not helping your situation.
Your income and expenditure is purely to do with your living costs and for them to see if you can afford to pay anything back.
You have to be insolvent to declare bankruptcy and I presume you have already taken advice on this to confirm it. That is all the judge will want to know at that stage.
Hope this helps.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| donna pearcy |
Posted - 22 October 2010 : 14:34:22
Hi Viki,my head is battered ive just got myself in a right state ,obviously i now know im going to have to stop paying my debts but will the OR think well she has paid them up to today and now why has she stopped?.Its just the case that i felt it ok to live on a little amount all i cared about was that the debt was paid but in doing that we are all suffering financially and mentally and its no good.Also will the judge see i have been paying them up to today and now all of a sudden im not just to get correct expenditure ,because hopefully we will be going to court the end of next week and i dont want him to think that we were coping on so little when now i realise we arent and never were.
thanks xquote:
Originally posted by Viki.W
Hi Donna,
You need to put all your household income down and then ALL of your household bills, including food, clothes etc. Absolutely everything that you pay, NOT including your debts as you won't be paying these.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/
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| Viki.W |
Posted - 22 October 2010 : 14:27:48
Hi Donna,
You need to put all your household income down and then ALL of your household bills, including food, clothes etc. Absolutely everything that you pay, NOT including your debts as you won't be paying these.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| donna pearcy |
Posted - 22 October 2010 : 13:51:44
Hi ive got to the bottom of it and have realised that i have to stop paying my debts to enable me to give a fair figure on what i should be spending on shopping etc ,my worry now is will the OR look at that and up until this week that ive paid my bills but i have been left with very little or will he think ive only stopped paying them to get an larger expenditure figure.I have worked out how much we get and how much we pay on debt and our priority bills and we are left with 440 a month for shopping petrol clothes etc and for a family of 5 that surely isnt enough so should i be classed as insolvant???.
So sorry for rambling on ,i just want to be sure that what im doing is correctquote:
Originally posted by ddonna
Hi I need help filling in my i&e form,at the minute we only spend very little as we have made our debts a priority ie:40 pwk shopping etc .I m worried as i have been informed off the insolvancy service i have to put down what im spending now as a guide to my expenditure .It is low as im still paying my debt and im worried the OR will look at that and say this family of 5 is managing on £40 pwk for food so therefore they have ?? disposable income and that he may take it off me.I am really clueless as i thought it was all in hand but now i have decided to go bankrupt and im now awaiting the forms im worrying again.What i dont understand is you have to be honest on what your spending each month is and now its low,obviously i want to have as much to live on as i can have but the advice ive got is that he'll go off what im spending now?? I dont know if ive got my wire's crossed can someone explain it all to me
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