Please check I&E & advise????

Lizzibuff · 27 August 2007 at 2:09PM

Hi

Thanks for all your help and support so far guys - i know im probably being a bit panicky as there are already a lot of threads of people's I&E but i wondered if people would mind having a quick look at mine and seeing what they think.

Please bear in mind i am a single mum with 2 kids. I work part time and technically could walk to work but is more convienant to take the car! Hence really worried OR will take my car.

Income

wages 730
child benefit 121 (I know this won't be taken into account for an IPA)
Tax credits 610

Total - 1461

Expenditure

Rent 265
Housekeeping 330
Gas & Elec 70
Water 33
Phone 50
Travelling 100
Clothing 40
Council Tax 66
TV licence 11
Sky 21
Childcare 104
Gym 30 (currently under contract)
Rac 6
Car insurance 20
Road tax 12
servicing 10
Car maintainence 30
Xmas & birthdays 30
pets 15
kids pocket money 17
school dinners 68
hairdressing 10
school trips 5
meals at work 40
house repairs 30
milkman 15
window cleaner 5
dvd hire 15
after school club 10
emergencies 20

Total - 1478

Is that ok - or is that too much expenses?

betterlatethannever · 27 August 2007 at 3:40PM

Hi Lizzie.
I'm no expert but one ot two things jump out.
I'm not sure you can keep gym membership, sky and dvd hire. Although you are usually allowed money for holidays which you haven't included.
Do you not get any help with childcare? or is that amount with the help?

Lizzibuff · 27 August 2007 at 3:54PM

betterlatethannever wrote: »

Hi Lizzie.
I'm no expert but one ot two things jump out.
I'm not sure you can keep gym membership, sky and dvd hire. Although you are usually allowed money for holidays which you haven't included.
Do you not get any help with childcare? or is that amount with the help?

Thanks - i do get help with my childcare thru the tax credits and ive already included that in my income.

I kinda guessed there would be items the or would not allow for - am i still best to include those. The gym membership for example is still under contract til Feb.

betterlatethannever · 27 August 2007 at 3:57PM

Not sure Lizzie, you could though 'hide' it under holidays. I believe people have been allowed £40+ for them.

Lizzibuff · 27 August 2007 at 4:14PM

OK Thanks for the help.

debt_doctor · 27 August 2007 at 5:10PM

Hi, I fill out petitions every week for my clients, and you need to adjust a few things;

HOUSEKEEPING increase to £ 425

CLOTHING increase to £ 60

PHONE reduce and put it on your gas / elec

SCAP THE FOLLOWING; sky, gym, window cleaner, milkman, dvd hire,emergencies, kids pocket money, xmas and birthdays.

ADD; holiday fund £ 60, personal expenses £ 60.

Also, you have said that child ben does not count and that is true, also CHILD tax credit does not count either ( you just list 'tax credits' , so not sure how it is split )

After all this, you must have a minimum of £ 100 per month spare to get an IPA.

Figuires taken from ' insolvency service guidelines for examiners '

Best wishes

Lizzibuff · 27 August 2007 at 5:14PM

debt_doctor wrote: »

Hi, I fill out petitions every week for my clients, and you need to adjust a few things;

HOUSEKEEPING increase to £ 425

CLOTHING increase to £ 60

PHONE reduce and put it on your gas / elec

SCAP THE FOLLOWING; sky, gym, window cleaner, milkman, dvd hire,emergencies, kids pocket money, xmas and birthdays.

ADD; holiday fund £ 60, personal expenses £ 60.

Also, you have said that child ben does not count and that is true, also CHILD tax credit does not count either ( you just list 'tax credits' , so not sure how it is split )

After all this, you must have a minimum of £ 100 per month spare to get an IPA.

Figuires taken from ' insolvency service guidelines for examiners '

Best wishes

Fantastic - thanks a lot!

debt_doctor · 27 August 2007 at 7:00PM

Happy to help ( god I should wear an ASDA badge LOL ) Does that take your outgoings below the '£ 100 spare income threshold' ?

An IPA can ONLY start during the ' undischarged ' period. Once discharged no IPA can ever be set against you.

Enjoy your future debt free life,

Best wishes

Lizzibuff · 27 August 2007 at 7:14PM

debt_doctor wrote: »

Happy to help ( god I should wear an ASDA badge LOL ) Does that take your outgoings below the '£ 100 spare income threshold' ?

An IPA can ONLY start during the ' undischarged ' period. Once discharged no IPA can ever be set against you.

Enjoy your future debt free life,

Best wishes

Takes it way below - in fact my expenses are bigger than my income - which is fine, i can argue (as said in previous threads) that i am working to reduce my outgoings!

This will also help when or more probable IF my ex ever pays any child maintainence!

If he did start - and im not too hopeful - the guys about to be put into prison its been that long! but if he did - would i need to tell the or and would that also go towards my income?

debt_doctor · 27 August 2007 at 8:53PM

Child support is for children and cannot be included in an IPA

Enjoy your bankruptcy, this is a great fresh start for you, the only way is up !!

Best wishes

Lizzibuff · 27 August 2007 at 8:57PM

Thanks debt doctor - you've been a real help. Sounds like i'll have more money than i've ever had before ! i'll be loaded! Just can't wait til i get to that point - the sleepless nights have got worse at mo - i keep waking up thinking of others things i could or should put on my forms!

Like you said - only way is up! thanks.

Please check I&E & advise????

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