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Help. Advice needed re: Cars
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maxmycardagain wrote: »er, have you actually READ any info on here?, i meant a IPO/IPA
this is a monthly payment ONCE you go BR, from your surplus, which we cant calculate cos you havent posted an SOA
my point is that as the OR wont accept your request to allow HP payments for £31,000 worth of cars he will include that as additional surplus
he will set a IPO/IPA at 70% of any surplus
as your OH is getting a "very well paid job" (your words), you can expect a IPO of £600+ (£350 alone due to the car HP) or more, per month, for THREE years...................
I don't speak text language so and ipo & ipa means nothing to me I don't even know what an soa is so if you are trying to advise me you need to do it more clearly. If you expalin then maybe I can leave the right information.0 -
ah, right
OR - Official reciever (he who calls the shots)
BR Bankruptcy
IPA/IPO Income payment agreement/order (payment to the OR from surplus)
BRU Banking Restriction Order (upto 15 years extra bad credit file)
SOA - Statement Of Affairs (income/outgoings/secured debts/unsecured/assets)
i wouldnt mind a t/o of 1/4 mill.....
a little light reading
http://www.insolvency.gov.uk/
are you a ltd company?
are you a sole trader or joint with your OH (hubby/ Other Half)
any mortgage?Now we all know how it felt to play in the band on the Titanic...0 -
HP - Hire Purchase (or Perches if your a budgie...)Now we all know how it felt to play in the band on the Titanic...0
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maxmycardagain wrote: »
i wouldnt mind a t/o of 1/4 mill.....
a little light reading
http://www.insolvency.gov.uk/
are you a ltd company?
are you a sole trader or joint with your OH (hubby/ Other Half)
any mortgage?
Why do you feel in necessary to riducule me whenenver I say something, don't you think its bad enough without your arrogant attitude. I would actually rather you did not reply to my posts if you don't mind because you are making this very difficult for me when I feel I have to defend myself all the time. I am looking for structural sound advice not petty banter. I AM IN TROUBLE I KNOW THAT I AM JUST LOOKING FOR SOME ASSISTANCE WHICH IS WHAT I THOUGHT THIS SITE WAS ALL ABOUT.0 -
Try to find time to read the "Stickies" at the top of this forum. It will help a great deal. You can then raise specific questions about anything you are unclear on.
HTH (hope that helps)Debt free by 2025?0 -
It would be very helpful to the people on this forum if you could visit the following page and complete the form:
http://www.makesenseofcards.com/soacalc.html
It will ask you for details of all of your income and expenditure, from salaries to benefits and from mortgage payments to pet bills.
After completing the information, there is a button towards the bottom that says "format for MSE" - copy the contents of that window into a post on this thread and someone will come back to you with advice on how an Official Reciever (OR) would look at your finances and assets.Made Bankrupt (debt free!) 26th January 2009 - 2:17pm
If my post helped you, let me know by clicking the "thanks" button below!0 -
[Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 4500
Partners monthly income after tax....... 0
Benefits................................ 72
Other income............................ 533
Total monthly income.................... 5105
Monthly Expense Details
Mortgage................................ 2501
Secured loan repayments................. 1286
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 187
Electricity............................. 80
Gas..................................... 50
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 40
Mobile phone............................ 10
TV Licence.............................. 11
Satellite/Cable TV...................... 21
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 20
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 10
Buildings insurance..................... 44
Contents insurance...................... 26
Life assurance ......................... 29
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 4929
Assets
Cash.................................... 0
House value (Gross)..................... 415000
Shares and bonds........................ 0
Car(s).................................. 31000
Other assets............................ 0
Total Assets............................ 446000
Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 405000...(2501).....0
Secured Debt.................. 72000....(1286).....0
Total secured debts........... 477000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cc.............................6500......248.......0
cc.............................5278......300.......0
cc.............................6200......200.......0
PG for business................10500.....465.......0
PG for business................35000.....515.......0
cc.............................9300......0.........0
cc.............................4200......0.........0
cc.............................7700......200.......0
cc.............................12000.....350.......0
cars...........................27000.....764.......0
cc.............................1472......200.......0
Total unsecured debts..........125150....3242......-
Monthly Budget Summary
Total monthly income.................... 5,105
Expenses (including secured debts)....... 4,929
Available for debt repayments........... 176
Monthly UNsecured debt repayments....... 3,242
Surplus(deficit if negative)............ -3,066
Personal Balance Sheet Summary
Total assets (things you own)........... 446,000
Total Secured debt...................... -477,000
Total Unsecured debt.................... -125,150
Net Assets.............................. -156,150
Sorry forgot to add property value for property abroad just redid calculation
This is all of it property abroad also added as is mortgage abroad on the additional income section my husband also gets a car allowance of 6300 per year which will cover his HP but not mine. But I have added HP totals etc.0 -
How many people is this for?Namaste DeeDee x0
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It is for both myself and my husband we are joint directors and he has 2 PG's for company I have one0
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didnt you mention a son & school runs? as well as a son living away as well at the beginning of the postWe all die. The goal isn't to live forever, the goal is to create something that will0
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