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I&E Sheet In bankruptcy

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My I&E sheet for bankruptcy:

255 Rent (anticipated in April)
60 Council tax (anticipated in April)
40 Clothing

35 Gas (dont know about this. Only paying £15 DD at the moment but bound to increase over winter)
40 Electric
30 Phone
30 Medical/Dental
20 Optical
70 Travel
20 Water
200 Shopping/toiletries/food
10 Haircuts
20 Incidentals (what does this include?)
60 Birthdays/Christmas/holdiays?
11 TV licence (and this one)
20 Dry cleaning/laundry
40 Student loan repayment

That brings it down to 400 surplus. This about right?

Any comments please

also, the rent and counil tax listed are anticipated. Should these be put down as they are now? Would I then alter them to new ones in April?
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Comments

  • Have you got your date yet and what is your income and to confirm - you live alone...
    Hi - im a member of the Debt Help UK FORUM...
  • crawley_girl
    crawley_girl Posts: 2,010 Forumite
    Part of the Furniture Combo Breaker
    Maybe this would be better answered by someone who has been thru the process. Have you checked out the bankrupcy section which is at the top of the DFW main thread page.

    Please don't think I am trying to get rid of you. Hope it goes ok for you
    Ever wonder about those people who spend £2 apiece on those little bottles of Evian water? Try spelling Evian backward.
  • scootw1
    scootw1 Posts: 2,165 Forumite
    plumduff-2 wrote:
    Have you got your date yet and what is your income and to confirm - you live alone...
    I'm in an IVA at the moment so have been told I cannot do it until that is discharged. A creditor's meeting is taking place on 6th February to see if the creditors will fund petition (which I can't see them doing). after that, the IVA will be discharged and I'm going bankrupt end of February if they don't do it. The court said i don't have to book, just turn up and they will see me same day.

    Yes, I live alone. Income 1361 at the moment, don't know what it will be from april
  • scootw1
    scootw1 Posts: 2,165 Forumite
    Maybe this would be better answered by someone who has been thru the process. Have you checked out the bankrupcy section which is at the top of the DFW main thread page.

    Please don't think I am trying to get rid of you. Hope it goes ok for you
    Already had some replies from the bankruptcy board but thought I'd ask plumduff as he is a financial advisor so may have a different slant on things
  • Well my thoughts are as follows...

    1. Gas - could be upped to £40 per month - £40 pm is less than £10 pw... Im on a duel fuel package and pay £82... this is cheaper than prepaymetn meters and the OR will know this... so both Gas and elec could rise a bit...

    2. dont you have a mobile phone... OR's dont tend to stop people having these as they are seen as a lifeline today rather than a luxery..

    3. travel costs are low... trigger figures allow £173 per month... im not saying put the whole £173, as the I&E should be realsitic... but if you need more, then show this...

    4. Food, could be increased, ORs are more generous than creditors, could try £250

    5. Contnents insurance - dont see this - vital for a single person today... why not get this sorted... you'd be !!!!!!ed if you some lowlife robbed you..

    6. holidays etc seem ok... i find it funny that the ORs allow you funds to put aside for a holiday but creditors dont allow you any sort of social life..

    7 your water is low - is this figure correct

    8. If you do still have about £400 surplus, the OR would take about 66% of this, or £264, leaving you with 136.... so still better of than an IVA...


    btw - im not a bloke.... :p
    Hi - im a member of the Debt Help UK FORUM...
  • scootw1
    scootw1 Posts: 2,165 Forumite
    plumduff-2 wrote:
    Well my thoughts are as follows...

    1. Gas - could be upped to £40 per month - £40 pm is less than £10 pw... Im on a duel fuel package and pay £82... this is cheaper than prepaymetn meters and the OR will know this... so both Gas and elec could rise a bit...

    2. dont you have a mobile phone... OR's dont tend to stop people having these as they are seen as a lifeline today rather than a luxery..

    3. travel costs are low... trigger figures allow £173 per month... im not saying put the whole £173, as the I&E should be realsitic... but if you need more, then show this...

    4. Food, could be increased, ORs are more generous than creditors, could try £250

    5. Contnents insurance - dont see this - vital for a single person today... why not get this sorted... you'd be !!!!!!ed if you some lowlife robbed you..

    6. holidays etc seem ok... i find it funny that the ORs allow you funds to put aside for a holiday but creditors dont allow you any sort of social life..

    7 your water is low - is this figure correct

    8. If you do still have about £400 surplus, the OR would take about 66% of this, or £264, leaving you with 136.... so still better of than an IVA...


    btw - im not a bloke.... :p
    First of all, apologies, shouldn't have assumed a financial advisor was a bloke, there are lots of great female advisors out there.

    1. Gas - like I say i am on £15 a month at the moment which gets reviewed after a year. Do I put down what it is now or estimate a figure, same as electric and rent and council tax?

    2. Mobile contract is £30 a month, been same for three years.

    3. Perhaps could up that a little as bus fares boudn to go up soon as have been static for a little while. Would proof be needed of this expenditure? (or any for that matter?)

    4. £250 seems a lot for housekeeping but could try it i suppose.

    5. Have no contents insurance at the moment but am looking into it but would think OR would ask for proof of this so can't put it down until i have it i would have thought.

    7. Water figure is £18 this year, estimated £20 a month for next year, coudl be more.

    8.Assume student loan payment could be put down then yes?
  • scootw1
    scootw1 Posts: 2,165 Forumite
    More realistic?

    265 Rent (anticipated in April - forgot we are now paying for a new security system as well)
    60 Council tax (anticipated in April)
    40 Clothing

    40 Gas (dont know about this. Only paying £15 DD at the moment but bound to increase over winter)
    40 Electric
    30 Phone
    30 Medical/Dental
    20 Optical
    90 Travel
    20 Water
    220 Shopping/toiletries/food (don't want to push too high but what maybe someone else would disagree?)
    10 Haircuts
    20 Incidentals (what does this include?)
    60 Birthdays/Christmas/holdiays?
    11 TV licence (and this one)
    20 Dry cleaning/laundry
    40 Student loan repayment

    That brings it down to 345 surplus.

    Again, rent, council tax , water and electric are all estimated for next year but should I put down estimated figures or what they are now?
  • It may be best to wait until April, the OR will go of figures as they stand at the time of BR.. can check bank statements for paymetns you make so set up the contnts isurance prior to filing... Gas/elec, why not phone the companies up and make sure you are paying enough... I would put down ct even if it is during the 2 months where you are not paying...

    Im not sure the OR would allow for incidentals, as they could say that the remainder of the surplus they dont take can cover these expenses...

    And maybe up the food... they can only reduce it down again...

    You will end up with an IPA but the thing is to get it as low as possible, dont forget though any IPA will only run for 3 years as opposed to a 5 year payment plan via an IVA.. the expenditure is more generous and the OR wont take all the surplus, only upto 75%...

    Brin on DHUK may have somethign more to add... he is usually on early in the mornings.. he's an IP...
    Hi - im a member of the Debt Help UK FORUM...
  • hitch_2
    hitch_2 Posts: 54 Forumite
    Can you reduce your income by working say 4 days a week. Sounds crazy but you are leaving yourself open to pay say £200 per month for 3 years, £3600.
    Your bankruptcy will only last 5 to 8 months, therefore if you can work less in that period and avoid an IPA its worthwhile
  • scootw1
    scootw1 Posts: 2,165 Forumite
    plumduff-2 wrote:
    It may be best to wait until April, the OR will go of figures as they stand at the time of BR.. can check bank statements for paymetns you make so set up the contnts isurance prior to filing... Gas/elec, why not phone the companies up and make sure you are paying enough... I would put down ct even if it is during the 2 months where you are not paying...

    Im not sure the OR would allow for incidentals, as they could say that the remainder of the surplus they dont take can cover these expenses...

    And maybe up the food... they can only reduce it down again...

    You will end up with an IPA but the thing is to get it as low as possible, dont forget though any IPA will only run for 3 years as opposed to a 5 year payment plan via an IVA.. the expenditure is more generous and the OR wont take all the surplus, only upto 75%...

    Brin on DHUK may have somethign more to add... he is usually on early in the mornings.. he's an IP...
    i've adjusted the figures now to reflect comments as follows:

    245 Rent (anticipated in April)
    52 Council tax (anticipated in April)
    40 Clothing

    15 Gas (dont know about this. Only paying £15 DD at the moment but bound to increase over winter)
    37 Electric
    30 Phone
    30 Medical/Dental
    20 Optical
    90 Travel
    18 Water
    220 Shopping/toiletries/food
    10 Haircuts
    20 Incidentals (what does this include?)
    60 Birthdays/Christmas/holidays?
    11 TV licence (and this one)
    20 Dry cleaning/laundry
    40 Student loan repayment

    The figures for water, rent, electric and gas are as I'm paying now but I may well phone up Swalec to see if I can up the figures a little.

    Would I need any proof of the other figures?

    BTW regarding contents insurance, that would need to be set up as a direct debit and those will get cancelled when I go BR so i can't see mcuh point setting it up until after BR. I could just quote how much I would be paying them I suppose if I get a written quote from the company
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