I&E in bankruptcy. IVA?

Leon79
Leon79 Posts: 10 Forumite
edited 10 March 2017 at 10:40AM in Bankruptcy & living with it
Hi everyone

I went bankrupt 4 months ago and have now found a job having previously been unemployed. This is what my income and expenditure will look like. Is there anything I am missing? I am not on much money but seem to have some left and am scared I will have to enter an IVA even though things feel very tight already.

My rent is for a room which includes all bills which is why they are not on there. Groceries includes toiletries


Monthly Income Details
Monthly income after tax................ 960
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 960

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 23
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 195
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 65 [£15 bus pass every week]
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 60 [CONTACT LENSES + DENTIST + PRESCRIPTION]
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 12
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 880



Monthly Budget Summary
Total monthly income.................... 960
Expenses (including HP & secured debts). 880
Available for debt repayments........... 80

Thanks!
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Comments

  • luvchocolate
    luvchocolate Posts: 3,244
    First Anniversary Name Dropper First Post Home Insurance Hacker!
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    Hi can you join the works pension and pay into that? 6% is usually accepted ...contents insurance including accidental damage £10 per month? you can put £20 in for holidays, up your food budget.
  • Leon79
    Leon79 Posts: 10 Forumite
    Hi can you join the works pension and pay into that? 6% is usually accepted ...contents insurance including accidental damage £10 per month? you can put £20 in for holidays, up your food budget.

    Don't trust pensions..... :rotfl:

    I of course really want the money to save or for a rainy day or a few pints... do I actually have to take out contents insurance or just put it on the form?! Don't want to go to prison either!

    Am I allowed £20 for holidays? Currently £45 a week food & toiletries for just me. I could increase to £50 or £60 but is that realistic?
  • MEM62
    MEM62 Posts: 4,730
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    Leon79 wrote: »
    Don't trust pensions..... :rotfl:/QUOTE]


    You'll wish you had when you reach retirement age ;)
  • luvchocolate
    luvchocolate Posts: 3,244
    First Anniversary Name Dropper First Post Home Insurance Hacker!
    Forumite
    auto enrol for pensions has to be in place by October so I would suggest you put in more than the 1%.
    Contents insurance is sensible as you will not have credit to rely on.
    Holiday £20 is fine do with it as you like.
    Yes up your food budget

    Its an I.P.A not I.V.A ......an I.P.A is an income payment agreement that would take any surplus you have over £20, it also takes the £20 if that makes sense, it runs for 3 years
  • Leon79
    Leon79 Posts: 10 Forumite
    auto enrol for pensions has to be in place by October so I would suggest you put in more than the 1%.
    Contents insurance is sensible as you will not have credit to rely on.
    Holiday £20 is fine do with it as you like.
    Yes up your food budget

    Its an I.P.A not I.V.A ......an I.P.A is an income payment agreement that would take any surplus you have over £20, it also takes the £20 if that makes sense, it runs for 3 years

    Sorry I got confused. Yes IPA.. I don't want one!
  • TheGardener
    TheGardener Posts: 3,303
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    Pay into a pension - mad not to - why give it to the OR when you can give it back to yourself? you could opt out later if you feel you are going to be so rich in your life that you wont need one... :rotfl:
    Emergency Fund
    Holiday Fund
    TV license (I know...but just put it in...)HMO's usually still need a TV license
    Contents/personal property insurance
    Train tickets to visit Mum/Dad once a month?
    Any dry cleaning?
    Do you need to buy any tools etc for new job?
  • Leon79
    Leon79 Posts: 10 Forumite
    Pay into a pension - mad not to - why give it to the OR when you can give it back to yourself? you could opt out later if you feel you are going to be so rich in your life that you wont need one... :rotfl:
    Emergency Fund
    Holiday Fund
    TV license (I know...but just put it in...)HMO's usually still need a TV license
    Contents/personal property insurance
    Train tickets to visit Mum/Dad once a month?
    Any dry cleaning?
    Do you need to buy any tools etc for new job?

    Thanks for the advice. I guess I'm just wondering if the OR will scrub any of those sort of things off my list - holidays, emergency fund, train tickets... Are they allowed? TV Licence = good idea and dry cleaning. I could maybe up the mobile to £30 too for credit.
  • As others have said, include money for other items and don't leave any money available, put in internet, mobile, tv, pension, tv license etc and leave 0 spare
  • luvchocolate
    luvchocolate Posts: 3,244
    First Anniversary Name Dropper First Post Home Insurance Hacker!
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    presents are not usually allowed but worth a try, I was on a low salary like you and the examiner was brilliant ...moved things around and added a little where he could.
  • Leon, better to over do it and get knocked back than sell yourself short. Your job is to avoid the IPA.
    £10 emergency fund.
    Tv licence.
    Gas elec water - how would they know they are included in rent? Not advocating it but most are allowed an allowance for it. Key here is allocating your income to anything to avoid the IPA. People will question the moral side here but who cares it's your life look after yourself. You ain't earning meat bucks and squirriraling away hundreds a month, it's supposed be a fresh start so on your wage with your rent etc the OR should not be taking anything in my personal opinion.
    Contents insurance
    Pay into the pension so your wage is less. Then once discharged in 12 months opt out if you like.
    There is no reason a bankcrupt should not have a bit of change in there pocket so don't sell yourself short, you will buy xmas gifts even if you don't list it on your forms, so by not including it's not a true representation of your outgoings, better put things on and have them say no. If you do get a IPA don't sign Anything come back here.
    Could you not increase your rent by £100 a month with your landlord if you explain the circumstances? The key is leave no money unaccounted for. Be a shame for someone with £20/30 spare to get a 3 year IPA ... means you will lack motivation to get more money or a better job for 3 years, well I know it would me.
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