SOA help/overtime and bankruptcy

joa1210 · 24 January 2018 at 11:16PM

Hi again, could you have a look at this for me please?
my Husband is considering bankruptcy as he is currently in payment arrangments with his CC companys on top of this SOA and we have a £200 car lease
This is what our finances would look like after BR is this reasonable for a family of 5 with a baby? there is a suplus to go toward dept repayment but we really need to get rid of the car finance, we are only 9 months into it so cant VS or VR it.
Also how would overtime affect it? he works nights so the overtime is a huge payment but its not guarnteed, only compulsory in december.

TIA

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1544
Partners monthly income after tax....... 560
Benefits................................ 192
Other income............................ 0
Total monthly income.................... 2296

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 125
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 48
Internet Services....................... 0
Groceries etc. ......................... 550
Clothing................................ 30
Petrol/diesel........................... 200
Road tax................................ 11
Car Insurance........................... 56
Car maintenance (including MOT)......... 23
Car parking............................. 20
Other travel............................ 0
Childcare/nursery....................... 30
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 8
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 20
Emergency fund.......................... 20
(Unnamed monthly expense)............... 0
nappies and formula..................... 40
hmrc.................................... 20
Total monthly expenses.................. 2169

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,296
Expenses (including HP & secured debts). 2,169
Available for debt repayments........... 127
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 127

Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 600

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.[/font]

LABMAN · 25 January 2018 at 2:50AM

No debts at all? Mobile phone £60 and satellite/cable TV £48 needs addressed.

joa1210 · 25 January 2018 at 6:22AM

That’s after 2x cc card and car finance off, that’s also tv/internet/phone combines. And the mobiles is for 2 of us, his contract at 36 and mine on payg

haggis0073 · 25 January 2018 at 10:37AM

i had nearly £80 on my 3 phone contracts and they allowed that, you can probably up shopping/groceries by another £80-100, clothing can be upped to around £80, cable/satellite should be no problem, haircuts i would up to £30-40, take away entertainment, add another £10-15 on for holiday

are your kids at school, if so then you can add for school uniforms, school trips, also what are the ages of your children

Of course it all comes down to the OR on the day with what will be accepted, as long as your figures dont go over what their trigger figures are then you will be fine

joa1210 · 26 January 2018 at 12:05AM

thanks Haggis i will have another look
any ideas RE the overtime and how that's judged by the OR?

haggis0073 · 26 January 2018 at 12:33PM

if after you change some of the expenditure figures it leaves you with a negative of say for example -100, then you will be asked by the OR how you will cope with a negative surplus, your answer to that could be that sometimes your husband does overtime which will help cover the negative surplus

Generally though you should try to avoid overtime as if its a regular (month after month) then the OR could take an average from your wages and force an IPA onto you, If he does decide to do overtime every month then you could try what i mentioned.

Unfortunatly no one knows what kind of OR they will get, some are understanding (like mine) and i hear some are awkward, Debt Doctor and a few others would be better able to assist in your overtime question i'm sure

haggis0073 · 26 January 2018 at 12:46PM

are you still leasing a car? as you mentioned you have a car worth £600, do you have 2 cars? and if so what car is the insurance/fuel/tax etc on the above SOA for. I say this because if the figures above are for running costs of both cars and you need send the lease car back then that will decrease your expenditure

joa1210 · 26 January 2018 at 2:41PM

That SOA is with anything to do with the other car taken off,
We currently run 2 so insurance is 106, tax is only 30 per year but add another 100 also for fuel.
We want to try and manage with 1.
The leased one is like a weight atm that we could well do without.
My husband works nights but is struggling quite badly with sleeping, if he moves to days we lose another £260 per month hence looking at what’s viable

SOA help/overtime and bankruptcy

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