my Income and expenditure what are you thought ?

fatou256

hi iam just finishing filling out the bankruptcy form and i need advise on my I & E. i have debt just over 25 k. this is for a couple with no child. mywife wil be bankrupt too once with have the fee.

my outgoing:
- income 850 pounds
- tax credit 158( i think)
total 1008

My outgoing so far (per month):
- rent 417
- housekeeping ( including food ) 200 my wife contributign to 115 as well as me towards this
- Gas 40 and electricity 37 pounds
- water 30
- telephone charge 30
- travelling to and from work 40
- clothes 50
- medicines 40
- tv licence 13
- hair 10
- emergency 20
- holiday ( they are not really holiday i am from abroad and i can only visit them once a year) 25
- mobile phone 20
- internet 12.99 ( i need as well as my wife for our part time degree)

total expenses 984.99 pounds

surplus of 23.01. is this ok ? any comment woudl be appreciated . thanks.

dalip

fatou256 wrote: »

hi iam just finishing filling out the bankruptcy form and i need advise on my I & E. i have debt just over 25 k. this is for a couple with no child. mywife wil be bankrupt too once with have the fee.

my outgoing:
- income 850 pounds
- tax credit 158( i think)
total 1008

My outgoing so far (per month):
- rent 417
- housekeeping ( including food ) 200 my wife contributign to 115 as well as me towards thisyou have to put a total for all 3 of you here so should be about £330
- Gas 40 and electricity 37 pounds
- water 30
- telephone charge 30
- travelling to and from work 40
- clothes 50
- medicines 40£30 perscriptions,opticians,dentist £10 each
- tv licence 13
- hair 10
- emergency 20may not be allowed
- holiday ( they are not really holiday i am from abroad and i can only visit them once a year) 25
- mobile phone 20
- internet 12.99 ( i need as well as my wife for our part time degree)you will need to prove this

total expenses 984.99 pounds

surplus of 23.01. is this ok ? any comment woudl be appreciated . thanks.

Hi Not sure if tax credits are included as income but someone will put you right on this. ny household insurance,dry cleaning?.
You wife's contribution goes in a different section. Does she work?. Apart from what i have highlighted it looks ok.Well done.D

tigerfeet2006

If there are 2 of you you could up the holiday fund to £30 or £40.

fatou256

thnaks for the quick response lol .

Dalip my part time degree is with the O U and it is clearly specified that i need access to internet so iam not too sure how the OR would look at that ?

my wife work part time as a carer. she only just started two month and a half ago and her wage may vary widely from to month too depend how many service user she has per week or not .

thanks tigerfeet wil lup my holiday expense to 40 pounds and see waht the or says about it.

i am not sure about the tax credit myself but on the insolvency website they ask you to disclose if any other income including benefit is received so not too sure about this.

dalip

fatou256 wrote: »

thnaks for the quick response lol .

Dalip my part time degree is with the O U and it is clearly specified that i need access to internet so iam not too sure how the OR would look at that ?In that case that should be fine

my wife work part time as a carer. she only just started two month and a half ago and her wage may vary widely from to month too depend how many service user she has per week or not .If you can average out what she will be getting roughly then add her contribution as a % of the household expenditure. So if she roughly earns a quarter of what you earn per mth put her contribution as a quarter of the total household expenditure for things like rent,gas,electric,water,food,CT,tv,house ins.Does that make sense to you lol.:D

thanks tigerfeet wil lup my holiday expense to 40 pounds and see waht the or says about it.

i am not sure about the tax credit myself but on the insolvency website they ask you to disclose if any other income including benefit is received so not too sure about this.

Yes you do have to put it down but not sure if it's included inthe OR's calculations.

Forgot do you have any pets?.D Just realised you ave not put down CT??

shadowdragon

Ensure that your Outgoings are not MORE than your Income, as the advice from CCCS was that the OR might look at that as the reason you are in the situation you are in.

As dalip said, put full costs for everything then put yours and your partners contribution. But put it as a number so if she earns 400 per month and contributes 25% put down 100 per month.

Perscriptions should be 20, the prepay scheme is 10pm per person.

Put the holiday fund as "Modest Holiday"

What about Council Tax?

Hope this helps

Shadowdragon.

fatou256

thanks shadow dragon did all necessary change and now hoping for the best. will be declare bankrupt in two weeks time now, i just book my appointment today ... feeling nervous about it but can't wait for the fresh start and now more annoying and rude phone call from all my DCA fan club as i call it.

for the prescription i took account also the cost of some consultant etc... ( i am disable). thanks again for your help it is well appreciated.

fatou256

sorry wone more question if i were totook a loan of 500 pounds to pay for the OR fee and the court fee how the court and the OR will see it ?

dalip

fatou256 wrote: »

sorry wone more question if i were totook a loan of 500 pounds to pay for the OR fee and the court fee how the court and the OR will see it ?

No don't do it. Taking out a loan carries a big threat of a BRU. The OR will turn a blind eye to you using exsisting credit facilities like a credit card or overdraft but taking out credit when you know you are insolvent is a very big NO NO.D

fatou256

thanks dalip it was just an hypothetical question as someone told me as it was only below 500 pounds i can include it into the bankruptcy as debt and i will be fine ! obviously not ! it was with shopacheque

sorry for asking the obvious question what is a BRU ? thanks again i am glad this kind of forums exist it does offer a lot of help when you need it !

tigerfeet2006

It will extend the restrictions of BR for 2-15 depending on what you are given.

Will find link

People who have been given BRO/U's
http://www.insolvency.gov.uk/databases/ddirector/viewbrobrudetailslatest.
Details of BRO/U's
http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/bro.pdf