Starting to work on our I&E calcs - can you take a peek please

On_A_Mission_7

This is only a first attempt and I'm sure it will be tweaked and modified as BR day draws nearer but would you mind casting an eye over my I&E and letting me know if it seems realistic...

Salary £1505 (net after deductions inc. train season ticket loan of £181 p/m)
CTC £40 (will go up in Jan)
CB £70 (will also go up in Jan)
SUB-TOTAL £1610

Rent allowance £650 (stopping paying mortgage next month and will be saving this up to pay BR fees and move into rented)
Housekeeping £370 (could be optimistic as I will have 2 babies in nappies come Jan and may need to buy formula milk)
Council tax £123
Gas/elec combined £92
Vehicle (inc. tax, ins & maint) £75
Telephone (inc. 2x mobiles) £50
Pet (inc. food, ins & routine vet bills) £48
Fuel £40
Water £35
Home insurance (B&C) £30
Sky (inc. TV, internet & calls) £21
Clothing/haircare (mainly kids stuff esp. shoes!) £20
Mortgage related life ins £17
Healthcare (e.g. opticians/dentist) £15 (I'm a glasses wearer)
TV license £12
SUB-TOTAL £1598

What do you think?

december

I'm not very good on the I&E stuff but I think you can include £10 per month for opticians and £10 for dentist. Clothing and haircare can be listed separately, we had £20 just for clothes for two adults and I would have thought with two little uns this may be more for you. The pet element may have to be reduced although my OR left it as it was, possibly as even if he had cut it there still wasn't a surplus. You could also include holidays and an emergency fund, it might not be allowed but no harm in trying.

December

Waspeze

Just had a quick look and here's my views

On_A_Mission wrote: »

This is only a first attempt and I'm sure it will be tweaked and modified as BR day draws nearer but would you mind casting an eye over my I&E and letting me know if it seems realistic...

Salary £1505 (net after deductions inc. train season ticket loan of £181 p/m) I think you should add back on the train season ticket and put it below as an eexpense.
CTC £40 (will go up in Jan)
CB £70 (will also go up in Jan)
SUB-TOTAL £1610

Rent allowance £650 (stopping paying mortgage next month and will be saving this up to pay BR fees and move into rented)
Housekeeping £370 (could be optimistic as I will have 2 babies in nappies come Jan and may need to buy formula milk)
Council tax £123
Gas/elec combined £92
Vehicle (inc. tax, ins & maint) £75 See fuel below.
Telephone (inc. 2x mobiles) £50
Pet (inc. food, ins & routine vet bills) £48
Fuel £40 This and a train season ticket? can you justify a car and using public transport?
Water £35
Home insurance (B&C) £30 Is this for the mortgaged house? will this go when you leave? (the figures on here should be as of the day you go BR) You will need contents insurance though!
Clothing/haircare (mainly kids stuff esp. shoes!) £20 Up this .. . List them separately as well (£10 per adult for haircuts is approx what's allowed)
Mortgage related life ins £17 Presumably this will go when you move out of mortgaged house?
Healthcare (e.g. opticians/dentist) £15 (I'm a glasses wearer) Up this a bit £10 each
TV license £12
SUB-TOTAL £1577

What do you think?

Prescriptions? Car breakdown cover are a couple of other ones you might be able to add!

Also you may be able to get away with either a holiday fund or emergency fund or similar.

HTH

On_A_Mission_7

Am I right in thinking that if the expenses are more than the incoming then BR can be refused? We don't have a lot of leeway based on the local rental prices

Waspeze

I'm sure there are some on here that have had higher expenditure than income and haven't had any problems... the judge may mention it but just say you're looking at ways to cut your spending

On_A_Mission_7

Just to clarify - my husband commutes to work on the train and I have the car to get around with the littl'un, soon to be 2 littl'uns. I daren't even try and contemplate getting the shopping and 2 kids on public transport - EEK!

We've been advised (although am not convinced) that we will be given a grace period of 12 months to get out of our home with us having one child under 2 and another due in Jan so I thought we still had to have adequate insurance whilst continuing to live here. Once we do eventually go into rented though, yes, they will go and be replaced by tenants contents insurance.

oneandonlyboy

Cars are mainly allowed if it is the sole way you can get to work.If public transport is cheaper then the OR will disallow the car. I know it will be harder to use public transport but this is one of the downsides of going bankrupt.I know it sounds hard but the OR is just doing there job.:(

Waspeze

On_A_Mission wrote: »

Just to clarify - my husband commutes to work on the train and I have the car to get around with the littl'un, soon to be 2 littl'uns. I daren't even try and contemplate getting the shopping and 2 kids on public transport - EEK!

Ahhh .. ok ... I thought it was just you and the two little 'uns ! You will still need to prove that you "need" the car and it's not just a convenience though, so might be worth getting some sort of price and time comparision done (comparing car expense with taxis, buses etc)

We've been advised (although am not convinced) that we will be given a grace period of 12 months to get out of our home with us having one child under 2 and another due in Jan so I thought we still had to have adequate insurance whilst continuing to live here. Once we do eventually go into rented though, yes, they will go and be replaced by tenants contents insurance.

Ok.. if you'll still be living there when you go BR then that should be ok

december

You basically have to justify why you need the car for the OR to make it exempt and why public transport would not be a viable option e.g. how far away you live from local shops (if you live in the countryside), how frequent (or not) the buses are and how long the journey would take. The cost of public transport versus a car is also in question. For me the justification was not that I needed it to get to work as much but that I look after in a sense two relatives who are both elderly.

December

ETA- there was a sizeable sum between our outgoings and our incomings. The OR did ask me about that and how we had kept going. The answer was my family and his had helped us. At the end of the day the deficit which is there already, or which is created including the cost of repaying credit is that which makes you insolvent anyway.

On_A_Mission_7

Technically, I am also self-employed and need the car to transport the books I sell to events and home parties. I have been so lousy so far this pregnancy though that I've had to practically stop trading for a while with a view to getting it back up and running properly once baby is born and out of newborn stage so in 12-months time at a rough guess. Hence me not putting an income for myself at this stage.

dalip

On_A_Mission wrote: »

This is only a first attempt and I'm sure it will be tweaked and modified as BR day draws nearer but would you mind casting an eye over my I&E and letting me know if it seems realistic...

Salary £1505 (net after deductions inc. train season ticket loan of £181 p/m)
CTC £40 (will go up in Jan)
CB £70 (will also go up in Jan)
SUB-TOTAL £1610

Rent allowance £650 (stopping paying mortgage next month and will be saving this up to pay BR fees and move into rented)
Housekeeping £370 (could be optimistic as I will have 2 babies in nappies come Jan and may need to buy formula milk)Make this £400
Council tax £123
Gas/elec combined £92this seems high might consider dropping it slightly
Vehicle (inc. tax, ins & maint) £75same here bit steep
Telephone (inc. 2x mobiles) £50make this £60 and scrap the internet unless you can prove it is needed for work
Pet (inc. food, ins & routine vet bills) £48sorry no way £20 max
Fuel £40would increase this as £10 a wk is not a lot with todays fuel prices
Water £35
Home insurance (B&C) £30usully only allow £20
Sky (inc. TV, internet & calls) £21see note on telephone
Clothing/haircare (mainly kids stuff esp. shoes!) £20Make this at least £80 and put hair seperate at £25
Mortgage related life ins £17will this stop when the house goes?
Healthcare (e.g. opticians/dentist) £15 (I'm a glasses wearer)normally £10 pp allowed for dentist,opticians and perscriptions
TV license £12
SUB-TOTAL £1598

What do you think?

Does that help at all. I have lowered some and upped others as not all OR's will add things for you but they sure as hell will cut em back.D