Bankruptcy Question

tigerfeet2006

Jaks wrote: »

My SOA

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 2102.24
Other income............................ 0
Total monthly income.................... 2102.24

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 476.66
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 156 This is very high does it include arrears? If it is th it will go into your BR.
Gas..................................... 0
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 34
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 20 This is not allowed on your SOA and will have to come out of your surplus.
Internet Services....................... 0
Groceries etc. ......................... 360 you could up this to at least £600
Clothing................................ 50 This could be upped
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 50 what does this include?
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 leave this but the OR may cut it.
Haircuts................................ 20 £10 per adult and £5 per child
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 50 leave this but the OR may cut it
Total monthly expenses.................. 1455.66

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Provident......................5549......344.......0
Greenwoods.....................2048......248.......0
Argos..........................473.......30........0
Capital One CC.................496.73....46........30.9
Capital One CC.................1279......65........30.9
Lloyds TSB CC..................1254......45........0
Littlewoods CC.................1754......85........37.9
Moorocroft.....................600.......50........0
Studio.........................982.......45........0
Fashion World..................639.25....35........0
Littlewoods Catalogue..........2254......75........0
LTSB Loan......................5549.82...161.4.....16.9
LTSB Loan......................14000.....239.9.....15.7

This Budget is for a family of 6. Its for 2 Adults and 4 children (aged 1,4,13&15). The two youngest still wear nappies.

Hope that helps some.

Edit: you need to put something down for prescriptions, dental and opticians unless you get them free.

homeschooler

Jaks wrote: »

My SOA

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 2102.24
Other income............................ 0
Total monthly income.................... 2102.24

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 476.66
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 156
Gas..................................... 0
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 34
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 360 This seems really low for 6 of you. I put 433 and that was just for 4 of us.
Clothing................................ 50 again I would up this I put 100 inc footwear
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20 I would up this too. Do children have bus fares for school and for you to go shopping. We put 80 on ours
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20 you are allowed 10 per adult and 5 per child
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 50
Total monthly expenses.................. 1455.66

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Provident......................5549......344.......0
Greenwoods.....................2048......248.......0
Argos..........................473.......30........0
Capital One CC.................496.73....46........30.9
Capital One CC.................1279......65........30.9
Lloyds TSB CC..................1254......45........0
Littlewoods CC.................1754......85........37.9
Moorocroft.....................600.......50........0
Studio.........................982.......45........0
Fashion World..................639.25....35........0
Littlewoods Catalogue..........2254......75........0
LTSB Loan......................5549.82...161.4.....16.9
LTSB Loan......................14000.....239.9.....15.7

This Budget is for a family of 6. Its for 2 Adults and 4 children (aged 1,4,13&15). The two youngest still wear nappies.

You can include school dinners, trips, uniform etc, I would just generally up the living cost a bit as they seem really low for a family of 6. If you have a surplus of over 99 then the OR may look at an IPA (?) where you have to make a contribution of 50% of the surplus income to your creditors for 3 years. Although I am not sure if you are on benefits whether they can do so.

You have probably cut back to the absolute minimum because of paying your debts but the figures have to be reasonable so you can live without starving yourselves after BR.

I found CCCS were really helpful in filling in the BR forms as are the people on here.

All the best
Emma

tigerfeet2006

Homeschooler she won't get an IPA as all her income s benefits.

dalip

tigerfeet2006 wrote: »

Hi and welcome to the board Jaks.

Dalip does NDL do a debt thingy as well? I thought it was CCCS.

Yes sorry i got mixed up NDL is good for letters to creditors.



Thanks tiger:A

Jaks

Thank Emma - I have been living on a lot less due to debt repayments, but I will redo the forms and up the allowance. I guess I am used to living like this. The child related expenses are clubs and pocket money and school trips.

How much can I allow for clothes and shoes?

Jaks

Jaks

I took on board your suggestions about my SOA and I now have only £236 to devide between my creditors -so on a DMP it would take over 14 years to pay it, and as our income will go down twice other the next 3 years it will take even longer to pay off on a DMP - so Banckruptcy seems to be the way to go and make a fresh start.

Thanks again for your suggestions

Jaks

Purplekylie22

What about council tax, do you not pay that becuse of the benifits, like other, I would up your groceries to 600and add more for school dinners e.t.c more for travel for shopping e.t.c

Jaks

We recieve Council Tax Benefit and Housing Benefit.

I have tried to do a debt remedy on the CCCS website and I get as far as putting down my utility bills and then I keep getting session expires - I guess it doesn't like the price of my electricity as it always comes up with session expires after I get a pop up asking if my electric amount is correct.

Jaks

tigerfeet2006

Jaks do you want to pop up your new SOA on the board so we can just have a final look.

Jaks

My Updated SOA

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 2102.24
Other income............................ 0
Total monthly income.................... 2102.24

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 476.66
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 156
Gas..................................... 0
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 34
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 600 (upped from 360)
Clothing................................ 100 (upped from 50)
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80 (Upped from 80)
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 40 (upped from 20)
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 50
Total monthly expenses.................. 1,825.66

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly.. .APR
Provident......................5549......344...... .0
Greenwoods.....................2048......248...... .0
Argos..........................473.......30....... .0
Capital One CC.................496.73....46........30.9
Capital One CC.................1279......65........30.9
Lloyds TSB CC..................1254......45........0
Littlewoods CC.................1754......85........37.9
Moorocroft.....................600.......50....... .0
Studio.........................982.......45....... .0
Fashion World..................639.25....35........0
Littlewoods Catalogue..........2254......75........0
LTSB Loan......................5549.82...161.4.....16.9
LTSB Loan......................14000.....239.9.....15.7

This Budget is for a family of 6. Its for 2 Adults and 4 children (aged 1,4,13&15). The two youngest still wear nappies.