SOA for next Tuesday

jo70

:eek: Hi all-here we go!!

Both myself and OH are filing for bankruptcy next week. We had a really crap year last year with various things. But fortunately for me we are staying together. Regarding finances bankruptcy is our only option.

OH is a self-employed builder, very average monthly income is 1400. I work at a school and my take home wage is 384.05.

Child benefit is £57 p/w, wtc and ct credits amount to £177 p/w.

Family comprises of myself (37), OH (46), 2 sets of twins (14) and (10)yrs.

3 dogs, 7 cats, 3 tortoises and about 60 fish.

We took out a Halifax loan last year-all told about 16000. That is our only joint debt.

If i may i will post outgoings first.

Rent: 520

H/Keeping:650

Gas/elec: 200

Water:32

Phones:90

Travel: 265

Clothing: 87

C/Tax: 120

Car tax/Ins: 60.50

Tv Licence: 11.63

Car(HP) 261.76

Pet food: 40.00

H/Dressing:26

Accountant: 12.50

House Ins: 12.00

School/Kids' expenses 100

House phone/internet: 30

Bit stressed, hope you can help us again

Thanks

peachyprice

jo70 wrote: »

:eek: Hi all-here we go!!

Both myself and OH are filing for bankruptcy next week. We had a really crap year last year with various things. But fortunately for me we are staying together. Regarding finances bankruptcy is our only option.

OH is a self-employed builder, very average monthly income is 1400. I work at a school and my take home wage is 384.05.

Child benefit is £57 p/w, wtc and ct credits amount to £177 p/w.

Family comprises of myself (37), OH (46), 2 sets of twins (14) and (10)yrs.

3 dogs, 7 cats, 3 tortoises and about 60 fish.

We took out a Halifax loan last year-all told about 16000. That is our only joint debt.

If i may i will post outgoings first.

Rent: 520
H/Keeping:650
Gas/elec: 200 This is high, does it include arrears?
Water:32
Phones:90 How many mobiles?, this is quite high
Travel: 265
Clothing: 87 Up to 120 at least
C/Tax: 120
Car tax/Ins: 60.50
Tv Licence: 11.63
Car(HP) 261.76
Pet food: 40.00 Add to housekeeping
H/Dressing:26
Accountant: 12.50
House Ins: 12.00
School/Kids' expenses 100 Up to 120 and call it school dinners
House phone/internet: 30 Call it landline

Bit stressed, hope you can help us again

Thanks

Hi Jo, I've made a few suggestions above, also you don't have anything for:
Prescriptions £10
Dental £20
Pet insurance £15
Activities for children i.e dancing, swimming etc, 1 per child
Breakdown cover

With regards to the car, the OR will probably let you keep it as you don't own it if it's on HP, but the HP company will probably take it back as soon as they hear you are BR.

Hope that helps for starts

december

Hi,
How about holidays?
December

deedee_3

I concur with Peachy and December.

Holidays try £80 it may be cut but if you don't try you don't get.

Haircuts put £10 per adult and £5 per child.

dalip

Opticians £10 pp. Dry cleaning. Round your figures to the nearest £ as well.D

jo70

We have a surplus of about 350, after paying essential bills. Our debt counsellor is adamant we will get an IPA(is IPA right)?
Car on HP she has classed as a priority bill as hubby self-employed builder needs a vehicle for work.Mind you we will be 2 payments behind now as we are sure it will have to go.

We are waiting for accountant to get back to us regarding income and we reckon there will also be a tax bill.

Our 'lady' has been really helpful and has filled in the soas with us and for us. But time is getting closer now and little things are cropping up. Such as the big twins have 2 quid a day for dinners-£20p/w. The boys have 50p a day-2.50 a week. 22.50p/wx4=90p/m. We had 72 p/m. Clothing for 6 people-what do we put? We had 87p/m.
Haven't thought about holiday fund. We get wftc so prescriptions are paid for, also dentistry. OH earns when he works, and he does work very hard, but being self-employed doesn't get holiday or sick pay.
Vey confused.
Help is greatly appreciated-thanking you all
X

peachyprice

Hi Jo,
As I said above, put £120 for school dinners, that will cover you if there are any increases and packed lunches if they go on trips etc. which they tend to do a lot in year 6 before they leave junior school, and clothing at least £120, possibly £150.

As for the van, you really need to read the HP agreement, if there is a bankruptcy clause they WILL take it regardless of what the OR says of whether your OH needs it for work.

jo70

What grounds do people usually get IPAs? 2 people we know very well went bankrupt-gambling was a massive problem for both of them and neither of them ended up with an IPA.
Thanks all-yet again

dalip

Gambling has nothing to do with an IPA it is based purely on surplus income.D

jo70

Thanks for all your replies. The next question is if you do get an IPA when do you find out?
Sorry to keep asking all of these questions

dalip

Some OR's will tell you during the intervew but the majority will write and let you know. Some can take months to set up and you are free to spend the surplus until is set up;) D

Ps dont worry keep asking thats what this whole forum is about:D