Is BR the best option??

oliviarosejackson

Your not a silly little girl at all...your facing upto your problems and that takes a big person.:j
I doubt they'd allow such a large amount, if any, for presents (you will still have your child benefit etc to help with those, so your little un won't go without)
It is all confusing and there really are no 'allowed' amounts as such.
Breakdown cover for the car would be a good idea..if you haven't got it, get it now. You can then add it to your SOA without any problems.
I'd certainly put in something for child related expenses..they all like to join brownies/dancing/swimming etc.
As its obvious that you don't pay for opticians/dentist and prescriptions, then i'd leave that at zero.

Please remember that some of your benefits won't be taken into account for your outgoings, so that reduces your left over amount.

Good luck and you really will be fine.

Yeah my daughter does go dancing and i really need to get her into swimming lessons as she is not very confident in the water.

I have been told that CB does not get taken into account, so i can put that away for xmas and birthdays.

I have never thought about breakdown cover, will have to look into it.

Thank you for all of the advice. Really do appreciate everyone being so kind and wanting to help.

oliviarosejackson

It might be worth splitting up your benefits. Not sure but you might be able to up your housekeeping I am sure an expert will be able to tell you. Check what is reasonable rent in your area, you may be able to up your rent with your parents espially as their bills must be rising because that is what is happening at the moment.

Thanks for that.
Tax credits £115.49 per week =£461.96 pm
Child Benifit £18.80 per week = £75.20pm

Their bills are rising every month and i feel awful that i cant help them more...

deedee_3

Originally Posted by oliviarosejackson
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 552
Partners monthly income after tax....... 0
Benefits................................ 535
Other income............................ 0
Total monthly income.................... 1087

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 300 I would get your parents to up your rent even if they don't take all of it. Think they are allowed £350 a month without paying tax on it.
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 70 Is this really this low.Do you think that is low, I think its really high at the moment I feel it is others may differ.
Road tax................................ 10
Car Insurance........................... 56
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 Does your child do swimming or things like that? £5 per week. My daughter does dance lessons at £6.60 per week. Well put that down then
Medical (prescriptions, dentist etc).... 0 £10 each for prescriptions, opticians, dentists. I get that free from my tax credits
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70 You could try for £20 but this is one where some allow some don't.This worries me. How do you cope when xmas time comes?? I have a 5yr old and that time of yr is expensive. Have a search on the old style and DFW boards for hint's a tips for saving money for Christmas.
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 861

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
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,087
Expenses (including secured debts)....... 861
Available for debt repayments........... 226
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 226

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Thank you for all of your help with that

With having more surplus over without debts why not 'pay' them some towards the utilities etc. Weather they take it or not is up to them.

oliviarosejackson

Thanks for that deedee,

i thinkWith having more surplus over without debts why not 'pay' them some towards the utilities etc. Weather they take it or not is up to them i might do

Was wondering if it would be worth reducing my hours at work, or would that be a silly idea?? As i worry that if i do go BR, they will not accept my SOA and will tell me i need to pay the same as i am now - which i cannot afford.

dalip

oliviarosejackson wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 552
Partners monthly income after tax....... 0
Benefits................................ 535
Other income............................ 0
Total monthly income.................... 1087

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200i would go for about £240
Clothing................................ 50try for £70
Petrol/diesel........................... 70up this to £100
Road tax................................ 10
Car Insurance........................... 56
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0dance lessons £30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70try for £30 and hope for the best
Haircuts................................ 20£15
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 861

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
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,087
Expenses (including secured debts)....... 861
Available for debt repayments........... 226
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 226

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

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

By my calculations that makes you surplus about £7 a month so even if the OR disallows the holiday/xmas fund(which many do) that still makes your surplus only £87,not enough for an IPA and then they will not take into consideration you child benefit, so well below the threshold for one to be imposed. Try not to worry. I would be very suprised if the OR made you pay an IPA. D

deedee_3

Do you know what I was reading Olivia's income as £1187, I'm cracking up

dalip

Yes we all start to go crosseyed after a bit:D ,this forum is so addictive. I am off to get my eyes tested today:eek: .Not sure how it works when on JSA?.D

oliviarosejackson

By my calculations that makes you surplus about £7 a month so even if the OR disallows the holiday/xmas fund(which many do) that still makes your surplus only £87,not enough for an IPA and then they will not take into consideration you child benefit, so well below the threshold for one to be imposed. Try not to worry. I would be very suprised if the OR made you pay an IPA. D

Thank you for that deedee. Do you think that i will be allowed to add that much on?? Im sure everyone is that same and thinks they will be allowed nothing and will not be able to live. But i cant be any worse than how much i am paying now... I have a save as you earn set up with work and it is due to mature in Feb, how would that work within a BR?? Depending on the share price (which is terrible at the mo) I would get around £900. Would i need to give that to the OR??

There are so many questions I want to ask, but feel so cheeky, as I have asked so many already... As i want to know all the ins and outs of it. So i know everything to expect. I want to make sure I am doing the right thing this time - unlike last yr when I got scared and went with the first company that offered me advice.

Yes we all start to go crosseyed after a bit:D ,this forum is so addictive. I am off to get my eyes tested today:eek: .Not sure how it works when on JSA?.D

Good luck with your eye test today dalip and thank you for all of your help.

dalip

You can but try;) . That is the one thing which is a major problem on this forum. OR's are not consistent in what they allow. I was allowed an emergency fund/pet insurence/hol fund.Then another poster comes long and they were not allowed any of those things.
Just because you put down £240 for food does not mean you HAVE to spend that amount every mth,you cut back where you can in order to put some money towards other things. The going rate seems to be £165-£170 for food so you are only adding another £70 per mth for our daughter which is equal to about £17.50 a wk, not a lot really is it?.The same with petrol it is only £25 a wk which at todays prices is not going to get you far!

You ask away it is far better for you to go into this knowing everything like you say. I too tried to jump into an IVA before i went bc,without knowing all the in's and out's. Mine was refused due to my level of debt and income. 7 mths own the line i am really glad did. Took some adjusting but i did get there in the end.

I really don't know what would happen with your save as you earn thing. I suspect you may have to hand it or part of it over but don't quote me on that.Maybe fermi would know.
All the best D

Oh and thanks. I know i need new lenses(can hardly see out of these now)but worried about the cost of frames. If i am not on here for the nxt couple of days you will know i have had to have new lenses put into these frames i have now,so wont be able to see my computer:eek:

oliviarosejackson

Thanks for all that advice dalip. I have done another SOA, which looks a little better. Me and my mum have gone through all of the bills and split them 3 ways. Do you think that that will be ok?? Are they more willing to accept my SOA if it is done like that?? How long do they monitor my income for?? Also, is the BR likely to be accepted with me failing my IVA?? That is one thing that is worrying me.

I really don't know what would happen with your save as you earn thing. I suspect you may have to hand it or part of it over but don't quote me on that.Maybe fermi would know.
All the best D

I am going to keep it in my head that it will be taken from me, then any other out come would be a bonus.

Oh and thanks. I know i need new lenses(can hardly see out of these now)but worried about the cost of frames. If i am not on here for the nxt couple of days you will know i have had to have new lenses put into these frames i have now,so wont be able to see my computer:eek:

Hehe, hope they didnt cost too much. My daughter has had to start wearing glasses, am so glad she gets them for free at the mo. Will be worried when she is older and wants all of the designer frames. If you do need new frames have you tried looking on ebay?? You can get some lovely frames for half the price and just get your lenses put into them.

I shall put up my new SOA now.