My house

dickoa

Yes read a load of info just to be honest sounds to good to be true just hoping its not if i uploaded my SOA would someone on here be able to give me an idea of what type of IPA i would have again sounds to good to be true can i rent anywhere or does it have to reflect the property your in now

skylight

You can rent any property you like. But obviously commons sense needed! If you are renting a massive pad that is way outside the areas average prices the OR will get miffed. So something comparable should be okay.

At least you can take your pick! You may find something bigger for less money than now in a better area.

Good home hunting!

fiveyearplan

dickoa wrote: »

the overtime is regular at the mo but in the new year it will go away as the trainees we have will be passed out

If you do get hit with an IPA and your income goes down then it will be reassessed.

Good idea to put up you I&E and we can make sure you put everything on it.

dickoa

Problem is its not quite finished as we would be moving out its just a forecast of what we think it would be i write it out anyways and you can tell me what ya think just vto give you a bit of background were both 24 and have a little boy who is 1 and a halfso here goes

Rent- 800
Council Tax-

fiveyearplan

Oops, not much expenses there then!

dickoa

Problem is its not quite finished as we would be moving out its just a forecast of what we think it would be i write it out anyways and you can tell me what ya think just vto give you a bit of background were both 24 and have a little boy who is 1 and a halfso here goes

Rent- 800
Council Tax- 110 (at the mo for current house)
Gas and Elec- 140 (expensive i know)
Water - 50
Car insurance- 50
Mot/Service - 20
TV lience - 12
Food - 320
Sat tv- 21
Road tax - 20
Petrol- 120
Clothes- 80 (for all of family)
Hairdressers - 10
Prescription- 10
Hobbies - 20 (swimming little boy)
Papers mags- 5
Pocket money/ child trust fund - 10
Emergancies - 20
Contents insurance- 20
Mobile phone house phone and internet- 80

Think thats about it for the forecast
Now debts wise at the mo me first
Per month
50 CCJ now charging order for 15000
262 Secured loan welcome fiance 16000
1022 Mortgage including 2 months arrears
0 paying them nothing at the mo payday loan 950
0 paying them nothing at the mo payday loan yes another one 450
0 paying them nothing at the mo payday loan yes another one 750
0 paying them nothing at the mo payday loan yes another one 600
0 paying them nothing at the mo payday loan yes another one 400
0 paying them nothing at the mo payday loan yes another one 200
0 paying them nothing at the mo swift car insurance 163
0 paying them nothing at the mo lowell group hsbc overdraft 600
42 alliance and leicester on 9500
50 hsbc gold card some debt collection company dont know who 1900
Total not including mortage 46,513
Paying per month inclucing mortage 1426 that just on debts
My other halfs debts

0 vanquish (cant afford to pay anything) 650
0 Hsbc loan (cant afford to pay anything) 3000
0 Lloyds tsb (cant afford to pay anything) 3000
0 Alliance and leicester unauthiresed overdraft 700 cant afford
0 Argos additions (cant afford to pay anything) 3000
Total 10350 not making any payments to these

Incoming

2150 without ot usually alot more
420 my other halfs wages

My other halfs wages go on

Chilodcare - 250
Petrol - 100
Phone(mobile)- 45
Work food - 20

This might not make any sense whatsoever hope this helps

Many thanks

fiveyearplan

dickoa wrote: »

Problem is its not quite finished as we would be moving out its just a forecast of what we think it would be i write it out anyways and you can tell me what ya think just vto give you a bit of background were both 24 and have a little boy who is 1 and a halfso here goes

Rent- 800
Council Tax- 110 (at the mo for current house)
Gas and Elec- 140 (expensive i know) Mine is similar
Water - 50
Car insurance- 50
Mot/Service - 20
TV lience - 12
Food - 320
Sat tv- 21 won't be allowed (it'll have to come out of surplus so don't list it)
Road tax - 20
Petrol- 120
Clothes- 80 (for all of family)
Hairdressers - 10 I think you can up this
Prescription- 10
Hobbies - 20 (swimming little boy) Not sure
Papers mags- 5
Pocket money/ child trust fund - 10 wouldn't be allowed
Emergancies - 20 ditto, not allowed
Contents insurance- 20
Mobile phone house phone and internet- 80 I think £60 is the maximum and take off internet unless its necessary for work/study

Think thats about it for the forecast
Now debts wise at the mo me first
Per month
50 CCJ now charging order for 15000
262 Secured loan welcome fiance 16000
1022 Mortgage including 2 months arrears
0 paying them nothing at the mo payday loan 950
0 paying them nothing at the mo payday loan yes another one 450
0 paying them nothing at the mo payday loan yes another one 750
0 paying them nothing at the mo payday loan yes another one 600
0 paying them nothing at the mo payday loan yes another one 400
0 paying them nothing at the mo payday loan yes another one 200
0 paying them nothing at the mo swift car insurance 163
0 paying them nothing at the mo lowell group hsbc overdraft 600
42 alliance and leicester on 9500
50 hsbc gold card some debt collection company dont know who 1900
Total not including mortage 46,513
Paying per month inclucing mortage 1426 that just on debts
My other halfs debts

0 vanquish (cant afford to pay anything) 650
0 Hsbc loan (cant afford to pay anything) 3000
0 Lloyds tsb (cant afford to pay anything) 3000
0 Alliance and leicester unauthiresed overdraft 700 cant afford
0 Argos additions (cant afford to pay anything) 3000
Total 10350 not making any payments to these

Incoming

2150 without ot usually alot more
420 my other halfs wages

My other halfs wages go on

Chilodcare - 250
Petrol - 100
Phone(mobile)- 45
Work food - 20

This might not make any sense whatsoever hope this helps

Many thanks

I'm not an expert on I&E's but if you have a surplus your IPA will be a percentage on a sliding scale. Philnicandamy is good at posting this scale so maybe he'll see this thread.

There are many more people on here who will be able to help better than I am but so far looking good and any IPA you may have to pay will certainly be worth getting rid of all the debt that you have!

skylight

dickoa wrote: »

Rent- 800
Council Tax- 110 (at the mo for current house) You should be able to check out current figures for your new place on your local council website. remember though that some will not include parish precepts or fire/police extras, so add £300 to whatever is there for a better estimate!
Gas and Elec- 140 (expensive i know) Does this include a debt? If so then that debt can be included in BR. If not, you can switch. Even in rented accommodation, you can switch. If you move and the landlord leaves you with meters, go to Ebico - cheapest ever for PAYG meters.
Water - 50 Water and sewerage??
Car insurance- 50
Mot/Service - 20
TV lience - 12
Food - 320 Change to £370
Sat tv- 21 This will not be permitted in BR. Add to Phone or something like housekeeping.
Road tax - 20
Petrol- 120
Clothes- 80 (for all of family) Change to £100 for the 3 of you.
Hairdressers - 10 Change to £25
Prescription- 10
Hobbies - 20 (swimming little boy) List as Childrens Activities
Papers mags- 5 Are these relevent to your employment? Won't be allowed otherwise.
Pocket money/ child trust fund - 10 Nope. Sorry. Wont be allowed.
Emergancies - 20 Change this to £50 and mark as Holidays/Xmas/Emergencies. Surprisingly we are allowed a holiday fund but not a birthday or emergency one, so put it all together.
Contents insurance- 20
Mobile phone house phone and internet- 80 Okay, this is high, adding sat TV would be bad. Internet is not allowed unless you need it for your employment. Are the mobiles PAYG? You may or may not be permitted to keep a contract.


Incoming

2150 without ot usually alot more
420 my other halfs wages
These are net take home I assume and not gross??
My other halfs wages go on

Chilodcare - 250
Petrol - 100
Phone(mobile)- 45
Work food - 20 Should be included in household budget - will be told to take a packed lunch!

This might not make any sense whatsoever hope this helps

Many thanks

You need to also list child benefit and child tax credit. These are not included in your I&E the OR will put together, but you must still note them with accuracy.

fiveyearplan

I've just added that up and when you take into consideration the things I mentioned above and add in the childcare I make that to be £2,022 per month. So your wife certainly doesn't need to worry about an IPA. On your form you put how much she contributes to household (I'm assuming this won't be 100% of her wages) so hopefully we can get your IPA down.

Do you have to do the overtime?

skylight

Oh, and you forgot:

Life Insurance (you have a little one, so its essential)
Dentist
Opticians if glasses/contacts wearer
Dry Cleaning - those smart suits for work are essential
Union Fees

And do you run two cars? Are both essential for you two to work? Then your car running costs are low. Whats the values of the cars??