Help. Advice needed re: Cars

In_Deep_2

maxmycardagain wrote: »

er, have you actually READ any info on here?, i meant a IPO/IPA

this is a monthly payment ONCE you go BR, from your surplus, which we cant calculate cos you havent posted an SOA

my point is that as the OR wont accept your request to allow HP payments for £31,000 worth of cars he will include that as additional surplus

he will set a IPO/IPA at 70% of any surplus

as your OH is getting a "very well paid job" (your words), you can expect a IPO of £600+ (£350 alone due to the car HP) or more, per month, for THREE years...................

I don't speak text language so and ipo & ipa means nothing to me I don't even know what an soa is so if you are trying to advise me you need to do it more clearly. If you expalin then maybe I can leave the right information.

maxmycardagain

ah, right

OR - Official reciever (he who calls the shots)
BR Bankruptcy
IPA/IPO Income payment agreement/order (payment to the OR from surplus)
BRU Banking Restriction Order (upto 15 years extra bad credit file)
SOA - Statement Of Affairs (income/outgoings/secured debts/unsecured/assets)

i wouldnt mind a t/o of 1/4 mill.....

a little light reading

http://www.insolvency.gov.uk/

are you a ltd company?
are you a sole trader or joint with your OH (hubby/ Other Half)
any mortgage?

maxmycardagain

HP - Hire Purchase (or Perches if your a budgie...)

In_Deep_2

maxmycardagain wrote: »

i wouldnt mind a t/o of 1/4 mill.....

a little light reading

http://www.insolvency.gov.uk/

are you a ltd company?
are you a sole trader or joint with your OH (hubby/ Other Half)
any mortgage?

Why do you feel in necessary to riducule me whenenver I say something, don't you think its bad enough without your arrogant attitude. I would actually rather you did not reply to my posts if you don't mind because you are making this very difficult for me when I feel I have to defend myself all the time. I am looking for structural sound advice not petty banter. I AM IN TROUBLE I KNOW THAT I AM JUST LOOKING FOR SOME ASSISTANCE WHICH IS WHAT I THOUGHT THIS SITE WAS ALL ABOUT.

OhDear

Try to find time to read the "Stickies" at the top of this forum. It will help a great deal. You can then raise specific questions about anything you are unclear on.

HTH (hope that helps)

t0mm

It would be very helpful to the people on this forum if you could visit the following page and complete the form:

http://www.makesenseofcards.com/soacalc.html

It will ask you for details of all of your income and expenditure, from salaries to benefits and from mortgage payments to pet bills.

After completing the information, there is a button towards the bottom that says "format for MSE" - copy the contents of that window into a post on this thread and someone will come back to you with advice on how an Official Reciever (OR) would look at your finances and assets.

In_Deep_2

[Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 4500
Partners monthly income after tax....... 0
Benefits................................ 72
Other income............................ 533
Total monthly income.................... 5105

Monthly Expense Details
Mortgage................................ 2501
Secured loan repayments................. 1286
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 187
Electricity............................. 80
Gas..................................... 50
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 40
Mobile phone............................ 10
TV Licence.............................. 11
Satellite/Cable TV...................... 21
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 20
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 10
Buildings insurance..................... 44
Contents insurance...................... 26
Life assurance ......................... 29
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 4929

Assets
Cash.................................... 0
House value (Gross)..................... 415000
Shares and bonds........................ 0
Car(s).................................. 31000
Other assets............................ 0
Total Assets............................ 446000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 405000...(2501).....0
Secured Debt.................. 72000....(1286).....0
Total secured debts........... 477000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
cc.............................6500......248.......0
cc.............................5278......300.......0
cc.............................6200......200.......0
PG for business................10500.....465.......0
PG for business................35000.....515.......0
cc.............................9300......0.........0
cc.............................4200......0.........0
cc.............................7700......200.......0
cc.............................12000.....350.......0
cars...........................27000.....764.......0
cc.............................1472......200.......0
Total unsecured debts..........125150....3242......-

Monthly Budget Summary
Total monthly income.................... 5,105
Expenses (including secured debts)....... 4,929
Available for debt repayments........... 176
Monthly UNsecured debt repayments....... 3,242
Surplus(deficit if negative)............ -3,066

Personal Balance Sheet Summary
Total assets (things you own)........... 446,000
Total Secured debt...................... -477,000
Total Unsecured debt.................... -125,150
Net Assets.............................. -156,150


Sorry forgot to add property value for property abroad just redid calculation



This is all of it property abroad also added as is mortgage abroad on the additional income section my husband also gets a car allowance of 6300 per year which will cover his HP but not mine. But I have added HP totals etc.

deedee_3

How many people is this for?

In_Deep_2

It is for both myself and my husband we are joint directors and he has 2 PG's for company I have one

philnicandamy

didnt you mention a son & school runs? as well as a son living away as well at the beginning of the post