Help. Advice needed re: Cars

In_Deep_2

philnicandamy wrote: »

It helps to know how many people are living with you thats why deedee asked if it was an SOA for 2 adults and one child

Sorry I get you now the soa is for myself, my husband and one child aged 7.

deedee_3

In_Deep wrote: »

[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 Your secured loan will not be included in bankruptcy. As your mortgage and SL is so high the OR may require you to move into rented if it will be cheaper.
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 £12
Satellite/Cable TV...................... 21 Not allowed on your SOA, will have to come out of surplus.
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50 Could up to £100
Petrol/diesel........................... 40 This is very low are you sure this is all you spend, especially as you are trying to keep a car.
Road tax................................ 10
Car Insurance........................... 20
Car maintenance (including MOT)......... 10 Low
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 £5 per week for childrens activities
Medical (prescriptions, dentist etc).... 14 Could up to £25
Pet insurance/vet bills................. 10 could up to £20
Buildings insurance..................... 44
Contents insurance...................... 26
Life assurance ......................... 29
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 OR may cut but leave and see.
Haircuts................................ 0 £10 per adult £5 per child
Entertainment........................... 0
Holiday................................. 0 £40
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.

Drycleaning? Breakdown cover?

Hope that helps in seeing how the OR may look at your SOA.

In_Deep_2

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 Your secured loan will not be included in bankruptcy. As your mortgage and SL is so high the OR may require you to move into rented if it will be cheaper.
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 £12
Satellite/Cable TV...................... 21 Not allowed on your SOA, will have to come out of surplus.
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50 Could up to £100
Petrol/diesel........................... 40 This is very low are you sure this is all you spend, especially as you are trying to keep a car. I only have a little car and £10 per week is sufficient for school run etc yes. My car is warrantied and breakdown cover is free with car.
Road tax................................ 10
Car Insurance........................... 20
Car maintenance (including MOT)......... 10 Low I don't expect to pay any for at least 2 years anyway
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 £5 per week for childrens activities
Medical (prescriptions, dentist etc).... 14 Could up to £25 My prescriptions are free because I have 2 serious medical conditions this is purely for my husband. Obviously son's is free.
Pet insurance/vet bills................. 10 could up to £20
Buildings insurance..................... 44
Contents insurance...................... 26
Life assurance ......................... 29
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 OR may cut but leave and see.
Haircuts................................ 0 £10 per adult £5 per child (per month???)
Entertainment........................... 0
Holiday................................. 0 £40 (I don't think I will be getting any more)
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.Drycleaning? Breakdown cover?

Hope that helps in seeing how the OR may look at your SOA.

skylight

Right - I need to get a few bits straight in my own mind so have some questions - lets start with

Income - Is the benefits child benefit I assume??? Whats the other income for and how is it made up?

Your home - You state that although its up for sale it will ultimately be repossessed. Are you aware that the secured lenders will put a stop to the sale of the property at those figures?? When the house is sold a condition of the sale and contracts with secured lenders is that the loans are paid off. If you were to get the £415k value there is a huge shortfall of £62k and the secured lenders will block a sale. I think that trying to sell is going to be more stressful for you than things already are.

Are you in arrears with the mortgage and secured loans? If you have accepted thats its going to be repossessed, are you looking at renting comparable properties in your area?

How much is your property abroad valued at?? I can't see the values in your SOA at all! (Probably trying too hard to find it!). Is this owned outright or is there a mortgage on that too?? If so, can you let me know how much value/outstanding etc. Are you planning on selling this for monies to go the OR, or are you just planning on handing it to the OR?

In_Deep_2

I am trying to sort my house here out at the moment I currently live in a rented house rent is 1000 per month my daughter lives in my house and pays the mortgage but I hvae had to tell her whats going on so she can move out. (I have done this because she is pregnant and I don't want her to be in the house if its repossessed. So I was told it may be better to put house on the market but won't bother if I don't have to and could just hand keys back to lender. Only bought the property 18 months ago on an interest only mortgage fixed for 2 years so it has lost money now of that we are sure. I have lumped the value of my property abroad in with my property here and likewise I have lumped the mortgages together. Again I bought that 3 years ago at the peak of the property market probably paid over the top for it but I did put down a 20% deposit so it may break even.
I don't know whether to sell it or let daughter buy future residual interest in property abroad and try to keep it. If it has to go then so be it but if its in negative equity then whats the point my daughter would pay half of the mortgage on it for me to keep it. I am currently not in arrears on anything but will be after next week when company folds we will have no income until the end of January so hubby may have to sign on for a month, this has all happened so quickly its taken over our lives. We have no savings and have had to put more on cards to cover Christmas this year. My other income is child benefit hubby will be getting a car allowance of 6300 pa and my ex husband still owes my child support going back several years which he pays at the meagre amount of £2 per week.

maxmycardagain

as hubby has a good job lined up id say go for vol repo, dump all the mortgages, get rid of the cars, start from scratch with a half decent (even hired - some good deals going at the moment) for hubby and a cheapo runaround for you, after all hubby will be on £70K - rent somewhere and all the directorships. LTD comps, personal guarantees, mortgages, loans, credit cards and debts will be history

maxmycardagain

i can rent a brand new car for £300 a month, inc insurance and all breakdown and servicing, in 3 months on good money your hubby could buy a car outright, and the HP wouldnt even be an issue, IPO notwithstanding of course.

with regards to IPO/IPA's...

from another thread

asquiths wrote: »

Hi my husband declared himself bankrupt last October and since then we have been paying the official receiver a monthly sum. As the credit crunch hits we are finding it difficult and are only just scraping this money together. I have just found out I am expecting a baby. I was wondering if this makes a difference to the OR payments and whether my husband should be informing them?

thanks in advance xx

skylight

I personally do not think its worth allowing your daughter to buy the beneficial interest in your property - in order to keep it, all arrears (future ones), mortgage payments and secured loan payments must be kept up to date. There is an awful lot of money to find for something that has lost that much value. Plus your OR will probably decide that the amounts are far too much to be allowed on your SOA anyway - they are incredibly high together.

As already mentioned - the cars do not belong to you, so they are not assets you can add onto your SOA anyway. As they are on HP, they will belong to the HP company. You need to check out the contracts for them and the bankruptcy clauses. With such a great allowance, the HP company will hopefully allow your OH to keep his car and hopefully the OR will allow it too as your OH is getting these payments covered - your argument here is that your OH is employed in such a position that a car of a particular standing is necessary for seeing clients etc or the job is at risk. Yours is not so secure.

I am going to have a look at the SOA now.

maxmycardagain

In_Deep wrote: »

I am trying to sort my house here out at the moment I currently live in a rented house rent is 1000 per month my daughter lives in my house and pays the mortgage but I hvae had to tell her whats going on so she can move out. (I have done this because she is pregnant and I don't want her to be in the house if its repossessed. So I was told it may be better to put house on the market but won't bother if I don't have to and could just hand keys back to lender. Only bought the property 18 months ago on an interest only mortgage fixed for 2 years so it has lost money now of that we are sure. I have lumped the value of my property abroad in with my property here and likewise I have lumped the mortgages together. Again I bought that 3 years ago at the peak of the property market probably paid over the top for it but I did put down a 20% deposit so it may break even.
I don't know whether to sell it or let daughter buy future residual interest in property abroad and try to keep it. If it has to go then so be it but if its in negative equity then whats the point my daughter would pay half of the mortgage on it for me to keep it. I am currently not in arrears on anything but will be after next week when company folds we will have no income until the end of January so hubby may have to sign on for a month, this has all happened so quickly its taken over our lives. We have no savings and have had to put more on cards to cover Christmas this year. My other income is child benefit hubby will be getting a car allowance of 6300 pa and my ex husband still owes my child support going back several years which he pays at the meagre amount of £2 per week.

erm.............you didnt mention renting

GirlyGirl_2

Can you really not tread water until your husbands job kicks in ?
Bankruptsy seems a bit extreme in your case, i'd cut back and sort it.