HELP NEEDED IVA, OR Bankruptcy #2

jdmcx

hi everyone the other day i wrote the following,

hiya, where do i start 5 months ago i entered into an iva due to my money problems i was in a job with a take home of £330 pw, 3 months ago i changed jobs to save my wife and children staying with me but my new job has a take home of £761 a month...
working tax and child benefit went up but my change in circumstances meant the monthly income dropped by £196...
problem being is rents gone up, tax has gone up.. i've even had to get rid of my pets to another loving home as we can't afford to keep them also my back has started giving me jip' so i'm having to use a back'cracker weekly so that i can keep working...

plus we've just had a bouncing baby boy, i fear the world i give him...

all in all my problem now is that my income is £1865 a month
my outgoing is £1964 a month

all of my outgoings are what cccs tell me i should account for everything ie food, travel and clothing... my outgoings do not include the IVA payments, i have been toying with the idea of bankruptcy, but i dunno what will happen i have no assets except a year old tv and two year old laptop, my cupboards are empty and i can't afford to feed myself sometimes, i feel like a faliure to my children and wife i need advice as the IVA company are due to phone me about payments

MY ACTUALLY OUTGOING IS 2094, I DONE A SOA WHICH I'VE PUT IN HERE.. PLEASE NOTE THAT I AM WITH BLAIR ENDSEBRY... THIS SOA IS WHAT THEY SAY CCCS ALLOW ME AND BLAIR SUGGESTED THE IVA ROUTE, I WORK FOR TESCO SO WOULDN'T LOSE MY JOB IF I WENT BANKRUPT... BUT WHAT JOBS WOULDN'T I BE ALLOWED...

WHERE CAN I CUT BACK??? WITHOUT THEM CUTTING MY THROAT JUST TO KEEP THIS IVA GOING???

ADVICE PLEASE AS I TRUST THIS SITES USERS OPIONIONS, THANK YOU

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 761
Partners monthly income after tax....... 0
Benefits................................ 1104
Other income............................ 0
Total monthly income.................... 1865

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 320
Management charge (leasehold property).. 0
Council tax............................. 140
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 35
Mobile phone............................ 43
TV Licence.............................. 11
Satellite/Cable TV...................... 21
Internet Services....................... 13
Groceries etc. ......................... 520
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 200
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 100
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 22
Life assurance ......................... 60
Other insurance......................... 28
Presents (birthday, christmas etc)...... 50
Haircuts................................ 19
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 50
newspapers/magazines.................... 5
laundry/dry cleaning.................... 10
work/school meals....................... 71
school trips............................ 15
Total monthly expenses.................. 2049

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 600
Total Assets............................ 600

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,865
Expenses (including secured debts)....... 2,049
Available for debt repayments........... -184
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ -184

Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total Secured debt...................... -0
Total Unsecured debt.................... -0
Net Assets.............................. 600

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font

~Beanie~

jdmcx wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 761
Partners monthly income after tax....... 0
Benefits................................ 1104
Other income............................ 0
Total monthly income.................... 1865

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 320
Management charge (leasehold property).. 0
Council tax............................. 140 - This seems high
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 35
Mobile phone............................ 43 - should be able to lower this
TV Licence.............................. 11
Satellite/Cable TV...................... 21 - get rid of it and watch Freeview
Internet Services....................... 13
Groceries etc. ......................... 520 - HOW MUCH :eek: - Are you feeding the 5,000?
Clothing................................ 100 - You can cut this
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 200
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 100 - What is this for?
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 22
Life assurance ......................... 60
Other insurance......................... 28
Presents (birthday, christmas etc)...... 50 - can you cut this?
Haircuts................................ 19
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 50 Get rid for the time being
newspapers/magazines.................... 5
laundry/dry cleaning.................... 10
work/school meals....................... 71 - Take sandwiches!
school trips............................ 15
Total monthly expenses.................. 2049

How many are there in your family?

I realise that the figures quoted are what CCCS allow, but £520 for groceries is astronomical and can easily be cut! Also, some of the other items listed are not really essential and can be cut down. What is the £100 medical/prescription for?

You really need to include your IVA payments as well to give a better picture, how much do you pay each month?

jdmcx

hiya the 140 council tax is high it's normally 110 but we fell behind
the 43 mobile phone is for 2 contracts
the cable we're locked into for another 6 months
the grocieries is for 2 adults, 4 children (1 of which is a 6 month old)

nappies, wipes, baby food, cleaning products and household goods are included in here like beds furniture etc...

the 100 clothes is top end baby clothes last a few months my 4 year old goes through trainers fortnightly and my kids do grow rip and sherd but they are well behaved and they don't wreck stuff on purpose...

the medical is 14 put aside for dental and 14 for eye care when you think how much a filling is this isn't much plus i have to spend 72 a month on a chiropractioner to keep my back together otherwise i couldn't work,

i could cut the presents but as i say i have 4 children, a wife, we both have two sets of parents (step parents included) we have grandparents, aunies uncles, even a little present or card for the important members add up

i could get rid of the emergency fund but i must admit it comes in useful our tumble dryer broke yesterday i know that won't be cheap to replace plus we had to get the washing machine repaired two months ago so you never know

but i agree sandwhiches could be an idea

THE IVA PAYMENTS ARE 242 A MONTH BY THE WAY, BEANIE PLEASE TELL ME WHAT YOU WOULD PUT TOWARDS DIFFERENT THINGS IF YOU HAD MY INCOME, I'M OPEN TO YOUR IDEAS

bozbear

Hi

I have a six month old son and so know how quickly they get through clothes!! I have given a ot of mine away through freecycle network and have also been giften some through the freecycle network. I still buy some but it has saved me a fortune!

Lucy

RAS

Hi

If you decide to go bankrupt, you will have to get your expenditure to match your income, so you need to cut £200 per month off your expenditure whatever happens.

Where are you going to cut this?

And in order to do an IVA, you need a substantial monthly sum towards your debts.

Have you spoken to any of the debt charities http://www.moneysavingexpert.com/loans/debt-help-plan#help and asked for help?

jdmcx

hi ras why does the outgoing have to be the same as the income? where and what would you cut?

RAS

You have to live within your means. At the moment you are demonstrating to any OR that you know you are unable to pay back your debts or even to live within your income. So if you take out any more credit, you are doing so knowing that you cannot pay it back.

Beanie has made some excellent suggestions as to how to cut your expenditure.

latecomer

3 posts and all advertising the same website. Reported.

SouthCoast

i have no assets except a year old tv and two year old laptop, my cupboards are empty and i can't afford to feed myself sometimes,

Who sold you an IVA as you have no assets to protect?