BR Noob

dalip

Hi Jim

Ok a couple of things. Find out what the rental cost are in the area you are looking to settle. Then put that where you have put mortgage. That way it will be able to be tweeked for bc.

Secondly i assume you know about IPA's?.As your income is quite high and i take it you are single,you may get one.

The OR will normally only go back 12-24 mths when investigating your affairs,,unless he suspects foul play. Then they can go back as long as 6 years:eek: .

You can fill in the bc forms either on-line or print off and do by hand. Might be worth you ringing your local court to find out a) if you need to book an appointment for bc or if it's a drop in system and b) how many copies they ask for. Some its one,some it's three.

Here is the link https://www.insolvencydirect.gov.uk/isolv/


There is no such thing as a silly question where bc is concerned so not matter what ask away.Dx

deedee_3

Lensman wrote: »

OK.

CCCS are closed but I did the online thing and have my number.

Here is my SoA. Forgive me for the XXXs on income, but you can see the total still. (I included mortgage, although I have stopped paying it).

Although it might look like I can afford my debts, once the bill for the flat comes in I will have a massive sum to pay and little job security after a couple of years.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ XXXX
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ XXXX
Total monthly income.................... 2553

Monthly Expense Details
Mortgage................................ 795 Do not include on your SOA as you are not paying it.
Secured loan repayments................. 0
Rent.................................... 695
Management charge (leasehold property).. 62
Council tax............................. 105
Electricity............................. 35 Is this really this low?
Gas..................................... 35 Ditto?
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 20
TV Licence.............................. 16 £13
Satellite/Cable TV...................... 10 Not allowed on your SOA, must come out of your surplus. Is it part of a package?
Internet Services....................... 10 Ditto?
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 200 You may have to prove usage so start keeping reciepts.
Road tax................................ 15
Car Insurance........................... 40 Is this fully comp?
Car maintenance (including MOT)......... 50 This is quite hefty and may be cut.
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 £20
Pet insurance/vet bills................. 10 £20
Buildings insurance..................... 0
Contents insurance...................... 7 Wow! this is good Does it include accidental damage?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 Some OR's allow, some do. Leave it and see.
Haircuts................................ 5 £10
Entertainment........................... 10 Not allowed
Holiday................................. 10 £20/30
Emergency fund.......................... 25 usually not allowed, could leave and see.
Total monthly expenses.................. 2435


Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 86000


Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 122500...(795)......6
Total secured debts........... 122500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
P Loan.........................16500.....200.......0
CC.............................9500......200.......0
Barclays Partner...............800.......42........30
Total unsecured debts..........26800.....442.......-


Monthly Budget Summary
Total monthly income.................... 2,553
Expenses (including secured debts)...... 2,435
Available for debt repayments........... 118
Monthly UNsecured debt repayments....... 442
Surplus(deficit if negative)............ -324

Personal Balance Sheet Summary
Total assets (things you own)........... 86,000
Total Secured debt...................... -122,500
Total Unsecured debt.................... -26,800
Net Assets.............................. -63,300

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

Breakdown cover? Drycleaning?

Hope some of this helps.

dalip

OK it's sat morn an i should read more carefully:o .If that i&e is for bc don't include the mortgage as this will be gone.Also forget what i said about rental prices:D .Dx

Lensman_2

Hi Dee.

To answer your questions...
I've just checked and Gas is a DD of £51. Electric is a DD of £29. Both accounts are in credit by about £20 and based on readings.

Thanks for the correction on TV license.

I managed to get Virgin down to £21 a month for the basic TV, phone and internet. Yes, I thought it would come from surplus. The internet is the one I wouldn't want to do without. (I live on my own and it's my major connection with the outside world).

Will keep receipts for petrol now. Thanks.

Car insurance is fully comp. TPF&T only saved about 15% because car is worth so little. The figure includes breakdown cover - should I put that seperately?

Contents insurance is Tesco's basic. (Earlier in the year, I was struggling to feed me and the cats so I tried to minimise everything).

I will dig all the bills out and get these numbers accurate to pence.

Thanks for your help.

Lensman_2

dalip wrote: »

Hi Jim

Ok a couple of things. Find out what the rental cost are in the area you are looking to settle. Then put that where you have put mortgage. That way it will be able to be tweeked for bc.
Sorry if I wasn't clear - I moved about 18 months ago. I am renting so I will put that in.

Secondly i assume you know about IPA's?.As your income is quite high and i take it you are single,you may get one.
Yes - Income Payment Agreement. I was assuming this would last for 3 years if I am a good lad and take 50% of my surplus income. Is that right?

The OR will normally only go back 12-24 mths when investigating your affairs,,unless he suspects foul play. Then they can go back as long as 6 years:eek: . Intending to be completely straight as I know it affects your outcome.

You can fill in the bc forms either on-line or print off and do by hand. Might be worth you ringing your local court to find out a) if you need to book an appointment for bc or if it's a drop in system and b) how many copies they ask for. Some its one,some it's three.

Here is the link https://www.insolvencydirect.gov.uk/isolv/


There is no such thing as a silly question where bc is concerned so not matter what ask away.Dx

Thanks. Jim

LilyBart

Hi Jim,
If you have a surplus of more than £99 pcm, the IPA is on a sliding scale from a minimum of 50% (which kicks in at £100 surplus) to a maximum of 70%. Phil has a useful chart which he will probably post up when he sees this.
Lily

Lensman_2

OK. Here is SoA Mk2 incorporating poster's comments.

I am showing a surplus of £526.46. 70% of that is £368.52. Just under £100 less than I am paying now. And I get a new start by my 50th birthday. An IVA would be paid just before my 60th, assuming I maintain current earnings - which is unlikely.

Edit - or is that £368 added to the £440 I am already paying??? That will hurt...

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ XXXX
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ XXXX
Total monthly income.................... 2553

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 695
Management charge (leasehold property).. 0
Council tax............................. 98.26
Electricity............................. 29
Gas..................................... 51
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 21
Mobile phone............................ 20
TV Licence.............................. 14.21
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 32.33
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 25
Emergency fund.......................... 0
Breakdown Cover......................... 7.91
Total monthly expenses.................. 1583.71


Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 86000


Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 122500...(0)........6
Total secured debts........... 122500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
P Loan.........................16500.....200.......0
CC.............................9500......200.......0
Barclays Partner...............800.......42.83.....30
Total unsecured debts..........26800.....442.83....-


Monthly Budget Summary
Total monthly income.................... 2,553
Expenses (including secured debts)...... 1,583.71
Available for debt repayments........... 969.29
Monthly UNsecured debt repayments....... 442.83
Surplus(deficit if negative)............ 526.46

Personal Balance Sheet Summary
Total assets (things you own)........... 86,000
Total Secured debt...................... -122,500
Total Unsecured debt.................... -26,800
Net Assets.............................. -63,300

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

LilyBart

It would be *instead of* the £440, not in addition to it. First off, you need to round all figures to the nearest whole £ for the petition. (When you're doing this, do make sure you don't end up losing out by rounding down a series of 49pences, if you see what I mean.) TV license is still fixed at £12 as far as an OR is concerned. You might up the clothing allowance. Other than that, I'll bow out and let the experts fine-tune this.

Lensman_2

LilyBart wrote: »

[highlight]It would be *instead of* the £440, not in addition to it.[/highlight] First off, you need to round all figures to the nearest whole £ for the petition. (When you're doing this, do make sure you don't end up losing out by rounding down a series of 49pences, if you see what I mean.) TV license is still fixed at £12 as far as an OR is concerned. You might up the clothing allowance. Other than that, I'll bow out and let the experts fine-tune this.

So, my surplus is £969.29 then?

I think I am confused. Please could someone have an estimate of what the OR is going to take from me?

LilyBart - thanks for the tips on the SoA. I will do that but won't re-post as this thread is getting 'long'.

LilyBart

Um, that's what I make it, as I assume you will be including all unsecured debt in your bankruptcy. But wait for someone more experienced than me to come along. And Phil will post up his chart when he sees this, I'm sure.

One further thing, given how large the surplus appears to be, have things gone so far with the mortgage that you couldn't renegotiate, perhaps let it out to a tenant?