tonights the night to get it sorted

miaoww

Ok - new year new start and all that so heres my diary to bankrupsy - court date on the 14th

Things to do

Got to sort out forms (cant remember how far i got last time)

SOA - updated any comments gratefully recieved
Unsecured debts (me) £22,500 approx
Hubby £4,000
2 adults , 2 kids under 6
All monthly figures

My income 1185.43
Hubby approx 1100.00
c benifit 125
tax credit 39
Total 2476.43

Main bills:
Mortgage 650.00
Secured loan 650.00
Ctax 105.
eon (gas and electric) 105.00
water 37.32
Home / cont ins 38.60
Car 26.11
tv licence 11.61
egg loan (hubby) 83.66
life ins 16.34
life ins (hubby- smoker) 33.51
barclays act fee 16.00
sky 19.50
broadband 10.00
phone (rental) 10.00
phone (calls) 10.00
mobile (hubby- contract til june?) 40.00
Hfc (hp for tv - hubby) 15.88

total - 1878.53

Food 300.00
petrol 100.00
Nursery 62.40
school dinners 21.80
boys brigade 6.00
mother in law (vchild minding) 50.00

total £540.20

I used to give my mother in law £100 a week she looked after the kids before lost my job (she used to do 16 weeks a year for me this has now gone down to £50 a month for her to look after them full time)
I wanted to do vouchers for next xmas again but dont know if they will allow this?
Do they allow costs for birthdays not that we have the money anyway
clothes etc would prob get these via food budget as and when or flog some stuff on ebay to buy the kids some bundles
I havent put anything down for car tax / mot will prob get a mortage break when it due

Phone aptm withh cccs on the 9th to sort out paper work for

few questions

house combined with secured loan leaves us with negative equity as far as have been informed we should be able to keep house and secured loan?
Need car for new job as lot further away and due to the shifts i work public transport wouldnt be any use
would we have to change car - ford focus estate y reg ? dont think selling it for an older one would help regards maintenace / running costs etc?
How do they work out the finances - keeping hubbys debts (he's not going bankrupt as most went under my name)
sky = minimum package normal tv ariel useless so will they allow this ?

anyway heres to struggling on in the new year!
Thanks for all the help and support

miaoww

Forgot - currently trying to reclaim bank carges for a&l under financial hardship expect these would go straight towards bankrupsy if they pay out?
would they split it as in both mine and hubbys name?

miaoww

What will happen regards bank account currently have a joint one - tv / gas/ elecrtic/ ctax etc all in hubbys name - mortgage / secured loan etc in joint all by direct debit - wages go into joint act - wil i / we have to close this act?
can we still pay things by direct debit - i dont trust myself with payment cards etc and havent got time to run around trying to pay these things on time as now working full time
questions questions questions?

peachyprice

Hi Miaow,

When you do your SoA you put all the household bills in full, and your own expenses i.e just your travel, hair etc. You mustn't put down any of your OH's personal outgoings i.e his loan etc, but you only put his contribution under his income, not his whole salary, which should be about 50% of the household bills.

If you're still on the A&L account the charges will go to the OR, but if this account isn't overdrawn you can get your name taken off before BR and OH will get the charges. Which leads to what will happen to bank account, if it is overdrawn your OH will be liable for the whole overdraft, and they'll probably want it paid back pronto.

So whether or not you keep the bank account all hinges on whether it's overdrawn and whether your OH will be able to pay it back. So your OH may have to open another back account anyway and set all the DD's up again.

miaoww

Def not with a&l anymore couldnt afford it! claiming back about £5,000 from 3 years of fees!
got joint act with barclays - no overdraft just that reserve thingy that if you need it and use it you get charged £22 and have to re credit balance within 5 days (or something like that)

tigerfeet2006

How much is the car worth?

You won't be able to have that account. You will have to take your name off it I am afraid. You can have a Barclays Cash account or a Co-op Casminder account.

Do your SOA on this site
http://www.makesenseofcards.com/soacalc.html
format it to MSE and copy and paste it to here.

miaoww

How do i work out the soa - at the mo both incomes go into account and everything (well almost) get paid then whats left goes on food / petrol etc
how do i split this - do I have to split it? do i just half mortage / secured loan etc

peachyprice

Is the A&L account actually closed?
Defo get your name off the Barclays account before BR, that shouldn't be a problem if you're in credit. Once your name is off your DD's can remain as they are and you can still have your wages paid into it.

peachyprice

miaoww wrote: »

How do i work out the soa - at the mo both incomes go into account and everything (well almost) get paid then whats left goes on food / petrol etc
how do i split this - do I have to split it? do i just half mortage / secured loan etc

No, as I said above, you have to put down the household bill in full, then your OH's contribution, not his full wages, to make your SoA balance. So as it is above, but taking out the stuff that is just your OH's and reduce his income by the amount you've taken off. It doesn't matter which account stuff gets paid into or out of.

tigerfeet2006

You put the full amount of all household bills ie mortgage, utilities, council tax. You then put your own personal expenses hair, prescriptions, mobile.

You put your full income and how much your husband pays towards the JOINT household expenses. Not his full wage as he obviously needs to pay his own debts and outgoings.

miaoww

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1185
Partners monthly income after tax....... 1100
Benefits................................ 164
Other income............................ 0
Total monthly income.................... 2449
Monthly Expense Details
Mortgage................................ 650
Secured loan repayments................. 650
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 55
Gas..................................... 50
Oil..................................... 0
Water rates............................. 37.32
Telephone (land line)................... 15
Mobile phone............................ 40
TV Licence.............................. 11.61
Satellite/Cable TV...................... 19.5
Internet Services....................... 10
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 26.11
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 62.4
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 38.6
Contents insurance...................... 0
Life assurance ......................... 49.85
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2405.39

Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 112000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 89000....(650)......0
Secured Debt.................. 77000....(650)......0
Total secured debts........... 166000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
multiple.......................22500.....0.........0
Total unsecured debts..........22500.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,449
Expenses (including secured debts)...... 2,405.39
Available for debt repayments........... 43.61
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 43.61
Personal Balance Sheet Summary
Total assets (things you own)........... 112,000
Total Secured debt...................... -166,000
Total Unsecured debt.................... -22,500
Net Assets.............................. -76,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.