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Decided to do it.....

Right then, we have thought long and hard about it and decided that bankruptcy is the only way forward for us. I have spoken with national debtlinetoday who have advised mw and is going to send out all the paperwork. I have just got to bide my time now, miss payments on my IVA and save the money to pay the courts. I have however gone through a listing to sort out what we pay and could you please take a look and tell me if I have done wrong.
The IVA is worked out on a yearly basis with payments and dived by 12 to get the amounts, I have written them all down monthly so please advise which way is best and, what if anything needs changing. Thankyou





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................ 0
Partners monthly income after tax....... 750
Benefits................................ 772
Other income............................ 0
Total monthly income.................... 1522
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 253
Management charge (leasehold property).. 0
Council tax............................. 82
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 10
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 22
Internet Services....................... 15
Groceries etc. ......................... 300
Clothing................................ 30
Petrol/diesel........................... 100
Road tax................................ 30
Car Insurance........................... 30
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 18
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 5
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1284

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

secured debt 8,000 203
car

Unsecured Debts
Description....................Debt......Monthly.. .
total unsecured debt 46,000 298
iva
Monthly Budget Summary
Total monthly income.................... 1,522
Expenses (including secured debts)...... 1,487
Available for debt repayments........... 35
Monthly UNsecured debt repayments....... 298
Amount short for making debt repayments. 263
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... 8000
Total Unsecured debt.................... 46000
:rolleyes: Money Talks ...
but all mine ever says is Goodbye! :rolleyes:

Comments

  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Right then, we have thought long and hard about it and decided that bankruptcy is the only way forward for us. I have spoken with national debtlinetoday who have advised mw and is going to send out all the paperwork. I have just got to bide my time now, miss payments on my IVA and save the money to pay the courts. I have however gone through a listing to sort out what we pay and could you please take a look and tell me if I have done wrong.
    The IVA is worked out on a yearly basis with payments and dived by 12 to get the amounts, I have written them all down monthly so please advise which way is best and, what if anything needs changing. Thankyou





    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................ 0
    Partners monthly income after tax....... 750
    Benefits................................ 772 Can you separate child benfit, you include it in your income but it doesn't cout towards an IPA
    Other income............................ 0
    Total monthly income.................... 1522
    Monthly Expense Details
    Mortgage................................ 0
    Secured loan repayments................. 0
    Rent.................................... 253
    Management charge (leasehold property).. 0
    Council tax............................. 82
    Electricity............................. 60
    Gas..................................... 60
    Oil..................................... 0
    Water rates............................. 38
    Telephone (land line)................... 10
    Mobile phone............................ 50 This is high, is it a contract?
    TV Licence.............................. 12
    Satellite/Cable TV...................... 22 Not allowed, pay from surplus
    Internet Services....................... 15 Add to landline
    Groceries etc. ......................... 300 400
    Clothing................................ 30 80
    Petrol/diesel........................... 100
    Road tax................................ 30
    Car Insurance........................... 30
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 20
    Childcare/nursery....................... 0
    Other child related expenses............ 0 add childrens activities i.e swimming etc £5 per child per week
    Medical (prescriptions, dentist etc).... 18
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 9
    Life assurance ......................... 5
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 60 Not allowed
    Haircuts................................ 30
    Entertainment........................... 0
    Holiday................................. 0 £60!
    Emergency fund.......................... 0
    Total monthly expenses.................. 1284

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

    secured debt 8,000 203
    car

    Unsecured Debts
    Description....................Debt......Monthly.. .
    total unsecured debt 46,000 298
    iva
    Monthly Budget Summary
    Total monthly income.................... 1,522
    Expenses (including secured debts)...... 1,487
    Available for debt repayments........... 35
    Monthly UNsecured debt repayments....... 298
    Amount short for making debt repayments. 263
    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total Secured debt...................... 8000
    Total Unsecured debt.................... 46000

    Hiya, I've made a few comments for you to work with.

    HTH
    Accept your past without regret, handle your present with confidence and face your future without fear
  • how is this now?


    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................ 0
    Partners monthly income after tax....... 750
    Benefits................................ 772

    this is child benefit 126
    incapacity benefit 372
    child tax credit 274


    Other income............................ 0
    Total monthly income.................... 1522
    Monthly Expense Details
    Mortgage................................ 0
    Secured loan repayments................. 0
    Rent.................................... 253
    Management charge (leasehold property).. 0
    Council tax............................. 82
    Electricity............................. 60
    Gas..................................... 60
    Oil..................................... 0
    Water rates............................. 38
    Telephone (land line)................... 25
    Mobile phone............................ 50

    this is one on contract 25 a month and other on pay as you go

    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 350
    Clothing................................ 30
    Petrol/diesel........................... 100
    Road tax................................ 30
    Car Insurance........................... 30
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 20
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 18
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 9
    Life assurance ......................... 5
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 30
    Entertainment........................... 24
    Holiday................................. 60
    Emergency fund.......................... 0
    Total monthly expenses.................. 1306

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

    secured debt 8,000 203
    car

    Unsecured Debts
    Description....................Debt......Monthly.. .
    total unsecured debt 46,000 298
    iva
    Monthly Budget Summary
    Total monthly income.................... 1,522
    Expenses (including secured debts)...... 1,509
    Available for debt repayments........... 13
    Monthly UNsecured debt repayments....... 298
    Amount short for making debt repayments. 285
    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total Secured debt...................... 8000
    Total Unsecured debt.................... 46000

    user_offline.gif
    :rolleyes: Money Talks ...
    but all mine ever says is Goodbye! :rolleyes:
  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I Think you should put your food and clothes up more, 2 children always need something!

    If you want to get rid of the contract mobile you can add it into your BR and change to PAYG.

    Is it just you going BR or both of you?
    Accept your past without regret, handle your present with confidence and face your future without fear
  • fiveyearplan
    fiveyearplan Posts: 10,143 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Housekeeping should be £500 for a family of 4. Don't worry if you are in negative surplus. Have you taken PP's advice and separated child benefit from your income?
    I'd stick all phone into one 'phone' and make it £60 - thats the maximum for phone.
    Take out entertainment - BR's aren't allowed entertainment.

    :j :j


  • Hi not sure what you mean when you say seperate child benefit from income.
    Hubby brings in 750 every 4 weeks
    incapacity me 186 every 2 weeks
    child credit 68 a week
    family allowance is 125 every 4 weeks

    How does this get listed on the form?

    I think when we actually go we wont have any spare to pay back.
    :rolleyes: Money Talks ...
    but all mine ever says is Goodbye! :rolleyes:
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