Understanding IPA

peachyprice

As it will be once all your debts are gone

tigerfeet2006

Just do it as it is now and we will point out what can be added or deducted.

NC-Clio

This is what will be once i have had everything settled for me.

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 920
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 920
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 170
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 50
Petrol/diesel........................... 40
Road tax................................ 15
Car Insurance........................... 55
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 12
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 862

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 4500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(170)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 920
Expenses (including HP & secured debts). 862
Available for debt repayments........... 58
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 58
Personal Balance Sheet Summary
Total assets (things you own)........... 4,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 4,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Any thing i should add or take off? Thanks.

This income is without overtime, i have say 2 weeks in a month where i dont do any, the other 2 weeks i do a saturday, when i earn another £50 after tax, this is on average.

tigerfeet2006

NC-Clio wrote: »

This is what will be once i have had everything settled for me.

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 920
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 920
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 170 Is this your car?
Rent.................................... 450 Might be a bit high, I would have said £350/400 but I will let others advise on it.
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0 £180 do you not buy and cook your own food?
Clothing................................ 50
Petrol/diesel........................... 40 Is this really this low?
Road tax................................ 15
Car Insurance........................... 55 Make sure this is fully comp.
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 £20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 Do you not have insurance on your own personal belongings?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 12 £10
Entertainment........................... 0
Holiday................................. 0 £30
Emergency fund.......................... 0
Total monthly expenses.................. 862

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 4500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(170)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 920
Expenses (including HP & secured debts). 862
Available for debt repayments........... 58
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 58
Personal Balance Sheet Summary
Total assets (things you own)........... 4,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 4,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Any thing i should add or take off? Thanks.

This income is without overtime, i have say 2 weeks in a month where i dont do any, the other 2 weeks i do a saturday, when i earn another £50 after tax, this is on average.

Hope that helps a bit.

NC-Clio

Superb i'll have another go, thanks.

Will post my new one.

NC-Clio

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 920
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 920
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 170
Rent.................................... 350
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 180
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 85
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1060

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 4500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(170)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 920
Expenses (including HP & secured debts). 1,060
Available for debt repayments........... -140
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -140
Personal Balance Sheet Summary
Total assets (things you own)........... 4,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 4,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Do you think i should insure contents?

Anything i should add?

It says im spending more than i earn??

Clariman

Hi NC-Clio. Your SOA shows an HP repayment of £170 per month, but it doesn't show the amount borrowed in the "Hire Purchase (HP) debt" line of the "Secured and HP Debts" table. This means that the Personal Balance Sheet Summary is wrong.

Clariman

LilyBart

You should also check your HP agreement for bankruptcy clauses, it differs from company to company. Plenty of threads on here about that subject, so do have a little dig to see previous posters' experiences with HP, cars and OR.