Advice for a newbie please

Feelingfoolish_3

Hi, I’m new to the forum but am always on here. I’m feeling pretty foolish right now, realisation has caught up with me. For my sins I’m a debt adviser but obviously not heeded my advice very well. I sat down and went through my debts, like you do in January and can see problems just around the corner. My debts total about £38k. I have a good income and receive child maintenance. However this is reducing due to my ex receiving a pay cut and I now feel bankruptcy might be my best option. Don’t want to do a DMP as I know what creditors are like and as one of my creditors is Northern Rock, then a charging order is inevitable. I have created my SOA and would like anyone’s opinion as although I know the system, I’m feeling pretty scared. Thank you in advance. Like someone else’s post, I feel that I have a good surplus and wonder would I be turned down and told to do DMP?



Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1496
Partners monthly income after tax....... 0
Benefits................................ 120
Other income............................ 400
Total monthly income.................... 2016
Monthly Expense Details
Mortgage................................ 465
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 69
Electricity............................. 49
Gas..................................... 50
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 10
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 50
Internet Services....................... 5
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 33
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 20
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 8
Other insurance......................... 18
Presents (birthday, christmas etc)...... 50
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 30
Total monthly expenses.................. 1474

Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 1800
Other assets............................ 0
Total Assets............................ 86800

Monthly Budget Summary
Total monthly income.................... 2,016
Expenses (including HP & secured debts). 1,474
Available for debt repayments........... 542
Monthly UNsecured debt repayments....... 789
Amount short for making debt repayments. -247
Personal Balance Sheet Summary
Total assets (things you own)........... 86,800
Total HP & Secured debt................. -94,000
Total Unsecured debt.................... -38,150
Net Assets.............................. -45,350
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

JCS1

Judge is unlikely to make you to a IVA instead, from your SOA your liabilities outweigh your assets.

Have you taken advise? Appreciate that you're in the industry, but it may be useful to chat over with someone so it's straight in your head.

Merry_Gentry

Just wanted to say welcome. I'm really carp at SOA so can't advise you much, but didn't want to read and run :hello:

JCS1

Feelingfoolish wrote: »

Hi, I’m new to the forum but am always on here. I’m feeling pretty foolish right now, realisation has caught up with me. For my sins I’m a debt adviser but obviously not heeded my advice very well. I sat down and went through my debts, like you do in January and can see problems just around the corner. My debts total about £38k. I have a good income and receive child maintenance. However this is reducing due to my ex receiving a pay cut and I now feel bankruptcy might be my best option. Don’t want to do a DMP as I know what creditors are like and as one of my creditors is Northern Rock, then a charging order is inevitable. I have created my SOA and would like anyone’s opinion as although I know the system, I’m feeling pretty scared. Thank you in advance. Like someone else’s post, I feel that I have a good surplus and wonder would I be turned down and told to do DMP?



Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1496
Partners monthly income after tax....... 0
Benefits................................ 120
Other income............................ 400 What is this?
Total monthly income.................... 2016
Monthly Expense Details
Mortgage................................ 465
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 69
Electricity............................. 49
Gas..................................... 50
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 10
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 50 won't be allowed, will have to come out of your surplus
Internet Services....................... 5 Let me know how you get this so low! Will be disallowed unless essential for work/college
Groceries etc. ......................... 300
Clothing................................ 50 £80
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 33
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 20
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 8 OR may take this as an asset
Other insurance......................... 18 What does this cover?
Presents (birthday, christmas etc)...... 50 Not allowed
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 30 Not Allowed
Total monthly expenses.................. 1474

Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 1800
Other assets............................ 0
Total Assets............................ 86800

Monthly Budget Summary
Total monthly income.................... 2,016
Expenses (including HP & secured debts). 1,474
Available for debt repayments........... 542
Monthly UNsecured debt repayments....... 789
Amount short for making debt repayments. -247
Personal Balance Sheet Summary
Total assets (things you own)........... 86,800
Total HP & Secured debt................. -94,000
Total Unsecured debt.................... -38,150
Net Assets.............................. -45,350
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Any dry cleaning, child activities, professional fees? You're looking at a fairly high IPA at the moment, but someone else will be along soon as I've got a feeling I might have missed something.

Feelingfoolish_3

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1496
Partners monthly income after tax....... 0
Benefits................................ 120
Other income............................ 400 What is this? child support
Total monthly income.................... 2016
Monthly Expense Details
Mortgage................................ 465
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 69
Electricity............................. 49
Gas..................................... 50
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 10
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 50 won't be allowed, will have to come out of your surplus fair enough
Internet Services....................... 5 Let me know how you get this so low! Will be disallowed unless essential for work/college - it's through Sky and needed for sons school work
Groceries etc. ......................... 300
Clothing................................ 50 £80 nice one
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 33
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 20
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 8 OR may take this as an asset - no cash here its life insurance
Other insurance......................... 18 What does this cover? mortgage protection
Presents (birthday, christmas etc)...... 50 Not allowed ok
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 30 Not Allowed ok
Total monthly expenses.................. 1474

Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 1800
Other assets............................ 0
Total Assets............................ 86800

Monthly Budget Summary
Total monthly income.................... 2,016
Expenses (including HP & secured debts). 1,474
Available for debt repayments........... 542
Monthly UNsecured debt repayments....... 789
Amount short for making debt repayments. -247
Personal Balance Sheet Summary
Total assets (things you own)........... 86,800
Total HP & Secured debt................. -94,000
Total Unsecured debt.................... -38,150
Net Assets.............................. -45,350
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Any dry cleaning, child activities, professional fees? You're looking at a fairly high IPA at the moment, but someone else will be along soon as I've got a feeling I might have missed something. Hi I'm aware of the high IPA but I have thought about taking advice, did the on-line at cccs and dmp recommended which i expected. My child support is a private arrangement and may stop in 19 months if my son leaves school which is another reason why Im not thinking about IVA. Thank you so much for your help

[EMAIL="abuse@moneysavingexpert.com?subject=Reporting post http://forums.moneysavingexpert.com/showpost.html?p=17861353"][/EMAIL]

JCS1

Life Assurance will be an asset in BR. if there is a surrender value, the OR will take it if not:

• keep paying and if anything happens (even after discharge) money goes to the OR
• Let the policy lapse and take out a new one
• Buy the OR's interest for a one off payment of £50.

Dez-Titute

Hi FF,

You are not the first & you won't be the last..............................

Take care and keep posting.

DEz

peachyprice

Hi FF, welcome to the forum.

tigerfeet2006

Hi and welcome to the forum.

Put the mobile, phone and internet together under phone. £5 per week for child activities. £3 per day for school meals.

Is your petrol really that low? What is 'other travel'?

Feelingfoolish_3

Hiya

thank you all for the welcome, i've been trawling this bankruptcy forum for a while and everyone is so nice....

Taken all your comments and will adjust my FS, I get public transport to work and only use my car to get to the station hence my low petrol usage but if I can get away with it then will up it! Forgot about school meals, normally £2 per day but if £3 is allowed then fab will do that. Thank you for your help, I don't want to talk about this to many people at work as it's private so your input is invaluable. Still havent completely decided if its the right thing to do though. But I do need to do something

tigerfeet2006

Pop up your new SoA when you have done it and we will have another look.

Can you have a chat with which ever debt charity you don't work for