Bankruptcy option

lol321

Hey,

Having now spoken to some IP's and now knowing I can't do an IVA I am left with BR as the option. I think BR is probably the better option as an IVA is just as damaging

I have been in a DMP for around a year now with Payplan which hasn't really done anything for me.

Can you check out my SOA for me and tell me what you think please.
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1185
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1185

Monthly Expense Details
Mortgage................................ 340
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 150
Council tax............................. 70
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 180
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 17
Car Insurance........................... 44
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...................... 20
Life assurance ......................... 11
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1154


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 171000...(340)......0
Total secured & HP debts...... 171000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,185
Expenses (including HP & secured debts). 1,154
Available for debt repayments........... 31
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 31

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -171,000
Total Unsecured debt.................... -0
Net Assets.............................. -171,000


Currently have a flat which I rent out, but will serve notice on the tennant and hopefully move back in, this is in negative equity probably worth around 140k and mortgage is 171k, also have a car on HP which will have to go back and I will need to get a cheapy for work, I have included the running costs in the soa is this ok even though the car on HP will be going back and then I will have to sort out a replacement, I need a car for work as I am on call and need to support other sites.

Thanks

DON79

lol321 wrote: »

Monthly Income Details
Monthly income after tax................ 1185
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1185

Monthly Expense Details
Mortgage................................ 340
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 150 - Is this high for a management charge or is it the norm? Sorry but I have no experience of this.
Council tax............................. 70
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 35 - add this to landline
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15 - not usually allowed unless essential for business or homework, add this to landline too.
Groceries etc. ......................... 180
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 17
Car Insurance........................... 44
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...................... 20 - have you included accidental damage cover
Life assurance ......................... 11
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0 - £30
Emergency fund.......................... 0
Total monthly expenses.................. 1154


Currently have a flat which I rent out, but will serve notice on the tennant and hopefully move back in, this is in negative equity probably worth around 140k and mortgage is 171k, also have a car on HP which will have to go back and I will need to get a cheapy for work, I have included the running costs in the soa is this ok even though the car on HP will be going back and then I will have to sort out a replacement, I need a car for work as I am on call and need to support other sites.

Thanks

Hi, it is ok to include the running costs even if you are going to hand the HP car back and get another. everything else looks ok.

Donna

lol321

Thanks Donna,

Management charges are around that sort of figure, including ground rent and services charges plus water.also with everything else goes up every year.

Is it worth adding the holiday allowance, if I do this it will take away the majority of surplus. Is it best to have a bit of surplus left? Will the OR take some stuff off to make a surplus.

DON79

I would just add the holiday anyway and then it gives you a bigger margin in case the OR decides to cut some things but your soa looks quite good to me so I can't see him finding much room to cut things - at the most he might cut a little off the phone and internet but that is the only thing I can see.

Donna