A few questions about BR

philnicandamy

Your supposed to list "dependants"

NC-Clio

Are you sure? as it says number of adults in household number of children in houshold?

NC-Clio

So_Sad_Angel wrote: »

Hi NC-Clio

Bit confused ( not difficult believe me!!) but SOA shows 4 adults, 2 kids & 4 cars....thats not right surely!!

Anything unsecured will go into BR ( ie will include the 175 showed on soa that you have noted as unsecured)

Check out the HP to see if BR has an effect on the agreement.

I`d add your contribution to internet, monthly utilities & food etc in your soa.

Angiexx

There are 4 cars on our driveway, mums dads sisters and mine.

Shall i just list mine, which is also the car i have hp on?

I am also so confused about this unsecured or secured thing, please excuse as when i took out these loans etc i was 19 and rushed straight in. :rolleyes:

NC-Clio

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 0
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 976
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 976
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 175 unsecured dont know where it goes though
Hire Purchase (HP) repayments........... 225 car and push bike
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............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 0
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 10
Total monthly expenses.................. 905

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 8000.....(175)......0
Hire Purchase (HP) debt ...... 9500.....(225)......0<
hp on bike.....................1300......-.........0
Total secured & HP debts...... 18800.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
barclay card 1.................750.......26........0
carclay card 2.................550.......18........0
Total unsecured debts..........1300......44........-

Monthly Budget Summary
Total monthly income.................... 1,000
Expenses (including HP & secured debts). 895
Available for debt repayments........... 105
Monthly UNsecured debt repayments....... 44
Amount left after debt repayments....... 27
Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -18,800
Total Unsecured debt.................... -1,300
Net Assets.............................. -8,100

i get picked up from work by a van and dropped off by it and sometimes have personal use of it, i understand that saying i do not have use of it would benefit me because of the fact that i MAY be able to put car expenses down?

I am also still confused about secured/unsecured.

affluenza

Just looking and it all strikes me as being a bit odd in what you are paying out - and I have a gut feeling that could go someway to resolving this without bankruptcy.

Are you the sole breadwinner in your family? Are your parents charging you £350 a month or are you paying their rent for them? I would have thought that contents insurance would be part of their household expenditure.

You say you have a company van, so would you not be wise to hand back the car and in the event that you need to go and impress someone borrow one of the other three cars or buy a secondhand car, that may be cheaper for you to tax and the insurance might be lower?

Which makes me wonder why the car day to day running costs have been missed off - is someone else paying that for you?

Maybe I am being a bit naive here but it looks like you could possibly pay off the motorbike/bicycle if you got rid of the car.

It is a good start that you came to this board, but I think you have a chance to restructure your finances before going down the bankruptcy route, because are earning, you have a roof over your head, you have a works vehicle, you have access possibly to mum and dad's car.

In your position I would contact the CCCS first, and see if there is a way of coming to an arrangement with your creditors; I am not an expert so I could be totally wrong but my gut feeling is that you still have options.

affluenza

Secured means that you have secured the money against some form of property - if you don't pay, then the creditor isn't that worried because they have a piece of paper stating that they can sell whatever the debt is secured against to recover their money. A logbook loan would be a loan that is secured against a vehicle (don't whatever you do go down that route!!!).

Unsecured is money lent on trust that you will pay it back, there is no physical thing that it is secured against.

NC-Clio

I have been advised to up a few things, the rent i am paying being one of them.

My car is on hp and is 5 months (1030) in arrears, i have been told that i AM losing the car.

My loan is months in arrears (700)

I cannot borrow mum, dad, or sisters car.

The van is company and i have it not often at all.

I didnt put on expenses for my car as i was told they probably wouldn't allow for it.

To sum it up i am paying out nearly every penny i earn, to keep paying payments, but that is without bringing the ones i am getting defaults left right and centre for back up to date.

I am getting defaults at my parents owned house. I cannot get myself back on top.

The ammounts on my SoA for rent and phone hair cuts and general stuff are what i have been advised to add.

My SoA isn't very clear at the moment, but there is just no way that i can get out of this situation.

Everything is in arrears, my mobile is cut off, i am losing my car, i sold the push bike to pay of a credit card.

fiveyearplan

You need to add some amount for housekeeping for personal stuff that I'm sure isn't included in the rent to your parents - like food for lunches at work, personal hygiene products etc. I'd put down at least £100 for that.

fiveyearplan

Also wanted to say - you really should ring National Debtline, CCCS or CAB. They will be able to tell you all the options you have.

fiveyearplan

You also need to put down something for travel. What if you didn't get picked up by the van what would the cost be to travel to work. Do you go anywhere else that needs travel? I'd put down at least £50 - you could say that is a contribution to petrol or something (that is roughly £12.50 per week travel - not much in the scheme of things).