Help bulking out expenditure

wendywoo1982

Hi, i am in the processes of going bankrupt, as far as i have the forms to fill out.

In the outgoings page after i add everything up i still have quite alot left over a month (but this does not include current payments i make to creditors) and fear this will get it rejected, but i am really struggling every month to stay afloat with my payments and overdraft!

Am i missing some obvious things? Or are there ways of putting more on it without it coming back on me??

Please help:huh:

yellowmonkey

Hi

Why not post up an SOA so the good people on here can bulk it out for you. The idea is to be realistic and realise you will have no credit to fall back on so you need to try to think of that when filling it out.

The link is here and you need to configure it to MSE

http://www.makesenseofcards.com/soacalc.html

Good luck

ym

wendywoo1982

How do you know how much to inlcude for things like presents, hair cuts, entertainment and holiday? Can i include my gym membership on this anywhere or will that not be accepted?

tigerfeet2006

Pop up the SoA and people will be able to advise as it will depend on your family circumstances. But I can tell you now that the Gym is not an acceptable expense unless for health reasons and you have Dr's reports and sometimes not even then, but we may be able to find a few extra pence in there to cover it.

yellowmonkey

wendywoo1982 wrote: »

How do you know how much to inlcude for things like presents, hair cuts, entertainment and holiday? Can i include my gym membership on this anywhere or will that not be accepted?

Rough guidline £10 per adult for haircut and £5 per child. On mine I put £60 for holiday and nothing for entertainment or presents. Has not been challenged so far.

These are not set in stone and it depends on the OR you get to what will realistically be allowed.

As tiger feet says post SOA and we can go from there

ym

wendywoo1982

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 943.4
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 943.4
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 173
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 65
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 86
Clothing................................ 30
Petrol/diesel........................... 108
Road tax................................ 17
Car Insurance........................... 22.66
Car maintenance (including MOT)......... 3.75
Car parking............................. 0
Other travel............................ 6
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 2.6
Pet insurance/vet bills................. 10.83
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 534.84

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................400.......15........0
credit card....................2200......50........0
store card.....................62........3.........0
loan/overdrafts................10500.....250.......0
overdue phone contrac..........700.......25........0
store card....................230.......15........0
store card.....................16........5.........0
Total unsecured debts..........14108.....363.......-

Monthly Budget Summary
Total monthly income.................... 943.4
Expenses (including HP & secured debts). 534.84
Available for debt repayments........... 408.56
Monthly UNsecured debt repayments....... 363
Amount left after debt repayments....... 45.56
Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,108
Net Assets.............................. -13,308

I didnt put the apr on as some have already frozen the interest to help me pay off the debt, will this go against me now i am trying to claim bankruptcy? Also i didnt put in the gym, should i put it in or not? Problem is its a 3yr membership and i go with my mum who will stop going if i cant go with her (dont ask lol).

Thanks very much!

yellowmonkey

wendywoo1982 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 943.4
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 943.4
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 173
Management charge (leasehold property).. 0
Council tax............................. 0 Do you not pay this?
Electricity............................. 0 Ditto
Gas..................................... 0 Ditto
Oil..................................... 0
Water rates............................. 0Ditto
Telephone (land line)................... 0 Ditto
Mobile phone............................ 65 do you not have a land line at all
TV Licence.............................. 0 Again do you not pay this
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 86 really low for 3 adults..£350 if not more
Clothing................................ 30
Petrol/diesel........................... 108
Road tax................................ 17
Car Insurance........................... 22.66 Round up to £27
Car maintenance (including MOT)......... 3.75 £30
Car parking............................. 0 £5
Other travel............................ 6
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 2.6 £10
Pet insurance/vet bills................. 10.83 round up to £11
Buildings insurance..................... 0
Contents insurance...................... 0 Need to get this accidental damage
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10 £15
Entertainment........................... 0
Holiday................................. 0 £30
Emergency fund.......................... 0
Total monthly expenses.................. 534.84

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................400.......15........0
credit card....................2200......50........0
store card.....................62........3.........0
loan/overdrafts................10500.....250.......0
overdue phone contrac..........700.......25........0
store card....................230.......15........0
store card.....................16........5.........0
Total unsecured debts..........14108.....363.......-

Monthly Budget Summary
Total monthly income.................... 943.4
Expenses (including HP & secured debts). 534.84
Available for debt repayments........... 408.56
Monthly UNsecured debt repayments....... 363
Amount left after debt repayments....... 45.56
Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,108
Net Assets.............................. -13,308

I didnt put the apr on as some have already frozen the interest to help me pay off the debt, will this go against me now i am trying to claim bankruptcy? Also i didnt put in the gym, should i put it in or not? Problem is its a 3yr membership and i go with my mum who will stop going if i cant go with her (dont ask lol).

Thanks very much!

Hope that helps. Just a few thing's and I did not include my debt repayments as this will be an SOA after BR so no debts to pay

ym

tigerfeet2006

Wendy who are the 3 adults? Do you live with your parents?

wendywoo1982

Hi thanks for your input, in response to the things i didnt claim for this is because i live with my parents and they pay for those, as they do for most food shopping, but i buy my own too which i why i inluded that.

I also worked out the £3.75 for car MOT by taking thr £45.00 it costs for the year and dividing it by 12 to get the monthly figure of £3.75. Is this wrong?

What i might do is fill it out following advice from you guys and then take the completed form the CAB to check before i hand it to the courts??

SouthCoast

Sorry to complicate matters, but have you looked into Debt Relief Orders?

http://www.insolvency.gov.uk/bankruptcy/alternativestobankruptcy.htm

tigerfeet2006

Bear with me and I will look at the SoA for you.