Bankruptcy: Help and advised needed please!!!!!!

JKM_3

by full expenditure do you mean a breakdown of her monthly costs?

Merry_Gentry

JKM wrote: »

I did fill out and got the response posted above - sorry I'm confused.com!!

Near the bottom of the page you filled in, it gives you the option to copy and paste it in a particular format. Choose the one for MSE (sorry not sure what it says exactly) and it come out in a long list, showing the amounts you have put for each thing.

Merry_Gentry

So basically it will look like this:

anonymous wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2270.98
Partners monthly income after tax....... 0
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2390.98
Monthly Expense Details
Mortgage................................ 700
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 75
Gas..................................... 75
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 40
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 17
Car Insurance........................... 50
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 200
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 25
Buildings insurance..................... 20
Contents insurance...................... 30
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 25
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 2134

but with your Mother's figures in it.

JKM_3

here you go

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 3200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 357
Total monthly income.................... 3557
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 60
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 55
Mobile phone............................ 20
TV Licence.............................. 20
Satellite/Cable TV...................... 40
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 25
Petrol/diesel........................... 167
Road tax................................ 15
Car Insurance........................... 20
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 320
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 20
Other insurance......................... 20
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1752

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 300
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1300

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
lloyds cc......................12000.....250.......0
aa cc..........................5000......150.......0
mbna...........................6600......180.......0
argos store card...............1700......50........0
hsbc od........................2000......50........0
barclayd od....................2000......50........0
barclay loan...................13570.....438.......0
hfc loan.......................11770.....420.......0
hsbc cc........................4000......100.......0
m&s loan.......................2000......80........0
m&s cc.........................4900......130.......0
debenhams cc...................6260......250.......0
Total unsecured debts..........71800.....2148......-

Monthly Budget Summary
Total monthly income.................... 3,557
Expenses (including HP & secured debts). 1,752
Available for debt repayments........... 1,805
Monthly UNsecured debt repayments....... 2,148
Amount short for making debt repayments. -343
Personal Balance Sheet Summary
Total assets (things you own)........... 1,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -71,800
Net Assets.............................. -70,500

Merry_Gentry

JKM wrote: »

here you go

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 3200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 357
Total monthly income.................... 3557
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 60
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 55
Mobile phone............................ 20 - will probably not allow mobile phone as well as landline, but worth leaving in just to see.
TV Licence.............................. 20
Satellite/Cable TV...................... 40 - would have to come out of her surplus - not generally allowed.
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 25
Petrol/diesel........................... 167
Road tax................................ 15
Car Insurance........................... 20
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 320 - what's the other travel?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 20 - would have to buy this back from the OR most likely, or let him take it and start a new one.
Other insurance......................... 20 - what insurance?
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 - put £10 in here
Entertainment........................... 0
Holiday................................. 0 - put £10 in here
Emergency fund.......................... 50 - won't be allowed an emergency fund
Total monthly expenses.................. 1752

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 300
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1300

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
lloyds cc......................12000.....250.......0
aa cc..........................5000......150.......0
mbna...........................6600......180.......0
argos store card...............1700......50........0
hsbc od........................2000......50........0
barclayd od....................2000......50........0
barclay loan...................13570.....438.......0
hfc loan.......................11770.....420.......0
hsbc cc........................4000......100.......0
m&s loan.......................2000......80........0
m&s cc.........................4900......130.......0
debenhams cc...................6260......250.......0
Total unsecured debts..........71800.....2148......-

Monthly Budget Summary
Total monthly income.................... 3,557
Expenses (including HP & secured debts). 1,752
Available for debt repayments........... 1,805
Monthly UNsecured debt repayments....... 2,148
Amount short for making debt repayments. -343
Personal Balance Sheet Summary
Total assets (things you own)........... 1,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -71,800
Net Assets.............................. -70,500

She will most likely lose the shares and bonds to the OR. She will need to prove that she needs the car for work, otherwise they might take that as well.

She is looking at a substantial IPA but would still be in a better position than with an IVA.

JKM_3

Thank you merry you have been a great help, in response to your answers..

losing the mobile and satellite would not be an issue
the 320 travel is her monthly train fare into London for work
the "other insurance" is professional fees for her job
The £50 emergency fund was set as "contingency" in her IVA cost breakdown for xmas presents etc...

Given what you have seen what is the liklihood of her being accepted for BR? is an IPA part of a BR and will her pension pay out remain untouched..

on another note her life insurance only has 2 years left on it, would it affect the policy should she change?
she needs her car to get to/from the train station

Merry_Gentry

If her outgoings outmatch her income, she is insolvent - that simple. An IPA is a payment agreement whereby if you have over £99 surplus after agreed outgoings, you pay to the OR for a period of 3 years. This can go up or down, depending on your income. I believe her life assurance might need to be bought from the OR (but don't quote me on that cos I didn't have any, so not sure about it). Not sure about her pension payout either Hopefully people with a bit more knowledge will be able to help you.

You're a good son being there for your Mum like this - good on ya

JKM_3

ok this makes more sense, you have been so helpful and i really appreciate it, at least now I am more knowledgable before going to the CAB.

btw I'm a daughter

Merry_Gentry

Oh sorry My bad!!!

beentheredonethatstilhere

JKM wrote: »

here you go

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 3200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 357
Total monthly income.................... 3557
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 60
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 55 Usully allow £60 for mobile and landline combined.Any extra will have to come from her surplus.
Mobile phone............................ 20
TV Licence.............................. 20 £12
Satellite/Cable TV...................... 40 This will have to come from her surplus.
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 25 £50
Petrol/diesel........................... 167
Road tax................................ 15
Car Insurance........................... 20
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 320
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 10 £20
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 20 the OR will give her the oppurtunity to buy this back for £50
Other insurance......................... 20
Presents (birthday, christmas etc)...... 0 put in £20. Some OR's will allow and some won't. Nothing ventured.
Haircuts................................ 0 £10
Entertainment........................... 0
Holiday................................. 0 £25
Emergency fund.......................... 50 put in £20. Some OR's will allow and some won't. Nothing ventured.
Total monthly expenses.................. 1752

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 300
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1300

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
lloyds cc......................12000.....250.......0
aa cc..........................5000......150.......0
mbna...........................6600......180.......0
argos store card...............1700......50........0
hsbc od........................2000......50........0
barclayd od....................2000......50........0
barclay loan...................13570.....438.......0
hfc loan.......................11770.....420.......0
hsbc cc........................4000......100.......0
m&s loan.......................2000......80........0
m&s cc.........................4900......130.......0
debenhams cc...................6260......250.......0
Total unsecured debts..........71800.....2148......-

Monthly Budget Summary
Total monthly income.................... 3,557
Expenses (including HP & secured debts). 1,752
Available for debt repayments........... 1,805
Monthly UNsecured debt repayments....... 2,148
Amount short for making debt repayments. -343
Personal Balance Sheet Summary
Total assets (things you own)........... 1,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -71,800
Net Assets.............................. -70,500

If she is in a professional job and wears suits put in £10 for dry cleaning.

Make sure her car insurance is fully comprehensive. Also get breakdown cover.

Also make sure her contents insurance has accidental damage on it. Very useful if the freezer motor blows :rolleyes: