SOA - Could anyone quickly cast an eye over it plse

stintond

In that case then ,you have to put everything in his name and he can tell them that you are the one giving him the rent and he has to pay everything out of his salary and therefore doesnt have anything left for an ipa

Trolley_Dolley

stintond wrote: »

The situation is like this , as regards an ipa.
If you can show them that you havent got any spare cash for the next 12 months then , you wont get an ipa. Once you get discharged , if you then start working full time or whatever , then all this extra money you rean will be yours. But If they out you on an ipa , any excess cash you have for the next three years they are going to take half of it.
There is a lot at stake here , three years is a long time.
Its worth getting things in order beforehand

I understand the IPA thing and we would really like to avoid that if possible however there is no way he can reduce his hours they are set as they are so we would be unable to reduce his income.
Only thing we can do is up his rent slightly and up the electric.
I am not being involved in this in any way so reducing my own hours isnt an option as ive my own credit cards im paying off plus im trying to save for a baby should one come along and my own income drops dramatically.

stintond

When he goes bankrupt theyre going to ask him how much other members of the household contribute to the bills. You can put down that you are paying so much a month , whatever it is but keeping everything balanced so that He doesnt have any cash for an ipa.
In other words ,what you earn is your business , as far as theyre (OR) concerned , you save your money in the bank and you give your boyfriend x amount of money for him to keep you.

Trolley_Dolley

stintond wrote: »

In that case then ,you have to put everything in his name and he can tell them that you are the one giving him the rent and he has to pay everything out of his salary and therefore doesnt have anything left for an ipa

Sorry cant do that, everything is already in my name, we move in monday.
We are just going to have to stand an IPA i dont think there is anything else we can do and given my boyfriends track record on handling financial matters im not prepared for it all to be in his name, id rather it be in my own as it is. I sort out ALL the financial stuff anyway he avoids that kind of thing and id be worried out of my mind that its all getting paid etc.
Im meticulous with my finances and bill paying however my boyfriend is not hence the situation he is in

stintond

we both wrote the last posts together ,yes I see your situation now , the only thing then ,its got to be worth maxing eveything out , OK , they might give him an IPA , dont make it easy for them!

stintond

OK , good luck anyway , there will be other people on this forum who may have some more ideas.all the best.
Stintond

tigerfeet2006

Can I ask how much the rent is for the house all together?

tigerfeet2006

Trolley_Dolley wrote: »

Its £890 per month and to be honest thats cheap for our house the average rental where we will be living (near heathrow) is around £950 to £1000 so it wouldnt sound excessive upping his half to £500ish

Fair enough. But be warned that the OR may quibble, so be prepared for him to justify it.

Trolley_Dolley wrote: »

Hi,


Completed the SOA so would any of you experienced peeps just check through it and see if it looks ok before we transfer it over to the insolvency site

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................ 1557
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1557
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 56
Electricity............................. 30 £40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 25
Mobile phone............................ 35 the OR may cut this but leave and see.
TV Licence.............................. 12 If he is paying half bills the OR may say £6 but leave and see.
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250 May be cut to £200 but leave and see.
Clothing................................ 40 £50
Petrol/diesel........................... 80 Is it really this low?
Road tax................................ 11
Car Insurance........................... 39
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 £20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 24
Life assurance ......................... 40 The OR may have an interest in this.
Other insurance......................... 35 what's this?
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 40 this may be cut down.
Emergency fund.......................... 40 Not allowed
Total monthly expenses.................. 1387

Does he wear suits to work? Dry cleaning £10. Get breakdown cover for the car. Make sure car is fully comp. and household insurance has accidental damage. Does he pay professional/union fees?

Don't forget if he gets an IPA that if his situation changes eg: he has a baby to support then he must notify the OR to have his IPA changed.

The IPA table




With thanks to Phil.

peachyprice

So is this your boyfriends SoA, and you're moving in together?

If it is you have to put that there are 2 members of the household and you have to show your contributuon to the household bills.

So you need to go back to square one, put all the household bills in full, i.e the whole £890 for rent, council tax for the 2 of you food for the 2 of you, then your contribution, which should be half of all household bills if you're earning around the same or more/less if you aren't. Your boyfriend needs to be able to demonstrate that you are paying your fair share towards the house.

The OR doesn't need to know your income only contribution, so you only need to put enough to make his SoA balance. It doesn't mean that your money will be taken by the OR or you will become involved in his bankruptcy, but you do need to tell the OR his correct living circumstances.



HTH

peachyprice

Well good luck with that, but the figures you're putting for him as a 'lodger' are pretty unrealistic. £500 for a room in a house that is only £890 will take some explaining.