Car

tigerfeet2006

larzie30 wrote: »

Thanks for helping me FYP here is my soa

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.................... 2 do you own 2 cars?
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 415 this would only be 177 for the car as the rest is for a joint loan which will go into br change this to £177 and loose the rest.
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0 do you not pay utilities?
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 30 £50
Petrol/diesel........................... 220 (60 mile round trip to work)
Road tax................................ 12
Car Insurance........................... 30
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 60 what's this?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 22 £20
Pet insurance/vet bills................. 32 a bit high the OR usually allows £20 but leave and see if it is cut.
Buildings insurance..................... 20 should this be contents?
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 I know this won't be allowed some OR's will let it through so leave and see.
Haircuts................................ 0 £10
Entertainment........................... 0
Holiday................................. 0 £25/30
Emergency fund.......................... 0
Total monthly expenses.................. 1471

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...................... 0........(0)........0
Secured Debt.................. 44000....(250)......0
Hire Purchase (HP) debt ...... 4500.....(165)......0
Total secured & HP debts...... 48500.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
natwest mastercard.............1800......30........0
Monument visa..................1500......50........0
Capital one visa...............500.......25........0
Phone bill ....................172.......0.........0
overdraft 2....................900.......0.........0
overdraft 1....................900.......0.........0
Credit union ..................15000.....250.......0
next...........................650.......55....... .0
Solicitor......................4000......150...... .0
Total unsecured debts..........25422.....560.......-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 1,471
Available for debt repayments........... -71
Monthly UNsecured debt repayments....... 560
Amount short for making debt repayments. -631
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -48,500
Total Unsecured debt.................... -25,422
Net Assets.............................. -69,422

Do you have a house to be sold? Is that why you are paying Buildings Insurance? Make sure you get contents with accidental damage to protect things like you laptop/computer. Do you wear suits for work? Dry cleaning £10. Are you you a member of a union/professional body? If so include fee's.

larzie30

Hi Thanks for all of your replies

So if they don't let me keep on the car loan or if private and commercial finance (anyone any experience) don't let me keep it, anyone any idea on what I could do, because I can't get to work or do my job without my car?

Not being defeatist here just honestly looking for solutions.

Thanks again

L
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philnicandamy

IF the OR decides the car payments are not allowed then to be honest there's no a great deal else you can do....you need to put together a case as to WHY you need the car to be kept...as you probably know from reading here no 2 OR's are the same...

sorry not the answer you were hoping for I know...

larzie30

well hopefuly I can put a good case forward then cause with no car there will be no pennies. :-( and with work I should be able to put a good few hundred quid into an IPA so hopefully that will help my case.

philnicandamy

At the end of the day the OR's will not see anyone out of a job (afterall they get no cash!) it really is a case of wait & see to be honest...

larzie30

fingers crossed, then the next hurdle is the flipping finance company but have only got til april on this agreement anyway so hopefully they will see that my regular payments are better than taking the car back as it's only worth at the most a thousand more than I owe on it. Gosh this is tough.

philnicandamy

Hm unfortunatley not the "EASY" way out some people think bankruptcy is......

larzie30

yes I agree with you, I didn't expect it to be easy nor did I ever want to go br, forced into it by a relationship breakdown, but even so all the other difficulties, I can sort of take on the chin, but losing the job I have worked so hard to get would just kill me. Fingers crossed eh, where there is a will there is a way!!! Thanks again for your help really do appreciate it.

lisamummytoarchieplusbump

larzie30 wrote: »

Thanks for your replies

Oh no I got it wrong again.

Well it was on the options, where next april I can either give them the car back or pay them the final installment of just under 2k to keep the car. My mum and dad are willing to get a loan to allow me to keep the car, but i am then worried that it will become a realisable asset that the or will take from me. Any further advice

if the OR says you are not allowed the payments or the company takes it back, you said your parents are willing to get a loan to pay off rest of the car, can they not they just buy you another car? you can pick up a cheap car even decent for less than they would pay to the clear the finance, could that be another option, so you wont be without a car and the OR cant take it as your parents bought it

larzie30

yes they certainly are willing to do that and it is definately an option. I think my biggest concern is how quick they will take the car when they find out I am br and will I have time for my mum and dad to arrange finance for a new one lol. Also got another fear now after reading another post. I have already posted about paying off my mums credit cards in april (I was a second card holder and she never spent on it at all) but I am terrified they will seek payment from my parents for this money oh god how did i let myself get into this mess

But thanks so much for your post Lisa
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