Change of Circumstances Pre-Bankruptcy

leftatthelights

Hi all,

I havent posted for a while but when I did, I was waiting for my completed credit files (which seemed to take an AGE).
I was unemployed at the time, I have now found a job in a warehouse because I wanted to be on a low wage due to the risk of an IPO which I really dont want (some of you may dissagree with that but there you go).

Anyway, there is a bonus scheme where I work but it isnt a guaranteed bonus (weekly pay) and I was wondering if I have to declare bonuses or do I just include my flat rate of pay???

Also, I have recieved my completed petition for bankruptcy from the CAB but it is now null and void due to my change in circumstances.
Do I just fill in the online forms on the insolvency website and just transfer the data across (obviously including my new SOA) and changing a few of the details etc???

Any advice would be greatly appreciated.

debtinfo

you can fill it in online if you need to change details. You should put down an average figure including bonusus if they are say once a month of two as you will have these as you go through. If the bonus is only at the end of the year then dont put it down but the OR may claim it when you get it

leftatthelights

Hi debtinfo,

Im weekly paid and I get an attendance allowance and 2 other weekly bonuses which are entirely dependant on the productivity of the depot as a whole (so 1 week it could be zero and the next it could be £30). It isnt straightforward at all!! If im late by as much as 10 seconds, i lose the attendance allowance for example!!!
Thats why im a little confused as to what to write in the income bracket!

Basically, if I earn no bonus, I will clear only £220 a wk basic which I was thinking of putting down as my wage for obvious reasons.

leftatthelights

BUMP;)

Just want to know what I put in the income bracket???

I think it is correct that I just put my basic wage?
Like I said, the bonuses are not guaranteed!

wurzella

The OR would probably want to work it on your average bonus. So they'll want to see your last however many payslips and calculate it from that, maybe best to be late a bit for the next few weeks if you want to keep it to a minimum :rotfl:

fiveyearplan

I would put down the guaranteed amount and after 3 months inform the OR of the average in bonus payments. If he deems it necessary to implement an IPA then average the bonus payment for the following month or two and the IPA could be lowered or raised as necessary. Post up your SOA on here so we can see what the likelihood of IPA is or if we can give any tips, or see if you've missed out anything.

leftatthelights

HI all, sorry for the very late response but my internet was broken!!
Here is my current SOA as asked for.

Let me know you think??

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 960
Partners monthly income after tax....... 279
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1239
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 445
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 400
Clothing................................ 25
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1237

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Orange 1.......................103.......0.........0
Northern Rock..................18320.....0.........0
Lowell Portfolio...............2766......0.........0
NTL............................62........0.........0
Orange 2 ......................107.26....0.........0
United Utilities...............76.12.....0.........0
Tesco..........................38.83.....0.........0
Halifax PLC 3..................647.49....0.........0
Halifax PLC 2 .................4551.1....0.........0
Halifax PLC 1..................5616.16...0.........0
Virgin.........................253.......0.........0
Nationwide Visa................4377......0.........0
Total unsecured debts..........36917.96..0.........-

Monthly Budget Summary
Total monthly income.................... 1,239
Expenses (including HP & secured debts). 1,237
Available for debt repayments........... 2
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 2
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -36,917.96
Net Assets.............................. -36,917.96
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

fiveyearplan

leftatthelights wrote: »

HI all, sorry for the very late response but my internet was broken!!
Here is my current SOA as asked for.

Let me know you think??

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 960
Partners monthly income after tax....... 279
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1239
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 445
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25 total £60 for mobile and landline, put them both under phone
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10 is this necessary for work/study?
Groceries etc. ......................... 400 not sure if this is a bit high but leave and see if anyone else comments.
Clothing................................ 25
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 £20 you should really think about contents insurance
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 20 put this in holiday
Total monthly expenses.................. 1237

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Orange 1.......................103.......0.........0
Northern Rock..................18320.....0.........0
Lowell Portfolio...............2766......0.........0
NTL............................62........0.........0
Orange 2 ......................107.26....0.........0
United Utilities...............76.12.....0.........0
Tesco..........................38.83.....0.........0
Halifax PLC 3..................647.49....0.........0
Halifax PLC 2 .................4551.1....0.........0
Halifax PLC 1..................5616.16...0.........0
Virgin.........................253.......0.........0
Nationwide Visa................4377......0.........0
Total unsecured debts..........36917.96..0.........-

Monthly Budget Summary
Total monthly income.................... 1,239
Expenses (including HP & secured debts). 1,237
Available for debt repayments........... 2
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 2
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -36,917.96
Net Assets.............................. -36,917.96
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I've made a few comments otherwise it looks good.

leftatthelights

I must note that the part that says "partners income" is purely just JSA.
I am living with an ex partner with whom I am now just good friends with and she is unemployed at present.
I am a lodger and therefore NONE of the household bills are in my name however, in order to keep a roof over my (our) head, my entire wage is now used to pay bills until michelle finds work (which at the moment is not looking too good).

It also leaves nothing to pay towards an IPO which is beneficial to say the least.

If you all say that my SOA is correct then I intend to declare bankruptcy through the insolvency website within the next week.

fiveyearplan

If her income is made up of benefits then change it to the benefits section.

leftatthelights

Tweaked SOA.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 960
Partners monthly income after tax....... 279
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1239
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 445
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 25
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 1222

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Orange 1.......................103.......0.........0
Northern Rock..................18320.....0.........0
Lowell Portfolio...............2766......0.........0
NTL............................62........0.........0
Orange 2 ......................107.26....0.........0
United Utilities...............76.12.....0.........0
Tesco..........................38.83.....0.........0
Halifax PLC 3..................647.49....0.........0
Halifax PLC 2 .................4551.1....0.........0
Halifax PLC 1..................5616.16...0.........0
Virgin.........................253.......0.........0
Nationwide Visa................4377......0.........0
Total unsecured debts..........36917.96..0.........-

Monthly Budget Summary
Total monthly income.................... 1,239
Expenses (including HP & secured debts). 1,222
Available for debt repayments........... 17
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 17
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -36,917.96
Net Assets.............................. -36,917.96
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


I initially put internet down purely for michelle to find work, thats all.