SOA - going on maternity

Options
My partner and I are thinking of entering an IVA. We owe £60k. We've spoken to an IVA company who think we have a promising case, I also spoke to CCCS who basically said tell your creditors that you can offer a pro rata payment and then contact CCCS again when my salary is gone. I don't think I can cope with a newborn, one year old and a year of creditors hassling me at home. Ideally I want something legally binding in place which is why I'm leaning toward the IVA. I think we'll end up paying 100% back to our creditors so the risk is that they'll insist on a DMP. My problem is that I go on maternity in Oct 09. When I return to work a year later almost my entire salary will be wiped out by having 2 children in childcare.

Can you take a look at our SOA and let us know which areas may be sticking points for the IVA? Also, any advice as to whether we're better off going BR or into a DMP.

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................ 1150 will gradually reduce from Oct 09 to zero in July '10.
Partners monthly income after tax....... 2500
Benefits................................ 80 will increase to £140 in Oct '09
Other income............................ 0
Total monthly income.................... 3730


Monthly Expense Details

Mortgage................................ 862
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 84
Electricity............................. 80
Gas..................................... 16
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 12
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 36 (in the process of reducing to £21)
Internet Services....................... 8.5
Groceries etc. ......................... 450
Clothing................................ 60
Petrol/diesel........................... 80
Road tax................................ 12
Car Insurance........................... 30
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 300
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 46 (2 sets of contacts and glasses, eye tests and dental ins for one of us)
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 15
Other insurance......................... 4
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 25
Holiday................................. 50
Emergency fund.......................... 20
Total monthly expenses.................. 2415.5



Assets

Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 3700
Other assets............................ 0
Total Assets............................ 128700



Secured & HP Debts

Description....................Debt......Monthly...APR
Mortgage...................... 116000...(862)......5.9
Total secured & HP debts...... 116000....-.........-


Unsecured Debts
Description....................Debt......Monthly...APR
Halifax Loan...................9000......460.......8.4
Halifax cc.....................4000......50........15.9
Halifax cc.....................7500......116.......23.9
HSBC o/d.......................800.......0.........0
A&L o/d........................850.......0.........0
Barclays o/d...................950.......0.........0
Barclays o/d...................2000......0.........0
Barclays o/d...................6500......0.........0
Barclays loan..................12500.....300.......0
M&S cc.........................2500......70........0
Sky cc.........................2500......70........0
Egg cc.........................2700......30........25.9
Egg cc.........................8500......150.......26.9
Total unsecured debts..........60300.....1246......-



Monthly Budget Summary

Total monthly income.................... 3,730
Expenses (including HP & secured debts). 2,415.5
Available for debt repayments........... 1,314.5
Monthly UNsecured debt repayments....... 1,246
Amount left after debt repayments....... 68.5


Personal Balance Sheet Summary
Total assets (things you own)........... 128,700
Total HP & Secured debt................. -116,000
Total Unsecured debt.................... -60,300
Net Assets.............................. -47,600


Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.
Mummy to DS May 08 and DD Oct 09
Started joint IVA in Nov 09 - 13 payments down 47 to go!

Comments

  • tigerfeet2006
    tigerfeet2006 Posts: 14,030 Forumite
    Name Dropper First Anniversary First Post
    Options
    If one of your wages is going then an IVA is not suitable surely.

    Please ring one of the debt charities in my signature and get free, impartial advice not from people who have a vested interest in making money from you.
    BSCno.87
    The only stupid question is an unasked one
    Loving life as a Kernow Hippy
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