SOA - Even worse than I thought :(

fiveyearplan

aero1 wrote: »

Aw thank u Jo

Yup single parent, 250 is maintenance which isnt getting at paid at the mo, this is the figure I ahve been advised by CSA who are dealing with it now.
Think my tax credits are correct - WTC and CTC - kids are 9 and 7, my 2 little men and my angels

You may well be right about shopping - I try to cut down, dont even buy expensive food but there must be savings I can make somewhere. I know I do waste on 'bargains' 2 for 3 etc and end up binning some of it which is stupid! Menu planner is a great idea

Thanks x

If your maintenance isn't getting paid at the moment then I'd take that figure off your SOA.

aero1

ok cool thanks for all that - 'internet services' actually includes my landline rental as well, and a second line for free outgoing calls internationally too so its a pretty good deal, hI should put that under Line rental then instead I guess?
'Other childcare expenses' is mostly school dinners! told not entitled to free ones but maybe should just go back to packed lunches..
Presents/food shopping etc I can defo shuffle around.

Ideally I would rather keep the house, I think! But looking at these figures, I probabaly would end up in financial difficulty again if say my boiler needing replacing or somethin........ might be best just to let it go...

without sounding like a total snob, I just dont like the thoughts of the estates I could end up on here if I did get rehoused by the council...would be afraid to leave the house or let my kids out the door!! the other part of me knows I should be grateful for any respite from this tho....

I waffle dont i???

fiveyearplan

You can claim a certain amount of money per child for school dinners. I'm not sure of the amount.

aero1

Thanks fiveyearplan would be good to have that sorted for back to school

Walter_J

You are heavily into negative equity and this is only likely to get worse over the next few years. Trying to keep the house doesn't sound like such a great idea to me.

Given that you value your house at £135k I suspect you could rent somewhere similar privately for around £600pm. Remember that this includes all maintenance and that you would possibly be entitled to housing benefit if anything went wrong with your job. I would seriously consider finding a rental house before you go bankrupt, stop paying the mortgage in order to free up funds to pay a deposit and a months rent, and move.

THEN file for bankruptcy.

From your figures it is very unlikely that you would be subject to an IPA. You are allowed a surplus of £100 pm before you have to pay anything yo your creditors.