iva vs br

skylight

I am going to look at this from a BR point of view (as I don't know enough on IVAs having never done it - an IVA was not suitable for me, but I do know that SOAs for an IVA are not flexible at all and they tend to nail you to the bare bones.)

notenoughmoney wrote: »

Household Information[/b]
Number of adults in household........... 3
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1997
Partners monthly income after tax....... 60
Benefits................................ 185.6 I assume you are aware that when your son goes to Uni, you will lose his portion of child benefit and tax credit? Thats another income loss.
Other income............................ 0
Total monthly income.................... 2242.6 Does this include the £400 you are going to lose? Should it therefore be £1842???
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 512 Is this all? Its an odd amount for rent.
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 100 Do either these utilities include debts?? Those debts can go into your BR petition. If not, I assume you can back these up with bills?
Gas..................................... 86
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 20
TV Licence.............................. 11 Amend this to £12. Thats more accurate and the fees are going up for your next licence anyway.
Satellite/Cable TV...................... 0
Internet Services....................... 25 This is a lot for internet only. You should be able to get great service for a fraction of that. But for SOA, an OR (official receiver) will not allow this unless its needed for work or students.
Groceries etc. ......................... 650 For a family of 6 this is ok. Just - its a tad on the high side. Do you actually spend this a month?
Clothing................................ 150 You'll be lucky!! £100 is probably the best you are going to get.
Petrol/diesel........................... 325 How is this made up? If this is for your self employed status, then you should only be putting your personal share in as your business side will come as an expense from that.
Road tax................................ 30
Car Insurance........................... 50 For both cars?? Cor! I'm a spot jealous now!
Car maintenance (including MOT)......... 80 Thats a huge amount, even for 2 cars.
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40 You will have to specify what this is for.
Medical (prescriptions, dentist etc).... 69 You will have to break this down. Thats far too much money, unless you pay for prescription certificates and all the adult family need glasses and dental treatment often as the kids are all free.
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 33
Other insurance......................... 11 You will need to specify.
Presents (birthday, christmas etc)...... 30 Not allowed at all.
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 0 Surprisingly, this is allowed, But around £50 max.
Emergency fund.......................... 50 Not allowed at all either.
Total monthly expenses.................. 2472

notenoughmoney

petrol is high as OH has to travel 50 miles round trip to work

Household Information[/b]
Number of adults in household........... 3
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1997
Partners monthly income after tax....... 60
Benefits................................ 185.6 this is for 3 children only
Other income............................ 0
Total monthly income.................... 2242.6this includes loss of £400
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 512rent annex from parents, but as we cannot afford maintenance will need to go up soon.
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 100 we don't have our own supply it comes through my parents house, not sure what this means.
Gas..................................... 86
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 20
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 25 yes could change this
Groceries etc. ......................... 650 have autistic children that eat a restricted diet.
Clothing................................ 150 what £100 for 6 people????
Petrol/diesel........................... 325 this is for main employment 50 mile round trip.
Road tax................................ 30
Car Insurance........................... 50
Car maintenance (including MOT)......... 80 using last 2 years mot/tyres/repairs (which we carry out ourselves!)
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40school stationery,trips, club
Medical (prescriptions, dentist etc).... 69 4 with glasses/contact lenses, regular prescriptions, 3 need antihistamines.
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 33
Other insurance......................... 11union fees
Presents (birthday, christmas etc)...... 30
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 2472


our other big worry is, my husband was changed from weekly-monthly pay 4 months ago, his co advanced him £2000 (we ok'd this with IVA) but we are paying it back at £200 per month (which makes up some of the £400 loss), will this be counted into the BR as I think he would be sacked if this were the case.

Feelingfoolish_3

Hi
Just a thought, are you in receipt of DLA for the autistic children? Obviously this money is used for them but it could be used to contribute towards the extras your children need such as medical expenses, clothing, special diets etc which would help your soa

DLA for the children wouldnt go on the SOA but the OR might suggest that it is used towards these expenditures????

notenoughmoney

had DLA & carers for the last 7 years, when child 16 the DLA belongs to them! as child nearly 18 have applied for DLA/Carers again recently (not heard yet) but I am pretty sure we will not get carers but the DLA will belong to child and has to go into their account.
This is one of the reasons our iva is failing.

Feelingfoolish_3

You may still get carers if the child is living at home, Im not a benefits expert but double check

As the DLA now belongs to your child then clothing allowance, medical stuff should really be paid for by him/her

I sincerely hope the IVA company didnt include the DLA as income without taking it straight back out as expenditure

notenoughmoney

no, they included only the carers

Feelingfoolish_3

One of the things you need to sort out for BR is your SOA, as it stands currently you are in a deficit posn. You obviously need high expenditure due to a large family and most of above just needs tweaking. You need to work on it so that you at least balance. Try doing that and re-post it, taking on board the comments that were suggested.

notenoughmoney

ok thanks for all advice

Desperate+Depressed

Hi there

Where can I find one of these SOA's??

I've completed something similar on the CCCS site, but the lady I spoke to there, said I needed to enter a figure in the emergency fund, as I had originally left it blank (mainly because I haven't got any spare money for emergencies)!!

notenoughmoney

sorry not allowed to post links yet makesenseofcards.co.uk