Living with parents

abigail9

Thanks Ras really helpful.

wifeforlife

abigail9 wrote: »

Hi all
Some advice please. A friend is on the verge of bankruptcy and is living with their parents. Have advised him to state what he actually pays and he has put the following on his SOA

Rent £280
CT £30
elec £5
Gas £10
Housekeeping(food/toiletries etc)£150

Any on how the OR will view the amounts quoted

(ps also other expenditure listed for car/travel etc)

Thanks

These figures are all very resonable, can I ask the level of debt outstanding

Cate

JCS1

abigail9 wrote: »

car is worth 1600 to 2000 (1600 bottom book price on parkers, off the road at the moment as no mot needs a lot of work). Would be two buses each way, however he does except it may have to go but not sure its worth bottom book price as not road worthy at the mo.

Bus pass would be £60 ppm

SOA
Rent280 - what is the total household rent? (paid to parents house is mortgaged)
Council Tax30 - is this one quarter of the CT?( no its less)
Gas10 -
Electricity5
Water10
Telephone45 - is this one quarter of the household bill? (no less and includes mobile)
Housekeeping160
Travelling80 - is this required to get to work? (yes but see above)
Clothing50
Car insurance75 - this is VERY high - points? age? (Male 27 with points)
Dry Cleaning 25
Dentist15
Pet food 40
Hairdressers 10
Holidays30 - may be allowed
Car tax/Mot25
Car matenance25
total 915
Leaves £79 surplus income

If the car is off the road, the OR will take it. With it being off the road, your friend has proved he doesn't need it.

miss_spooky

Hi,

With regards to the rent & household bills, you could have a look in your local newspaper & newsagents to find out what the room prices are for comparison. Some will be inc bills some will be exc.

I've worked yours out to be approx £83.50pw. Rent 280 + CT 30 + G&E 15 + Water 10 + Tel Exc Mob 25 = 362 x 12 / 52 = 83.50.

At least you know you are paying the going rent for the area you are in, not more or not less.

Regards

abigail9

Thanks for the replies all

Cathy 2702 - the debt is 20.5K

JCS1 Car just failed its MOT andhe is trying to get it repaired by friends but yes is currently off the road, but hopefully not for much longer

Miss Spooky, thanks thats really good advice I will check the local papers and see how the rent compares