Backrupcy for pensioners

Alex_the_lad

Thanks for the reply.

I've had another go - but I just did on my own spreadsheet. Just a couple of notes. They pay a little more for food because my Dad has special dietry requirements - it costs a little extra. Also they have my little sister living with them who is a full time student. They don't have a car (it was the first thing to go when their income dropped). Also cos they're both diabetic they get prescriptions for free. If were to open an account for Sat TV and pay for it my self would that be acceptable? Don't want to get into sobb stories but they don't drink, smoke or even go out so it's the only thing they enjoy!

Imcome (month)


Mum Dad State Pension £ 390.00 £ 362.00 Occupational Pension £ 160.00 £ 260.00 Disability Living Allowance £ - £ 385.67 Housing Benefit £ - £ 138.33


Expenditure (month)

Rent £ 650.00 £ 650.00 Council Tax £ 119.00 £ 119.00 Electricity £ 41.00 £ 41.00 Gas £ 71.00 £ 71.00 Water £ 49.00 £ 49.00 TV Licence £ 14.00 £ 14.00 Shopping £ 225.00 £ 225.00 Clothing £ 40.00 £ 40.00 Travel £ 10.00 £ 40.00 Home Contents Insurance £ 20.00 £ 20.00 Birthdays etc £ 10.00 £ 10.00 Holiday £ 40.00 £ 40.00 Haircut £ 10.00 £ 10.00





Total Income £ 550.00 £1,146.00 Total Expenditure £1,289.00 £1,319.00 Remaining -£ 739.00 -£ 173.00

Pobby

Just bumping this

tigerfeet2006

Alex_the_lad wrote: »

Thanks for the reply.

I've had another go - but I just did on my own spreadsheet. Just a couple of notes. They pay a little more for food because my Dad has special dietry requirements - it costs a little extra. Also they have my little sister living with them who is a full time student. They don't have a car (it was the first thing to go when their income dropped). Also cos they're both diabetic they get prescriptions for free. If were to open an account for Sat TV and pay for it my self would that be acceptable? Don't want to get into sobb stories but they don't drink, smoke or even go out so it's the only thing they enjoy!

Imcome (month)


Mum Dad State Pension £ 390.00 £ 362.00 Occupational Pension £ 160.00 £ 260.00 Disability Living Allowance £ - £ 385.67 Housing Benefit £ - £ 138.33


Expenditure (month)

Rent £ 650.00
Council Tax £ 119.00
Electricity £ 41.00
Gas £ 71.00
Water £ 49.00
TV Licence £ 14.00
Shopping £ 225.00 £450 that is under estimated for a start
Clothing £ 40.00
Travel £ 10.00 is it really this low?
Home Contents Insurance £ 20.00
Birthdays etc £ 10.00
Holiday £ 40.00
Haircut £ 10.00






Total Income £ 550.00 £1,146.00 Total Expenditure £1,289.00 £1,319.00 Remaining -£ 739.00 -£ 173.00

Is it just your Dad that has gone BR? How much of that income is your Mums and how much is your Dads?

dalip

If your sister is living with them but a student they can claim allowances for 3 adults not 2.

Alex_the_lad

Hi! Thanks for looking at the revised list - the formatting went a bit wrong when I posted it - so I'll have another go at it. Also I've read some really good posts on here so I have a better idea of how it should bit.

I've just got a couple of questions. Firstly just for clarification - will an OR conclude that my sister ought to be paying her way as she has a student income? Or is her status as a student sufficent in terms of her being a dependant? Also as a family we can't really contribute much as a family (feel really badly that my parents are having to go through this at their age), but I can do things like pay for their Sat TV and Internet - do they have to declaire this to the OR? Finally - just got another question! It look likely that they're going to have to hand keys back in to the Lender and move to the rental house. From what I read many lenders take their time taking over possession in this situation. So my question is will they still be liable for the house they've handed back for things like council tax and building insurance even though they've declared thenselves bankrupt? If so will we have to put this in the SOA?

Tinytim

Alex, it can sometimes be difficult to get a head round creating individual SOA's when eveything is joint. I have posted my wifes SOA, mine, and a joint one which may help. You can see that although some of the figures are different, the surplus at the end is always the same.

Wife's SOA

Monthly Income Details
Monthly income after tax................ 220
My contribution......................... 311
Tax Credits..............................1071
Child Benefit............................258
Other income............................ 0
Total monthly income.................... 1860

Monthly Expense Details
Mortgage................................ 200
Secured/HP loan repayments.............. 219
Council tax............................. 140
Electricity............................. 80
Gas..................................... 80
Water rates............................. 56
Telephone (land line)................... 40
Mobile phone............................ 20
TV Licence.............................. 12
Groceries etc. ......................... 500
Clothing................................ 90

Petrol/diesel........................... 100
Road tax................................ 16
Insurance............................... 40
Maintenance (including MOT)..............25

After school clubs… .................. 65
Denplan..................................17
Opticians................................10
Buildings & contents insurance.......... 46
Appliance insurance..................... 13
Haircuts................................ 30
Total monthly expenses.................. 1799

Surplus 61


My SOA
Monthly Income Details
Monthly income after tax................ 365
Council Tax benefit......................70
Wife's contribution......................1341

Total monthly income.................... 1776

Monthly Expense Details
Mortgage................................ 200
Secured/HP loan repayments.............. 219
Council tax............................. 140
Electricity............................. 80
Gas..................................... 80
Water rates............................. 56
Telephone (land line)................... 40
Mobile phone............................ 20
TV Licence.............................. 12
Groceries etc. ......................... 500
Clothing................................ 90

Petrol/diesel........................... 50
Road tax................................ 6
Insurance............................... 15
Maintenance (including MOT)..............25

After school clubs… .................. 65
Denplan..................................18
Opticians................................10
Buildings & contents insurance.......... 46
Appliance insurance..................... 13
Haircuts................................ 30
Total monthly expenses.................. 1715

Surplus 61

Joint SOA
Monthly Income Details
My Monthly income after tax............ 365
Wifes Monthly income after tax.......... 220
Council Tax benefit......................70
Tax credits ......................1071
Child Benefit 258

Total monthly income.................... 1984

Monthly Expense Details
Mortgage................................ 200
Secured/HP loan repayments.............. 219
Council tax............................. 140
Electricity............................. 80
Gas..................................... 80
Water rates............................. 56
Telephone (land line)................... 40
Mobile phone............................ 20
TV Licence.............................. 12
Groceries etc. ......................... 500
Clothing................................ 90

Petrol/diesel........................... 150
Road tax................................ 22
Insurance............................... 55
Maintenance (including MOT)..............50

After school clubs… .................. 65
Denplan..................................35
Opticians................................20
Buildings & contents insurance.......... 46
Appliance insurance..................... 13
Haircuts................................ 30
Total monthly expenses.................. 1923

Surplus 61

Alex_the_lad

Thanks for posting up that SOA TiyTim - it's really helping me to get my head around the whole SOA thing.

I have now got another question! The house my parents want to rent is availabel at the end of September and they just want to move. What I wondered was whether they should volunteer to resposs the house now and then go to BR ro whether they should stop paying the mortgage and wait for the house to be repossed and disposed of and then declare BR when they come looking for the shortfall?

fiveyearplan

Alex_the_lad wrote: »

Thanks for the reply.

I've had another go - but I just did on my own spreadsheet. Just a couple of notes. They pay a little more for food because my Dad has special dietry requirements - it costs a little extra. Also they have my little sister living with them who is a full time student. They don't have a car (it was the first thing to go when their income dropped). Also cos they're both diabetic they get prescriptions for free. If were to open an account for Sat TV and pay for it my self would that be acceptable? Don't want to get into sobb stories but they don't drink, smoke or even go out so it's the only thing they enjoy!

Imcome (month)


Mum Dad State Pension £ 390.00 £ 362.00 Occupational Pension £ 160.00 £ 260.00 Disability Living Allowance £ - £ 385.67 Housing Benefit £ - £ 138.33


Expenditure (month)

Rent £ 650.00 £ 650.00 Council Tax £ 119.00 £ 119.00 Electricity £ 41.00 £ 41.00 Gas £ 71.00 £ 71.00 Water £ 49.00 £ 49.00 TV Licence £ 14.00 £ 14.00 Shopping £ 225.00 £ 225.00 Clothing £ 40.00 £ 40.00 Travel £ 10.00 £ 40.00 Home Contents Insurance £ 20.00 £ 20.00 Birthdays etc £ 10.00 £ 10.00 Holiday £ 40.00 £ 40.00 Haircut £ 10.00 £ 10.00
Where did the telephone expense go?




Total Income £ 550.00 £1,146.00 Total Expenditure £1,289.00 £1,319.00 Remaining -£ 739.00 -£ 173.00

It may seem a pain but I'd start over using the SOA calculator and leave in all the expenses even if they are £0. The reason is there may be some expense that you have put £0 that we can advise you to put a figure and also things like the telephone wouldn't get left off. Its not that easy to spot if it isn't staring you in the face.

The reason I noticed the phone was missing is I was going to advise to up the phone to include the internet.

Alex_the_lad

Haven't been on here for a while - my Dad's been in hospital but he's back on track now. We've finally got an appointment with the CAB so we're getting somewhere! I will post up an SOA on here soon to get an idea of whether it's going in the right direction. I've just got one query in the meantime. My Mother's former employer is about to take an action against my mother for some overpayment of her final month's salary. She made an offer to pay back a small amount a month but they said 'no'. Anyone know if we can ask the Court to stay the claim pending advice on Bankrupcy - presumably a Court wouldn't want to waste time on a County Court action if it knew that the Defendent was in preparing for BR.

miss_spooky

Alex_the_lad wrote: »

Thanks for posting up that SOA TiyTim - it's really helping me to get my head around the whole SOA thing.

I have now got another question! The house my parents want to rent is availabel at the end of September and they just want to move. What I wondered was whether they should volunteer to resposs the house now and then go to BR ro whether they should stop paying the mortgage and wait for the house to be repossed and disposed of and then declare BR when they come looking for the shortfall?

Hi Alex,

If they want to move and have somewhere to go then it doesn't really matter which way round the repo takes place. As the house is being repo'd they could stop paying the mortgage & use the money for their fees prior to moving into new property. They may also qualify for a remission on the fees as they're on a low income. You'll need to check the notes for EX160 which is the exemption forms. If this is the case then they will only have to pay £360 each & not the full £510 each.

Also when they do had back the keys they will need to tell the council so that they get a 6mth exemption on the council tax for the property. (Not new one).

If & when they start the vol repo tell them not to sign the Deed of Acknowledgement otherwise they will be liable for the shortfall AFTER br.