Soa please comment

notenoughmoney

Can someone have a look at this please, we are in a joint iva (2 years)circumstances have changed, we are either going to offer F+F or petition for bankruptcy.
thank you.
Money will increase by £200 next May, we are paying back an advance for change from weekly - monthly pay.

2 adults
4 children (20, 18, 15 & 11)


Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)
Total monthly income2,274.6
Monthly expenses (incl. HP & secured loans)2,441
Available for debt repayments-166.4
UNsecured debt repayments
0Amount short for making debt repayments-166.4

Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own)0
Total Secured & HP Debt-0Total Unsecured Debt-0
Net Assets0

Household Information


Number of adults in household 4
Number of children in household 2
Number of cars owned 2

Income, Expense, Debt & Asset Details

IncomeAmount(£)
Monthly income after tax 1997
Partners monthly income 50
Benefits 227.60
Other income 0
Total monthly income 2274.6

ExpensesAmount(£)

Mortgage 0
Secured/HP loan payments0
Rent 600
Management charge (leasehold property)0
Council tax 96
Electricity 100
Gas 96
Oil 0
Water Rates 0
Telephone (land line) 25
Mobile phone 20 (for 6 phones)
TV Licence 11
Satellite/Cable TV 0
Internet services 0
Groceries etc. 640
Clothing 130
Petrol/diesel 325 (40 mile round trip to work)
Road tax 30
Car Insurance 50
Car maintenance (including MOT) 50
Car Parking 10
Other travel 5
Childcare/nursery 0
Other child related expenses 40 (stationery,clubs,trips,school subs)
Medical (prescriptions, dentists, opticians etc.) 52 (4 glasses 3 contact lenses)
Pet Insurance/Vet bills 68 (elderly cat with asthma £72 every 6 weeks)
Buildings Insurance 0
Contents Insurance 9
Life Assurance 33
Other Insurance 11
Presents 0
Haircuts 40
Entertainment 0
Holiday 0
Emergency Fund 0

Total monthly expenses2441

notenoughmoney

anyone got any ideas?

notenoughmoney

bumping this, still need advice please

elsien

Hi, sorry I can't help, didn't want to read and run. I'm surprised you've not had any replies - maybe try posting a similar thread on the debt free wannabee forum. That's sometimes a bit busier and you should get more people having a look.

fiveyearplan

notenoughmoney wrote: »

Can someone have a look at this please, we are in a joint iva (2 years)circumstances have changed, we are either going to offer F+F or petition for bankruptcy.
thank you.
Money will increase by £200 next May, we are paying back an advance for change from weekly - monthly pay.

2 adults
4 children (20, 18, 15 & 11)


Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)
Total monthly income2,274.6
Monthly expenses (incl. HP & secured loans)2,441
Available for debt repayments-166.4
UNsecured debt repayments
0Amount short for making debt repayments-166.4

Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own)0
Total Secured & HP Debt-0Total Unsecured Debt-0
Net Assets0

Household Information


Number of adults in household 4
Number of children in household 2
Number of cars owned 2

Income, Expense, Debt & Asset Details

IncomeAmount(£)
Monthly income after tax 1997
Partners monthly income 50
Benefits 227.60
Other income 0
Total monthly income 2274.6

ExpensesAmount(£)

Mortgage 0
Secured/HP loan payments0
Rent 600
Management charge (leasehold property)0
Council tax 96
Electricity 100
Gas 96
Oil 0
Water Rates 0
Telephone (land line) 25
Mobile phone 20 (for 6 phones) put this in with telephone and make it total 45
TV Licence 11
Satellite/Cable TV 0
Internet services 0
Groceries etc. 640 £600 is accepted for 2 adults & 2 children so you can increase at least to £700
Clothing 130
Petrol/diesel 325 (40 mile round trip to work)
Road tax 30
Car Insurance 50
Car maintenance (including MOT) 50
Car Parking 10
Other travel 5
Childcare/nursery 0
Other child related expenses 40 (stationery,clubs,trips,school subs)
Medical (prescriptions, dentists, opticians etc.) 52 (4 glasses 3 contact lenses)
Pet Insurance/Vet bills 68 (elderly cat with asthma £72 every 6 weeks) I doubt this amount will be allowed but leave it in and see
Buildings Insurance 0
Contents Insurance 9
Life Assurance 33 OR may have interest in this
Other Insurance 11 what is this?
Presents 0
Haircuts 40
Entertainment 0
Holiday 0
Emergency Fund 0

Total monthly expenses2441

Are your adult children still in education? If not I'm not really sure how it works regarding still claiming expenses for them.

notenoughmoney

the £11 is for union subs for my other half

notenoughmoney

so what do I do about the 15 year old cat, am I supposed to have him put down, he has been on cheaper drug for a couple of years but they have stopped working, the vet says this is the only thing, and now he has it he is really well.

there is no money in the life insurance I have only had it 4 months, when realised I had no insurance, other half has life insurance with work.

we have gone ahead and put the paperwork in to end our IVA, we have offered £6000 full & final, i think we still owe about £13000, so we wait and see, but the alternative is bankruptcy.

notenoughmoney

We had our F & F offer meeting today and it was approved at £6000

Nargleblast

Brilliant news! Now you can get on with your life free of debt, and if you have learnt the art of budgeting you should never get yourselves in such a mess again. Keep posting on here though, to give others the benefit of your experience.

trudij

Thats fab - well done.

notenoughmoney

yes, the three years we spent on the IVA have taught us a lot about budgeting, I now know every day how much money we have AFTER all of our living costs, we have learnt that some people and credit just don't mix, so from now on we will be saving for the things we want or need.