Been sent an IPOQ - SOA to check

I_need_therapy

Went BR end of September, during my OR interview I (maybe stupidly) told them that my figures on the court papers needed some adjustment, the interviewer got a little irrate and said they were going to send me out a form to do it all again, so I now have an IPOQ in my hand and only a few days to get it back due to postal strikes.

Please have a look at the below SOA, not against an IPO if required, already sorted to pay an NT IPO of £492

3 adults, as eldest is on JSA and I am taking nothing off him, but thought I should include him, other than that, my wife does not work and children are 7, 15 and 16, the 16 year old is in college.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2188
Partners monthly income after tax....... 0
Benefits................................ 250 child benefit and child tax credits
Other income............................ 0
Total monthly income.................... 2438

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 535
Management charge (leasehold property).. 0
Council tax............................. 111
Electricity............................. 80 current charges from bill, no outstanding
Gas..................................... 68 ditto
Oil..................................... 0
Water rates............................. 40
Telephone ...............................60
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15 work from home once a week, plus for kids homework
Groceries etc. ......................... 650
Clothing................................ 190
Petrol/diesel........................... 160
Road tax................................ 18
Car Insurance........................... 37
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 47 kids busses, college is £200 a year, other £30 a month
Childcare/nursery....................... 0
Other child related expenses............ 135 school meals and activities, £5 each for activities, then £15pw for the older two and £7pw for youngest lunch
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0 pet food included in groceries
Buildings insurance..................... 0
Contents insurance...................... 33
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 35
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 2361

Monthly Budget Summary
Total monthly income.................... 2,438
Expenses (including HP & secured debts). 2,361
Available for debt repayments........... 77
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 77


Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

fiveyearplan

A lot of people are now getting £600 housekeeping approved for 2 adults 2 children so you could up the housekeeping.

I_need_therapy

a little bump for the early evening crowd for any more advice.

I_need_therapy

page 3 and only fiveyearplan with any advice for me, I'll give it one last go on page one as I need to get it all filled in this weekend - even some 'all looks fine' would help put my mind at rest if there is nothing to add

confused76

hi there
i'm no expert as i am trying to fill mine in as well, but nothing jumps out as unreasonable to me. sorry i couldn't be more help...good luck

Mr_and_Mrs_Spendthrift

I might be wrong but I'm not sure that a holiday fund will be allowed?!

Anyone?

philnicandamy

Moderate Holiday fund is usually allowed by the receiver...

31.7.26 Holidays
Previous guidance stated that an allowance for holidays should not be included in the calculation of funds available for an income payments contribution, other than in exceptional circumstances, for example where a dependant was sick or disabled. Whilst extravagance is not endorsed in this respect, it may be considered a reasonable domestic need to allow the bankrupt and his/her family to benefit from a non-extravagant holiday as a break from routine. Expensive or luxury holidays (particularly if the holiday is abroad) are likely to cause offence to creditors but an allowance of between £60-£80 per month (amounting to £720-£960 per annum) for a household of 4 people should allow the bankrupt and his/her family sufficient funds to take a moderate annual holiday. Should the bankrupt consider this allowance insufficient to fund a holiday, he/she should be informed that any additional holiday cost that he/she may wish to incur must be funded from the amount of surplus income left with him/her after deduction of the assessed IPA/IPO contribution.

Mr_and_Mrs_Spendthrift

I knew someone would put me straight