Would My SOA Meet Bankruptcy or IVA?> and if so which would be better for me?

Silly_Money

Hi all, here is my SOA. I hope im posting in the right place.

im debating whether to go BR or IVA. I cant consolidate, and trying to get smaller repayments or freeze intrest falls on deaf ears.

If i do file for BR is my SOA ok?

P.S im expecting a baby in april, so would this change anything below?

Regards

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 300
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 126.9
Rent.................................... 390
Management charge (leasehold property).. 0
Council tax............................. 108
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 25
Mobile phone............................ 80
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 110
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 20
Car Insurance........................... 29
Car maintenance (including MOT)......... 5
Car parking............................. 5
Other travel............................ 35
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 50
Emergency fund.......................... 20
Total monthly expenses.................. 1320.9

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1
Other assets............................ 0
Total Assets............................ 1

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 4900.....(126.9)....21.5
Total secured & HP debts...... 4900......-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
halifax credit card............6000......80........15.9
monument credit card...........2000......62........17.1
Total unsecured debts..........8000......142.......-

Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 1,320.9
Available for debt repayments........... -20.9
Monthly UNsecured debt repayments....... 142
Amount short for making debt repayments. -162.9
Personal Balance Sheet Summary
Total assets (things you own)........... 1
Total HP & Secured debt................. -4,900
Total Unsecured debt.................... -8,000
Net Assets.............................. -12,899

confused76

hi silly_money
how are you?
initial thoughts are - is water right? mine is £31pm (or am i being ripped off?! probably!)
mobile phone - can you cut this down? the or (official receiver) might say this is too high
entertainment - not sure if they allow for this?
groceries - this could go higher, maybe add the entertainment amount into your groceries
someone more knowledgable will be along (maybe in the morning now!) but i just wanted to say hi
have you spoken to someone about your options? i spoke to the national debt helpline (who are free) and they were very helpful, sent me some info in the post and talked through my options.
all the best

nervousmother

You need to get proffessional advice.. check out national debt helpline, CAB or CCCS.
You cant go BR without getting proffessional advice. Yes your circumstances will change once your baby is born. Congratulations by the way, such a special time :-)

Silly_Money

Hi again,

Right, im thinking of just ringing up my CC companies and saying i can afford £15 per month, you either like it or i shall end up going bankrupt so its up to you. As they seem to have that attitude with me.

T Mobile im going to ring and say, i can afford £20 and basically the same as above if the decline.

£80 for the mobiles includes 2 phones and contracts, plus unlimited calls and internet as i dont use the landline, only for the TV so i think £40 each is quite good.

£80 for petrol is my usage, work pay me 40p a mile but most often then not they screw up the paperwork,

£35 other travel expense is my husbands petrol for his motorcycle as he goes to college 20 miles away.

Ive just switched electricity, as i think atlantic were robbing me!

I have an unsecured loan with the halifax that i pay £109 per month for, i also think im going to ring them up and say i can only afford £30.

I also think im going to open another bank account with HSBC because halifax can see what goes in to my bank and as i have the loan and credit cards with them i would rather they not as they might pressure me to pay more.

I have £1500 left on my Monument CC and im thinking of using this to but a potatoe van or something so that i can do it at the weekend and my husband can work it during the week when hes not at college....What you think??? Bad idea??? Good idea???? I would use the profits from it to try and save up to give my creditors a settlement figure.

I await your responce's

S X

nervousmother

In my opinion you are just putting off what will eventually happen. Go speak to CAB see what they suggest.

Silly_Money

I know what your saying, but imo if i used £1500 for something thats constructive and even if it made £500 per month then it can be put straight to the CC's

dalip

Ok.. Hi by the way:D

IVA's are usually only a good idea if you own a propery,i even then they need to be given a lot of thought.


Any mobile contracts ect can be included in your bc,so that would need to be adressed in your SOA as the OR will only normally allow £20,if you wsh to keep them they would need to come from any surplus income you may have.

I will forwarn you an say no matter what you offer your creditors,they will want more,there is also the problem of pro-rata payments...you can not be seen to favour one creditor over another,but your creditors will try every trick in the book to get more off you. Also not may agree to freeze interest:rolleyes:.

Like others have said you really need to take expert advice. You can do a ccc's on line debt remedy which will tell you your options,it will also save all your info so that if you call them they can retrieve all your details without having to go through the whole process again.


There is room for few increases in your SOA but entertainment is a big no no in bc;).
Dx

nervousmother

and what if you did not make any money from it.. you have just added to your debt at a time when you should know your insolvent.

have you had a potato van before? i doubt you wil get one for 1.5k with working equipment.. these type of vans do best during the week lunch hour on industrial estates we had one near my OH office, he used to go to it alot but due to the climate he started taking a pack up lunch as did so many others.. the potato van is no longer trading.
It could be a good thing, if your homework is done and if someone can operate it during the week, but make sure you do your homework, go round the industrial estates to see what is already there, send out letters to the business's to see if they would use one. your unsecured debt is only 8k at the moment, you have assets so a DRO wont be suitable.

nervousmother

TO add: i would not consider a IVA as they take so much money from you, if your unsure of BR approach payplan who may be able to get interest frozen and come to a agreement with your creditors, this will cost you nothing.

Silly_Money

My husband used to work on one, and he used to work Sat and Sunday for a bloke and take 1K a day. He used to work on the big car boots and markets

nervousmother

The problem with car boots and markets are they are not all year round... just do your homework and consider payplan to get your interest payments froze..