Money in bank account

tigerfeet2006

tigerfeet2006 wrote: »

As the car is essential for work then the OR should have no interest in it at that value. So if it needs some work on it then it will be fine to get it done.

My apologies for duff advice this morning, I was dealing with sick kids and didn't read your situation correctly.

Dalip's and Peachey are perfectly correct.

seh567

Hi Dalip

Would the OR let me buy the car back from monies left in my bank account or cash, if not would they let my parents buy it back?

Good news about the internet, I gave up Sky so I really don't want to give up my internet connection.

Thanks

seh567

seh567 wrote: »

Hi Dalip

Would the OR let me buy the car back from monies left in my bank account or cash, if not would they let my parents buy it back?

Good news about the internet, I gave up Sky so I really don't want to give up my internet connection.

Thanks

Could someone answer my question about the car please. Also I've posted another SOA, could someone look at it and let me know its ok for someone who is currently unemployed and living on benefits. I know I have included car costs (hoping to keep it) and there is a shortfall of £33. It will be tough living on this amount but I will have to do it until I find employment:-

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 707 JSA, HB, CTB
Other income............................ 100 Assistance from parents
Total monthly income.................... 807

Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 351
Management charge (leasehold property).. 0
Council tax............................. 77
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 16
Telephone (land line)................... 12
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 15
Car Insurance........................... 24
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 4
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 840


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 707
Other income............................ 100
Total monthly income.................... 807

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 351
Management charge (leasehold property).. 0
Council tax............................. 77
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 16
Telephone (land line)................... 12
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 15
Car Insurance........................... 24
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 4
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 840


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 807
Expenses (including HP & secured debts). 840
Available for debt repayments........... -33
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -33

nervousmother

If the OR does not exempt your car he will allow you to buy back the interest in it, or rather your parents show him you are actively seeking work and need it to find work. It is not a high value car so you should be lucky.
The OR can claim any money in a bank account at the time of BR If your not going BR until January I would withdraw say £200 a week and say its for living costs if your asked what happened to it, and of course your BR fees.
Whilst your on benefits you will not have to pay a IPA.

confused76

hiya
at the moment your soa shows your expenses as higher than your income. you need to adjust it so it balances out. if you leave it like this they can refuse br. you need to trim £33 off somewhere (hope my maths is right!)
hope this helps..

seh567

I have no job, not much money apart from last wages, no assets except for a low value car and debts totalling £16k which I can't repay. SURELY I AM INSOLVENT. They wouldn't refuse me for £33 would they!

confused76

sorry that wasn't clear, i'm sure you are insolvent. however i have heard that if your soa (excluding your debts, which you have above) is a negative, even after you are br you don't have enough to get by each month and will still struggle after br. if you adjust your soa so that your income and expenses agree then that'll be fine.
does that make sense? if i have got this wrong then apologies in advance but that's what i've heard...

seh567

I'm struggling now and will do so anyway after BR if I don't find a job, but I am hoping my luck will change in the new year. However I have extremely supportive parents who will help out if need be but I don't want to sponge on them any longer if I can help it. If I can get this debt problem sorted at least I can put all my time and effort in finding work.

confused76

i know, it's tough. you're lucky to have supportive parents, i'm sure they'd do anything to help.
sounds to me like you're doing the right thing and hopefully the job situation will pick up in the new year. my partner is frantically job hunting now and there is nothing out there, we are hoping that a few more jobs are advertised in the new year. all the best x