Bankruptcy - Rejection?????

Strangey84

Hi All,
I have my court hearing on Tuesday 23rd, Im worried I may get rejected, what are the chances of this. I owe £32,267 unsecured

I have a mortgage which owes £81,615 house worth 90k however also have a secured loan with Welcome for £12,400... Negative Equity of £4015.

I will be handing the keys back to northern rock.

I have filled out my outgoings on the BR Form which show:

Mortgage £480
Housekeeping £200
Gas Elec £80
Water £25
Telephone £45
Travelling £25
Clothing £30
C Tax £75
Secured Loan £210
TV License £12
Internet £15
Medical Opticians £25
Presents £10
Haircuts £20
Holiday £25
Emergency £10
Laundry£10
Buildings Ins £29
Contents Insurance £15

TOTAL £1,341

Salary £1,420

£79 left over

Does this look reasonable. Could I still be rejected?

philnicandamy

you usually only face rejection IF your not insolvent (you can pay your outgoings without any problems) or if you have NOT had advice from any of the free debt agencys..perfectly normal to have a small surplus that will show you can manage without falling back on credit once BR

fill your SOA in here again click on the "format for MSE" button then cut & paste here then we can have a closer look & advise

http://www.makesenseofcards.com/soacalc.html

Strangey84

Monthly Income Details[/b]
Monthly income after tax................ 1420
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1420
Monthly Expense Details
Mortgage................................ 480
Secured/HP loan repayments.............. 210
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 35
Gas..................................... 45
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 25
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 30
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 25
Emergency fund.......................... 10
Total monthly expenses.................. 1332

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 90000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 81615....(480)......0
Secured Debt.................. 12400....(210)......0
Total secured & HP debts...... 94015.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
CCCS...........................10400.....200.......0
NORTHERN ROCK..................21417.....120.......0
Total unsecured debts..........31817.....320.......-

Monthly Budget Summary
Total monthly income.................... 1,420
Expenses (including HP & secured debts). 1,332
Available for debt repayments........... 88
Monthly UNsecured debt repayments....... 320
Amount short for making debt repayments. -232
Personal Balance Sheet Summary
Total assets (things you own)........... 90,000
Total HP & Secured debt................. -94,015
Total Unsecured debt.................... -31,817
Net Assets.............................. -35,832

philnicandamy

and is this just you? no other adults/children

Strangey84

Yes just me

Strangey84

i welcome critique and suggesstions

Strangey84

Can anyone assist me please

Tinytim

Strangey84 wrote: »

Monthly Income Details[/b]
Monthly income after tax................ 1420
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1420
Monthly Expense Details
Mortgage................................ 480
Secured/HP loan repayments.............. 210
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 35
Gas..................................... 45
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0 Put land line and mobile under "telephone"
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15 Only allowed if essential for work or study
Groceries etc. ......................... 200
Clothing................................ 30 Try £40
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 25 Is it really this low?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 30
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 Not normally allowed
Haircuts................................ 20 £10
Entertainment........................... 0
Holiday................................. 25
Emergency fund.......................... 10 Not normally allowed
Total monthly expenses.................. 1332

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 90000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 81615....(480)......0
Secured Debt.................. 12400....(210)......0
Total secured & HP debts...... 94015.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
CCCS...........................10400.....200.......0
NORTHERN ROCK..................21417.....120.......0
Total unsecured debts..........31817.....320.......-

Monthly Budget Summary
Total monthly income.................... 1,420
Expenses (including HP & secured debts). 1,332
Available for debt repayments........... 88
Monthly UNsecured debt repayments....... 320
Amount short for making debt repayments. -232
Personal Balance Sheet Summary
Total assets (things you own)........... 90,000
Total HP & Secured debt................. -94,015
Total Unsecured debt.................... -31,817
Net Assets.............................. -35,832

Do you have to look smart for work, if so you could include reasonable dry cleaning costs. Other than that it looks fine to me, but will change as soon as you hand the keys back - mortgage and secured loan will be replaced by rent, and that is likely to result in a higher surplus.

philnicandamy

Thanks for replying TT I did mean to get back earlier & reply but something came up

Strangey84

Hi thanks for response I know I will have a higher surplus however this will not result in an iva being offered will it?

philnicandamy

Strangey84 wrote: »

Hi thanks for response I know I will have a higher surplus however this will not result in an iva being offered will it?

doubtful....people have been insolvent with bigger surplus than yours once you take debt payments out