BR decision made- questions questions!

newdawn_2

Hi all

As some of you know I have been helping my boyfriend with his debts. He was advises in 2001 to go BR by CCCS but managed to do payment plans of £10 to each DCA. Situation hasnt improved hes depressed through money worries and basically doesnt have a life as the money worries take over.

Hes moving into a flat close by his work and once he has been there a few months will be petitioning for BR. He cant wait for news on the DRO pension fund increase, that may never come, anymore

Pretty much expecting to lose the car- this is a problem as he needs it to see his kids. Worth less than £400. Whats the deal with buying back? We can prob arrange for someone to buy it back. Just dont know what sort of price the agents look for on these things. Will have a little bit of road tax that I know he will have to buy back. Also am I right in saying that he needs to be about to afford to run so his surplus will need to reflect this?

Little concerned about OR writing to landlord so will be checking tenancy agreement for BR clause. Hoping he gets the same OR as me. He was very understanding but professional and honest.

Also what is the groceries amount for a single person approximately? Will the OR make any provision for the fact he feeds his children 3 times a week?

Can he have a holiday fund?

What sort of clothing allowance?

Lots of questions Im afraid.

Thanks

skylight

He works. Therefore he needs he car to get to work. He is moving closer to save on petrol costs etc. Therefore the car should be exempt. All running costs should be included in his SOA.

Holiday fund - yes £40pm.
Emergency fund - No.
Clothing allowance £60pm. Maybe a bit too high but leave it, can argue about the clothes he needs for work.
Dry Cleaning - £15pm. To clean those work suits or whichever items he needs.
Housekeeping £250 a month. Thats less than £3 per meal per day which isn't horrific but more than enough money to feed himself and his kids a few days a week.

newdawn_2

Thanks skylight- he can walk to work 5 minutes max. No way the OR will exempt for work reason. We toyed with the idea of waiting til he moved in with me end of year as car would almost certainly be exempt but too long a wait with the debtors. We arent ready to move in yet.

Dry cleaning- yes thats a possibly.

Housekeeping- yep definately realistic.

The other thing is mobile phone. No landline. Currently £40 pcm. I think he should put it into bankruptcy and go for a £15 PAYG deal.If he can get the contract down how much is he likely to be allowed?

philnicandamy

newdawn wrote: »

.

The other thing is mobile phone. No landline. Currently £40 pcm. I think he should put it into bankruptcy and go for a £15 PAYG deal.If he can get the contract down how much is he likely to be allowed?

Depends really if he can afford to keep the contract going once bankrupt..theres no set figure really for mobiles the OR will usually allow as long as its not too excessive & seeing as he's no landline £40 isnt bad..

newdawn_2

Thanks Phil

Will have a think about the £40 contract as he does need it to remain in regular contact with his children .

Going to do a SOA for him and post here for comments on.

newdawn_2

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1150
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1150
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 25
Road tax................................ 13
Car Insurance........................... 19
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Maintenance..............................240
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 6
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1217



Monthly Budget Summary
Total monthly income.................... 1,150
Expenses (including HP & secured debts). 1,217
Available for debt repayments........... -67
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -67
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Well hes still over. Wont be able to run car and also reduced groceries/phone Looks no holiday fund, Gas and Electric may be lower. Thinking hes going to be best waiting til we move in together but 6 mths is a long time to hold off the creditors.

newdawn_2

Right after a huge reality check that he wont even be able to balance his SOA if he takes a flat we have decided to bring the move in forward.

This will either make us or break us.

So questions are 1) I am not yet discharged and now my only income will be CHB and Tax credits. How do I do a revised IPAQ when recd?

2) How do I do his SOA?

Am I right in thinking that as the tenancy agreement is in my name then the OR cant contact the LL when he files for BR.

newdawn_2

Bumping because Im going to need to tell OR he has moved in and my benefits have stopped. Want to prepare a SOA.

Thanks guys.