I dont get it I cant afford an IVA?

newuser10

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1500
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 299
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 86.48
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 29
Mobile phone............................ 25
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 130
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 12
Car parking............................. 20
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 250
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)...... 10
Haircuts................................ 0
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1694.48

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 6578.....(299)......0
Total secured & HP debts...... 6578......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Egg............................3669.4....112.......26.9
RBS mastercard.................3025.19...68........18.9
MBNA...........................9083.63...127.8.....18.9
RBS Business Loan..............14851.5...235.2.....6.7
RBS personal loan..............19464.....389.2.....8.3
Total unsecured debts..........50093.72..932.2.....-

Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including HP & secured debts). 1,694.48
Available for debt repayments........... -194.48
Monthly UNsecured debt repayments....... 932.2
Amount short for making debt repayments. -1,126.68
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -6,578
Total Unsecured debt.................... -50,093.72
Net Assets.............................. -56,671.72

newuser10

the van is on contract hire so the road tax is paid for but no maintenance. My income is very up and down but I have used 1500 as an average. Business has been increasing but no new figure available as yet
thanks

blondieliz

Hi there,

I am new to this myself, but well done for your SOA!

Just a question - your 'other child expenses', is this CSA? If so that seems very high for your income - my husband pays about £160 pm and he earns 26k (before tax).

Also your grocery seems high.

Could you look to rent a room if applicable? Have you shopped around for your utilities?

Just a few thoughts xx

blondieliz

Also ouch for the APR on the Egg card - I used to work for them and they are pains for getting you to spend on the card with a great APR and then slowey but surely putting the APR up. (It's worse since they were taken by CITI bank - I think it should be investigated by FOS, but that's another matter......)

:A

gilligansyle

Well done on taking the step of posting the SOA.


I'm by no means an expert but at the moment you don't have any spare income to pay creditors so you need to claw back what you can.

Entertainment and presents - save £50
Clothing, make do for now - save £20
Can you cancel mobile and go paygo?

£160 is a lot for groceries for one person - can get this down.
£160 of car related expenses, do you need the car? There is no car insurance included. Can you sell car and use public transport.
£250 - presumably child maintenance - can this be negotiated?
Just first thoughts, but someone will be along with more advice

ETA : seen that its a van so presumably needed for work, is insurance included?

newuser10

The payment was agreed years ago at 500 I had to beg to get it down to 250. Its a private agreement, but i dont think she will take any less.

I really dont know about the grocery bit I have only just moved back to my own place after a year at my parents, so i have had to buy a few extra items to get started. What would you say is realistic?

thanks x

newuser10

yes they are awful, should be put out of business or something they put my rate up by 5% because they were having a hard time !!!

I am so stressed with all of this now my partner has just left me and I am now ill which just makes things worse.

Locke

How long ago did you take out the Egg card?

newuser10

Hi unfortunately the van is vital, I had to consolidate my old van into the new agreement but went contract hire so that I didnt have the debt. It seemed like a good idea at the time as I was doing horrendous mileage and my other van wouldnt even start. Its been awful 3 years my business went pear shaped, and now my partner has left me so rock bottom, and what the counciler suggested seems to be a very stressful route ie no shileding from harrassement

DarkConvict

From looking at your SOA.

Over £15,000 debt so DRO won't work.
You do not have sufficient money to make an IVA work.
From the looks of it your going into debt more and more each month, in a big way

Amount short for making debt repayments. -1,126.68

There are a few cuts to be made in your SOA, but i would be looking at bankruptcy as you have lots of debts and no assets to show for it.