Quick IPA question

Falze

Both myself and partner are petitioning for bankruptcy. Ringing the court 2morrow to book the date.

Looking forward to a probable IVA, how is this calculated ?

Would we get a combined one based upon our combined household income or would it be it be calculated seperatley.

If separtley, surley we would be paying double the IPA, when the household desposible income in combined ??

Just looking for a bot of advise. We are currently in the mine set that what ever happens happens, as it will still be better that what we were paying and for a shorter period, but just looking for a heads up.

Also a big thankyou to everyone on the board who posts. I spend alot of time (should really be working) trawling thorugh and getting useful info and help, as well as encouragement.

I 'm sure to be posting more queries soon, when i start filling the forms.

Alot going on at the moment as we are moving into rented on the 26th May'10 and vol respossession house we've been in for 6 years and had our kids brought up in. Very sad, but looking a bigger picture and fresh start.

Thankyou all ,


Falze.

dojoman

Your IPA`s would be seperate, you cannot go Bankrupt jointly. Your SOA`s would have to reflect this fact. You only get an IPA if you have enough surplus left over after paying essential bills. Why don` you post your SOA`s up here and we will try and help you.

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

Here is the table the OR works from to establish any possible IPA.

The percentage the OR can take for an IPA depends upon the excess:

Between £100 and £249 = 50%
Between £250 and £349 = 60%
Between £350 and £499 = 66%
£500 or more = 70%

Falze

thanks dojoman again.

I will post full SOA on here probabley 2morrow, but just wasn't sure how it would be split.

if based on our total household income (i'm under the impression i would put my partners income on my soa) i have an deposable of £300 and an IVA of £150

My partner would have the same deposable income and therefore the same iva.

Meaning we pay twice and all of our deposible income !! or is it % according to the income we each bring in ?

I'm not even sure this makes sence !!!!

confused76

you need to put your full income on your soa, plus your partners contribution to the household expenses only (not full income) and then vice versa for your partner's

have a go and we'll help out

Falze

Sounds very confusing. I'll post during my lunch 2morrow while i ring the court.

Thanks for your help

Falze

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1450
Partners monthly income after tax....... 830
Benefits................................ 132.8
Other income............................ 0
Total monthly income.................... 2412.8
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 675
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 42
Gas..................................... 57
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 25
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 500
Clothing................................ 120
Petrol/diesel........................... 80
Road tax................................ 10.4
Car Insurance........................... 44.12
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 25
Childcare/nursery....................... 120
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 14.3
Life assurance ......................... 21
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 90
Emergency fund.......................... 0
Total monthly expenses.................. 2123.82

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,412.8
Expenses (including HP & secured debts). 2,123.82
Available for debt repayments........... 288.98
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 288.98
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

This includes whole of partners wages, what would be fair for a contribution. We only have one bank account and all funds are combined. All the amounts are family total (ie rent, water etc) should i just put down half of everything or a % depending on the difference in wages ??

Please help.

confused76

it definitely wouldn't be 100% of your partner's wages, as she must have her own expenses on included on the soa. you need to work out a proportional % based on the level of wages you both earn - sorry i don't have a calc to hand

dojoman

You will need to do 2 seperate SOA`s, one for you and one for your partner, I know it sounds complicated and I had a hell of a job getting my head around it. On them both the expenses for the house should be the same, then you put down your own expenses, ie haircuts, medical etc Once you have done this, you add up your individual expenses, and then you take this figure away from your total incomes, and the figure that is left is the contribution you or your partner make to the household on the others SOA.

beentheredonethatstilhere

I would up your groceries to £600. Add Childrens activities at £5 each per week. How old are the children? I'm guessing they are at nursery and not school.

The OR will take an interst in your life insurance.

Will those gas and electric amounts cover winter as well?

Dojo's last post is a good explaination on how to work it out.

Falze

so the rent should stay at £675 on my soa or drop the amount down to the amount i contrubute to the rent, based upon the % of my wages and reduce the Mrs total contriibution down accordingly ?

I think i moght need an example, as i'm struggling to get my head round

Thanks.

beentheredonethatstilhere

All joint bills are the same on both SOA's ie:rent is £675.

You have a car which goes on your SOA, she has travel expenses which goes on hers.

Try adding your personal expenses together ie: mobile, medical, car and hair. Tkae this off your income and that is the amount you put as your contribution to the joint bills on her SOA.

Add her personal expenses up ie;mobile, medical, travel, hair (you could put the childrens hair under hers.) Take this off her income and that is the total she pays towards the joint bill to go on your SOA.

Just to add if you wear suits then add £10 a month dry cleaning as a personal expense as well.

wILL £25 TRAVEL REALLY BE ENOUGH FOR HER FOR THE MONTH? oops! sorry caps!