newbie needs advice on br

z1oey

hi my husband is considering going br, he has been in an iva for a year and we're struggling to survive, have been living off donations from genorous family members :eek: , the debt is all his from before we wed about £49,000, he lives in my rented house i'm the tenent not him, he works and im at home with the kids (2,5,9) we both own a car mine is worth about £3500 his is worth about £600, i'm not going bankrupt just him.

would this soa be likely to be agreed if he were to go bankrupt? would love some advice here, We really underestimated thing when working out the iva and thats whats done us in, here goes


monthly income

wages after tax = £1490
Benifits = £580
Total = £2070

Expenditure

rent £320
council tax £100
electric £80
gas £80
water £60
phone-£30
mobile-25
tv-30
household(food, etc etc) 580
clothing £110
fuel (needed for work and school) 160
car tax £40
car ins $70
repairs etc £20
child related expenses £40
medical/ dental £ 30
pets £20
presents/b-days £15
hair £40
Holiday £70
Entertainment £25
emergency £20.

thanks in advance

curly04

hiya

welcome Can you fill you SOA details out on here and post again - its make it easier for us to help
http://makesenseofcards.com/soacalc.html

once your done select the option "format for MSE" and just copy & paste into a new message box here

Also just going back to my desk at work - I will pop back later with the other answers (just didnt want to read and run)

Good luck and your in the right place for help
Curls

z1oey

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1490
Partners monthly income after tax....... 0
Benefits................................ 580
Other income............................ 0
Total monthly income.................... 2070
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 320
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 30
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 580
Clothing................................ 110
Petrol/diesel........................... 160
Road tax................................ 40
Car Insurance........................... 60
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 40
Entertainment........................... 25
Holiday................................. 70
Emergency fund.......................... 20
Total monthly expenses.................. 1957[/b]

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt
aa.............................8586
argos..........................514.......0.........0
barclaycard....................5997......0.........0
mint...........................9547......0.........0
hfc............................1185......0.........0
barclays bank..................850.......0.........0
barclays bank..................17196.....0.........0
barclaycard....................5911......0.........0
Total unsecured debts..........49786.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,070
Expenses (including HP & secured debts). 1,957
Available for debt repayments........... 113
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 113
Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -49,786
Net Assets.............................. -49,186

IF

Hi z1oey and Welcome, Do what curly has suggested and I have to say this too, first thing make a list of all your creditors, debts and assets.
Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial.
They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another.

Please don’t do anything rash take your time and weigh up your options and read everything you can x

Please click on Blue links below.

For ‘essential’ info this is Fermi’s sticky at top of the forum:-

http://forums.moneysavingexpert.com/showthread.html?t=1056083


These are the most used Debt charities:-

http://www.citizensadvice.org.uk/index/getadvice.htm

http://www.nationaldebtline.co.uk/

http://www.cccs.co.uk/


More Debt charities also on Fermi’s link:-

http://forums.moneysavingexpert.com/showthread.html?t=1056083


And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

Best wishes
If...x

z1oey

hi he was advised before he took iva that bankruptcy would be best for him, but he was so affraid of the stigma attached he chose the iva, he phoned the national debt helpline and they gave very little advice, he has just defaulted for the first time on his iva, and without his dad giving us extra £120+ a month we would literally not eat!!! iva payments are currently £320 per month.

dojoman

z1oey wrote: »

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1490
Partners monthly income after tax....... 0
Benefits................................ 580
Other income............................ 0
Total monthly income.................... 2070
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 320
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 30
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 20 NOT ALLOWED IN BR
Internet Services....................... 0
Groceries etc. ......................... 580
Clothing................................ 110
Petrol/diesel........................... 160
Road tax................................ 40
Car Insurance........................... 60
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 30 £20
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 NOT ALLOWED
Haircuts................................ 40 £35 , £10 ADULT, £5 CHILD
Entertainment........................... 25 NOT ALLOWED
Holiday................................. 70
Emergency fund.......................... 20 NOT ALLOWED
Total monthly expenses.................. 1957[/b]

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt
aa.............................8586
argos..........................514.......0.........0
barclaycard....................5997......0.........0
mint...........................9547......0.........0
hfc............................1185......0.........0
barclays bank..................850.......0.........0
barclays bank..................17196.....0.........0
barclaycard....................5911......0.........0
Total unsecured debts..........49786.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,070
Expenses (including HP & secured debts). 1,957
Available for debt repayments........... 113
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 113
Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -49,786
Net Assets.............................. -49,186

Hope this helps, some of the things not allowed can be paid out of any surplus if you have any.
On your car expenses is this for one car or both?

curly04

z1oey wrote: »

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1490
Partners monthly income after tax....... 0
Benefits................................ 580
Other income............................ 0
Total monthly income.................... 2070
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 320
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 30 £60.00
Mobile phone............................ 25 remove include in Land Line
TV Licence.............................. 12 £13.00
Satellite/Cable TV...................... 20 Not allowed
Internet Services....................... 0 If children need this for school OR will allow so but £15.00 he can only say no!
Groceries etc. ......................... 580
Clothing................................ 110
Petrol/diesel........................... 160
Road tax................................ 40
Car Insurance........................... 60
Car maintenance (including MOT)......... 20 2 cars?
Car parking............................. 0 £10.00
Other travel............................ 0 Kids bus fare ????
Childcare/nursery....................... 0 No one ever baby sits for you where you bung them a few quid??
Other child related expenses............ 40 OR will ask what they are
Medical (prescriptions, dentist etc).... 30 £20.00
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 Not allowed
Haircuts................................ 40 £35.00
Entertainment........................... 25 Not allowed
Holiday................................. 70
Emergency fund.......................... 20 Not allowed
Total monthly expenses.................. 1957[/b]

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt
aa.............................8586
argos..........................514.......0.........0
barclaycard....................5997......0.........0
mint...........................9547......0.........0
hfc............................1185......0.........0
barclays bank..................850.......0.........0
barclays bank..................17196.....0.........0
barclaycard....................5911......0.........0
Total unsecured debts..........49786.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,070
Expenses (including HP & secured debts). 1,957
Available for debt repayments........... 113
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 113
Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -49,786
Net Assets.............................. -49,186

Hope this helps a little

peteridms

you must sever all financial ties to your husband before BR, if you have joint 'anything' the IP will freeze it, or the creditors could come after you. but on the other hand, sounds like you husband would be better off going down the BR route. (I survived it...)

dancingfairy

It worth getting back in touch with the peope that sorted the IVA and get them to redo the budget? I think they would have to put this back to the creditors again to vote on but if he is well into his IVA this might help?
Also see what the debt charities have to say as well.
df

debtinfo

Also if he does go bankrupt, he needs to make sure he gets a failure notice from the supervisor as the judge may ask to see a copy

tigerfeet2006

Just my 2 pennies worth on your SoA.

z1oey wrote: »

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1490
Partners monthly income after tax....... 0
Benefits................................ 580
Other income............................ 0
Total monthly income.................... 2070
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 320
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80 does this include arrears?
Gas..................................... 80 ditto
Oil..................................... 0
Water rates............................. 60 this is very high, do you have arrears? are you on a water meter?
Telephone (land line)................... 30 £60
Mobile phone............................ 25 put into landline.
TV Licence.............................. 12
Satellite/Cable TV...................... 20 will have to come from your surplus and cannot be shown on your SoA
Internet Services....................... 0 do the children need this for school?
Groceries etc. ......................... 580
Clothing................................ 110
Petrol/diesel........................... 160
Road tax................................ 40
Car Insurance........................... 60
Car maintenance (including MOT)......... 20 £40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40 £5 per child per week for activities. £2 a day for school lunches.
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0 you do need to get this with accidental damage, especially if going BR.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 most OR's will not allow this.
Haircuts................................ 40
Entertainment........................... 25 definatly not allowed.
Holiday................................. 70 £90
Emergency fund.......................... 20 most OR's will not allow this.
Total monthly expenses.................. 1957[/b]

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt
aa.............................8586
argos..........................514.......0.........0
barclaycard....................5997......0.........0
mint...........................9547......0.........0
hfc............................1185......0.........0
barclays bank..................850.......0.........0
barclays bank..................17196.....0.........0
barclaycard....................5911......0.........0
Total unsecured debts..........49786.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,070
Expenses (including HP & secured debts). 1,957
Available for debt repayments........... 113
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 113
Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -49,786
Net Assets.............................. -49,186

Do you work in a job that needs suits? If so add dry cleaning. Do you pay professional/union fees?

Using everyones comments. Put together another SoA and put it up again.