SOA - IVA or bankruptcy?? Help??

brokeinbristol

kezxx22 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 900
Partners monthly income after tax....... 0
Benefits................................ 1130
Other income............................ 40
Total monthly income.................... 2070
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 20
Mobile phone............................ 10if considering BR this figure will have to be put in with landline phone costs
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 8with BR they will let you have this on your SOA if it is for work/education
Groceries etc. ......................... 80This is too low, I'd say at least £300, are you buying nappies & formula milk? this can be very expensive
Clothing................................ 10Also on the low side, you have 2 kids!? £40-£50 per month for the 3 of you
Petrol/diesel........................... 40
Road tax................................ 0You do have road tax don't you? £5 per month
Car Insurance........................... 7
Car maintenance (including MOT)......... 0If it's you own car you'll need to maintain it & MOT etc, especially if it's an older car, I'd say at least £50 per month
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 600nurseries rob you blind don't they?!
Other child related expenses............ 0Put something here for kiddie days out/recreation, they allow this usually in BR
Medical (prescriptions, dentist etc).... 0Put something here, we all need dentist check ups & emergency treatment at some time, also pay for the odd prescription
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0Should have this
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0Seems on a BR SOA they allow people to put something here £50 or so
Emergency fund.......................... 0
Total monthly expenses.................. 1370

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500In BR if you need you car for work & It's under £1000 value, they won't touch it.

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................19850.....400.......0
loan...........................1500......123.......0
card...........................1100......35........0
next...........................550.......40........0
argos..........................500.......10........0
card...........................1500......35........0
Total unsecured debts..........25000.....643.......-

Monthly Budget Summary
Total monthly income.................... 2,070
Expenses (including HP & secured debts). 1,370
Available for debt repayments........... 700
Monthly UNsecured debt repayments....... 643
Amount left after debt repayments....... 57
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -25,000
Net Assets.............................. -24,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Think you need to be realistic on what you need to pay out for. Little things like an old car not getting through it's MOT can cost you £600 to sort out, and if you haven't saved for it/included it in your SOA then you end up borrowing to get it sorted. Looking back it's those types of things that got me into my mess. Would like to see what your new SOA looks like now if you were to add up all the I added.

Sunnylooloo

Hi

BIB has put what will be allowed in BR which is good as you will have some idea of what surplus you have and whether you would have to pay an IPA or not.


I personally think you need to have a sit down and have a chat with the debt charities and work out what the best solution will be for your situation.

LL

Sunnylooloo

Hi

I am just bumping this one up before I leave for the day as I don't want it to get lost and I think she still needs a bit of help

x

RAS

Hi love

What have you done re claiming maintenance from your ex?

Are any of these loans and cards in joint names with ex?

kezxx22

Thanks to you all for your help. I have posted my reviewed S.O.A below. I had worked out my average monthly wage incorrectly. This is because I am a Supply Teacher so I only get paid during term time. I do not get any pay during the holidays so have averaged this out throughout the year. I will try & answer all your queries in one post...

Yes the childcare is expensive! Thats to pay for my youngest to go to nursery 3 days a week & my oldest to go to after-school club 3 days a week. However I am lucky that I get tax credits to help me pay that. I also dont pay for prescriptions etc as I am a lone parent.

None of my debts are in joint names with my ex. He has his own debts. As for child maintenence it will be a private agreement however I owe him money as he borrowed to pay off my debts previously. He is in more debt than me hence the stress of it all has resulted in us splitting up.

With regards to BR I am scared & also think the fee is so high. I am the sort of person that would feel sick to the stomach if I started getting red letters or phonecalls as if I dont have enough stress at the moment splitting up & finding a new home for me and kids. Saying that I need a fresh start. I cant continue to make the payments on my own.

Any further comments apprectiated, thanks





Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 630
Partners monthly income after tax....... 0
Benefits................................ 1134
Other income............................ 40
Total monthly income.................... 1804
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 30
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 8
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 40
Road tax................................ 5
Car Insurance........................... 7
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 600
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1658

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
Barclay Loan...................19350.....400.......0
Egg Loan.......................1500......123.......0
Barclaycard....................1500......35........0
Next...........................450.......40........0
Argos..........................500.......10........0
Egg card.......................1100......40........0
Total unsecured debts..........24400.....648.......-

Monthly Budget Summary
Total monthly income.................... 1,804
Expenses (including HP & secured debts). 1,658
Available for debt repayments........... 146
Monthly UNsecured debt repayments....... 648
Amount short for making debt repayments. -502
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -24,400
Net Assets.............................. -23,900
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]