The Bankruptcy Club & Supporters Club

scootw1

Computer programmer for NHS Wales.

sandralovescats

Just for interest ScootW how much are you paying per month on your IVA?

You have to be better off in bankruptcy, surely?

scootw1

More refined...

255 Rent (anticipated in April)
60 Council tax (anticipated in April)
50 Clothing

35 Gas (dont know about this. Only paying £15 DD at the moment but bound to increase over winter)
40 Electric
30 Phone
30 Medical/Dental
20 Optical
60 Travel
20 Water
200 Shopping/toiletries/food
10 Haircuts
20 Incidentals (what does this include?)
20 Birthdays/Christmas/holdiays?
6 prescriptions (forgot this one)
11 TV licence (and this one)
20 Dry cleaning/laundry

That brings it down to 474 surplus

sandralovescats

ScootW re washing - I don't understand!

Do you have a washing machine at home? Your washing will be included in your utility bills.
If you pay to use a laundry then you claim for the costs.

sandralovescats

Your birthdays/Christmas/Holidays isn't high enough! Try £60

Also, if your salary goes up in April, so will your IPA payments, since you must inform the OR of that, along with any increases in utility bills, rent, etc.

The "incidentals" is for unexpected expenditure

You have dental/medical listed as £30 per month - that would include prescriptions.
Do you pay £360 per year at the dentist?

scootw1

Right, I do have a washing machine at home so that would be in my electric.

As for dental, this is what was on my IVA proposals so I just copied it over from there. Do you think it should be lower? I'd better put down my current rent then if the OR asks for increases in bills etc from April. Is that correct or not?

monkeyy

Hi all was just wondering if anyone currently going through bankruptcy could tell me about the pros and cons from their personal experience.

sandralovescats

scootw1 wrote:

Right, I do have a washing machine at home so that would be in my electric.

As for dental, this is what was on my IVA proposals so I just copied it over from there. Do you think it should be lower? I'd better put down my current rent then if the OR asks for increases in bills etc from April. Is that correct or not?

If the dental/medical figure was alright for the IVA then it should be ok for your br too.

I think you are best to put your current rent, yes.

Mike_St_Helens

scootw1 wrote:

Right, I do have a washing machine at home so that would be in my electric.

As for dental, this is what was on my IVA proposals so I just copied it over from there. Do you think it should be lower? I'd better put down my current rent then if the OR asks for increases in bills etc from April. Is that correct or not?

Dont forget Scoot.. The IVA was in the interests of your creditors. getting them the much possible out of you. Bankruptcy is a fresh start. The OR will want to see you living normally and within your means,. So if you feel that living off approx £1000 is sufficient, then so be it... Thats fine. If you think you will need £1100 or more etc etc.. then work it ourt so your expenditure is correct. The OR wont want to see you struggling,. as then yopu may be inclined to borrow again.. and you dont want to get in a mess again.

By the time your BKY is through, it takes a while for the IPA to set in. so include Aprils figures now... Dont include wage rises though.

sandralovescats

monkeyy wrote:

Hi all was just wondering if anyone currently going through bankruptcy could tell me about the pros and cons from their personal experience.

What do you want to know? Give us some direction!