Help with living allowance

aislin

Hi,

I have finally decided that bankruptcy is my best route and i'm plowing through the forms.

I couldn't afford to live at my apartment anymore as I recently had a child so I moved into my partners house. I haven't paid anything towards living there so far so he cannot be implecated into the bankruptcy.

I will need to start contributing towards the living expenses at my partners house once I go back to work. I have put down on the living allowances everything I do or will actually pay but didn't know how much rent to put down. We live in a 3 bedroom end terrace. Is there a generally accepted amount that can be claimed?

Any help would be very much appreciated.

Many thanks

fiveyearplan

Hi and welcome! Fill this in and when you finish format for MSE and post it back here. Its much easier to give advice that way.

http://www.makesenseofcards.co.uk/soacalc.html

Is your partner in a rented or mortgaged home? You won't need to put his whole income but his contribution - give it a go and we'll advise any changes.

ps you don't need to fill in the whole form just the income and expenditure part (leave off all the debt and interest rates if you want).

aislin

Hi,

I did post the completed soa calculator but I can't see it here, do you know if it has gone somewhere else? Sorry first time using forums.

Thank you

ballyclover

you need to copy and paste it into a quick reply

aislin

Sorry this didn't work first time but hopefully it will now.

My partners property is Mortgaged. I have filled out the form according to post bankruptsy so doesn't account for my mortgage for the property I will loose and other expenses towards that.

I haven't included the rent as that was my question but before I moved in we were hoping to sell my house and talked of then paying £350-£400 per month.

Thank you so much for your help.

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 600
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 2260
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 10
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 440
Clothing................................ 60
Petrol/diesel........................... 220
Road tax................................ 0
Car Insurance........................... 50
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 461
Other child related expenses............ 21
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 1729

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

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

Monthly Budget Summary
Total monthly income.................... 2,260
Expenses (including HP & secured debts). 1,729
Available for debt repayments........... 531
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 531
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

kepar

A few questions . How many adults , children and cars? How have you arrived at the figures in your soa? Have you just plucked a figure for your partners share. Without this info we cannot really comment,

aislin

I live with my partner and baby. My partner has a car which I borrow, I pay half of the car insurance and all of the petrol I use. No I haven't plucked any figures these are the exact amounts we pay and my partners share is 50% of everything that is joint ie bills, childcare costs etc. The only cost I wasn't sure of was the rent as this is a figure that isn't taken from a bill.

Many thanks

dancingfairy

Hi - what's the situation with the other house? are you planning to voluntarily hand it back to the bank? is there any equity in it? how much do you owe in total?
Have you spoken to one of the debt charities for advice?
df

aislin

I do intend to hand it over to the bank. I have tried to sell it and considered taking out a loan to cover any shortfall however it still hasn't sold. I also cannot rent it due to it being a leasehold and a clause in the contract. Going off the estate agents advise I will need to reduce it significantly to compete with reposessed properties in the area. I am looking to have a shortfall of around 40k now which I could not pay off, this could be more if I hand it over to the bank to sell. I spoke to CCCS who advised bankruptsy.

silvercar

aislin wrote: »

I do intend to hand it over to the bank. I have tried to sell it and considered taking out a loan to cover any shortfall however it still hasn't sold. I also cannot rent it due to it being a leasehold and a clause in the contract. Going off the estate agents advise I will need to reduce it significantly to compete with reposessed properties in the area. I am looking to have a shortfall of around 40k now which I could not pay off, this could be more if I hand it over to the bank to sell. I spoke to CCCS who advised bankruptsy.

You won't be able to sell without paying (or agreeing an unsecured loan) for the shortfall. So if bankruptcy is your way forward you may as well hand it back to the lender. The shortfall should then be part of your bankruptcy.

When you talk of rent, I assume you mean your contribution to your partner's mortgage. I would think an acceptable value would be a same proportion of the mortgage as your income is a proportion of the household income. eg if your partner brings in £1500 a month and you £1000, then you contribute 40% of the household income. So if the mortgage is £800 a month, you should contribute £360.

[1000+1500=2500. 1000/2500 x100 = 40%. 40/100 x 800= 360.]

kepar

If you deduct fuel from your total, that leaves approx £1500 . Half of that is £750, but you claim your partner is paying half and yet they are only contributing £600.