My SOA - IVA or BR?

vodka_needed

Hi

I wonder if you wise people could give your opinions on my SOA below?


A couple of things I'll explain first
- I have a company car (so no car costs other than personal mileage and a bit of parking)
- The ex pays for the mortgage and secured loan (Although they are joint and he has an IVA...)
- I pay my partner a contribution towards the bills (I've put it as rent) and I pay for the food
- I will be going on maternity leave in a couple of months, so will have an income of £500 per month plus child benefit of £80 ish a month.....
- I'll be speaking to CCCS tomorrow

Thanks

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1460
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1460
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 21
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 30
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 801

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 100000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 65000....(0)........0
Secured Debt.................. 30000....(0)........0
Total secured & HP debts...... 95000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC CC........................4000......100.......26.99
Northern Rock..................19500.....259.......9.9
HSBC OD........................1480......30........0
Lloyds OD......................550.......10........0
Smile..........................10940.....12........0
Virgin CC......................1620......40.5......26.49
Next...........................1200......130.......26.49
Total unsecured debts..........39290.....581.5.....-

Monthly Budget Summary
Total monthly income.................... 1,460
Expenses (including HP & secured debts). 801
Available for debt repayments........... 659
Monthly UNsecured debt repayments....... 581.5
Amount left after debt repayments....... 77.5
Personal Balance Sheet Summary
Total assets (things you own)........... 100,000
Total HP & Secured debt................. -95,000
Total Unsecured debt.................... -39,290
Net Assets.............................. -34,290

Tixy

Hi

You might be better posting this on the bankruptcy board. Have you had any advice from a debt charity yet or the IP doing partners IVA?

tigerfeet2006

Are you saying to the OR that you are renting a room in the house?

Ineedaname

Presents and Entertainment won't be allowed, stick the amounts in Holiday (£20) and Emergency Fund (£10) instead.

If you're only including your own figures in the SOA then only put 1 person in household. Also, is that £150 for groceries for both of you or just your costs? Don't forget to include cleaning products, loo roll, hygiene stuff as well. You are allowed up to £200 just for you btw.

Depending on your answer to TF's question above, I may have a couple other suggestions which could help 'spend' some more allowances.

vodka_needed

Morning

Thanks both

I don't rent a room. It's my partners house and he pays the mortgage and all bills inc council tax etc. I make a £500 contribution and pay the grocery bill.

Do you think BR is the way to go? I can't see an IVA working, especially when I go on maternity leave

dojoman

The Or would not accept this as a valid SOA. You cannot put down "rent" when you are actually not paying rent.

vodka_needed

So should I put that I live rent free?
And put 50% council tax, 30% electric or whatever and make it up to £500?

DON79

The way that you used to have to do it was to put all the expenses down even if your OH is paying. List the mortgage payment and the secured loan and all other household bills regardless of whether you pay them or not. Then put down your partners contribution to these bills under partners monthly income - don't put his whole salary, only the part which covers the relevant bills, as your partner presumably has his own expenses/bills to pay.

Not sure if that's the way it's still done as I lurk infrequently now....

vodka_needed

Thanks

So I need to put that there are 2 people in the household.
Do I need to provide evidence of all the bills?

It's too complicated!

DON79

yes I would put two people in household and make sure food costs reflect that two people live there. You don't have to provide evidence generally unless something seems far too expensive in which case the OR may ask to see a bill.

It is unlikely they will want to see bills.

Ineedaname

My suggestion before about only putting yourself down was if you were paying rent.

Don is right about how to do it now though. Pop another SOA up with the new figures and we'll help you out with the allowances.