My SOA - IVA or BR?

vodka_needed

Ok - I've had another go. I'm still not sure it's correct though, It's too difficult!

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....... 780
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2240
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 800
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 50
Gas..................................... 50
Oil..................................... 10
Water rates............................. 40
Telephone (land line)................... 15
Mobile phone............................ 42
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 200
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).... 7.5
Pet insurance/vet bills................. 25
Buildings insurance..................... 25
Contents insurance...................... 25
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 10
Total monthly expenses.................. 1541.5

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<
Partners Mortgage..............150000...(800)......0
Total secured & HP debts...... 245000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC CC........................4000......100.......26.9
Northern Rock..................19500.....259.......9.9
HSBC OD........................1480......30........0
Next ..........................1200......130.......26.49
Virgin CC......................1620......40.5......26.49
Smile..........................10940.....12........0
Lloyds OD......................550.......10........0
Total unsecured debts..........39290.....581.5.....-

Monthly Budget Summary
Total monthly income.................... 2,240
Expenses (including HP & secured debts). 1,541.5
Available for debt repayments........... 698.5
Monthly UNsecured debt repayments....... 581.5
Amount left after debt repayments....... 117
Personal Balance Sheet Summary
Total assets (things you own)........... 100,000
Total HP & Secured debt................. -245,000
Total Unsecured debt.................... -39,290
Net Assets.............................. -184,290


I've had to put approximate amounts for things like building and contents ins and elec/gas as I don't really have any idea how much they are - I'll get the exact figs from my other half at the weekend when he's back home.
I haven't included things that have nothing to do with me, like his car etc

dojoman

Please contact one of the charities below, they will offer free and impartial advice.

https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
https://www.cccs.co.uk/



Below is a link you may found helpful about going BR?

https://forums.moneysavingexpert.com/discussion/1056083

Also this link to the Insolvency Service is useful!

http://www.insolvency.gov.uk/

Your SOA at the moment is not making much sense, sorry if that sounds harsh. The best thing at the moment for you is to try and see someone at CAB face to face, they should be able to guide you through the intricacies of BR. It does look complicated but it actually is not if you have the right guidance.