Help - SOA and surplus for IPA?

debtinfo

so the question is not about whether they can set an IPA with no surpus (which they can't) but is actually about whether you have a surplus or not. you do not have to sign the IPA, the IP can then apply for an IPO at which the point the judge will decide whether the amount claimed is allowed. If you want any serious opinion then you need to give more details about nature and amount of the dispute.

Also please dont refer to the IP as the receiver or OR,as it is confusing, they are the IP or trustee

greytdog_2

how much is the alleged surplus and what business expense is it that you need it for - that might help.

Grandadto2

Sorry, I am a newbi and didn't know what to call them. In that case I have an IP. They amount I have every month is up and down but in the last 18 months I have NEVER had a monthly surplus

kepar

So where does the IP get the surplus from then?


Have I got this right?

I am sorry I do not understand, you are bankrupt and you have talked through your SOA with your IP, who finds a surplus which you claim isn't there. Because of the surplus the IP wants to put you on an IPA.
You are disputing the surplus, claiming that you haven't had one for the last 18 months.
The surplus is disputed by you as a business expense, can you let us know what this is as someone on the forum might have an answer, also it could help with other posters who have the same sort of issue.

Grandadto2

I get my commission paid on the last day of the month. Out of that money I need the following months money as per soa. I also need money for business expenses i.e. petrol, hotel bills, accountant, stationery. By the end of the following month I usually find that I have had to use "my" money (from soa) to supplement my business expenses. Then some months I don't even have enough for my own money (soa)! and really struggle. My income is up and down month to month as is my business expenses. As I said, in the last 18 months I have never had a surplus

fiveyearplan

It is very difficult to help if you don't post up the agreed SOA.

Grandadto2

Here is my SOA: all car expenses come from business and business expenses can be anywhere from £300 to £800 per month. Also, income ranges from £1100 to £2200

Grandadto2

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 615
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 56
Gas..................................... 40
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 13
Mobile phone............................ 7
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 390
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 79
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 30
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 20
Total monthly expenses.................. 1708


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.................... 2,000
Expenses (including HP & secured debts). 1,708
Available for debt repayments........... 292
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 292

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

JCS1

How much does the other adult in the household contribute?

With your income varying, it may be better to work out an average income for the last say 6 months and use that figure.

It also states that you have car, but there are no expenses relating to this on the outgoings?

Ineedaname

The car appears paid for totally through the business JCS, although I'm wondering where personal use petrol costs come from.