bankruptcy help very worried...

Ineedaname

arghhh wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Expense Details
Mortgage................................ 584
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 55
Telephone (land line)................... 10 is this right? rental is about £11 per month at current prices, then calls/options for free calls charges on top
Mobile phone............................ 30 add to land line
TV Licence.............................. 12 13
Satellite/Cable TV...................... 70 not allowed, very high anyway
Internet Services....................... 35 very high, deals available around £10-£15 pcm, only allowed if required for homework or working from home
Groceries etc. ......................... 550
Clothing................................ 60
Petrol/diesel........................... 100
Road tax................................ 6
Car Insurance........................... 45
Car maintenance (including MOT)......... 100 seems high
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 72 OR will want to know what this is for, a few pounds per child per week is allowed for out of school activities
Medical (prescriptions, dentist etc).... 30 check last 12 months costs to make sure this is right
Pet insurance/vet bills................. 30
Buildings insurance..................... 25
Contents insurance...................... 25
Life assurance ......................... 1 OR may have an interest in this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 not allowed
Haircuts................................ 20 35
Entertainment........................... 16 not allowed
Holiday................................. 100
Emergency fund.......................... 10050
Total monthly expenses.................. 2376



Monthly Budget Summary
Total monthly income.................... 1,996
Expenses (including HP & secured debts). 2,376

You could make a few reductions now to help you make a better offer to the IVA. Cut right back on Sky to a basic package, I have a 3 package deal on HD that costs £31 pcm, will drop to £21 pcm soon when I drop the HD as only had that to get the free +box.

Check out cheaper internet deals, PlusNet are very good to be with, UK call centre, no annual contract and fair prices.

tigerfeet2006

arghhh wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Expense Details
Mortgage................................ 584
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 55
Telephone (land line)................... 10
Mobile phone............................ 30 put with landline and max £60 allowed for phones
TV Licence.............................. 12
Satellite/Cable TV...................... 70 not allowed on your SoA, must come from surplus income.
Internet Services....................... 35 only allowed if essential for work or school.
Groceries etc. ......................... 550
Clothing................................ 60 £120
Petrol/diesel........................... 100
Road tax................................ 6
Car Insurance........................... 45
Car maintenance (including MOT)......... 100 this is high £40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 72 £5 per child per week activities. £2 per day primary school dinners, £3 secondary.
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 30 £20/25
Buildings insurance..................... 25
Contents insurance...................... 25
Life assurance ......................... 1
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 not allowed
Haircuts................................ 20 £20 per adult £5 per child
Entertainment........................... 16 not allowed
Holiday................................. 100
Emergency fund.......................... 100 £50
Total monthly expenses.................. 2376



Monthly Budget Summary
Total monthly income.................... 1,996
Expenses (including HP & secured debts). 2,376

this is based on what we are paying now with the IVA company and not the new reduced payments they are proposing


hope it works, the income and expenditure sheet i have from the IVA company in front of me seems to have different results even tho i have copied it the same....

That is the sort of thing that the OR will be looking for. So do your calculations and make a descion on what is best for your family. If you have more than £20 surplus the OR will want to take that in an IPA (individual payment agreement) That will stand for 36 payments from the first payment. It can be adjusted up, down or suspended if your circumstances change and suspended months count towards the 36 months.

Ineedaname

Tigerfeet - I thought haircuts were £10 per adult?

arghhh

Taking all those replies into account..

Landline telephone rental is £10 a month with sky because we have the tv package, we get free evening and weekend calls included in that but rarely use the house phone as we have free minutes on the mobile contracts.

Internet is needed for the childrens homework and so they can access the internet to help with their studies

£72 per month is the cost of school meals for 2 children 5 days per week at £1.90 per day

I dont actually have life insurance the form wouldnt let me commplete the calculations unless i included a figure for life insurance.

Household emergencies i assumed £100 would be ok, should god forbid the washer or the cooker or any of the larger household appliance break down you are looking at atleast a £60 call out charge for repairs and thats before anything is even done or at worst the cost of a brand new appliance which £100 wouldnt even cover....

Medical, prescriptions and dental i actually cut down a lot considering what i have had to pay out over the last 12 months, i am on 2 regular medications and require 2 monthly prescriptions, thats £15 before adding on the dental checkups which alone are £17 should any work need doing then thats also additional aswell for 2 adults

Car maintenance and road tax, road tax is 124 a year or something like that (hubby deals with that) but i noticed there was no column to factor in fuel costs so i added these onto the maintenance of the car... i'm currently trying to find £300 for repairs to the vehicle anyway

cant think of anything else at the moment, obviously you guys have already been there i haven't, so i have no idea what is and isn't allowed which is why i am finding this forum invaluable for advice.
I plan to cut the sky package right down aslong as there are some services included for the children in their basic packages cbeebies, cartoon network e.t.c (myself and my husband dont really watch tv)

Does anyone know what the limits are to each of these expenditures? so i can work out where i can add bits to, to compensate for removing costs from another as it exceeds the limit

Ineedaname

arghhh wrote: »

Taking all those replies into account..

Landline telephone rental is £10 a month with sky because we have the tv package, we get free evening and weekend calls included in that but rarely use the house phone as we have free minutes on the mobile contracts. I did wonder that after I posted. Still need to cut down the Sky costs tho - ah, see your comment below.

Internet is needed for the childrens homework and so they can access the internet to help with their studies I assumed this but needed to make you aware

£72 per month is the cost of school meals for 2 children 5 days per week at £1.90 per day that's fine then

I dont actually have life insurance the form wouldnt let me commplete the calculations unless i included a figure for life insurance. weird

Household emergencies i assumed £100 would be ok, should god forbid the washer or the cooker or any of the larger household appliance break down you are looking at atleast a £60 call out charge for repairs and thats before anything is even done or at worst the cost of a brand new appliance which £100 wouldnt even cover.... unfortunately this isn't catered for and if it happened you'd need to look at cheaper alternatives, such as a freebie from Freecycle or the like.

Medical, prescriptions and dental i actually cut down a lot considering what i have had to pay out over the last 12 months, i am on 2 regular medications and require 2 monthly prescriptions, thats £15 before adding on the dental checkups which alone are £17 should any work need doing then thats also additional aswell for 2 adults Understood, wasn't aware of course. Have you looked into a pre-paid certificate for your meds? Could help a lot over time.

Car maintenance and road tax, road tax is 124 a year or something like that (hubby deals with that) but i noticed there was no column to factor in fuel costs so i added these onto the maintenance of the car... i'm currently trying to find £300 for repairs to the vehicle anyway Road tax should be £10 pcm then, not £6 as you put on your SOA. You've already put £100 in petrol/deisel...

cant think of anything else at the moment, obviously you guys have already been there i haven't, so i have no idea what is and isn't allowed which is why i am finding this forum invaluable for advice.
I plan to cut the sky package right down aslong as there are some services included for the children in their basic packages cbeebies, cartoon network e.t.c (myself and my husband dont really watch tv)

Does anyone know what the limits are to each of these expenditures? so i can work out where i can add bits to, to compensate for removing costs from another as it exceeds the limit

We've added/upped all we can for you. This is really what would and wouldn't be allowed. OK, so no presents or entertainment, but other allowances are more generous than for an IVA so I understand.

arghhh

sorry my mistake i didnt see there was a petrol allowance bit on there so would reduce the car maintenance down somewhat


how often do these figures get reviewed? i'm assuming say for 2 or 3 months if i didnt spend the amount i had put down for food and clothing and had this surplus i could then spend it on presents or entertainment for instance or for something else that is needed like the additional to dental treatment if any was needed, or would any surplus have to get sent to the OR?

arghhh

the pre paid medical certificate might not be of much benefit, august i am hoping to have an operation which hopefully means i wont need the prescriptions, as it stands at the moment tho i am still paying out for those prescriptions and may have to until a couple of months after the operation until we know the treatment and operation was successful.

Ineedaname

Generally ORs don't expect you to account for every penny you spend. If all your allowances are up to the limit then they may question your need for these amounts, but yes, if you can find spare in the amounts agreed then you can use it pretty much how you wish.

Having said that, if your OR found out you regularly had spare then they may want to reduce your allowances.

I've lost the link to the allowances which were updated in January this year and can't find the post just now. Hopefully someone else will pop the link up for you shortly.

Ineedaname

You can buy a 3 month PPC, do a comparison from the link I gave you to see if it would save you some money.

confused76

if you had any changes in income you would need to tell the OR within 21 days. if you saved some money from your groceries and use that on something else then the OR doesn't need to know, it's up to you how you budget if that makes sense