bankruptcy help very worried...

tigerfeet2006

Ineedaname wrote: »

Tigerfeet - I thought haircuts were £10 per adult?

Sorry you are right, was rushing to get the post done so I could go a cook for the brood and didn't see I mis-typed. Thanks for bringing it up.

So hair cuts £10 per adult and £5 per child.

arghhh

i'm not expecting income to change anytime soon, if anything it will go down with the tax credits annual review looming.

I just dont know what to do for the best anymore i really dont i dont want to break the terms of the IVA to go bankrupt then regret doing it

Ineedaname

All we can really do is show and tell you how it's likely to be if you do go BR. The decision really does have to be yours.

See if you can cut things back a bit to offer a bit more to the IVA, they may be willing to take some reduction if you can minimise how much. So that gym membership? Go for a 30 minute walk every day and buy an exercise DVD and use the kids' skipping rope!

How long have you got to go on the IVA?

tigerfeet2006

Unfortunatly it is only you and your OH who can make that desicion. We can tell you what we have experianced and it can vary among different people with different OR's but if you ask questions and read the board you can get a good idea on what you will be letting yourselves in for. You will have to weigh up the benefits and otherwise of an IVA or BR, we can't say what is best for you.

Maybe write 2 lists one have the pro's and con's of an IVA and one with BR. Then compare. We will answer any questions you have no matter how silly they may seem to you.

(((hugs)))

kepar

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
TV Licence.............................. 12
Satellite/Cable TV...................... 70
Internet Services....................... 35
Groceries etc. ......................... 550
Clothing................................ 60
Petrol/diesel........................... 100
Road tax................................ 6
Car Insurance........................... 45
Car maintenance (including MOT)......... 100
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 72
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 30
Buildings insurance..................... 25
Contents insurance...................... 25
Life assurance ......................... 1
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20
Entertainment........................... 16
Holiday................................. 100
Emergency fund.......................... 100
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....

According to this your income is £1996 and your proposed expenses are £2376. I know others have commented on your allowances, but how much at present are you paying towards your IVA?

arghhh

at the moment we are paying £338 towards the iva, we have just filled in a review income and expenditure and they are now proposing the payments are dropped to £140, we still have 5 years left in the IVA (have just completed our first year)

The gym membership i cant leave that as its a 12 month contract which was renewed in jan this year

Ineedaname

See what you can do with your expenditure to try and offer more than £140 to the IVA company. Don't forget to let us know how things go...

alastairq

arghhh wrote: »

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.

Hi.................in relation to pre-paid prescriptions?

It is also possible to pay by direct debit...12 months rate divided by 12.

Currently approx 10 to 11 pounds per month.

this payment can be stopped whenever the recipient wishes...simply cancel the DD!

However, worth its weight in gold as soon as poorly-ville comes a-knocking, as antibiotics, poorly pills, etc can be had without extra cost.

arghhh

alastairq wrote: »

Hi.................in relation to pre-paid prescriptions?

It is also possible to pay by direct debit...12 months rate divided by 12.

Currently approx 10 to 11 pounds per month.

this payment can be stopped whenever the recipient wishes...simply cancel the DD!

However, worth its weight in gold as soon as poorly-ville comes a-knocking, as antibiotics, poorly pills, etc can be had without extra cost.

Thanks for that info i will definatley look into that i think that will save me a fair amount of money in the long run.

kepar

arghhh wrote: »

at the moment we are paying £338 towards the iva, we have just filled in a review income and expenditure and they are now proposing the payments are dropped to £140, we still have 5 years left in the IVA (have just completed our first year)

The gym membership i cant leave that as its a 12 month contract which was renewed in jan this year when the old one finished

I am sorry , I still don't get.
Tell me where I am going wrong?

Your income is £1996 of which you pay £338 towards your IVA, leaving you £1658 for the month. Now if you go br your outgoings are nearly £2400.
If that is the case , you will not be able to go br as your outgoings exceed your income by a large amount.