BR or Not BR... this is the question?

lala9

Hi All

Thought I would bite the bullet and submit my SOA to see what you all make of it. I have read so many threads on here and you are all so helpful and supportive. I'm seriously considering BR now and just want to build a picture, with your help, of what to expect and what the OR will make of my SOA. Do you think I am doing the right thing? I have not included a joint loan with my ex partner for 25k, this is the main reason I am considering BR, to cut ties basically and move on. How quickly will this happen if I were to proceed. What should I expect to be left to live on? Is there any other way? Anyway, here goes, happy reading :-)

Statement of Affairs and Personal Balance Sheet[/b]
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1588
Partners monthly income after tax....... 0
Benefits................................ 280
Other income............................ 81
Total monthly income.................... 1949
Monthly Expense Details
Mortgage................................ 325
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 25
Gas..................................... 35
Oil..................................... 0
Water rates............................. 20.1
Telephone (land line)................... 11
Mobile phone............................ 30
TV Licence.............................. 12.37
Satellite/Cable TV...................... 17.5
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 100
Petrol/diesel........................... 200
Road tax................................ 7.5
Car Insurance........................... 21
Car maintenance (including MOT)......... 40
Car parking............................. 10
Other travel............................ 20
Childcare/nursery....................... 190
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 5
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 25
Holiday................................. 30
Emergency fund.......................... 50
Total monthly expenses.................. 1727.47

Assets
Cash.................................... 0
House value (Gross)..................... 122500
Shares and bonds........................ 0
Car(s).................................. 550
Other assets............................ 0
Total Assets............................ 123050

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 89000....(325)......0
Total secured & HP debts...... 89000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin CC......................6835......150.......21.66
Barclaycard....................6144......95........16.9
Marks and Spencer CC...........2236......60........19.16
Family Loan....................400.......50........0
Tesco CC.......................1112......35........18.32
AA CC..........................3154......75........17.48
Total unsecured debts..........19881.....465.......-

Monthly Budget Summary
Total monthly income.................... 1,949
Expenses (including HP & secured debts). 1,727.47
Available for debt repayments........... 221.53
Monthly UNsecured debt repayments....... 465
Amount short for making debt repayments. -243.47
Personal Balance Sheet Summary
Total assets (things you own)........... 123,050
Total HP & Secured debt................. -89,000
Total Unsecured debt.................... -19,881
Net Assets.............................. 14,169

dojoman

Rhe best advice at the moment is to talk to one of the debt charities, they will give free and impartial advice, links below:) As for the decision whether to go BR, that is not something we can really advise you on, that has to be your choice.



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

lala9

Thanks Dojoman, I have spoken to CCCS and NDebtline who have advised it may be a good idea. It all hinges on whether my ex is going to continue to repay the large bank loan. I don't want to be at the mercy of him for the god only knows how many years, and constantly have the threat hanging over me that one day he will stop paying and they then chase me again. I just wanted a few opinions before I make the leap.

tigerfeet2006

Hi and welcome.

Well done on contacting the debt charities.

lala9 wrote: »

Hi All

Thought I would bite the bullet and submit my SOA to see what you all make of it. I have read so many threads on here and you are all so helpful and supportive. I'm seriously considering BR now and just want to build a picture, with your help, of what to expect and what the OR will make of my SOA. Do you think I am doing the right thing? I have not included a joint loan with my ex partner for 25k, this is the main reason I am considering BR, to cut ties basically and move on. How quickly will this happen if I were to proceed. What should I expect to be left to live on? Is there any other way? Anyway, here goes, happy reading :-)

Statement of Affairs and Personal Balance Sheet[/b]
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1588
Partners monthly income after tax....... 0
Benefits................................ 280
Other income............................ 81
Total monthly income.................... 1949
Monthly Expense Details
Mortgage................................ 325
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 25
Gas..................................... 35
Oil..................................... 0
Water rates............................. 20.1
Telephone (land line)................... 11
Mobile phone............................ 30 put with land line max.£50
TV Licence.............................. 12.37
Satellite/Cable TV...................... 17.5 not allowed on your SoA. Will have to come from any surplus you find.
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 100 £120
Petrol/diesel........................... 200
Road tax................................ 7.5
Car Insurance........................... 21
Car maintenance (including MOT)......... 40
Car parking............................. 10
Other travel............................ 20 what is this?
Childcare/nursery....................... 190
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 15 £20
Pet insurance/vet bills................. 5 £20 You're insurance won't cover things like booster jabs etc. plus you will have to pay excess if you claim.
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 Not allowed
Haircuts................................ 10 £20
Entertainment........................... 25 not allowed
Holiday................................. 30 £70
Emergency fund.......................... 50 £30
Total monthly expenses.................. 1727.47

Assets
Cash.................................... 0
House value (Gross)..................... 122500
Shares and bonds........................ 0
Car(s).................................. 550
Other assets............................ 0
Total Assets............................ 123050

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 89000....(325)......0
Total secured & HP debts...... 89000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin CC......................6835......150.......21.66
Barclaycard....................6144......95........16.9
Marks and Spencer CC...........2236......60........19.16
Family Loan....................400.......50........0
Tesco CC.......................1112......35........18.32
AA CC..........................3154......75........17.48
Total unsecured debts..........19881.....465.......-

Monthly Budget Summary
Total monthly income.................... 1,949
Expenses (including HP & secured debts). 1,727.47
Available for debt repayments........... 221.53
Monthly UNsecured debt repayments....... 465
Amount short for making debt repayments. -243.47
Personal Balance Sheet Summary
Total assets (things you own)........... 123,050
Total HP & Secured debt................. -89,000
Total Unsecured debt.................... -19,881
Net Assets.............................. 14,169

That is the sort of figures the OR will be looking at. Obviously some OR's look at things differently to others and may reduce some figures or increase others so it is best guess.

Do you have breakdown cover for your car? If not look at adding some as it is a good idea if BR. Do you wear suits for work? Dry cleaning £10. Do you pay any professional fees?

lala9

tigerfeet2006 wrote: »

Hi and welcome.

Well done on contacting the debt charities.



That is the sort of figures the OR will be looking at. Obviously some OR's look at things differently to others and may reduce some figures or increase others so it is best guess.

Do you have breakdown cover for your car? If not look at adding some as it is a good idea if BR. Do you wear suits for work? Dry cleaning £10. Do you pay any professional fees?

Many thanks Tigerfeet - the £20 was popped in for parking costs etc. I have AA cover for the car, the bog standard variety (rescue). Dry cleaning is not necessary but I suppose I could justify it, but no professional fees. Taking everything into account would you be able to advise how much of my surplus income they would take. Obviously I'm interested in how much I will be left to live on but also how much I would pay back in the form of an IPA over the 3 years.

Ineedaname

I'm guessing 'other income' is maintenance, seems low per month for two kids? Is the rest of it put towards that joint loan your ex is still repaying for you both?

You need to put full pounds on your SOA, so round up/down to the nearest pound.

Pop the dry cleaning in even if you don't need it as at least it gives you a bit 'spare' if you need the cash.

The parking is slightly different however, OR may want justification for this, i.e. do you regularly need to pay to park and for what reasons. If you can cover that then keep it in as every little helps towards having less surplus.

tigerfeet2006

lala9 wrote: »

Many thanks Tigerfeet - the £20 was popped in for parking costs etc. I have AA cover for the car, the bog standard variety (rescue). Dry cleaning is not necessary but I suppose I could justify it, but no professional fees. Taking everything into account would you be able to advise how much of my surplus income they would take. Obviously I'm interested in how much I will be left to live on but also how much I would pay back in the form of an IPA over the 3 years.

Once the OR has agreed with you the figures on your SoA then he will take any amount over £20 left over for 36 months. This can be altered up or down or suspended if your circumstances change and the suspended months count towards the 36 months.

If you put together another SoA based on mine and INAM's sugestions then you will have a ball park figure at what you are looking at.

lala9

Ineedaname wrote: »

I'm guessing 'other income' is maintenance, seems low per month for two kids? Is the rest of it put towards that joint loan your ex is still repaying for you both?

You need to put full pounds on your SOA, so round up/down to the nearest pound.

Pop the dry cleaning in even if you don't need it as at least it gives you a bit 'spare' if you need the cash.

The parking is slightly different however, OR may want justification for this, i.e. do you regularly need to pay to park and for what reasons. If you can cover that then keep it in as every little helps towards having less surplus.

The other income figure is child benefit, I don't get maintenance as we share the childcare on a week by week basis. The parking isn't really justifiable, it was just a random figure I put in.

Ineedaname

Ah, my apologies, tired head on today and couldn't think what else you could be receiving, lol. Not sure if CB goes in with general benefits as it is a benefit.

Just noticed your groceries, allowance for one adult and two children (full time) is £317 so you're pushing it with £350, especially as you appear to share the children 50/50.

lala9

Ineedaname wrote: »

I'm guessing 'other income' is maintenance, seems low per month for two kids? Is the rest of it put towards that joint loan your ex is still repaying for you both?

Sorry not concentrating as trying to sort the children out here :-). In answer to your question, the 25k loan, I have never paid anything towards this loan. He took the money and ran last Summer and p*****ed it all up the wall for the want of a better expression. Come January this year he decided not to pay for two months so I gained a nice little default of my credit report. He has now obviously set up a dmp or something as he is paying this £30. I'm not coping with the threat of him dropping this on me at any point in time, which he will as he is evil. The original term of the loan was for 10 years but at £30 per month this will never be paid off! Going BR will help remove myself from this situation although a little drastic.

lala9

Ineedaname wrote: »

Ah, my apologies, tired head on today and couldn't think what else you could be receiving, lol. Not sure if CB goes in with general benefits as it is a benefit.

Just noticed your groceries, allowance for one adult and two children (full time) is £317 so you're pushing it with £350, especially as you appear to share the children 50/50.

That's ok don't worry :-)

So should I be looking at around £200 for groceries?