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

tigerfeet2006

lala9 wrote: »

Statement of Affairs and Personal Balance Sheet
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................................ 287
Other income............................ 81
Total monthly income.................... 1956
Monthly Expense Details
Mortgage................................ 325
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 35
Gas..................................... 45
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 11
Mobile phone............................ 30 Put with landline max £45 (Dojo £60 is 2A2C)
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 18 only allowed if for work or study
Groceries etc. ......................... 350 This is slightly above the max allowed but leave it as it is and see if the OR leaves it. You can always argue that prices are going up above the rate of inflation.
Clothing................................ 100 again this is above the max allowed but leave and see
Petrol/diesel........................... 200
Road tax................................ 8
Car Insurance........................... 21
Car maintenance (including MOT)......... 40
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 190
Other child related expenses............ 20 £5 per child per week for activities. Is one of your children at school? If so add £2 a day for school dinners
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 15 £20
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 not allowed
Haircuts................................ 25 £20
Entertainment........................... 25 not allowed
Holiday................................. 70
Emergency fund.......................... 20 £30
Total monthly expenses.................. 1734

Assets
Cash.................................... 0
House value (Gross)..................... 92500
Shares and bonds........................ 0
Car(s).................................. 350
Other assets............................ 0
Total Assets............................ 92850

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 89000....(325)......0
Total secured & HP debts...... 89000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin CC......................6535......190.......21.66
Barclaycard....................6144......95........16.9
Marks and Spencer CC...........2236......60........19.16
Cahoot Overdraft...............750.......10........0
Very...........................200.......10........0
Tesco CC.......................1112......27........18.32
AA CC..........................3154......75........17.48
Total unsecured debts..........20131.....467.......-

Monthly Budget Summary
Total monthly income.................... 1,956
Expenses (including HP & secured debts). 1,734
Available for debt repayments........... 222
Monthly UNsecured debt repayments....... 467
Amount short for making debt repayments. -245
Personal Balance Sheet Summary
Total assets (things you own)........... 92,850
Total HP & Secured debt................. -89,000
Total Unsecured debt.................... -20,131
Net Assets.............................. -16,281
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi all, I'm posting my SOA again after a few tweeks, as suggesting by you kind folk. Just wondered if someone could take a look and advise what I may expect in the way of an IPA. Does the IPA start on the date of your BR? Sorry to keep asking silly questions, I'm just trying to get things straight in my muddled head and know where I am heading.

Do you have breakdown cover? If not get some and add it, very useful if you are BR.

Do you where suits for work? £15 dry cleaning. Do you pay any professional/union fees? Pay for any publications for work ie; a teacher has TES.

Hope that helps.

lala9

tigerfeet2006 wrote: »

Do you have breakdown cover? If not get some and add it, very useful if you are BR.

Do you where suits for work? £15 dry cleaning. Do you pay any professional/union fees? Pay for any publications for work ie; a teacher has TES.

Hope that helps.

Thanks Tigerfeet that's helpful. I could pop dry cleaning in but not professional fees. Would the holiday £70 be deemed as an unnecessary expense? Why should I be entitled to going on holidays if I am bankrupt?

alastairq

Why should I be entitled to going on holidays if I am bankrupt?

Why not?

It is not the intention of BR to punish.

Just because somebody is insolvent at the time of petition, doesn't mean to say they are broke...have no money.

Everybody is entitled to a holiday...it is deemed as an essential item....and don't forget, there is no reason why families should suffer punitively because a parent has gone BR.

BR is a solution to a problem....that is all.

However, when holiday allowance is mentioned, you must pop all ideas of 2 weeks in Thailand!

But a week or so, off-season, in a mobile home in Devon is quite reasonable...

lala9

alastairq wrote: »

Why not?

It is not the intention of BR to punish.

Just because somebody is insolvent at the time of petition, doesn't mean to say they are broke...have no money.

Everybody is entitled to a holiday...it is deemed as an essential item....and don't forget, there is no reason why families should suffer punitively because a parent has gone BR.

BR is a solution to a problem....that is all.

However, when holiday allowance is mentioned, you must pop all ideas of 2 weeks in Thailand!

But a week or so, off-season, in a mobile home in Devon is quite reasonable...

Thank you alastairq for your response. I do have an overwhelming feeling of guilt because of my situation, but I guess many feel that way in this situation. I also feel like a failure and have let my children down, I sobbed my heart out last night it got on top of me so much. I'm very much in a limbo state at the moment, do I don't I, what are the repercussions going to be further down the line, am I going to regret going BR. I imagine alot of you out there who have been in my situation felt the same.