SOA advice please

angelbob

i agree with asking your adult sons for more money, £10 a week each is less than you got in child benefit for them and now they're grown men and must eats loads, as well as electricity for gadgets and phone bills.
Can your youngest son get a part time job/paper round so you don't have to give him pockey money.
I'm a single mum to two boys so now what itss like to spoil and baby them, but they need to learn to pay their way.
Do you not get child support for your youngest?
do any of your sons have a wii or xbox, perhaps do zumba in the lounge???
Your sons bus fare seems very high to me, my son gets free travel to his grammer school and our local bus service have a freedom card for 11-16 year olds for £100 a year to be used all day every day.
xx

theoretica

I don't understand why you would pay to go bankrupt? If you are thinking about it then pay your priority bills like rent and if there isn't enough left over for what your unsecured creditors demand send them token payments. If they want you bankrupt they can pay.

As for smoking - I am sure the NHS would love to help you with stopping.

tinamic

Hi, Thanks for your replies,

My older sons have both moved out and back in, one following redundancy, they both have accumulated some debt which they are paying off (thankfully not to this scale) one of them has only just had his first pay packet from his new job last week.perhaps when they are on their feet they can pay a bit more.
Regarding AAT, I pay reduced rate membership but there is no reduction for the MIP membership, so it comes to £282, I know I would need to declare my bankcruptcy to them and doubt that they would renew my MIP licence, it may be worth checking. I don't think there's any way round losing my sub-contract work, the firm i do that for were very particular about this sort of thing when I first approached them.However I do have another contact it may be possible to work something out with, thanks for your suggestions.
Mikarazu, thanks, you are right about the Zumba/contents ins but I do need phone and bb, I'll look for a better deal for those.
I know the monthly payment part wasn;t correct, I didn;t think it important at the moment, I'll sort it out.

Thanks all,
Tina
I am fully qualified this is my 7th year in practice.

[Deleted User]

Considering this work is your future you should avoid bankruptcy, I don't think you need to do this anyway, as people have said payment arrangements and DMP will work.

As you are qualified I would think you know what's what more than most people would or should.

You seem to know what you are looking for and if you want to be bankrupt that is of course your choice, at least you will not have to pay I guess. It just seems a big waste of your career, I was of the impression you could make far more than you are with this type of work...

You will no doubt have all of the support that you need here!.

DawnW

Have you sought advice on your situation from one of the free debt charities? It might be good to do this before you make a decision that could potentially ruin your career.

tinamic

Hi again,
The outgoings on the SOA are proposed outgoings going forward, presuming bankrupcy, at the moment I'm still making payments to my creditors and deciding who will or will not get paid each month, Mildred there isn't an actual fund for holiday or anything else we haven't had a holiday since a long weekend in a caravan in Wales in 2009, perhaps I should redo the SOA showing things as they are at the moment.There were 2 mobile phone contracts and 2 mobile internet dongles all from 2008/2009.
Things were ok before then as I had a partner living with me, we split up in 2009 and he moved out.

Mikarazu, my youngest is growing rapidly, he sometimes takes sandwiches as well as lunch money and whenever I stock up with cooked meat and crisps they're gone in no time.
Angelbob, my son would only get free bus travel if we lived more than 3 miles from school, I think we are 2.7 miles away.He does walk home sometimes when the weather is fit.With an igo card he gets half price travel which is what I've included. He would like nothing more than to get a part time job but there are none available as yet, I think as he is in his final year it might be best for him to concentrate on his exams and get a job when they are over if he can.
The boy's father and I divorced in 2000, he paid child support for 6 weeks then said he couldn't afford it, he wasn't, and still isn't, working.(part of the reason we divorced).
Assj, thanks, I have been through everything with CCCS and they recommended bankrupcy as my only option.I also thought I would make more than I do but I do tend to shy away from accounts production work so its all payroll and bookkeeping, also since I've been in difficulty there's nothing to plough back into growing the business, I've had my overdraft for 3 years and the bank want to turn it into a loan but I wouldn't be able to repay it.

As a couple of you have suggested that there may be other options I will redo my SOA as things stand now and see what you make of it but I can't see any other way.

Thanks all,
Tina

[Deleted User]

Tina

Well at least you are trying to get this sorted now, that must be the most important thing.

Can you just fail to tell AAT or is this criminal? I don't think it's fair that you will loose your career.

Maybe you can go back to them and tell them you need your career and need the alternative.

Anyway I hope you manage to get things sorted and I think you need to ask your sons when they can help and how much, they need to understand how they can save you a great deal and I am sure they will be pleased to help. Let's face it £100 is not a lot if you are earning and don't have the full expense (I understand you have confirmed they have debts).

borkid

tinamic wrote: »

Hi again,


Angelbob, my son would only get free bus travel if we lived more than 3 miles from school, I think we are 2.7 miles away.He does walk home sometimes when the weather is fit.With an igo card he gets half price travel which is what I've included. He would like nothing more than to get a part time job but there are none available as yet, I think as he is in his final year it might be best for him to concentrate on his exams and get a job when they are over if he can.

Tina

Could he not cycle to school? When my daughter was 11 she used to, this only changed when I started work just around the corner from her school and dropped her off when I went into work. I know its easier for girls but could he babysit/ do a little gardening that sort of thing. Wouldn't be regular but I found my babysitting helped when I was younger.

tinamic

tinamic wrote: »

Hi Guys,
Here's how things stand right now:

Household Information[/b]
Number of adults in household........... 3 (2 adult sons at home)
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 954
Partners monthly income after tax....... 0
Benefits................................ 518.7 (Tax Credits & Child Benefit)
Other income............................ 80 ( Board from 2 adult sons)
Total monthly income.................... 1552.7

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 344.16
Management charge (leasehold property).. 0
Council tax............................. 190 (inc. arrears)
Electricity............................. 60
Gas..................................... 80 (These are on card meters so quite high)
Oil..................................... 0
Water rates............................. 0 (included in rent payment)
Telephone (land line)................... 70 (Virgin Media Phone TV & BB)
Mobile phone............................ 20
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 280
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 17
Car Insurance........................... 37
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 42 (Bus fares school and social for youngest)
Childcare/nursery....................... 0
Other child related expenses............ 20 (Spends £5/week, tidying his room)
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0 (1 dog)
Buildings insurance..................... 0
Contents insurance...................... 0 (can't afford it)
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10 (For me & youngest)
Entertainment........................... 18 (Zumba, will stop this now)
Holiday................................. 0
Emergency fund.......................... 0
Tobacco................................. 120 (I know,cutting this to £60 was £200)
School Dinners.......................... 35
Total monthly expenses.................. 1465.53
Plus payments to creditors...................679.80
Total..................................................2145.33
Balance.............................................-680
Creditors :
Income Tax: 100
NI: 10Provident Loan: 166.80
Natwest O/D (sole trader): 20 (interest only)
Natwest O/D (personal): 108 (interest & charges,varies each month)
Stockport Bullion Loan: 40 (interest only)
Wonga:180 (if I pay interest only this month)
Quick Quid: 45 (if I pay interest only this month)
Token payments to other creditors:10
Total to Creditors:679.80

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Income Tax.....................1600......100.......0
NI.............................500.......10.......0
PROVIDENT LOAN.................1500......166.83......0
NATWEST OVERDRAFT..............2500......20.........0
NATWEST OVERDRAFT..............750.......108.........0
VODAPHONE......................1500......1......0
NATWEST CARD...................1000......1....0
3G.............................800......1.......0
T MOBILE.......................400.......1.......0
KAYS...........................500.......1......0
LITTLEWOODS ...................2500......1....0
CAPITAL 1 CARD.................2500......1.....0
BARCLAYCARD CARD...............3500......1......0
VANQUIS CARD...................250.......1.......0
STOCKPORT BULLION..............400.......40........0
QUICK QUID LOAN................194.......45.......0 ( interest only)
WONGA LOAN.....................775.......180.......0 (interest only)
Total unsecured debts..........21169........679.8


Monthly Budget Summary
Total monthly income.................... 1522.70
Expenses (including HP & secured debts). 1,465.53
Available for debt repayments........... 57.17
Monthly Unsecured debt repayments....... 679.80
Amount short for making debt repayments. 622.63

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -21,169
Net Assets.............................. -20,369

I think everythings included except the rent arrears of £500 which I obviously have to find soon, I am just cutting down on cigs now and will stop the Zumba too,reluctantly,it's not on playstation which my son has,so can't do it at home as you suggested. and it's my only outing that's not work or supermarket.
Actually I thought I might meet new friends there as I don't have any here.

I'd appreciate your views on my present circumstances.

Thanks
Tina

tinamic

Hi Bordkid,
That's a good suggestion thanks, I'll see what he thinks, it's maybe not the weather right now for riding to school when he might be in wet clothes all day but maybe we could get one for weekends etc. If he's interested I'll look on freecycle, he hasn't had a bike for a few years now.
I know what you mean about the babysitting, I did the same myself, I'm not sure what he could do like that though, he's not that willing in our garden, he's more into computers than outdoor things.Otherwise we can hang on until he's 16 in April and can hopefully get some shop work or something until college and then part time for term time.
Thanks
Tina