Finally ready to go BR!

sillygirl73

Thank you everyone,it is becoming a bit clearer now..........now need to actually sit down and do it! I may post them on this thread for you lovely people to check, to make sure that I have 'got' it!

sillygirl73

So, I have been filling out the forms tonight, and have come across a few queries, surprise, surprise!

The first one is for my husband. He gave his car back to the finance company in November last year which was the end date for the HP agreement. He has no debt on this now as all monies were paid as per the agreement. Does he need to put this down as having disposed of the car? (question 3.7)

Secondly, we had a decreasing mortgage policy which lapsed in june 2010. It was the basic one that meant that should we die, then the mortgage would be paid off. Would this be considered an asset as per question 3.2 "Do you have or have you had any endowment or life policies?" I don't have the paperwork for it anymore and can't even remember who it was with:o. Do I still need to put it down?

Thirdly, I lost my job in April 2010 and have also got rid of all my payslips etc so don't have my income tax reference number. Do I need this or can I just leave it blank as I assume that the OR can access this info?


When I get the dates from the court, should I let the co-op bank know that we are going BR in advance?

Finally (sorry:o), my children are 2 and 4 months and are both still in nappies(Asda own brand) and the youngest has formula milk.......this adds about £80 per month to our grocery spend, can I add this to our housekeeping which would make it about £520 per month?

With regards to the SOA, I have filled it out both ways as suggested earlier in this thread and I think the most straightforward way is if they mirror each other, as tying myself up in knots working out contributions etc, and I can't seem to get the figures to balance!

Thank you in advance:)

Ineedaname

sillygirl73 wrote: »

So, I have been filling out the forms tonight, and have come across a few queries, surprise, surprise!

The first one is for my husband. He gave his car back to the finance company in November last year which was the end date for the HP agreement. He has no debt on this now as all monies were paid as per the agreement. Does he need to put this down as having disposed of the car? (question 3.7) If the care was on HP and not leased I don't understand why it was given back as surely your husband would own it at the end of the HP term? However, did he receive any money for giving the car back? I think this is what the OR is looking for in disposing of a vehicle, i.e. whether one has been sold and financial gain made.

Secondly, we had a decreasing mortgage policy which lapsed in june 2010. It was the basic one that meant that should we die, then the mortgage would be paid off. Would this be considered an asset as per question 3.2 "Do you have or have you had any endowment or life policies?" I don't have the paperwork for it anymore and can't even remember who it was with:o. Do I still need to put it down? If the policy is lapsed then nobody can claim on it so there is no asset.

Thirdly, I lost my job in April 2010 and have also got rid of all my payslips etc so don't have my income tax reference number. Do I need this or can I just leave it blank as I assume that the OR can access this info? The OR needs to know your current tax reference, if you are in receipt of any benefits from DWP then it will be their reference. You won't know this until they send out post 6 April paperwork. So leave it blank.


When I get the dates from the court, should I let the co-op bank know that we are going BR in advance? It's definitely wise to keep the Co-Op informed that the reason you need their basic account is for during BR and it helps them to note on the file the date of BR. So if they already know, just ring them on the day when you get back from Court, to confirm the deed is done that day.

Finally (sorry:o), my children are 2 and 4 months and are both still in nappies(Asda own brand) and the youngest has formula milk.......this adds about £80 per month to our grocery spend, can I add this to our housekeeping which would make it about £520 per month? If that's what it costs you in groceries each month then put that figure down. If the OR thinks it is high then you can discuss it during your interview.

With regards to the SOA, I have filled it out both ways as suggested earlier in this thread and I think the most straightforward way is if they mirror each other, as tying myself up in knots working out contributions etc, and I can't seem to get the figures to balance! Is there any surplus showing on either SOA for mirroring? If so, then be prepared for the worst case scenario of receiving an IPA for each of you for the same amount and then having to explain to the OR that it is one surplus for the household and not two individual surpluses.

Thank you in advance:)

Hope that helps some.

sillygirl73

Hi Inan, thank you for answering my questions. In response to the query about the car, it was an HP agreement that required us to make a final balloon payment of approx £6000 if we wanted to keep it! Needless to say, we took the option of returning it back to the finance company. There was no payment to us obviously, and we have actually been caught out with the excess mileage policy attached to the agreement and owe the finance company which will be included in BR.

Our SOA's do not show any surpus at all,in fact, they show a deficit.......should I be trying to get them to balance? Our grocery spend is not as high as that at the moment, as we have been living on beans trying to save for BR! But have read that we can put a bit more than the bare minimum as BR allows reasonable expenses?

Ineedaname

That makes sense about the car now, thank you. It would probably be worth adding something in the 'extra information' page about it contributing to your debt, but I don't think you need to put it in the 'dispose of any vehicle' section as you didn't gain from handing it back.

Regarding your SOA. It should at least balance or the Judge may query how you expect to live post BR and without credit. Have you been over to the Old Style board for ideas on how to live a bit better on beans? They've got some great suggestions on eating well on a budget.