Soa

ilovemynan

Hello im planning my bankruptcy and am a little bit confused on some points.

1. There is a question about cars, i dont have any but my partner does and it has a resonably high value, but if sold wouldnt clear the debts , ive not been involved in the purchase at all and whilst named for insurance purposes only I dont drive this car , will this create a problem, will the Official Receiver see this as a beneficial asset and take the car, my partner is not declaring BR..

2. Ive taken this route as my partner is no longer working and cash is really tight , there is a deficit , how do i explain that not all the secured loan is being paid and by not paying it is how we are managing.

3 We cant get any benefits as we are considered over the threshold for job seekers allowance, it ended at 6 months , the total income is approx 1200 pm with 1600 pm outgoings

Maizy

Hello there

Not sure about the car but I doubt very much it would need to be looked at as you have no real ties with it. Someone else with more knowledge I'm sure will come along and comment on this.

With regards to the secured loan, I'm not sure what you mean, your best bet is to post up an SOA for everyone to see (hopefully someone will post you a link), of course going forward a £400 deficit cannot be maintained and probably would not be allowed by a judge so to get a bigger picture, the boards probably need more info from you. Is the loan secured on property/car etc.........???

A bit more information and I'm sure you will receive some good constructive feedback.

ilovemynan

The secure loan is not being paid as there is no spare cash to do so, but its a 2nd loan on the property and has been paid for a few years. The loan company have made little contact, the property is in negative equity.

The surplus is around 400 pound per month.

My partners contribution works out to be about 14 percent is this ok.

Can you type the forms up or do they need to be handwritten.

kepar

The way I see it is that the car is not your concern , so therefore the OR will not be interested. Your partner's income is so small compared to yours it probably will not be taken into consideration.

But on the other side of the coin, you will not be able to put the car expenses on your SOA. Your partner would be expected to pay for all of it.

How much are you hoping to put on the forms for the car ? As in tax, insurance etc?

ilovemynan

The overall deficit of what is coming in to what is going out is so high, i wasnt going to put it down.
Tax is hardly anything and insurance would be around 40 pound per month, but its not really being used.

kepar

Is your mortgage ans secured loan more than the average rental for a one bedroomed in your area.
Because the OR may only allow this amount. So although you are showing a £400 deficit at the moment actually it could end up a surplus with what the OR allows.

ilovemynan

So ive hit hard times and can not pay my creditors and have concluded im better to declare myself bankrupt , however are you saying that the OR will then throw me out of my house or force the issue and make it be repossessed because they will not be happy with my mortage and secure loan costs .

If so has anyone experienced this and what was the process.
The mortage alone is higher than a one bedroom property by approx 150 pound pm.

I read that they dont allow pet insurance, so do they expect/make you on illness destroy your pet.

Ive read on here people swimming through on benefits , what are they expected to prove as it appears they have no money, and yet i doubt ive got much more.

ilovemynan

Total 100 TOTAL INCOME 1,178 Bankrupt's %age of Total Income 92 IS THE PARTNER CONTRIBUTING AT LEAST 50% TOWARDS THE HOUSEHOLD EXPENDITURE? (Y/N) n Other sources %age of Total Income 8 £ Is this a shared cost? Bankrupt's Share £ Guidance Reasons for allowing more Mortgage or rent 608 y 556 Variable Council Tax 125 y 114 Variable Gas 45 y 41 See comment against column heading Electricity 80 y 73 100 (see comment against heading) Other heating charges 0 See comment against column heading Water 39 y 36 £39.00 Telephone 49 y 45 49 (landline only) Housekeeping 260 y 238 £363.00 Travelling 60 y 55 £210.00 Clothing 30 y 27 £98.00 Maintenance payments 0 Variable Fines 0 Variable Other possible outgoings to be considered £0.00 TV licence 12 y 11 £12.00 All insurance 70 y 64 Variable Dry Cleaning 0 Proof Req School Meals 0 N/A After School Clubs/trips 0 N/A Childcare (to cover care whilst working) 0 N/A Dentist 20 y 18 Variable Prescriptions 7 n 7 18 (approx cost of pre-pay cert) Opticians 5 n 5 Variable Vet Bills (evidence to be provided) 0 Proof Req Pet food 5 5 Proof Req Professional body membership 0 Variable Hairdressers 10 y 9 £30.00 Holidays (UK only) 10 y 9 £40.00 Other essential item 0 Other essential item 0 Other essential item 0 Standard emergency allowance 10 y 9 £10 Per Dependent Total Outgoings 1,445 1,324 Bankrupt's disposable income -246 Percentage to be collected 100 % Assessed monthly payment rate -246 Assessed by:

ilovemynan

i thought it would come out as a table.

ilovemynan wrote: »

Total 100 TOTAL INCOME 1,178 Bankrupt's %age of Total Income 92 IS THE PARTNER CONTRIBUTING AT LEAST 50% TOWARDS THE HOUSEHOLD EXPENDITURE? (Y/N) n Other sources %age of Total Income 8 £ Is this a shared cost? Bankrupt's Share £ Guidance Reasons for allowing more Mortgage or rent 608 y 556 Variable Council Tax 125 y 114 Variable Gas 45 y 41 See comment against column heading Electricity 80 y 73 100 (see comment against heading) Other heating charges 0 See comment against column heading Water 39 y 36 £39.00 Telephone 49 y 45 49 (landline only) Housekeeping 260 y 238 £363.00 Travelling 60 y 55 £210.00 Clothing 30 y 27 £98.00 Maintenance payments 0 Variable Fines 0 Variable Other possible outgoings to be considered £0.00 TV licence 12 y 11 £12.00 All insurance 70 y 64 Variable Dry Cleaning 0 Proof Req School Meals 0 N/A After School Clubs/trips 0 N/A Childcare (to cover care whilst working) 0 N/A Dentist 20 y 18 Variable Prescriptions 7 n 7 18 (approx cost of pre-pay cert) Opticians 5 n 5 Variable Vet Bills (evidence to be provided) 0 Proof Req Pet food 5 5 Proof Req Professional body membership 0 Variable Hairdressers 10 y 9 £30.00 Holidays (UK only) 10 y 9 £40.00 Other essential item 0 Other essential item 0 Other essential item 0 Standard emergency allowance 10 y 9 £10 Per Dependent Total Outgoings 1,445 1,324 Bankrupt's disposable income -246 Percentage to be collected 100 % Assessed monthly payment rate -246 Assessed by:

tigerfeet2006

When you get to the bottom of the SoA there is a button that say format to MSE, press that, then copy it and paste to the thread.

kepar

So ive hit hard times and can not pay my creditors and have concluded im better to declare myself bankrupt , however are you saying that the OR will then throw me out of my house or force the issue and make it be repossessed because they will not be happy with my mortage and secure loan costs .

Actually in my case my mortgage and secured loan came to £1100 and the OR only allowed £800 and we had to find the extra from elsewhere' we tried but couldn't manage andhad to give it up.

So yes I do know someone.