Deciding whether to go Bankrupt...

lisa.89

Thanks again for advice. I will have a look at this SOA and post it here.

My husband just asked a couple of questions - do you usually get allowed an allowance if your car needs maintenance work (fingers crossed we get to keep them both for work!) He is worried about car as there is no other way for him to get to work as he starts at 4am.

All my family live 200 miles away so we visit them 4 times a year so they can see my son, is this something that we would need to mention as a cost, hoping they will allow that as don't want to miss out on seeing my family...

I am going to look at what we can save now... will try to ring one of the charities on Tues to get guidance before we go ahead.

thanks again x

lisa.89

Sorry just a quick question on SOA calc. Do I put in what we currently pay in debts etc or what we would be paying out expense-wise, should we go BR..?

Thanks x

IF

lisa.89 wrote: »

Thanks again for advice. I will have a look at this SOA and post it here.

My husband just asked a couple of questions - do you usually get allowed an allowance if your car needs maintenance work (fingers crossed we get to keep them both for work!) He is worried about car as there is no other way for him to get to work as he starts at 4am.

All my family live 200 miles away so we visit them 4 times a year so they can see my son, is this something that we would need to mention as a cost, hoping they will allow that as don't want to miss out on seeing my family...

I am going to look at what we can save now... will try to ring one of the charities on Tues to get guidance before we go ahead.

thanks again x

I'm carp at SOA's too.......unfortunately!!

So unsure on the car maintenance one.

You are allowed a holiday allowance per month.

Do contact the Debt charity and write a list of any unanswered questions from here too.

lisa.89 wrote: »

Sorry just a quick question on SOA calc. Do I put in what we currently pay in debts etc or what we would be paying out expense-wise, should we go BR..?

Thanks x

You put down what your expenses are after your BR.

If...x

Maizy

If you are allowed to keep the car, you should be allowed an allowance each month for repairs, then one for car tax etc, we put £40 per month for one car and the tax amount and it wasn't questioned, some put less, some slightly higher. We had two repairs straight after BR so have well and truly needed it.

There are no fixed rules on allowances, guidelines yes but in all honesty you need to put what you personally spend as a family. I have seen SOA's accepted on here with vast differences in allowances. As soon as you post up what you think your SOA will be, people can offer suggestions for you based on experience. Your SOA may alter slightly before BR, its not set in stone as until you know your rental/bills etc, it can change up to last minute.

Good luck everything will fall into place bit by bit. xxx

lisa.89

Hi,

Right, hope I did this right (approx without digging all paperwork out). *** Sorry cannot attach link - will try again****

I have put the 2 x mortgages on there as combined figure - when tenant leaves in 2 weeks we will be liable to pay both mortgages... feeling a buit sick now....

I have put £70 for medical and dentist as my hubby has chronic back pain - disc conition and has to pay £50 pm for accupuncture as NHS cannot provide this.. he has docs notes to back up.

It listed birthday gift allowance - I wasn't sure what to put as wasnt clear if this was allowed....?

Any comments would be appreciated!

PS: Hubby works OT and most months gets £100 on top of salary - but not all.. so didnt put that on there??
xx

lisa.89

It won't allow me to paste link to SOA - any ideas how I can upload this?
thanks x

Maizy

Hi Lisa

Towards the bottom of the SOA there is a 'format for MSE' button, you should just be able to click on this and copy and paste the whole thing onto your post.

Hope this helps. Maybe start a new thread called SOA and it will get the attention it deserves.

Birthdays and presents not usually allowed as an allowance, would your OH still be wanting to work the overtime if it was going to be taken in an IPA........just a thought. Good luck.

lisa.89

Hi Maizy

Thanks - will give that a go!

Unfortunatley his co. have said that he has to work 1 in 5 sats - not in contract but they wouldn't be happy if he refused... shame.

Will try this now!

Thanks again, you have been so helpful to use, cannot thank you enough x

lisa.89

Nope, still won't allow me to do this as I am a new user..

Did this on a spreadsheet..

WAGE 1 £1,754.00 WAGE 2 £688.00 CHILD BENEFIT £80.00 TOTAL £2,522.00

OUTGOINGS
Rent £695.00 C/TAX £110.00 CAR INS – inc RAC £74.00 2nd Car ins inc RAC £39.00 GAS £60.00 ELEC £40.00 PETROL – Car 1 £140.00 PETROL – Car 2 £40.00 Work Parking – LISA £20.00 Car tax – both £30.00 Car maintenance – both £50.00 SHOPPING £370.00 WATER £25.00 B&C £15.00 Prescription card & £60.00 Landline £20.00 Hair Dressing £30.00 Clothes for all £100.00 Mobiles x 2 £60.00 Internet dongle £22.00 TV LICENCE £12.00 Dentist £20.00 CHILD CARE £300.00 Holiday allowance £40.00 Emergencies £30.00

TOTAL £2,402.00

lisa.89

That is what I would say our approx outgoings will be if we go into rented.. not sure if I have gone too high (allowed for both cars - probably wishful thinking!)

Combined mortgages - £229,000 + 8k secured loan - £,1221 (we are now liable to pay second mortgage as tenant is going)

thanks x
IVA debt is around £18-20k