Deciding whether to go Bankrupt...

Maizy

Lisa, I have sent a message to you although not sure if its gone through with an SOA format for MSE. Press quote and play around with it, then you can just copy and paste it to a new thread or on here. You can add a bit about the assets on there and its then a total snapshot in list format for folks to see.

Its difficult to say about the car allowances and to keep two cars, you would probably have to prove a need for them both. I guess you would have to prove childcare too and also phone allowances is normally a total of £60 with a proven need for internet. Water seems low and you may be able to push up groceries to £400. The last thing you want is to struggle and at the end of the day the OR can only say no.

Hope this helps, you should get some more replies soon.

JCS1

lisa.89 wrote: »

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

How many children in the household? How were both cars financed?

lisa.89

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 688
Partners monthly income after tax....... 1754
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2522
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 695
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 40
Gas..................................... 60
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 20
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 22
Groceries etc. ......................... 370
Clothing................................ 100
Petrol/diesel........................... 180
Road tax................................ 30
Car Insurance........................... 113
Car maintenance (including MOT)......... 50
Car parking............................. 20
Other travel............................ 0
Childcare/nursery....................... 300
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 80
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 30
Total monthly expenses.................. 2402

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,522
Expenses (including HP & secured debts). 2,402
Available for debt repayments........... 120
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 120
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

lisa.89

Hi All,

This is my SOA (if renting just before BR). - Thanks Maizy!

Any thoughts???


Thanks

lisa.89

one child in the household and cars are of low value - £1000 each. No finance on these.

silvercar

I can't see the OR allowing the mortgage on the property that you don't live in as an allowable expense.

lisa.89

Hi, are phone allowances £60 for mobiles or does that inc landline?? IVA accepted written confirmation that family member provides child care - she is willing to do receipts.

So do you have to give in bank statements every month?


Am just trying to work out how soon we could go into rented - looks like it will take 3 months to save so will stop IVA/ Mortgage payments & sec loan from this month....

lisa.89

silvercar wrote: »

I can't see the OR allowing the mortgage on the property that you don't live in as an allowable expense.

No, we are planning to hand keys back to that property. Its in negative equity so would look for shortfall to go into BR.

Maizy

You may get more replies if you post the SOA onto a new thread titled SOA, that is up to you, you may get some opinions here see what happens.

The water seems low, your groceries may get pushed up to around £400, your holiday could be pushed up to £50 (think its £20 per adult and £10 child), phones is £60 max normally inc. mobiles. Internet is not normally allowed without a need (we pay our dongle from other expenses). Allowances are slightly different for Scotland BR I believe (just in case you are posting from there).

As far as cars go, its a bit of a gamble, Ive seen some keep cars of higher value and others worth a few hundred pounds where they have to buy the car back from the OR so its not really cut and dry. We were allowed our car due to unsociable hours but I would not have been allowed a 2nd car Im pretty sure as there was no real necessity. Depends on your circumstances.

We opened a co-op cash minder BR friendly account it is advisable to do that asap, and it isn't normally frozen. Other BR friendly account I think is Barclay's but check out the sticky threads.

I'm no expert but I found the whole process very daunting and I asked a lot of questions so keep asking and someone will help out. May get more responses too after the BH weekend. There are some really helpful people on here, most going or have been through BR and others who are simply very knowledgeable on the subject for other reasons.

Good luck again, hope all goes well.

lisa.89

Maizy wrote: »

You may get more replies if you post the SOA onto a new thread titled SOA, that is up to you, you may get some opinions here see what happens.

The water seems low, your groceries may get pushed up to around £400, your holiday could be pushed up to £50 (think its £20 per adult and £10 child), phones is £60 max normally inc. mobiles. Internet is not normally allowed without a need (we pay our dongle from other expenses). Allowances are slightly different for Scotland BR I believe (just in case you are posting from there).

As far as cars go, its a bit of a gamble, Ive seen some keep cars of higher value and others worth a few hundred pounds where they have to buy the car back from the OR so its not really cut and dry. We were allowed our car due to unsociable hours but I would not have been allowed a 2nd car Im pretty sure as there was no real necessity. Depends on your circumstances.

We opened a co-op cash minder BR friendly account it is advisable to do that asap, and it isn't normally frozen. Other BR friendly account I think is Barclay's but check out the sticky threads.

I'm no expert but I found the whole process very daunting and I asked a lot of questions so keep asking and someone will help out. May get more responses too after the BH weekend. There are some really helpful people on here, most going or have been through BR and others who are simply very knowledgeable on the subject for other reasons.

Good luck again, hope all goes well.

Thanks, I am pretty sure we are not allowed to do this but hubby just asked if we could sell my car before BR and use towards BR fee (get into rental quicker). I said that I think they could go back and check on this (am I right?).
Thanks