Cars

sort_me_own_yard_out

Could anyone help me with advice about cars please.

I currently own a 06/06 Megane that is in poor if not dire condition. The parkers guide for this car with 60k on the clock is £1800. Mine has 75k on the clock, not been serviced for almost 3 years.Is overdue a cam belt change its running on borrowed time. So guess the value will be a lot lower than the Parkers guide states.

My concerns being. I live in a rural location even though I work around 4 miles from where I live I need my car to get my youngest child to the child minder, and get back in time to collect her from school as I finish work. If I was to loose my car , I would need to find another childminder as mine does not start early enough to drop her off and get to work via foot and i would then have to have a child minder collect her from school as I wouldnt have time between my work finishing and school kicking out time.

As I said earlier I am rural I am 30 mile round trip to the nearest largest supermarket, the public transport to here is sparodic and very expensive. I need the car for my childrens activites and as my family live 120mile away I dont have a family network to rely on and my ex husband their dad is 450mile away. I do half way meets and he cant help out with the too-ing and fro-ing.

Last year through ill health I had to surrender my driving licence for 6 months and with the risk of sounding like a drama queen it was impossiable to lead a normal life.

So now I have rattled on would my car be pardoned and if so am I allowed to list the expenses in my SOA or would that be classed as surplus income.

The costs are as follows each month:
Petrol £120
Insurance £57.26
Car Tax £14.75
Maintance £25.00

I know I need to seek advice from CAB I am currently filling out forms as I am hoping for help from the British Leigon and they have CAB advisor that seems very pleasent I just want to get a few things straight in my head before i go further.

Thanks In Advance
Dee

JCS1

Hi Dee,

Can you post your SOA using this format please:

http://www.makesenseofcards.com/soacalc.html

It's difficult to comment on your car expenses without seeing everthing as a whole.

Also, the value of your car may be an issue. The general guideline at the moment is £1,000, is there any way you can get a more specific value for it?

sort_me_own_yard_out

Here is how I would like to spend my money!! obviously as I have a shortfall my money is not being spent like it!!!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 905
Partners monthly income after tax....... 0
Benefits................................ 640
Other income............................ 302
Total monthly income.................... 1847

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 92
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 45
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 22
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 60
Petrol/diesel........................... 120
Road tax................................ 14.75
Car Insurance........................... 68.26
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 120
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 27.5
Entertainment........................... 30
Holiday................................. 15
Emergency fund.......................... 10
Total monthly expenses.................. 1843.51


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1300
Other assets............................ 0
Total Assets............................ 1300

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
failed iva.....................33000.....0.........0
catalogues.....................3000......0.........0
council tax....................375.......75........0
tax credit overpaymen..........5000......100.......0
Total unsecured debts..........41375.....175.......-


Monthly Budget Summary
Total monthly income.................... 1,847
Expenses (including HP & secured debts). 1,843.51
Available for debt repayments........... 3.49
Monthly UNsecured debt repayments....... 175
Amount short for making debt repayments. -171.51

Personal Balance Sheet Summary
Total assets (things you own)........... 1,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -41,375
Net Assets.............................. -40,075

sort_me_own_yard_out

Could some peeps cast an eye over my figures please x

PippaGirl_2

I did actually earlier, should have said. The only thing that I quieried was the landline, most landline costs are about £16-£18 a month. But actually all your other costs are so reasonable I am sure that could be swallowed. Seems alright to me.

sort_me_own_yard_out

Thank you Pippa my landline includes my broadband too.

JCS1

sort_me_own_yard_out wrote: »

Here is how I would like to spend my money!! obviously as I have a shortfall my money is not being spent like it!!!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 905
Partners monthly income after tax....... 0
Benefits................................ 640
Other income............................ 302
Total monthly income.................... 1847

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 92
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 45
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 22
Internet Services....................... 0
Groceries etc. ......................... 400 Increse to £450
Clothing................................ 60
Petrol/diesel........................... 120
Road tax................................ 14.75
Car Insurance........................... 68.26
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 120
Other child related expenses............ 50 What are these? Guidelines are one after school activity per child
Medical (prescriptions, dentist etc).... 0 No opticians, prescriptions, dentist costs?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 Not allowed
Haircuts................................ 27.5 Tends to be £10 per adult, £5 per child
Entertainment........................... 30 Not permitted
Holiday................................. 15 Increase to £30-40
Emergency fund.......................... 10
Total monthly expenses.................. 1843.51


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1300
Other assets............................ 0
Total Assets............................ 1300

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
failed iva.....................33000.....0.........0
catalogues.....................3000......0.........0
council tax....................375.......75........0
tax credit overpaymen..........5000......100.......0
Total unsecured debts..........41375.....175.......-


Monthly Budget Summary
Total monthly income.................... 1,847
Expenses (including HP & secured debts). 1,843.51
Available for debt repayments........... 3.49
Monthly UNsecured debt repayments....... 175
Amount short for making debt repayments. -171.51

Personal Balance Sheet Summary
Total assets (things you own)........... 1,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -41,375
Net Assets.............................. -40,075

Few comments above, some categories such as entertainment and presents are not classed as essential household outgoings, but on the flip side some items are looking low.

sort_me_own_yard_out

Thank you for time and comments.

The childrens activities: To be fair I plucked a figure out of thin air as the amount is higher and just wrote down what I thought was reasonable. If it was based on one activity per child (despite doing a lot more) than it would be £60 per month.

Hair cuts: My friend who is a hairdresser charges me £10 to cut mine and £5 for the colour, £5 for my daughter and £7.50 for my son.

Prescriptions, Dentists etc: I have an exemption certificate because of tax credits so even though not having any regular prescriptions that would cover any costs. Unless I can put down the few £'s I spend on plasters, anti histemines, cold and flu type stuff i have in the house but think this would amount to around £5 a month.

Food: I am glad this would be incresed as my 12 yr old eats like a fully grown man!!

Presents and Entertainment: That is fine although the entertainment was the childrens pocket money and a small fee i pay each month to weight watchers to use their online facilty, my other weight watchers costs are covered as i help out in the class in exchange for the class fees.

I suppose its pretty much my income equvilant to be my outgoings and my main question which was would my car expenses be allowed or be classed as surplus income has been answered and I am pleased with that!! will need to look into my car further and its value.

I feel as if i am going round in circles but just want to make sure that i am doing the right thing as my IVA was doomed to fail as despite my income being slightly higher my child care was a lot higher and my IVA payment was £300 per month.

Thank you all again for your time and advice I think I am going to relying on this board a lot these next few months.

Dee