SOA Again :(

sovilla

Wont get maintanance from the childs mother as she is currently, unemployed and has had another child herself. We have just finished paying over £5000 in solicitors bills to actually have custody of the children, where if it had happened now we would have got legal aid and probably wouldnt be in such a mess now.

And we havent actually bought anything that we could sell, credit cards went on petrol, food shopping, school uniforms, school shoes.

We have just moved from a 5 bed house to a 3 bed house to lower the rent and bills, but I still have an outstanding £800 gas bill but thats in joint names so currently on a payment plan. I had to borrow £1000 of my nanna just to get the bond and first months rent for this new house, hoping I will get the bond back from the last house to pay some of that back. I could go on a DMP and pay maybe a £300 a month but with the debt I have it would take about 10 years to pay off, and my job is only temp for the next 2 years. I have £178 a month charges going on the HSBC overdraft as my overdraft is only for £1000 and ive gone well over.

PippaGirl_2

sovilla wrote: »

We have just moved from a 5 bed house to a 3 bed house to lower the rent and bills, but I still have an outstanding £800 gas bill but thats in joint names so currently on a payment plan. I had to borrow £1000 of my nanna just to get the bond and first months rent for this new house, hoping I will get the bond back from the last house to pay some of that back. I could go on a DMP and pay maybe a £300 a month but with the debt I have it would take about 10 years to pay off, and my job is only temp for the next 2 years. I have £178 a month charges going on the HSBC overdraft as my overdraft is only for £1000 and ive gone well over.

A lot of your expenses amounts on your SOA are much higher than the OR would allow, as I said before almost £100 won't be allowed for landline/TV/internet. Other expenses are too high too. If you have already moved into your new smaller property, any bond due back to you may well be claimed into your estate by the OR as you will need to declare that in the section of money owed to you. You won't be allowed to pay your Nanna back at any stage while you are BR as that would be against the terms of your bankruptcy, that would be preferencing one creditor over another.

HappyMJ

sovilla wrote: »

My partner was made redundant so now is only on £71 a week JSA. We do get housing benefit and council tax benefit.

Can you please check over my SOA ready for bankruptcy. I know there is a huge surplus so im expecting in IPA.

There may be a huge surplus but as you are on JSA and all the other associated benefits then it's unlikely to be much if anything at all.

Can the items on HP go back to the finance company?

PippaGirl_2

HappyMJ wrote: »

There may be a huge surplus but as you are on JSA and all the other associated benefits then it's unlikely to be much if anything at all.

Can the items on HP go back to the finance company?

It's contributory JSA following redundancy and there is still one wage. So the wage will be considered for an IPA.

The secured loan/HP that has been added to the last SOA won't be allowed to be paid as they are in rented either.

HappyMJ

PippaGirl wrote: »

It's contributory JSA following redundancy and there is still one wage. So the wage will be considered for an IPA.

The secured loan/HP that has been added to the last SOA won't be allowed to be paid as they are in rented either.

Considered yes...but the IPA won't be much. The OP earns £839 a month and the amount received in benefits will have dropped (as opposed to not working at all) by almost £750 but the household expenses will remain the same and then there is the additonal cost of transport to take into account which cause a very low IPA figure if anything at all.

A HP agreement is an expense rather than a debt it can be included in an SOA as an expense depending on the item that the HP agreement is secured against. If it's a car worth less than £2,000 (and required-which with 5 kids I would imagine so) then the HP expense can continue to be included as an expense in an SOA and the car kept. The OP hasn't explained what is secured so not sure in OP's case.

OP you haven't included any petrol in your SOA. You can add quite a bit there to balance your SOA.

sovilla

HappyMJ wrote: »

A HP agreement is an expense rather than a debt it can be included in an SOA as an expense depending on the item that the HP agreement is secured against. If it's a car worth less than £2,000 (and required-which with 5 kids I would imagine so) then the HP expense can continue to be included as an expense in an SOA and the car kept. The OP hasn't explained what is secured so not sure in OP's case.

OP you haven't included any petrol in your SOA. You can add quite a bit there to balance your SOA.

The HP is 2 cars, one is a 7 seater people carrier that is needed but have kinda realised that we wont get to keep it. The car was bought for £4000 but the finance was for about £8000, we have had it 2 years in May so still have alot to pay out on it. You can but them now for about£1800.

The other one is my partners car, it was bought for £2495 and the finance was about £4000. Think we owe about £3000 onit, if not more. His car is still worth about £2200. This is in joint names and im hoping he can continue to keep this as he will need it for finding/when he gets another job.

Sorry, I put petrol in other travel related expenses.

lexy1981

Sounds like your having a really rough time at the mo Sovilla. There was a post quite recently but I cant find it now, hopefully someone will bump it up for you. The post had the insolvancy service outgoings guidelines on it which in areas will allow you more than what you are spending, it recomended £499 on groceries for a family of four so I would expect that you would be allowed more than £700 for a family of 7, extras such as dry cleaning ect.. I think your hairdressing bill is very reasonable, average hairdresser will charge up to £10 for a childs cut thats before you and your husband get your hair cut.

Dont be to downhearted, your outgoings are exactly that (yours) I would imagine based on your circumstanses you are saving money as much as you possibly can and like most other people on here are considering bankruptcy as a last resort.

TinyToes

http://www.insolvencydirect.bis.gov.uk/foi08/docs/IPACalculatorPost2010.xls this should help

mysterio_2

TinyToes wrote: »

http://www.insolvencydirect.bis.gov.uk/foi08/docs/IPACalculatorPost2010.xls this should help

bear in mind the link is for guide only

i've seen people copy the figures word for word only to be grilled by the receivers office dealing with the case

sort_me_own_yard_out

I found this guide handy when i was filling in all my cab forms the other day. It also gives me hope that I can actually have a life once declared bankrupt and not just "muddle" through life.