Help with Bankruptcy and IPA

c00k1e316

Hi There,

Quick Background - I have recently defaulted on my IVA after 2 years payments. The IVA was for £30,000 of debt.

I started a business which has failed miserably and left me with £15,000 rent arrears, £65,000 remaining on the full term of the lease, £6000 Business rates arrears and £1600 to suppliers.

I have no assets, the Car I drive is HP in my mothers name and I rent my home fully furnished. I literally own nothing of value.

Bankruptcy seems like the best idea however I have a job with a good salary. I receive £2500 take home on average (including a variable bonus) plus £400 take home car allowance.

I live with my Girlfriend who is in full time education and I am the sole provider. I have a 6 month old daughter to a previous relationship that I pay maintenance for with a private arrangement. My daughter also stays at my home twice a week.

I have listed my expenses bellow from the insolvency website calculator - None of my living expenses are in arrears

So, a couple of questions.

1) is the car allowance included in my disposable income? It is provided by my company for the purchase and maintenance of a vehicle.

2) Are my bellow expenditures realistic would I be expected to make savings in any of these areas?

3) In December I will be filing my Self Assessment for my now defunct business. Will any HMRC payment due as a result of the Self assessment be included on the Bankruptcy?

4) How would the situation with the car unfold? Its my mam's car officially so I guess it can be classed as an asset but I still need to pay for this from my car allowance - are there any alternatives?

5) Is there anything else I need to think about or take into account?

Thanks in advance for the help.

My Expenses.

Rent 500
Council Tax 110
Gas 60
Electricity 49
Other heating charges 0
Water 39
Telephone 74
Housekeeping 363
Travelling 210
Clothing 98
Maintenance payments 400
Fines 30
Other possible outgoings to be considered 0
TV licence 12
All insurance 200
Dry Cleaning 60
School Meals 0
After School Clubs/trips 0
Childcare (to cover care whilst working) 60
Dentist 15
Prescriptions 18
Opticians 30
Vet Bills (evidence to be provided)
Pet food 40
Professional body membership
Hairdressers 30
Holidays (UK only) 40
Other essential item
Other essential item
Other essential item
Standard emergency allowance 20

Total Outgoings 2,458

PippaGirl_2

c00k1e316 wrote: »

2) Are my bellow expenditures realistic would I be expected to make savings in any of these areas?

5) Is there anything else I need to think about or take into account? What is your partners income? As she is in full time education, is she in receipt of student finance? If so, she would be expected to pay money towards the living expenses of where she is living.

Thanks in advance for the help.

My Expenses.

Rent 500
Council Tax 110
Gas 60
Electricity 49
Other heating charges 0
Water 39
Telephone 74 Too high
Housekeeping 363
Travelling 210
Clothing 98 Too high
Maintenance payments 400 On your income, 15% of your net income would mean you should pay £375 a month IF the child does not spend nights with you. This amount needs to be reduced according to the percentage of nights with you.
Fines 30
Other possible outgoings to be considered 0
TV licence 12
All insurance 200 What insurance? This needs breaking down.
Dry Cleaning 60 This will need to be justified
School Meals 0
After School Clubs/trips 0
Childcare (to cover care whilst working) 60
Dentist 15
Prescriptions 18
Opticians 30
Vet Bills (evidence to be provided)
Pet food 40 This comes out of your grocery bill
Professional body membership
Hairdressers 30 Too high
Holidays (UK only) 40 Too high
Other essential item
Other essential item
Other essential item
Standard emergency allowance 20

Total Outgoings 2,458

Some thoughts above.

debtinfo

hi

on question 1, does your contract provide any guidance or rules for the type of vehicle that must be used

c00k1e316

My partner receives no income - she is studying the equivilent of 6th form education in a college - she is 18.

c00k1e316

debtinfo wrote: »

hi

on question 1, does your contract provide any guidance or rules for the type of vehicle that must be used

Yes the contact states that the vehicle must be less than 5 years old and reliable for the job - I do 40k+ miles per year.

PippaGirl_2

c00k1e316 wrote: »

My partner receives no income - she is studying the equivilent of 6th form education in a college - she is 18.

Technically you might get child benefit for her then! :shocked: