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Statement Of Affairs 2 Adults 5 Children (2 live with mother)
whatdowedonext
Posts: 109 Forumite
Please could you take a look at our income/expenditure
It looks a bit messy is this the correct format?
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 3200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3200
Monthly Expense Details
Rent.................................... 400
Council tax............................. 150
Electricity............................. 80
Gas..................................... 50
Water rates............................. 70
Telephone/Internet/Mobile/TV......90
Groceries etc. ......................... 750
Clothing................................ 150
Petrol/diesel........................... 250
Road tax................................ 50
Car Insurance........................... 90
Car maintenance (including MOT)......... 60
Car parking............................. 10
Bus travel............................ 20
Childcare/nursery....................... 0
Swimming............ 20
Medical (prescriptions, dentist etc).... 50
Pet insurance/vet bills................. 100
Buildings/Contents insurance..................... 30
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60
Haircuts................................ 50
Holiday................................. 60
Emergency fund.......................... 50
Child Maintenance....................... 250
Dry Cleaning............................ 10
Total monthly expenses.................. 2893
Assets[/b]
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 50000....(0)........0
Total secured & HP debts...... 50000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
American Express...............25000.....0.........0
Barclaycard....................20000.....0.........0
Capital One....................2500......0.........0
RBS............................3500......0.........0
Payday Loan....................1100......0.........0
MBNA...........................9000......0.........0
J D Williams...................3000......0.........0
Egg............................28000.....0.........0
Total unsecured debts..........92100.....0.........-
Monthly Budget Summary
Total monthly income.................... 3,200
Expenses (including HP & secured debts). 2,893
Available for debt repayments........... 307
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 307
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -50,000
Total Unsecured debt.................... -92,100
Net Assets.............................. -139,100
Be gentle:o
It looks a bit messy is this the correct format?
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 3200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3200
Monthly Expense Details
Rent.................................... 400
Council tax............................. 150
Electricity............................. 80
Gas..................................... 50
Water rates............................. 70
Telephone/Internet/Mobile/TV......90
Groceries etc. ......................... 750
Clothing................................ 150
Petrol/diesel........................... 250
Road tax................................ 50
Car Insurance........................... 90
Car maintenance (including MOT)......... 60
Car parking............................. 10
Bus travel............................ 20
Childcare/nursery....................... 0
Swimming............ 20
Medical (prescriptions, dentist etc).... 50
Pet insurance/vet bills................. 100
Buildings/Contents insurance..................... 30
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60
Haircuts................................ 50
Holiday................................. 60
Emergency fund.......................... 50
Child Maintenance....................... 250
Dry Cleaning............................ 10
Total monthly expenses.................. 2893
Assets[/b]
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 50000....(0)........0
Total secured & HP debts...... 50000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
American Express...............25000.....0.........0
Barclaycard....................20000.....0.........0
Capital One....................2500......0.........0
RBS............................3500......0.........0
Payday Loan....................1100......0.........0
MBNA...........................9000......0.........0
J D Williams...................3000......0.........0
Egg............................28000.....0.........0
Total unsecured debts..........92100.....0.........-
Monthly Budget Summary
Total monthly income.................... 3,200
Expenses (including HP & secured debts). 2,893
Available for debt repayments........... 307
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 307
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -50,000
Total Unsecured debt.................... -92,100
Net Assets.............................. -139,100
Be gentle:o
0
Comments
-
whatdowedonext wrote: »Please could you take a look at our income/expenditure
It looks a bit messy is this the correct format?
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 3200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3200
Monthly Expense Details
Rent.................................... 400
Council tax............................. 150 is your CC really £1800 :eek:
Electricity............................. 80
Gas..................................... 50 seems low, remeber to balance it out over the year, winter would be higher?
Water rates............................. 70
Telephone/Internet/Mobile/TV......90 seems high
Groceries etc. ......................... 750 highish but depending how much you have all kids, just be ready to argue your case
Clothing................................ 150
Petrol/diesel........................... 250
Road tax................................ 50
Car Insurance........................... 90
Car maintenance (including MOT)......... 60
Car parking............................. 10
Bus travel............................ 20
Childcare/nursery....................... 0
Swimming............ 20 could try more here as do you really only spend £20 a month on 5 kids?
Medical (prescriptions, dentist etc).... 50
Pet insurance/vet bills................. 100 seems a lot but if you have loads of animals and or bills to back this up if asked then should be ok.
Buildings/Contents insurance..................... 30
Life assurance ......................... 0 might as well have it.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60
Haircuts................................ 50
Holiday................................. 60 if for all 7 of you it sounds low, I would try more here and be ready to back it up, a UK holiday for 7 is not cheap
Emergency fund.......................... 50
Child Maintenance....................... 250
Dry Cleaning............................ 10
Total monthly expenses.................. 2893
Assets[/b]
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 50000....(0)........0
Total secured & HP debts...... 50000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
American Express...............25000.....0.........0
Barclaycard....................20000.....0.........0
Capital One....................2500......0.........0
RBS............................3500......0.........0
Payday Loan....................1100......0.........0
MBNA...........................9000......0.........0
J D Williams...................3000......0.........0
Egg............................28000.....0.........0
Total unsecured debts..........92100.....0.........-
Monthly Budget Summary
Total monthly income.................... 3,200
Expenses (including HP & secured debts). 2,893
Available for debt repayments........... 307
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 307
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -50,000
Total Unsecured debt.................... -92,100
Net Assets.............................. -139,100
Be gentle:o
thing is as you have excess income you will be getting an IPA, it then comes down to what is reasonable, some of your figures are slightly high imo but if you can justify them to the OR then you may be allowed them, if you don't ask you don't get
So I could say food looks high and TV/phones, also pets too but like I say if you can justify them...just be ready with a good argument if challenged.
Oh and might as well get some life insurance, as you will only be paying the excess to the OR anyway.0 -
whatdowedonext wrote: »Please could you take a look at our income/expenditure
It looks a bit messy is this the correct format? - (perfect format)
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 3200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3200
Monthly Expense Details
Rent.................................... 400
Council tax............................. 150
Electricity............................. 80 - high - look at things such as turning lights off, don't leave phones etc on charge over night
Gas..................................... 50
Water rates............................. 70
Telephone/Internet/Mobile/TV......90 - Thats high (I would break these down to indiviaul unless theres all on 1 bill- how may mobiles are that for?
In theory - mobiles should be pay and go - no more than £15 per month, TV - freeview - Sky etc luxury for now
Groceries etc. ......................... 750 - this could be reduced, meal planning, drop a brand, buy some from cheaper supermarkets
Clothing................................ 150 - this needs to be reduced for a bit -
Petrol/diesel........................... 250
Road tax................................ 50
Car Insurance........................... 90 - have you tried multi quote - def shop around at renewal, weve got 2 cars (mines a sportyish one) and pay under £600 per yr, - (fully comp)
Car maintenance (including MOT)......... 60
Car parking............................. 10
Bus travel............................ 20
Childcare/nursery....................... 0
Swimming............ 20
Medical (prescriptions, dentist etc).... 50 - if that for one person - may be worth considering prepayment certificate - 4 mth or a yr - if you need more than 1 prescription a month value for money
Pet insurance/vet bills................. 100 - how many pets is that for? you need to look around at ins
Buildings/Contents insurance..................... 30 - not to bad, but shop around at renewal
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60 - this needs to be reduced - look at cutting back on the people you buy for, look at sales
Haircuts................................ 50 - try to extend the time between haircuts also may be worth looking of your local college has a hairdessing / beauty section - can be really competative on prices
Holiday................................. 60 - in theory a luxury
Emergency fund.......................... 50 - whikst I see the good idea of a emergency fund - at the mo some could go to debts
Child Maintenance....................... 250 - thats out of your hands - do you have the children to stay over -you may be entiled to 1/7 back a week if they spend more than 52 ngts a year with you
Dry Cleaning............................ 10
Total monthly expenses.................. 2893
Assets[/b]
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 50000....(0)........0 - Guessing this is where the ex and children live - are you paying anything to the mortgage
Total secured & HP debts...... 50000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
American Express...............25000.....0.........0
Barclaycard....................20000.....0.........0
Capital One....................2500......0.........0
RBS............................3500......0.........0
Payday Loan....................1100......0.........0
MBNA...........................9000......0.........0
J D Williams...................3000......0.........0
Egg............................28000.....0.........0
Total unsecured debts..........92100.....0.........-
Monthly Budget Summary
Total monthly income.................... 3,200
Expenses (including HP & secured debts). 2,893
Available for debt repayments........... 307
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 307
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -50,000
Total Unsecured debt.................... -92,100
Net Assets.............................. -139,100
Be gentle:o
Hi
Ive put a few thoughts in, have you taken any professional advice about the debts, I can't recommend Stepchange highly enough (they have a thread on here) there non fee paying charity.
xxxx rip dad... we had our ups and downs but we’re always be family xx0 -
Originally Posted by mum2one
mum2one you do know this is not debtfreewannabees sectionPlease could you take a look at our income/expenditure
It looks a bit messy is this the correct format? - (perfect format)
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 3200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3200
Monthly Expense Details
Rent.................................... 400
Council tax............................. 150
Electricity............................. 80 - high - look at things such as turning lights off, don't leave phones etc on charge over night
Gas..................................... 50
Water rates............................. 70
Telephone/Internet/Mobile/TV......90 - Thats high (I would break these down to indiviaul unless theres all on 1 bill- how may mobiles are that for?
In theory - mobiles should be pay and go - no more than £15 per month, TV - freeview - Sky etc luxury for now
Groceries etc. ......................... 750 - this could be reduced, meal planning, drop a brand, buy some from cheaper supermarkets
Clothing................................ 150 - this needs to be reduced for a bit -
Petrol/diesel........................... 250
Road tax................................ 50
Car Insurance........................... 90 - have you tried multi quote - def shop around at renewal, weve got 2 cars (mines a sportyish one) and pay under £600 per yr, - (fully comp)
Car maintenance (including MOT)......... 60
Car parking............................. 10
Bus travel............................ 20
Childcare/nursery....................... 0
Swimming............ 20
Medical (prescriptions, dentist etc).... 50 - if that for one person - may be worth considering prepayment certificate - 4 mth or a yr - if you need more than 1 prescription a month value for money
Pet insurance/vet bills................. 100 - how many pets is that for? you need to look around at ins
Buildings/Contents insurance..................... 30 - not to bad, but shop around at renewal
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60 - this needs to be reduced - look at cutting back on the people you buy for, look at sales
Haircuts................................ 50 - try to extend the time between haircuts also may be worth looking of your local college has a hairdessing / beauty section - can be really competative on prices
Holiday................................. 60 - in theory a luxury
Emergency fund.......................... 50 - whikst I see the good idea of a emergency fund - at the mo some could go to debts
Child Maintenance....................... 250 - thats out of your hands - do you have the children to stay over -you may be entiled to 1/7 back a week if they spend more than 52 ngts a year with you
Dry Cleaning............................ 10
Total monthly expenses.................. 2893
Assets[/b]
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 50000....(0)........0 - Guessing this is where the ex and children live - are you paying anything to the mortgage
Total secured & HP debts...... 50000.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
American Express...............25000.....0.........0
Barclaycard....................20000.....0........ .0
Capital One....................2500......0.........0
RBS............................3500......0........ .0
Payday Loan....................1100......0.........0
MBNA...........................9000......0........ .0
J D Williams...................3000......0.........0
Egg............................28000.....0........ .0
Total unsecured debts..........92100.....0.........-
Monthly Budget Summary
Total monthly income.................... 3,200
Expenses (including HP & secured debts). 2,893
Available for debt repayments........... 307
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 307
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -50,000
Total Unsecured debt.................... -92,100
Net Assets.............................. -139,100 a SOA for BR is not the same as reducing costs to save money, when BR all reasonable expenses are allowed, so yes a white label can of bake beans would save you money but buying Heinz beans is not unreasonable 
0 -
thing is as you have excess income you will be getting an IPA, it then comes down to what is reasonable, some of your figures are slightly high imo but if you can justify them to the OR then you may be allowed them, if you don't ask you don't get
So I could say food looks high and TV/phones, also pets too but like I say if you can justify them...just be ready with a good argument if challenged.
Oh and might as well get some life insurance, as you will only be paying the excess to the OR anyway.
Hi Sniggings
Thankyou, really appreciate the feedback and suggestions. Excuse my ignorance but what is an IPA? I'll have a look on here to find out.
L:)0 -
Originally Posted by mum2one mum2one you do know this is not debtfreewannabees section a SOA for BR is not the same as reducing costs to save money, when BR all reasonable expenses are allowed, so yes a white label can of bake beans would save you money but buying Heinz beans is not unreasonable
Not sure all the creditors that are about the get the shaft would agree, but hey ho, funny old world we live in.
OP, google IPA or give Stepchange a call - they are a fantastic organisation (formally known as CCCS). http://www.stepchange.org/Thinking critically since 1996....0 -
An IPA, Income payment agreement, or if you and your OR can not agree then they may apply for a IPO Income payment order, which means going to court to get a judge to rule on what your expenses are allowed to be. If you have excess income after all your allowed expenses are taken out, you pay the excess to your OR for a max of 3 years, who passes it on to your debtors to help pay your debts, the OR takes their fees too as the BR fee you paid, when you went BR does not cover the full costs.
If no excess then no IPA, an IPA can be lowered or rises inline with your excess income, or even set to £0 but once it starts it is normally left to run for the full 3 years, within that time you need to keep your OR informed of any income and expenses changes, if set to £0 for a time, those £0 payments still count towards the 3 years.0 -
somethingcorporate wrote: »Not sure all the creditors that are about the get the shaft would agree, but hey ho, funny old world we live in.
OP, google IPA or give Stepchange a call - they are a fantastic organisation (formally known as CCCS). http://www.stepchange.org/
What the creditors feel is irelevant, I have given advice on facts, not feelings, if you want to debate the rules and conditions of bankruptcy, I suggest you take it to the area provided for such discussions, Discussion Time.0 -
Your outgoings are very high OP, it seems that your problem is excessive spending rather than insufficient income. Why not look at cuttings your outgoings (excellent advice offered by mum2one) rather than going bankrupt?
Also, could your partner work, even part time, to increase your income further?0 -
cockaleekee wrote: »Your outgoings are very high OP, it seems that your problem is excessive spending rather than insufficient income. Why not look at cuttings your outgoings (excellent advice offered by mum2one) rather than going bankrupt?
Also, could your partner work, even part time, to increase your income further?
Partner has severe depression and has been advised not to work at present. We are working hard at cutting out expenditure down0
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