advise needed please

moira66_2

I am 6 months into BR. I have been sent forms so that they can review my financial status. First problem is a financial adviser filled out monthly income and expenditure at start of BR and tweaked bits of it. I dont have a copy of original and im worried about leaving myself more after expenses . He also put a higher monthly morgage payment on it with the view that I would pay more into my morgage as I currently have interest only. I have not done this yet. They are asking for 3 months bank statements and im obviously worried they will see im paying a lesser amount for morgage. I also recieved my deposit back for ending tenancy which I owed to my family but they will see this amount for £600 pounds in bank statements. Will I declare this as extra on the form. I dont really know how to handle this. Any advise would be welcome.

dojoman

Just be totally honest, your financial adviser should have not put false figures on your SOA in the first place. The OR can get as many bank statements as they require even if you do not send them any. This is why anyone coming on here is advised to be totally honest with the OR otherwise it could come back to haunt you.

luvchocolate

contact the advisor for a copy of the soa, it was wrong of them to put a different amount into for the mortgage payment, you should put down what you really spend and things like a mortgage payment will show up on bank statements, where putting an extra few £ on food will not be noticed.

Any changes to your mortgage payments you would let the or know and a new soa would be submitted.

I suppose you had to pay for this to be done which is and was a waste of money you would have got better advice on here to be honest

put you soa on here when you get a copy and lets see what the experts say.

I think being honest is the beat policy and my or tweaked mine himself.

longtermplanner

moira66 wrote: »

First problem is a financial adviser filled out monthly income and expenditure at start of BR and tweaked bits of it. I dont have a copy of original and im worried about leaving myself more after expenses .

Sigh. As luvchocolate says, what a waste of money. Did you really not keep a copy of your bankruptcy forms???

He also put a higher monthly morgage payment on it with the view that I would pay more into my morgage as I currently have interest only. I have not done this yet.

why not? I guess you need this money to live on

They are asking for 3 months bank statements and im obviously worried they will see im paying a lesser amount for morgage.

Yes, it will be hard not to spot this. I suggest you put the actual amount you are paying on the forms you currently have.

I also recieved my deposit back for ending tenancy which I owed to my family but they will see this amount for £600 pounds in bank statements.

I am confused. You have an interest only mortgage but you have just ended a tenancy? This all sounds rather complicated. I suppose you could have had a BTL which you have now moved into... Are you expecting to be able to keep this property, does it have equity?

This £600, it is showing as a deposit in your account after your bankruptcy date and then a debit? You should not have paid this to your family, that debt was extinguished in bankruptcy along with all your other debts.

Will I declare this as extra on the form. I dont really know how to handle this. Any advise would be welcome.

Extra what? It's hardly income. I would just ignore it and concetrate on getting your income and expenditure right. But if the OR asks you what it is, tell the truth, and the OR may require your family member to repay it.

moira66_2

Thanks for replies. I will need to be honest with my new forms. When I started BR I was renting following break up of partner, myself and my teenage boys had to move out. I had kept my own property which ive had for 20 years, a small flat with negative equity. As there was only 2 small bedrooms I rented a 3 bedroom place as my flat was being rented out. Anyway got deeper into financial despair and thats when I got help of adviser who said BR . At time I was planning to move back to small flat and use living room as a bedroom also which I did. He dealt with everything re. forms, I didnt get a copy of income/expenditure form. Obviously since moving out I didnt have such a large rent payment. My outgoings at the time were way over income. The rent I was paying at the time and rent money I got were all on forms .
How much can you be left with after all expenditure is included on the form. Is it all taken for BR or do they leave you with something extra . Would they expect to see money left in account at end of the month prior to next pay going in or not.

longtermplanner

Can you post a Statement of Affairs here? You are allowed expenses to meet your 'reasonable domestic needs'. This includes things like dry cleaning, haircuts, some money for holidays etc.

Your account isn't monitored. You can spend your money on what you like providing you make any IPA that you have agreed.

moira66_2

I will post it on and would appreciate your help, thanks very much. They have asked for 3 full months bank statements , do they scrutinise every transaction ? What exactly are they looking at ?

egrescrimp

moira66 wrote: »

I will post it on and would appreciate your help, thanks very much. They have asked for 3 full months bank statements , do they scrutinise every transaction ? What exactly are they looking at ?

They are looking for large transactions, that may indicate you are moving money to another location or purchasing high value goods.

They aren't bothered about if you spent £1.99 at Morrisons on some Robinsons fruit juice and an apple pie