fluctuating income and other questions

owlet

Cashminder

http://www.co-operativebank.co.uk/currentaccounts/cashminder

cam6278

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... -i have a lease car which covers all expenses expect £75 excess and diesel

Monthly Income Details
Monthly income after tax................ 1900 - this is my maxium of 2 jobs , 7 days a week which will drop down

Partners monthly income after tax....... 0
Benefits................................ 81
Other income............................ 0
Total monthly income.................... 1981

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 462.72
Management charge (leasehold property).. 0
Council tax............................. 97.52
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 34.99
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12.12
Satellite/Cable TV...................... 25
Internet Services....................... 25
Groceries etc. ......................... 400
Clothing................................ 30
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 0- about to run out and was paid for up front but previous policy 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 30
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1362.35


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................5500......209.......9.7
Credit card....................6000......180.......18
Credit card....................4500......70........18
Catalogue .....................877.......0.........0- on a buy now pay later
Credit.........................3000......80........18
Total unsecured debts..........19877.....539.......-


Monthly Budget Summary
Total monthly income.................... 1,981
Expenses (including HP & secured debts). 1,362.35
Available for debt repayments........... 618.65
Monthly UNsecured debt repayments....... 539
Amount left after debt repayments....... 79.65

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -19,877
Net Assets.............................. -19,877

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.[/font

I did a general figure for clothing and haircuts etc as im not really sure what it is as it tends to be done in bulk.
Also forgot

Specsavers contacts £15
Gym £36 - going to be cancelled
Mobile x3 £80 all contract
Charity £8
Family loan £105

National_Debtline

Hi again Claire


Thanks for providing the SoA. I wonder, though, if you could reproduce it (or simply edit the existing post above) so that it reflects what you will be earning if you drop the second job? After all, you have stated that your current working routine is unsustainable, so we need to see what things will look like without that additional income. It would also be helpful if you can put those extra items of expenditure - Specsavers etc. - into the main list.


If you can do that I'm sure we can offer some further advice.


Thanks


Dennis
@natdebtline

cam6278

Updated SOA with main income only.


Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 81
Other income............................ 0
Total monthly income.................... 1581

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 462.72
Management charge (leasehold property).. 0
Council tax............................. 97.52
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 34.99
Telephone (land line)................... 0
Mobile phone............................ 82
TV Licence.............................. 12.12
Satellite/Cable TV...................... 25
Internet Services....................... 25
Groceries etc. ......................... 400
Clothing................................ 30
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 30
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1473.35


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................5500......209.......0
Credit card....................3000......80........0
Credit card....................6000......180.......0
Loan...........................1200......105.......0
Credit card....................4500......70........0
Total unsecured debts..........20200.....644.......-


Monthly Budget Summary
Total monthly income.................... 1,581
Expenses (including HP & secured debts). 1,473.35
Available for debt repayments........... 107.65
Monthly UNsecured debt repayments....... 644
Amount short for making debt repayments. -536.35

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -20,200
Net Assets.............................. -20,200

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

National_Debtline

Hi once again Claire


Sorry for taking so long to acknowledge your revised SoA - we were having a lot of technical problems at the back end of last week and couldn't log in here.


Anyway, I would say that the above SoA looks perfectly "normal", and it is understandable that you would see bankruptcy as a logical way to draw a line under your financial difficulties. The Official Receiver may ask you to sign an Income Payments Agreement if they feel you should have any disposable income after paying bills etc. - any such payments could continue for up to three years.


Just one observation - there is £0 listed for mobile phones. Do you not have some expenditure for one of your own, if not those of your daughters?


Dennis
@natdebtline

cam6278

Mobile has £82 next to it which is all 3 mobiles. Landline has £0 above that as it is included in my internet cost.

I have just cancelled all DD which i found hard as i have never missed a payment before.
Cancelled my gym membership.
Next step will be letting the kids know .

Can i clarify my next steps-
1- save money for court cost and complete paperwork
2-book appointment to court - what actually happens here ?
3-open new bank account
4-have interview with OR

owlet

cam6278 wrote: »

Mobile has £82 next to it which is all 3 mobiles. Landline has £0 above that as it is included in my internet cost.

I have just cancelled all DD which i found hard as i have never missed a payment before.
Cancelled my gym membership.
Next step will be letting the kids know .

Can i clarify my next steps-
1- save money for court cost and complete paperwork
2-book appointment to court - what actually happens here ?
3-open new bank account
4-have interview with OR

Next steps are correct but make opening new bank accounts number 1 priority. It's very important to have these up and running before court so you can get direct debits & incoming payments moved over.

Remember you need CO-OP cashminder or barclays basic account to ensure smooth running through BR.

Book appt at court - they will give day and time. A few courts do a walk in service but they will give you all necessary info on the phone.

You need the fees, ID & 3 copies of the forms. Car park & coffee money. All very easy.

OR normally phones for a quick chat the day after court then arranges a phone appointment for the proper chat.

I've spotted a couple of changes for your SOA but will try and get back later on. Didn't want to read & run but busy day!

National_Debtline

Hi again Claire

cam6278 wrote: »

Mobile has £82 next to it which is all 3 mobiles. Landline has £0 above that as it is included in my internet cost.

Sorry about that - I think I must have read across the wrong line of your SoA.


Anyway, owlet's advice above re: your next steps is very sound - I would definitely make the new account your top priority.


Dennis
@natdebtline

cam6278

Thanks guys, you are making this much smoother for me.

I have got my application for the co op yesterday and am going in branch tomorrow to complete that.

I have booked my court date today which had me shaking so goodness knows what i will be like when i go which is towards the end of august. Is there a thread or rescource on what to expect etc

Also have started recieving phone calls from my creditors - it was a voice mail. Do i just ignore them ?

Also is there a resourse available that shows what the aveage adult should be spending - i want to make sure i am be realistic

Thank again

abcdave

If you dont want to answer the calls, just block the number.

or... what I done was log on to any online accounts and 'change' my contact details! the phone went quiet very quickly!