Thanks and help please

Bolitho1792

Hi all

Just a quickie to say thanks to all that post on here either giving or looking for advice for me it has made what is a rather trying time less stressful I have found your problem posts and the advice very helpful.

I’m in the process of Going BR I’ve sold loads of stuff we don’t need or use on eBay to raise the cash for the fees and opened a Co op cash minder to start the ball rolling I have been in contact with the very friendly people at step change and their advice is BR I’m going to hand the papers in at the court next week. I was just needing some advice please, I don’t own a car I have a company car and pay private mileage every month this comes directly off my wages I’ve put O in the form will the OR take this into account? Also I have to pay expenses for parking etc which I claim back the next month this is included in my pay will the OR discount this? I’m posting an SOA if someone can have a quick look for me I’ve seen some of the others on here and tried to be similar. My wife doesn’t work and we have two kids 13 and 5.
Thanks
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 273
Other income............................ 0
Total monthly income.................... 1673
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 392
Management charge (leasehold property).. 0
Council tax............................. 97 x 10 months
Electricity............................. 64
Gas..................................... 64
Oil..................................... 0
Water rates............................. 57 x 10 months
Telephone (land line)................... 20
Mobile phone............................ 45 1 x £25 contract 2 x £10 per month payg
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 500
Clothing................................ 90
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 50 2 x cats
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, Christmas etc)...... 50 6 x kids 2 at home 3 at uni 1 left
Haircuts................................ 40
Entertainment........................... 20
Holiday................................. 40
Emergency fund.......................... 40
(Unnamed monthly expense)............... 0
Gym Membership.......................... 0
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
Unsecured Debts
Description....................Debt
Barclaycards £6200
Intelligent finance £ 450
MBNA £6240
Nationwide cards £1200
NatWest loan £10614
NatWest OD £1300
Very £481
NatWest cards £2617
Total -£28554

egrescrimp

You are very unlikely to be allowed the presents, it's not normally allowed in bankruptcy.

I would move the money under entertainment/clubs for your children at 5 each per week, £40 per month.

Holiday increase to £60 (£20 per adult, £10 per child).

Internet services, does that include the line rental? I assume so.

Clothing I'd increase to £100, that makes it £25 per person.

tigerfeet2006

Bolitho1792 wrote: »

Hi all

Just a quickie to say thanks to all that post on here either giving or looking for advice for me it has made what is a rather trying time less stressful I have found your problem posts and the advice very helpful.

I’m in the process of Going BR I’ve sold loads of stuff we don’t need or use on eBay to raise the cash for the fees and opened a Co op cash minder to start the ball rolling I have been in contact with the very friendly people at step change and their advice is BR I’m going to hand the papers in at the court next week. I was just needing some advice please, I don’t own a car I have a company car and pay private mileage every month this comes directly off my wages I’ve put O in the form will the OR take this into account? Also I have to pay expenses for parking etc which I claim back the next month this is included in my pay will the OR discount this? I’m posting an SOA if someone can have a quick look for me I’ve seen some of the others on here and tried to be similar. My wife doesn’t work and we have two kids 13 and 5.
Thanks
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 273
Other income............................ 0
Total monthly income.................... 1673
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 392
Management charge (leasehold property).. 0
Council tax............................. 97
Electricity............................. 64
Gas..................................... 64
Oil..................................... 0
Water rates............................. 57
Telephone (land line)................... 20
Mobile phone............................ 45 1 x £25 contract 2 x £10 per month payg
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 500
Clothing................................ 90 £120
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 £5 per child per week for activities. £3 per child per day for school dinners.
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 50 2 x cats does this include food?
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, Christmas etc)...... 50 6 x kids 2 at home 3 at uni 1 left Usually not allowed
Haircuts................................ 40
Entertainment........................... 20 usually not allowed
Holiday................................. 40 £80
Emergency fund.......................... 40
(Unnamed monthly expense)............... 0
Gym Membership.......................... 0
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
Unsecured Debts
Description....................Debt
Barclaycards £6200
Intelligent finance £ 450
MBNA £6240
Nationwide cards £1200
NatWest loan £10614
NatWest OD £1300
Very £481
NatWest cards £2617
Total -£28554

Sorry there is no total on your SoA. so I can't see what you have left or not money wise. Pop the figures in again with any changes and lets see how much you have to play with.

Bolitho1792

Hi All and thank you both for the replys and advice Ive upped the clothing and holiday and put £50 in for child expenses and dropped the presents and entertainment as per the advice, the internet cost is for internet only the landline is covered on the phone cost its with virgin and I could probably drop the net for a cheaper tarriff the cat costs include food as well I do appreciate the advice and have re run the figures below

Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 392
Management charge (leasehold property).. 0
Council tax............................. 97 x 10 months
Electricity............................. 64
Gas..................................... 64
Oil..................................... 0
Water rates............................. 57 x 10 months
Telephone (land line)................... 20
Mobile phone............................ 45 1 x £25 contract 2 x £10 per month payg
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 500
Clothing................................ 120
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 50 2 x cats
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, Christmas etc)......o
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 40
(Unnamed monthly expense)............... 0
Gym Membership.......................... 0
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
Unsecured Debts
Description....................Debt
Barclaycards £6200
Intelligent finance £ 450
MBNA £6240
Nationwide cards £1200
NatWest loan £10614
NatWest OD £1300
Very £481
NatWest cards £2617
Total -£29102
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 273
Other income............................ 0
Total monthly income.................... 1673
Expenses ...................1711
Available for debt repayments -£38
Unsecured debt ............ £-29102
Net assets ...........£-29102

TheGardener

I was going to suggest putting in something for parking - everyone pays parking sometime and I worked out I spend £12 a mths just going shopping once a week (the groceries are a bit high maybe?) However, based on your income, it is highly unlikely you will get an IPA anyway (have you checked to see if you are likely to lose the Tax Credits in April?)
You need to show the figures as a 12 x monthly average or it just makes the maths harder. You are now showing a negative balance and BR or not - that is going to have to be addressed to ensure you have a budget you can stick to for the future and the OR will be concerned to see you operating in deficit even after BR.
The cats - are they ill? or is it just insurance that's costing so much? I don't for a minute want to suggest you don't provide medical if they need it but my OR allowed the food but wouldn't met me keep the pet insurance.

Bolitho1792

Thanks Thegardener im just playing with the figures at the mo and any advice is most welcome ill redo the pet costs for the cats and do as you suggest to bring costs back under budget Im not trying to con the OR just dont want to leave ourselves too short there dosent appear to be any guides as to what figures to put in the SOA so this forum has been invaluble the step change lady actually told me to post on here to see what other people advised as the OR decisions can vary. On Current projections from the inland revenue the tax credits will drop to £29 per week in April 2016 but as the system is that complicated they cannot work out the maths themselves the tax credits could be anything. Many thanks again