How does my SoA Look...Advice Please

alltaken

Fronting is a practice where a person says they are the main driver, but in actual fact a named driver is the main user of the vehicle, this puts the insurer in a position of unknown circumstance and is fraud. Many do this, it's your choice how you insure but add in that the car is financed and you have a double hoop so to speak.

If your partner is chosen to be the main driver (likely due to finance and insurance requirements) and you're the named driver, this is fine, your choice on how you use the vehicle, have a research on fronting for more info.

You can't give your partner money for use of the vehicle other than maintenance costs. You would word your contribution as just that, maintenance of the vehicle that you do not own but have use of.

If you wanted to take money from an area of under spending once your SOA has been agreed, you could. You would do this at your own peril, personally I would give my partner the shopping money with £50 more added because petrol on X month didn't cost me as much, so I'd still be in the figures.

TheGardener

I don't think there is any suggestion the OP will be fronting - just trying to pull together some acceptable figures for the running costs - the finance remains in the partners name. The OP seems to have a good case for having use of the car - and therefore some reasonable costs. Insurance is perfectly reasonable in my view.
Good point about aiming a smigin high on costs - as alltaken says, it gives a bit of wiggle room for the OR - they wont put the costs up!

alltaken

Delabodes wrote: »

Is that Pre-IPA but post bankruptcy declaration? sort of in between the OR interview and first IPA payment?

or,

Pre bankruptcy declaration, obviously next month ill have lots of credit in my bank account due to not paying my mortgage and cards, which will build substantially over the next few months before declaring bankruptcy.

Common sense tells me that if i start for example drawing out the odd £100 from the cash machine this will not go down to well with the OR.

Pre IPA was the wrong choice of words, I meant in the sense that if you have an approved SOA and chose to under spend on shopping so you could have more for Smoking as an example, that is generally what many people do.

The money you save now by not servicing debts could go toward bankruptcy fees, SOA expenses before approval (you can show your rational when the time comes) and replacing essential items. (Ensure it is essential).

Anything left over otherwise from not servicing debts leave in situ (main account you put on the forms) and tell the OR that you will be using the money for X, if they agree great, otherwise hand it over and carry on with an approved SOA.

alltaken

TheGardener wrote: »

I don't think there is any suggestion the OP will be fronting - just trying to pull together some acceptable figures for the running costs - the finance remains in the partners name. The OP seems to have a good case for having use of the car - and therefore some reasonable costs. Insurance is perfectly reasonable in my view.
Good point about aiming a smigin high on costs - as alltaken says, it gives a bit of wiggle room for the OR - they wont put the costs up!

I agree, I didn't mean to imply that the OP would be fronting, just that it's a careful line. If the OP didn't know and had an accident, just wanted them to be aware.

Insurance is of course likely to acceptable expense, it's just if it's as a named driver or main driver that would be separate to the OR expense but something to consider if using the car as a main driver.

TheGardener

Delabodes wrote: »

Common sense tells me that if i start for example drawing out the odd £100 from the cash machine this will not go down to well with the OR.

Before you go BR and up to the point you actually start paying the IPA (which can take a month or two sometimes) - if you start buying high value items and going on holiday then yes, its silly. However, putting money aside for the BR fees - small amounts of cash - to buy a winter coat, some overdue dental work, get a winter service on the car...use your imagination and common sense combined

Once you are BR and/if the IPA is in place - what you actually spend your residual income on is up to you - no peril at all - the OR will not be checking you spend x on food and y on petrol every month.

alltaken

Here is a link that might help with the insurance clarification, not the cost, the logistics of how to insure:

https://www.carfinance247.co.uk/q-and-a/5602/can-someone-else-insure-a-car-on-finance.htm

alltaken

TheGardener wrote: »

Once you are BR and/if the IPA is in place - what you actually spend your residual income on is up to you - no peril at all - the OR will not be checking you spend x on food and y on petrol every month.

Peril in the sense that the OP wants to pay money for the car at £100 now £50 per month. If the OP told the OR that they were giving their partner money for the car each month or the OR discovered it (highly unlikely) then peril.

Switching figures around in an agreed SOA and giving your partner the £50 that way would likely be fine because it's for shopping....

alltaken

Delabodes, with the higher figures suggested, how close is the divide between Income and Outgoings once you take into account your partners share?

Delabodes

TheGardener wrote: »

Before you go BR and up to the point you actually start paying the IPA (which can take a month or two sometimes) - if you start buying high value items and going on holiday then yes, its silly. However, putting money aside for the BR fees - small amounts of cash - to buy a winter coat, some overdue dental work, get a winter service on the car...use your imagination and common sense combined

Once you are BR and/if the IPA is in place - what you actually spend your residual income on is up to you - no peril at all - the OR will not be checking you spend x on food and y on petrol every month.

So I cancelled all my debt payments, I've just bought a phone because I've needed one for about 2 years (nothing stupid like an iphone) its a cheap £150 phone. I've booked the car in for an MOT and service because that is due and I've redistributed our living expenses between me and my partner so we are paying exactly 50/50, because she was paying 70/30 because i was trying to service my debts even though we earn the same, the clarity on my bank statements will be undeniable by the time I declare bankruptcy.

However will they have a problem with me stopping all my debt payments and days later starting £70 a month into a pension??

alltaken wrote: »

Here is a link that might help with the insurance clarification, not the cost, the logistics of how to insure:

https://www.carfinance247.co.uk/q-and-a/5602/can-someone-else-insure-a-car-on-finance.htm

So catch 22 then. I can't be the main driver on the vehicle insurance policy because my partner is the registered keeper of the car. But I can't be a named driver on her insurance because I am the main driver in respects to driving the most.

alltaken wrote: »

Delabodes, with the higher figures suggested, how close is the divide between Income and Outgoings once you take into account your partners share?

Before I did all this MY IPA would look somewhere in the region of about £800. Now its looking more like about £600 at the moment.

TheGardener

Everyone is positively encouraged by the gov to have a pension - it is a reasonable thing to do particularly in your new era of financial responsibility. Many BR's already have them (I did) and if the OR says anything - tell them that getting a pension is something you realise you should have (by way of fiscal responsibility) and now is as good a time as any to make a start being responsible. I would be very surprised if they questioned it - and the worse they can do is ask you to stop paying into it - and I have never heard of that happening to anyone on this board except where people were paying very high contributions (over 20%) A fire fighter for example pays in 16% as standard but most work place pensions are around the 6.5% mark for your level of salary.

The rules on pensions changes a few years ago an they are now exempt from BR.