My SOA

fatbelly

Kimberley wrote: »

Animal Healthcare (vets) 13.40
British Gas (soon going up) 138.00
Pet Insurance. 31.37
Work Union. 10.00
Car tax. 13.12
EE broadband. 32.39
Car Service/MOT 18.10
Car Ins. 41.56
02 (mine). 55.01
Sky. 10.00
Water. 34.98
Home contents Ins. 9.14
TV license. 12.37
Rent. 484.36
Council Tax. 121.00
Prescriptions (2 lots) 14.00
Pet food. 13.00
Groceries. 320.00
Petrol. 110.00
Clothes. 20.00
Medical/Dentist 15.00
Presents. 20.00
Haircuts/Colour (Every 6 weeks) 20.00
Entertainment. 15.00
Work lunch. 14.00

Total. 1749.31

Taking all those as monthly (£20 haircuts is fine) I get £1585.80

Done it twice now

fatbelly

Kimberley wrote: »

Debts

Halifax 4,128
MBNA. 8,342
Lloyds. 6,465
Tesco. 2,626
Barclaycard 7,688
Natwest. 1,184
Natwest OD. 1,200
Argos. 628
Debenhams/Newday. 1,175

Total debts 33,446 approx

I made it 33436, giving you an alternative strategy of a dmp at 411.20 pm for 9 years

I'd still go for bankruptcy but expect an IPA, as you first said

Kimberley

fatbelly wrote: »

I made it 33436, giving you an alternative strategy of a dmp at 411.20 pm for 9 years

I'd still go for bankruptcy but expect an IPA, as you first said

A bit less as daughter is moving out in the next couple of months so i lose £125 a month.
I also get a pound an hour pay rise in Nov so that adds £38 a week extra on top for an IPA

Kimberley

fatbelly wrote: »

If we average your pay at 395 per week that gives

1712 income from earnings
£60 a month from Son (works part time)
£125 a month from Daughter (moving out soon)

£1897 approx a month income

£1580 I make my wages per month??

fatbelly

£1580 per month x 12 divided by 52 would be £364.62 per week.

That's a lot less than you said in post#1.

Maybe take an average of a few wage slips?

iammumtoone

Kimberley wrote: »

My dog is 8 so no way would i get rid of him and because of his age need the higher end insurance. His food is a special prescription one so that is why it is high.
My hair i will cut it to £5 a month then.
Gardening i can scrap then.
I will transfer my sons mobile over to him then if it’s allowed.

Your grocery could also be cut down alot but I didn't mention it as its certainly not unreasonable what you out down, but if you look though the old style boards you will see many people spend alot less.


What you could do is after your amounts have been agreed, then cut your grocery spend which you leave you spare money to spend elsewhere, if you really worked to be frugal on food spend you could afford your gardener and sons phone out of that 'pot'.

macman

utterly_ashamed wrote: »

I don’t understand how that helps someone who is declaring themselves bankrupt anyway? You’re still paying the monthly contract which will be included in your SOA?

Yes, but it may help others who are are over-extended but are not taking the BR route.

fatbelly

Remember an IPA is an 'agreement' and there is room for discussion about the specific figures, as long as you do it logically, politely, and can evidence what you are saying.

Ultimately they can go for an IPO 'order' but they will try to avoid it getting to that stage.

NEDCAB has an interesting piece here

https://nedcab.cabmoney.org.uk/ipaipo.asp

Kimberley

fatbelly wrote: »

Remember an IPA is an 'agreement' and there is room for discussion about the specific figures, as long as you do it logically, politely, and can evidence what you are saying.

Ultimately they can go for an IPO 'order' but they will try to avoid it getting to that stage.

NEDCAB has an interesting piece here

https://nedcab.cabmoney.org.uk/ipaipo.asp

Thank you Fatbelly. I’m willing to pay what they suggest

elljay

iammumtoone wrote: »

What you could do is after your amounts have been agreed, then cut your grocery spend which you leave you spare money to spend elsewhere, if you really worked to be frugal on food spend you could afford your gardener and sons phone out of that 'pot'.

Re the gardener. Yes, this ^^^. I put £25 down for food per week on my SOA. Looking at my records I actually spend £23 - single, live alone. The examiner, at my interview, increased this to £50 a week quite voluntarily. I don't think I could eat that if I tried! That means however that I have £27 left over per week and I pay for someone to cut my grass as I have rather a lot. Weeding etc I do myself. I've also managed to build up a bit of a savings pot from this money.

The OR doesn't check to see if you're eating steak every day so anything you can save from your food, or any other pot, can go towards the gardener.

I'm almost exactly 4 years on now from my br - 2 to go! I would emphasise as others have done, how important it is to use this as an opportunity to get used to recording expenditure/income and budgeting carefully - it's amazing how easy it is to spend too much on stuff you really don't need. The OS thread is great for ideas - it's not all charity shop clothes etc! Looking back through old threads, you can see some people have repeated bankruptcies, and who would want that? One's hard enough!!!

EJ