SOA advice, thank you.

Head_Burried

Missy07 wrote: »

Yes, he has applied for a Co-op basic account for his salary to be paid into thanks. He currently banks with one of the creditors. Will the Coop account stay open when he goes bankrupt?

My Co-op Cashminder account stayed open throughout the bankruptcy process.

luvchocolate

Make sure you open a basic bank account with no overdraft facility.
I opened a co op account, nationwide get a good review on here also

fatbelly

Missy07 wrote: »

Hi Fatbelly,

Oh dear, I'm sorry about the football match. Thanks so much for your reply.

Which figures do you think need to be reduced?

When he has to travel, my husband receives a mileage allowance on top of his salary for the petrol and wear and tear on the car (which there is). It is a separate amount on his payslip. Does the OR include this as income? (We really couldn't afford an IPA.)

I appreciate your help.

The match improved immediately after I posted. 60 boring minutes then it all kicked off.

Anyway, go with those figures. You can explain them if asked. If the insolvency service wanted to reduce your spend on, say, pets or mobile phones, let them. It's probably still not going to produce a surplus.

I would not count the mileage allowance as income, at least not in your submission. If it turns out to be unusually generous you might have to have a discussion. But you are starting from a position of negative 187 so you should be fine.

Co-op account is ideal. No need to move. He will have poor credit history for 6 years so if you are in the private rented sector, that may cause a problem if a letting agency wanted to run a check on him. Clean start after that though.

billy 2shots - soa calculator is here

Missy07

The match improved immediately after I posted. 60 boring minutes then it all kicked off.

Anyway, go with those figures. You can explain them if asked. If the insolvency service wanted to reduce your spend on, say, pets or mobile phones, let them. It's probably still not going to produce a surplus.

I would not count the mileage allowance as income, at least not in your submission. If it turns out to be unusually generous you might have to have a discussion. But you are starting from a position of negative 187 so you should be fine.

Co-op account is ideal. No need to move. He will have poor credit history for 6 years so if you are in the private rented sector, that may cause a problem if a letting agency wanted to run a check on him. Clean start after that though.

billy 2shots - soa calculator is here

Thanks so much for your reply. The mileage allowance is the standard amount of £0.45 per mile for the first 10,000 miles, then £0.25. Should he mention it on the bankruptcy application form? Obviously, the OR will see it on the bank statements anyway.

fatbelly

I'd put the figures as you gave them. As you say, they'll see the wage slips.

Are you going to be ok to find the £680 fee?

OK, just noticed - parents helping.

When are you planning to submit it?

Have you got a valuation of the car from Parkers Guide (private poor)?

Missy07

I'd put the figures as you gave them. As you say, they'll see the wage slips.

Are you going to be ok to find the £680 fee?

Ok, thank you. My husband's parents have kindly offered to give him the fee.

Sorry, just one last query: I think I have underestimated the petrol –should be £130 – and the clothes/shoes amount – should be £35. Do you think those figures are ok? I could always reduce the pets figure to £30 on the SOA if needed.

You are so kind to offer your expertise and advice, and I really do appreciate it.

Missy07

Sorry, I missed the rest of your message. He plans to submit it at the end of this month.

Yes, I think the private poor valuation was actually £725.

Thank you!

fatbelly

Missy07 wrote: »

Ok, thank you. My husband's parents have kindly offered to give him the fee.

Sorry, just one last query: I think I have underestimated the petrol –should be £130 – and the clothes/shoes amount – should be £35. Do you think those figures are ok? I could always reduce the pets figure to £30 on the SOA if needed.

You are so kind to offer your expertise and advice, and I really do appreciate it.

Those figures are fine. For clothes you could go to £5 per person per week, which for two of you is £43 per month. Put what the pets actually cost.

I think you asked if £360 would be ok for food/housekeeping. It should be. I know on the debt free board we would start telling you that you could save money there but this is about avoiding an IPA and the trigger figure for 2 adults in that section would be much higher than that.

luvchocolate

Missy07 wrote: »

Thanks so much for your reply. The mileage allowance is the standard amount of £0.45 per mile for the first 10,000 miles, then £0.25. Should he mention it on the bankruptcy application form? Obviously, the OR will see it on the bank statements anyway.

Hi mileage payments are expenses and as such are not taxed, these will show as expenses on his pay slip and the O.R has no interest in this.
I also got 45p a mile covering 36 shops as a relief manager, this payment covered my private mileage also but I was still able to show £40 a month for petrol on my S.O.A