Soa/ipa

Genma2020

Hi all newbie here.
I finally built up the courage to complete the bankcrupcy application!!
Just would like your opinions on the soa below for when i have my interview. Ideally would rather avoid an ipa for 3 years if possible. Thank you guys
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1340
Partners monthly income after tax....... 0
Benefits................................ 847
Other income............................ 0
Total monthly income.................... 2187

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 70
Gas..................................... 50
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 0
Mobile phone............................ 37
TV Licence.............................. 12
Satellite/Cable TV...................... 50
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 60
Petrol/diesel........................... 130
Road tax................................ 14
Car Insurance........................... 72
Car maintenance (including MOT)......... 50
Car parking............................. 15
Other travel............................ 0
Childcare/nursery....................... 310
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 11
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 35
Entertainment........................... 40
Holiday................................. 40
Emergency fund.......................... 20
Total monthly expenses.................. 2286


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
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,187
Expenses (including HP & secured debts). 2,286
Available for debt repayments........... -99
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -99

TheGardener

reduce holidays to 30 and entertainment to 20 and put 30 on groceries. Groceries includes all domestic stuff, cleaning, dry cleaning, packed lunches, household linen etc. How old are the children?

Genma2020

Hi thank you your comment.
3 and 4 both are still in
Nappies, al though we Are making progress.
I also can claim extra benefit for childcare as worried about the whole ipa thing.

Ms_Chocaholic

Could you reduce car parking costs of £15 pcm - personally I begrudge paying to park but realise it isn't always possible to park for free but this works out at £180 per year.

Car insurance also seems expensive at £72 pcm - do you shop around at renewal?

Genma2020

Hiya
I have points and 2 claims on mi record unfortunately.
Car parking wise i could get this down,
Its when i go into manchester which is quite oftern
Parking is 5 at a time

sourcrates

As long as you have less than £20 disposable income, you should not get an IPA.

TheGardener

Ms_Chocaholic wrote: »

Could you reduce car parking costs of £15 pcm - personally I begrudge paying to park but realise it isn't always possible to park for free but this works out at £180 per year.

Car insurance also seems expensive at £72 pcm - do you shop around at renewal?

In an SoA for BR, the objective of the exercise is not to 'save money' like it would be on the DFW board - the idea here is to make sure the OP doesn't end up with an IPA because they didn't make realistic statements about their expenditure. Unlike debt-collectors, the OR expects the BR to have sufficient money to live reasonably normally and move forward in a sustainable way. Once the budget is approved by the OR - the OP can juggle things around a bit if they need to.

@Gemma2020 - I agree with @socrates, as a single parent with 2 x under 5's you should not get an IPA on your income. If the OR suggests one please come back to this board for more help.

Genma2020

Hiya thank you for your helpful reply
Is there anything else i could change clothing etc. I do smoke but have stopped this for vaping which is 10pound a week, but i understand if its seen as a luxury.
The nursury fee potentially would come down as entitled to 16 free hours come this april.

fatbelly

You're at -99 so there's room to negotiate if income goes up or expenditure goes down.

It looks ok to me.

Genma2020

Gd morning, thank you for the reassurance.
My slight worry is if i take the nursury fees away
Which i could possibly do
It would leave me with a heavy ipa.
Sorry just worried and cannot stop thinking.

fatbelly

I don't think you would get 100% payment of the 310 nursery fees. It's 85% max.

So that would be 263 extra in your UC, giving a potential surplus of 164.

So if you get 263 per month extra, but have to pay back 164 you're still better off.

If you want a bit more breathing space add a tenner to clothes, elec, water, gas.

How much debt is going in?