IVA or BR?

peterparker12

Hi,

can you tell me what would be best in my situation?

My job would be ok if i went bankrupt (i could still use my company car - i dont own a car myself - just put personal fuel in)

Just I do alot of overtime and would lose all in BR but may keep sum in IVA it luks like


Thanks


Statement of Affairs & Personal Balance Sheet
Summary
Monthly Budget Summary Amount(£)
Total monthly income 1,850
Monthly expenses (incl. HP & secured loans) 1,461
Available for debt repayments 389
UNsecured debt repayments 850
Amount short for making debt repayments -461
Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 0
Total Secured & HP Debt -0
Total Unsecured Debt -60,000
Net Assets -60,000
Household Information
Number of adults in household 1
Number of children in household
Number of cars owned
Income, Expense, Debt & Asset Details
Income Amount(£)
Monthly income after tax 1850
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 1850
Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 530
Management charge (leasehold property) 0
Council tax 85
Electricity 45
Gas 40
Oil 10
Water Rates 30
Telephone (land line) 15
Mobile phone 15
TV Licence 13
Satellite/Cable TV 0
Internet services 18
Groceries etc. 285
Clothing 40
Petrol/diesel 190
Road tax 0
Car Insurance 0
Car maintenance (including MOT) 0
Car Parking 15
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 15
Pet Insurance/Vet bills 0
Buildings Insurance 0
Contents Insurance 20
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 10
Haircuts 15
Entertainment 40
Holiday 20
Emergency Fund 10
Total monthly expenses 1461
Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 0 (0) 0
Secured & HP Debt totals 0 - -
Unsecured Debt Description Debt(£) Monthly(£) APR(%)
Credit Card 15000 150 15
Loans 30000 450 8
Overdraft 15000 250 18
Unsecured Debt totals 60000 850 -
Asset Description Value (£)
Cash 0
House Value (Gross) 0
Shares and bonds 0
Car(s) 0
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 0
Comments on the results

MovingForwards

They business or personal debts?

peterparker12

hiya,

they are personal debts

thanks for ur reply

MovingForwards

Just noticed you have petrol and parking, but nothing for repairs, insurance etc, nor is there any mention of the car or its value.

Is that HP? A loan? How much is it worth?

Looking at your figures, I would go with bankruptcy, unless you are in a job where it could cause issues (law, bank, accountancy, utilities company or other financial institution).

If you are looking at bankruptcy for speed and starting a clean slate then your car may have to go and you find a cheaper one (I'm assuming it's on some form of credit and not a cheap car), this will allow you to bump you expenses to include car repairs at £50pm.

Emergency fund I think can go up to £20pm.

You will have a monthly payment to the official receiver.

I've ruled out IVA on a finger-count as you don't appear to have any assets to protect (unless you are named on title deeds anywhere?)

Others who know more about Bankruptcy and IVAs will be along shortly.

peterparker12

The car is a company car, I just (fuel for personal use getting to place of work, and for visiting clients for work they pay)

No, no assets at all.

I dont own the car but i think BR should let keep as im registered keeper for work i think

MovingForwards

If it's a company car, I doubt you will be the registered keeper BUT I'm not up to speed with these things (never had one).

Do you get to pick your own car and then they buy it or does the company say here you go Peter, keys to the car?

IF it is registered to you and it's your vehicle, the OR will probably take it.

Just trying to get answers for when someone else comes along.

fatbelly

peterparker12 wrote: »

Statement of Affairs & Personal Balance Sheet
Summary
Monthly Budget Summary Amount(£)

Total monthly income 1,850
Monthly expenses (incl. HP & secured loans) 1,461
Available for debt repayments 389

UNsecured debt repayments 850
Amount short for making debt repayments -461

Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 0
Total Secured & HP Debt -0
Total Unsecured Debt -60,000
Net Assets -60,000

Household Information
Number of adults in household 1
Number of children in household
Number of cars owned

Income, Expense, Debt & Asset Details

Income Amount(£)
Monthly income after tax 1850
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 1850

Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 530
Management charge (leasehold property) 0
Council tax 85
Electricity 45
Gas 40
Oil 10
Water Rates 30
Telephone (land line) 15
Mobile phone 15
TV Licence 13
Satellite/Cable TV 0
Internet services 18
Groceries etc. 285
Clothing 40
Petrol/diesel 190
Road tax 0
Car Insurance 0
Car maintenance (including MOT) 0
Car Parking 15
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 15
Pet Insurance/Vet bills 0
Buildings Insurance 0
Contents Insurance 20
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 10
Haircuts 15
Entertainment 40
Holiday 20
Emergency Fund 10
Total monthly expenses 1461

Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 0 (0) 0
Secured & HP Debt totals 0 - -

Unsecured Debt Description Debt(£) Monthly(£) APR(%)
Credit Card 15000 150 15
Loans 30000 450 8
Overdraft 15000 250 18
Unsecured Debt totals 60000 850 -

Asset Description Value (£)
Cash 0
House Value (Gross) 0
Shares and bonds 0
Car(s) 0
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 0
Comments on the results

So 60k debt, no assets and maybe 400 a month available

A dmp would take 150 months
An IVA 60 months
Bankruptcy IPA 36 months

I'm not seeing any reason not to go bankrupt. Groceries are a bit high for a single person but otherwise your soa looks fine.

You'll need a bank account not connected to your debts and remember you can make reasonable contributions to a pension.

peterparker12

thanks 4 your help. NHS scheme has me picking a car. it was a Vaxhall which they pay half of as i need it for work. I pay a total of 210 a month for use of car they pay about 300 like an allowance. I dont think they could take the car - i didnt pay a deposit or anything I guess like a HP

peterparker12

I just wonder if I got a payrise to SHO may pay more back than in IVA cos of the 50/50 thing and the BR take all above basic

peterparker12

the car is worth 14k but ive only paid about 400 in payments (no deposit) so far