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Considering IVA

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  • Yaaadwubi
    Yaaadwubi Posts: 15 Forumite
    10 Posts
    [font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 0[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 1500
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0[b]
    Total monthly income.................... 1500[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 625
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 60
    Gas..................................... 100
    Oil..................................... 0
    Water rates............................. 46
    Telephone (land line)................... 10
    Mobile phone............................ 26
    TV Licence.............................. 15
    Satellite/Cable TV...................... 0
    Internet Services....................... 30
    Groceries etc. ......................... 200
    Clothing................................ 100
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 100
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 15
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 100
    Haircuts................................ 45
    Entertainment........................... 40
    Holiday................................. 100
    Emergency fund.......................... 15[b]
    Total monthly expenses.................. 1627[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0[b]
    Total Assets............................ 0[/b]
    [b]
    No Secured nor Hire Purchase Debts[/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    Link finance ..................10000.....0.........0
    Lowell.........................8000......25........0
    Catague .......................2000......0.........0
    Catalogue .....................6000......0.........0[b]
    Total unsecured debts..........26000.....25........-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 1,500
    Expenses (including HP & secured debts). 1,627
    Available for debt repayments........... -127
    Monthly UNsecured debt repayments....... 25[b]
    Amount short for making debt repayments. -152[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -26,000[b]
    Net Assets.............................. -26,000[/b]

    [i]Created using the SOA calculator at www.LemonFool.co.uk.
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
  • Sonic101
    Sonic101 Posts: 151 Forumite
    Tenth Anniversary 100 Posts Name Dropper Combo Breaker
    Yaaadwubi said:
    [font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 0[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 1500
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0[b]
    Total monthly income.................... 1500[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 625
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 60
    Gas..................................... 100
    Oil..................................... 0
    Water rates............................. 46
    Telephone (land line)................... 10
    Mobile phone............................ 26
    TV Licence.............................. 15
    Satellite/Cable TV...................... 0
    Internet Services....................... 30
    Groceries etc. ......................... 200
    Clothing................................ 100
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 100
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 15
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 100
    Haircuts................................ 45
    Entertainment........................... 40
    Holiday................................. 100
    Emergency fund.......................... 15[b]
    Total monthly expenses.................. 1627[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0[b]
    Total Assets............................ 0[/b]
    [b]
    No Secured nor Hire Purchase Debts[/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    Link finance ..................10000.....0.........0
    Lowell.........................8000......25........0
    Catague .......................2000......0.........0
    Catalogue .....................6000......0.........0[b]
    Total unsecured debts..........26000.....25........-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 1,500
    Expenses (including HP & secured debts). 1,627
    Available for debt repayments........... -127
    Monthly UNsecured debt repayments....... 25[b]
    Amount short for making debt repayments. -152[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -26,000[b]
    Net Assets.............................. -26,000[/b]

    [i]Created using the SOA calculator at www.LemonFool.co.uk.
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
    Hello again

    Your statement of affairs will obviously be different when you return to studying, but here is some initial feedback on your budget, based on my own experiences with budget a debt management plan and DRO application:

    clothing: £100 per month is high; I was allowed £20, although a higher amount may be acceptable if for example you need special clothes/uniform for work. 

    Holiday: you may be allowed a very small budget for a holiday, but again we’re talking more like £20 per month - £100 per month is too high.

    medical/dental etc: £100 is quite high, although it may be accepted if there are good reasons - for example you have to have special contact lenses or dental treatments (not cosmetic treatments like whitening), and/or if you have to pay for medical items that you couldn’t get on prescription. On the subject of prescriptions, if there are things you need regularly you can get a per-payment certificate that covers everything for about £11 a month. 
  • fatbelly
    fatbelly Posts: 23,015 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    You have no transport costs - at all?
  • Yaaadwubi
    Yaaadwubi Posts: 15 Forumite
    10 Posts
    Okay thank you very much . I will
    Make amends . And yes when I go back in September it will be far less 
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