We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Why everyone forcing IVA over bancrapcy
Options
Comments
-
A SOA
SOA Calculator (lemonfool.co.uk)
You need to be 100% honest with your figures, not what you think or hope you spend.
When you have done it format it for MSE and put it up here.
If you go down to the woods today you better not go alone.1 -
Bankruptcy is not necessary for debts under £30k and also has a limit on the value of a car. It also involves 3 years possible Individual Payment Arrangement should your income increase.
A DRO lasts a year, and if it's accepted you are unlikely to earn enough to make any difference in that time.If you've have not made a mistake, you've made nothing0 -
SOA to follow[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]Household Information[/b]Number of adults in household........... 3Number of children in household......... 2Number of cars owned.................... 1[b]Monthly Income Details[/b]Monthly income after tax................ 500Partners monthly income after tax....... 1534Benefits................................ 2100Other income............................ 157[b]Total monthly income.................... 4291[/b][b]Monthly Expense Details[/b]Mortgage................................ 0Secured/HP loan repayments.............. 200Rent.................................... 1410Management charge (leasehold property).. 0Council tax............................. 210Electricity............................. 190Gas..................................... 140Oil..................................... 0Water rates............................. 35Telephone (land line)................... 0Mobile phone............................ 110TV Licence.............................. 13Satellite/Cable TV...................... 20Internet Services....................... 22Groceries etc. ......................... 600Clothing................................ 50Petrol/diesel........................... 100Road tax................................ 20Car Insurance........................... 54Car maintenance (including MOT)......... 100Car parking............................. 0Other travel............................ 0Childcare/nursery....................... 823Other child related expenses............ 50Medical (prescriptions, dentist etc).... 0Pet insurance/vet bills................. 85Buildings insurance..................... 30Contents insurance...................... 0Life assurance ......................... 0Other insurance......................... 0Presents (birthday, christmas etc)...... 50Haircuts................................ 50Entertainment........................... 50Holiday................................. 0Emergency fund.......................... 0[b]Total monthly expenses.................. 4412[/b][b]Assets[/b]Cash.................................... 0House value (Gross)..................... 0Shares and bonds........................ 0Car(s).................................. 1500Other assets............................ 0[b]Total Assets............................ 1500[/b][b]Secured & HP Debts[/b]Description....................Debt......Monthly...APRMortgage...................... 0........(0)........0Hire Purchase (HP) debt ...... 1800.....(200)......0[b]Total secured & HP debts...... 1800......-.........- [/b][b]Unsecured Debts[/b]Description....................Debt......Monthly...APRLoyds loan ....................5135......500.......0credit cards ..................17900.....450.......0[b]Total unsecured debts..........23035.....950.......- [/b][b]Monthly Budget Summary[/b]Total monthly income.................... 4,291Expenses (including HP & secured debts). 4,412Available for debt repayments........... -121Monthly UNsecured debt repayments....... 950[b]Amount short for making debt repayments. -1,071[/b][b]Personal Balance Sheet Summary[/b]Total assets (things you own)........... 1,500Total HP & Secured debt................. -1,800Total Unsecured debt.................... -23,035[b]Net Assets.............................. -23,335[/b][i]Created using the SOA calculator at www.LemonFool.co.uk.Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]0
-
SOA corrected :[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]Household Information[/b]Number of adults in household........... 3Number of children in household......... 2Number of cars owned.................... 1[b]Monthly Income Details[/b]Monthly income after tax................ 500Partners monthly income after tax....... 1534Benefits................................ 2100Other income............................ 157[b]Total monthly income.................... 4291[/b][b]Monthly Expense Details[/b]Mortgage................................ 0Secured/HP loan repayments.............. 200Rent.................................... 1410Management charge (leasehold property).. 0Council tax............................. 210Electricity............................. 190Gas..................................... 140Oil..................................... 0Water rates............................. 35Telephone (land line)................... 0Mobile phone............................ 110TV Licence.............................. 13Satellite/Cable TV...................... 20Internet Services....................... 22Groceries etc. ......................... 600Clothing................................ 50Petrol/diesel........................... 100Road tax................................ 20Car Insurance........................... 54Car maintenance (including MOT)......... 20Car parking............................. 0Other travel............................ 0Childcare/nursery....................... 823Other child related expenses............ 50Medical (prescriptions, dentist etc).... 0Pet insurance/vet bills................. 85Buildings insurance..................... 30Contents insurance...................... 0Life assurance ......................... 0Other insurance......................... 0Presents (birthday, christmas etc)...... 50Haircuts................................ 50Entertainment........................... 50Holiday................................. 0Emergency fund.......................... 0[b]Total monthly expenses.................. 4332[/b][b]Assets[/b]Cash.................................... 0House value (Gross)..................... 0Shares and bonds........................ 0Car(s).................................. 1500Other assets............................ 0[b]Total Assets............................ 1500[/b][b]Secured & HP Debts[/b]Description....................Debt......Monthly...APRMortgage...................... 0........(0)........0Hire Purchase (HP) debt ...... 1800.....(200)......0[b]Total secured & HP debts...... 1800......-.........- [/b][b]Unsecured Debts[/b]Description....................Debt......Monthly...APRLoyds loan ....................5135......500.......0credit cards ..................17900.....450.......0[b]Total unsecured debts..........23035.....950.......- [/b][b]Monthly Budget Summary[/b]Total monthly income.................... 4,291Expenses (including HP & secured debts). 4,332Available for debt repayments........... -41Monthly UNsecured debt repayments....... 950[b]Amount short for making debt repayments. -991[/b][b]Personal Balance Sheet Summary[/b]Total assets (things you own)........... 1,500Total HP & Secured debt................. -1,800Total Unsecured debt.................... -23,035[b]Net Assets.............................. -23,335[/b][i]Created using the SOA calculator at www.LemonFool.co.uk.Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]0
-
Thanks, can you clarify who the third adult is?
And what the "other income" is?If you've have not made a mistake, you've made nothing0 -
This is my recent budget is already reduced, and not including money we spend for dog food and my girlfriend cigarettes and any potential unusual expenses like for example we had funeral last week and my girlfriend had to travel back to Portugal, however I did included entertainment of 50 where not every month we will spend those money and that way we can ballance everything on 0.
Ofcorse we will imply additional cuts to our budget to be on 0, or small surplus just for unexpected.
As well we will sell car and perhaps have cheeper one or just really on public transport this will give us missing 150 a month to be on 0
I'm sorry it can look complicated perhaps.0 -
Ps , although we renting we paying for house insurance ( it's actually content insurance) to cover my self employed equipment and household items we have although those items are very low value. We had burglary few years back hence we took this insurance, but I will not renew to save money, hope dogs will be enough to scare potential robbers away.0
-
You still haven't said who the third adult is.If you go down to the woods today you better not go alone.0
-
Oh sorry about, third adult is my far relative , hi is in bad situation and he live with is but he don't contribute with any money towards anything, he helps with household duties and sometimes look after my daughter, recently he helped me borrowing me do money but he is moving back to Poland from April.0
-
The other income is child benefit for two kids
0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 177K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards