Have I made a mistake going Bankrupt?

AmIdone4?

Thanks Definately, thats good to know. Fresh start here we come!!!!

fiveyearplan

Yes, I'd definitely use Phone, mobile and broadband heading. Any TV package has to be paid out of any surplus. I'd omit the tv part and if asked is it possible that the tv bit is 'inclusive' or 'free'? I know for instance I'm with talk talk so I pay for the landline and the broadband is indeed FREE. So I would be telling the truth saying I only pay for my phone. Its only £25 per month by the way and all 01 and 02 numbers are inclusive, I just pay extra for 0845 (phoning any of my banks etc) numbers.

I think you've made a few changes since you last posted your SOA, what is the latest version like?

AmIdone4?

Latest SOA

gas, £26
elec, £34
rent, £280.67
housekeeping, £200
council tax, £57.62
water, £17
clothing, £40
travel, £95.76
phone, internet & mobile £40
tv licence, £12
haircut, £10
holiday, £20
personal expences, £40
contents insurance, £25
health charges, £20
opticians, £20

Total £948.05

Get the feeling I'm close to the mark now, may have some room for negotiation with OR on extra money for clothing etc... to get my standard of living back in line with most people?

betterlatethannever

Looks good to me (even though i've had a little too much Christmas spirit:o )
Everything on there is up to be negotiated and as long as your prepared to fight your corner with the OR then there shouldn't be any problems.
Good luck!

fiveyearplan

Actually I just looked at Richard's post about your salary being about £1,087 after tax, I would want to 'find' a bit more expenses if possible to make (about £50-£60 more) because you have £139 excess as it stands and thats if everything included is accepted by the OR. Even if you were landed with an IPA though as I understand it, it is 60-70% of your excess over £100 pcm so that would be 60-70% of £39 which is about £25. It would be a pain to have to pay but not unbearable.

See if anyone out there can find some more expenses for you.

AmIdone4?

betterlatethannever wrote: »

Looks good to me (even though i've had a little too much Christmas spirit:o )
Everything on there is up to be negotiated and as long as your prepared to fight your corner with the OR then there shouldn't be any problems.
Good luck!

Thanks. I'm definately prepared to fight my corner!

fermi

AmIdone4? wrote: »

Thanks. I'm definately prepared to fight my corner!

Good.

If your budget allows you a bit of slack then even if you do have an IPA it won't cripple you.

AmIdone4?

fiveyearplan wrote: »

Actually I just looked at Richard's post about your salary being about £1,087 after tax, I would want to 'find' a bit more expenses if possible to make (about £50-£60 more) because you have £139 excess as it stands and thats if everything included is accepted by the OR. Even if you were landed with an IPA though as I understand it, it is 60-70% of your excess over £100 pcm so that would be 60-70% of £39 which is about £25. It would be a pain to have to pay but not unbearable.

See if anyone out there can find some more expenses for you.

Any more suggestions gladly accepted... Yeah, obviously from a psychological point of view would be nice if I didn't have to pay the IPA. But things look a load better now than when I made my first post or is that FP or OP??:D

wherediditallgo

I read the info differently. A £139 surplus would have £65 requested for an IPA, according to the IPA percentages table. If an IPA is set, the minimum is £50, which kicks in when the surplus is £100.

fermi

The threshold is £100. And then 50-70% (according to the widely posted table) is claimed under the IPA for all the surplus.

It's a bit daft, but that is the way it is done.

It's a result of:

(a) The minimum payment considered 'economic' to recover is £50 per month.
(b) The minimum percentage band is 50%.