My E figures!

TheEditor_2

Here are the "E's" of my I and E's. Scary to see it all down in black and white.

These are monthly. Your thoughts are greatly appreciated!...

HOUSE
Rent £700.00
Council Tax £158.00
Water £53.00
Gas £97.00
Elec £76.00
Food Shop £380.00
Holiday/Gifts £100.00
Health / Optical £20.00
Grooming £10.00
Childcare £120.00
Clothing & Footware £50.00

£1,764.00

WORK

I'm self employed, My family lives in a 3 bed house where my wife works, and while working (London, Bristol) I stay away during the week. It's costly, but the only places I can get work! It's tough - and traveling every day costs as much, and is v tiring!! Considering the move, but's costly before BR, and perhaps not poss during BR? Has anyone moved DURING?

Rent £400.00
Food & Disposables £200.00
Travel £240.00
Lok n' Store £110.00
Accountant £37.50

£897.50

COMMS & HOUSE
Telephone £45
Broadband £18
Mobile Me £25
Mobile WIFE £10
TV Licences £11.25
£109.25

INSURANCES
House £15.00
Car 1 £35.00
Car 2 £38.00
Life Ins £30.00
Pet Ins £24.00
£142.00

TRANSPORT

We have 2 cars both on HP. If they are taken, I can justify having 2 cars, and will purchase another cheapy for the wife.

Car 1 Maint £16.67
Car 2 Maint £16.67
Car 1 Tax £10.50
Car 2 Tax £10.50
Petrol 1 £40.00
Petrol 2 £40.00
£134.34

CREDIT
Clydesdale 1 £134.00
Clydesdale 2 £438.00
Car Loan 1 £135.00
Car Loan 2 £135.00
Wife Visa £158.00
Me Visa £199.00
Capitol One £160.00
HFC £143.00
HSBC Business Loan £392.00
Tax Repayments £1,000.00
Accountant £500.00

£3394


TOTAL WITH DEBT repayments £5,581.09
TOTAL WITHOUT repayments £2,187.09

Is there anything missing?

Thanks!

TheEd.

Richard_S

Hi Ed,

Yours is quite a complex case with you being self employed and having a second residence in connection with your work. We had our own business prior to being declared bankrupt, but we ceased trading beforehand so we didn't have the same issues relating to business and private expenditure.

I'm not quite sure how the O.R treats that situation. I would imagine that he/she would want a very clear line drawn between your private and self employed expenses. Any areas where they merged would have to show a clear apportionment between business and private.

Your personal income is dependent on business profits, and any ability to be able to pay an IPA depends on the profitability of your self employment. That does give a more cynical person than I, the ability to manipulate their profits in terms of their personal income and any ability to pay an IPA.;)

We moved during bankruptcy and generally speaking the O.R won't look at an I&E A/C in terms of an IPA until your domestic circumstances are settled. When you think about it; what would be the point? An IPA is based on the ability to meet a monthly commitment; not being able to meet it for the next two months, but then not another three until you move house.

In summary, I would say you're unlikely to come across anybody that has experienced bankruptcy under similar circumstances, but you've probably got enough knowledge to be confident, that any potential problems you meet, can be addressed with an acceptable outcome for you.

The only thing missing is Vehicle MOT's and an easy question.:D

Richard

tigerfeet2006

Hi Ed,

I completely agree with Richard on this one but having looked at it the only thing I can spot glaringly missing as Richard says is the MOT's.

Have you spoken to Business Debtline? They are a charity as well and will be able to tell you if there is anything else we've all missed.

http://www.bdl.org.uk/

TheEditor_2

Thanks! The MOT's are added, and thanks for the feedback. I have put one car (transport) within my WORK section as the car is a necessity for my work. I've also calculated the cost of Train, and taxi if I were to do it that way, and it's almost the same amount as running a second car, so - as long as the OR see's that I need to get to my work place (a city) then I'm happy to do it either way.

Looking at the figures, I've got a large surplus. Could anyone give me the link to the IPA ratio's again? Moving to Bristol or London would mean a saving of about £900 a month. Even more surplus for the IPA - great.

Many thanks for all your help, it's nice to know people are looking at it and are completely impartial. I'm calling all the debt charities tomorrow, thanks for the reminder, I've talked to DebtFreeMe.co.uk but they were just peddling IVA's and the fee's associated. The gentleman who came round my house for about 4 hours was really selling the IVA's. Shame that I'd just finished work on a TV show about consumer rights - so I wasn't the easiest target! He left, exhausted and told me flat to go BR. That was a year ago. I fought the fight for the last year, and I'm sure as many others have said, I'll wish I'd done it years ago, once it's all done and I am BR. I suppose it's something you have to go through.

My wife is getting a little tired of me banging on about I&E - as I've been pretty relaxed with spending the past, this saving money and budgeting thing is pretty addictive once you get going on it!

Regards,

TheEd.

betterlatethannever

This is a table of IPA percentages that you can expect to pay on any surplus income:
1st Column=SURPLUS INCOME
2nd Column=AMOUNT TO BE PAID
3rd Column=% OF DISPOSABLE INCOME

50 Nil
60 Nil
70 Nil
80 Nil
90 Nil
100 50 50
110 55 50
120 60 50
130 65 50
140 70 50
150 75 50
160 80 50
170 85 50
180 90 50
190 95 50
200 100 50
210 105 50
220 110 50
230 115 50
240 120 50
250 150 60
260 156 60
270 162 60
280 168 60
290 174 60
300 180 60
310 186 60
320 192 60
330 198 60
340 204 60
350 231 66
360 238 66
370 244 66
380 251 66
390 257 66
400 264 66
410 271 66
420 277 66
430 284 66
440 290 66
450 297 66
460 304 66
470 310 66
480 317 66
490 323 66
500 350 70
510 357 70
520 364 70
530 371 70
540 378 70
550 385 70
560 392 70
570 399 70
580 406 70
590 413 70
600 420 70

TheEditor_2

Thanks for the replies!

Okay, what happens if my disposable is above that?

- EDIT - Ok it's not, I was looking at the wrong column.

TheEd.

tigerfeet2006

TheEditor wrote: »

Thanks for the replies!

- EDIT - Ok it's not, I was looking at the wrong column.

TheEd.

I was looking at that post and thinking !!!!!! is he talking about his outgoings are much greater than his incoming . You sometimes get to that stage though thinking something is something else because you've been concentrating on it so much.

Just for your reference here is a link to IPA's http://bankruptcysupportersclub.co.uk/OR.aspx

I suggest you give BDL a ring as per my earlier post.