Pre-BR- SOE for review

rchta455

Good Afternoon everyone.   I'm hoping you would take the time to comment on the figures supplied (which are pretty accurate).  I'm thinking ahead to a possible IPA.

Suffice to say,  I have had a horrible few years with illness, taking on my (soon-to-be ex) wife;s debt and now, having sold the house and awaiting the final stages of divorce, feel its time to draw a line under everything. 

I'm now renting, in a well paid job but with 2 children to look after and pay for, and, one shortly to arrive with my new partner (no cross over  - no judgement please). We do not live together and she is buying a house. For the time being, we will stay this way. 

Bankruptcy Payment Order Calculation 

 

Number of people in my household 

03 (one adult, two children)  

Monthly 

Wages / Salary 

3900.00 

Total Income 

3,900.00 

  

Outgoings 

Monthly 

Rent 

1100 

Council Tax 

138 

Food, Toiletries and Cleaning 

400 

Electricity 

99 

Gas 

55 

Water 

50 

TV Licence 

14 

Maintenance Payments 

750 

Clothing and Footwear 

100 

Telephone (Landline only) 

15 

Telephone (Mobile) 

30 

Travel - Private 

150 

Travel - Public 

20 

School Meals 

75 

Afterschool Clubs/Trips  : 30 

Insurance Policies (except motor) : 30 

Childcare : 300 

Holidays :100 

Hairdressing & Personal Care : 100 

Sports, Entertainment, Hobbies : 100 

Dry Cleaning :25 

Dentist :25 

Prescriptions :25 

Opticians :25 

Professional Body Membership :40 

Broadband Costs 

50 

Total Outgoing 

3,860.00 

  

Disposable Income 

Monthly 

Total Income 

3,900.00 

- Total Outgoing 

3,860.00 

- £10 Emergency and Sundries Allowance for each dependent person in household 

30.00 

Disposable Income 

10.00 

  

I note some of these seem high, and im not too worried about an IPA but dont want to be any position again like I am now. 



Cheers

 

fatbelly

I thought food was a little low and the following a little high

Clothing
Hobbies
Hairdressing
Holidays

There's a car in there, isn't there? Is that the private transport?

Is there a reason you are not going for a DRO?

3Commando

Hi, thanks for taking a look. 

I think it all comes out the same pot but I could probably do with being a bit more accurate or getting as close to what’s allowed for me and the kids as possible. I don’t wish to carry on the past few years of error after error. 

I need to try and get two cars back to their respective finance houses too. I pay for one for the ex which could be fun. 

 Both are slightly negative equity too. I need a vehicle for work and the kids somehow but I don’t think any option will let me use the payments to retain one. 

The car’s negative equity will

push me over the DRO edge/threshold if they’re returned.

fatbelly

Understood.

The allowances for food& housekeeping are very generous. Without checking the specifics, I'd put 520 for that, and not worry about it going negative

RAS

Looks like this is based on the maintenance for the soon to be child? I'd advise waiting for this child to be born, rather than soon to be?

ManyWays

I dont understand where the car finance payments are in your budget. Are you trying to max everything else out so you can use the spare to pay the finance? How much is this? When do the finances end and how much are the cars worth?

3Commando

Hi, 
thanks all. 

No, the maintenance is based on the agreement from the ex. 

As for the finance, I wish. 

One vehicle is worth around £14500 with about 16000 to pay and one is worth £9k with £11k to pay. There’s still 3 years left on those. 

RAS

So the older children live with their mother?

3Commando

Hi, we share custody. 

It works out 4 more days a month for her.

ManyWays

So you are handing back the two cars, sorry I misunderstood, then what is the "Travel - Private 150"?

 

3Commando

Hi, 
Fuel etc