Bankruptcy or IVA

My initial comments are:
1) The budget needs to balance and at the mo, your expenditure is higher than your income.
2)The council tax seems high. Are you paying arrears? If so this will fall into your BR as will this years CT so you wont be paying that until April 2018.
3)Your internet and phone costs are also very high, you need to look at these - they are part of the overspending problem. Look at your contracts and consider if some of them can be defaulted and allowed to fall into BR as debts and look for cheaper alternatives. You should be able to half these costs which might help will reducing your work to one job.

Try working out what you can afford on one job income - what's the 'other' income from?

scottie7275 wrote: »

Hi,

Thanks for the advice.

Council Tax - I haven't paid anything this year yet and have made an arrangement with them to pay from 1st November. I didn't realise that this could go into BR. Does this mean that this year's CT is written off? YES

Internet - this is high because of where I live. Out in the sticks means companies charge more.

Mobile phone - I am contracted until 2018. If I default on this does it go into the BR? YES - but get yourself a cheap PAYG/monthly sim before you default the contract

Sky TV - Again I am contracted. Does the OR accept this as a normal expense or is it seen as a luxury? The overall cost of your Internet/TV/phone/mobile are very high - the OR will be fine with a basic package but sports/movies etc package - probably not

I am really grateful for all the advice.

Scott

The OR will probably have an issue with the holiday amount too - you could put your food/groceries a bit.

Hi yes open a basic bank account and get all your direct debits transfered and running, less stressful one big thing sorted.
I agree on the holiday amount being too high, keep it around £20 and up your groceries.
Your council tax will be wtitten of for this year and you will start paying again in April.

Hi please start your own thread