Soa iva help
Smiddy1988
Posts: 2 Newbie
in IVA & DRO
Hi we are in a bad spot
Massive amount of debt, just nee abit of advice please.
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1385
Partners monthly income after tax....... 277
Benefits................................ 858
Other income............................ 0
Total monthly income.................... 2520
Monthly Expense Details
Mortgage................................ 575
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 55
Gas..................................... 60
Oil..................................... 0
Water rates............................. 56
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 12.5
Satellite/Cable TV...................... 45
Internet Services....................... 0
Groceries etc. ......................... 550
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 80
Car maintenance (including MOT)......... 30
Car parking............................. 15
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 30
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 40
Holiday................................. 40
Emergency fund.......................... 100
Total monthly expenses.................. 2299.5
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 139000...(575)......0
Total secured & HP debts...... 139000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................18000.....0.........0
Loan...........................-14000....0.........0
Store cred.....................5000......0.........0
Credit card....................2500......0.........0
Total unsecured debts..........11500.....0.........-
Monthly Budget Summary
Total monthly income.................... 2,520
Expenses (including HP & secured debts). 2,299.5
Available for debt repayments........... 220.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 220.5
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -139,000
Total Unsecured debt.................... -11,500
Net Assets.............................. -148,500
My partners earnings is carers allowance for our son who is autisic. He does damage alot in the house why i put the repairs as 100 its probably more in truth tbh.
We have roughly 10k equity in our property but we have tried to sell but cannot sell its been on the market for some time
So we would like to stay were we are if possible
Any advice would be much appreciated
Massive amount of debt, just nee abit of advice please.
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1385
Partners monthly income after tax....... 277
Benefits................................ 858
Other income............................ 0
Total monthly income.................... 2520
Monthly Expense Details
Mortgage................................ 575
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 55
Gas..................................... 60
Oil..................................... 0
Water rates............................. 56
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 12.5
Satellite/Cable TV...................... 45
Internet Services....................... 0
Groceries etc. ......................... 550
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 80
Car maintenance (including MOT)......... 30
Car parking............................. 15
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 30
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 40
Holiday................................. 40
Emergency fund.......................... 100
Total monthly expenses.................. 2299.5
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 139000...(575)......0
Total secured & HP debts...... 139000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................18000.....0.........0
Loan...........................-14000....0.........0
Store cred.....................5000......0.........0
Credit card....................2500......0.........0
Total unsecured debts..........11500.....0.........-
Monthly Budget Summary
Total monthly income.................... 2,520
Expenses (including HP & secured debts). 2,299.5
Available for debt repayments........... 220.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 220.5
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -139,000
Total Unsecured debt.................... -11,500
Net Assets.............................. -148,500
My partners earnings is carers allowance for our son who is autisic. He does damage alot in the house why i put the repairs as 100 its probably more in truth tbh.
We have roughly 10k equity in our property but we have tried to sell but cannot sell its been on the market for some time
So we would like to stay were we are if possible
Any advice would be much appreciated
0
Comments
-
Is your unsecured debt balance really £11.5K? Or is the £14K loan not meant to be a minus?
If it is £11.5K with the estimated surplus you have I would say a Debt Management Plan would be better than an IVA...if your debt balance is £25.5K then an IVA would be best.
I would try to be realistic with your costs around your sons care as you may find it hard to get an IP to allow more once you're in an IVA.0 -
As well as sorting out that minus 14000 loan, can you put the contractual monthly payments in please? And the house value.
Groceries seems high, but you need to put something in for clothing - suggest £5 per person per week0 -
Hi thank you for your replies
Must of enterted wrong with the minus.
I have done a new soa
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1385
Partners monthly income after tax....... 277
Benefits................................ 858
Other income............................ 0
Total monthly income.................... 2520
Monthly Expense Details
Mortgage................................ 570
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 60
Gas..................................... 55
Oil..................................... 0
Water rates............................. 56
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 45
Internet Services....................... 0
Groceries etc. ......................... 550
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 80
Car maintenance (including MOT)......... 30
Car parking............................. 15
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 30
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 40
Holiday................................. 40
Emergency fund.......................... 100
Total monthly expenses.................. 2344
Assets
Cash.................................... 0
House value (Gross)..................... 152000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 152000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 139000...(570)......2.4
Total secured & HP debts...... 139000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................18000.....272.......0
Loan...........................14000.....260.......0
Store cred.....................5000......130.......0
Cc.............................2500......40........0
Total unsecured debts..........39500.....702.......-
Monthly Budget Summary
Total monthly income.................... 2,520
Expenses (including HP & secured debts). 2,344
Available for debt repayments........... 176
Monthly UNsecured debt repayments....... 702
Amount short for making debt repayments. -526
Personal Balance Sheet Summary
Total assets (things you own)........... 152,000
Total HP & Secured debt................. -139,000
Total Unsecured debt.................... -39,500
Net Assets.............................. -26,5000 -
That looks better!
As a homeowner with equity to protect your options don't include bankruptcy. Fortunately you don't need it.
You can't afford your contractual payments, though I still think you can shave £150 off your groceries bill - that would give you 325 to your debts.
A dmp at that level would take 10 years. I think you are in on of those situations that suit an IVA. Talk to 2 or 3 insolvency practitioners and do your research so you know what you are getting into. It may get set up at less than 325 per month.
How much do you have in your emergency fund?0 -
I am a fan of IVA's (some people may have noticed...), certainly in comparison to DMP's. A lot may depend however on who the unsecured debts are owed to. Can you advise?0
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