| T O P I C R E V I E W |
| tracy_b |
Posted - 06 October 2008 : 16:01:06
Hi all,
I have a life insurance policy tht is in my name only. its a level term 15 years for 50k payable on my death only, no cash in value. Do i put nil in the value box? also my husband would claim the moneyif i pegged it so do i put him down as the 'concern holding the security' (the last box). He is going BR with me and has no policy on himself.
Thanks in advance
Tracy
x
9th Oct and counting |
| 15 L A T E S T R E P L I E S (Newest First) |
| poopedmass |
Posted - 14 October 2008 : 10:26:37
here we go again, ready for tomorow! i am going to have to give up my job that i love because the childcare situation is a nightmare, cant do those shifts and be at 2 different schools at the same time, its not fair on the kids. Have no wages of mine to include now, so OH average wage is £2500
child benefit is £125.40 tax credit is £42.11, but that will probably change if i am not working.
mortgage 707
council tax 123
heat/light 100
water 50
phone 50
housekeeping 600
petrol 300
clothing 200
house insurance 47
tv licence 12
life insurance 50
union 6
pet insurance 50
AA 26
opticians 25
car tax/ maintenance 70
hairdressers 40
nursery fees 30
prescriptions 20
childrens activities 25
uk break 60
dry cleaning 20
boiler insurance 8
healthcare 10
car insurance 34
it all comes to £2,663.00
how does this look? can someone give me some advice please?
lou x
healthcare |
| Needafriend |
Posted - 10 October 2008 : 15:28:17
Hi no they dont take CB but Tax credits they calculate in as thats classed as income.
Hope that helps
Jo x
Your Mother Hen :-)
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Mother Hen's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| poopedmass |
Posted - 10 October 2008 : 15:27:16
do they take your child benefit and tax credits?
lou x |
| RHB |
Posted - 10 October 2008 : 07:25:27
If you are on interest only I think maybe that situation might have to stay, why after all should you repay more of your mortgage & not pay your other debts?
I would imagine everyone has time off sick & for holiday so I think they will look at your net earnings over all. |
| BankruptC |
Posted - 09 October 2008 : 22:29:38
Hi Phil and nice to 'meet' you!
Ok first question. The OR usually takes an average of your pay over the past few months in situations like yours.
Explain about the weeks you take off and he may average that out over the year too, but I'm not sure.
I'm also not sure about the mortgage and changing it back to a repayment mortgage. I'm not sure at all how that would work and how the OR would see it. Hopefully someone else will be able to shed more light on that for you.
Hope that's helped at least a little. Sorry I couldn't answer all your questions.
Good luck with it all!
C. x |
| poopedmass |
Posted - 09 October 2008 : 22:19:12
hi. this is phil. (hubby)
just been reading all the info you and my wife have been sending each other, id like to thank you for your help and putting our minds at rest. we now realise the formality we have to go through. in reply to your question i earn £1,700 basic. but due to shift and overtime the average is about £2,200. the better half earns around £400. my question is that i get payed for being on shift and my overtime is only contractable when im working on call. (1 in 7 weeks)so shift and overtime will change everymonth. its not garanteed. also whilst on call i may not be called out to work so i could go that month without any overtime. how will the OR see this????
also what does the OR do when taking time off into consideration. i have 5-6 weeks to take a year. also bank holidays and sick. so thats possibley an average of 5-10 weeks a year. so thats taking my pay down even more! what happens to IPA payments then? we will be really short of cash for quite a few weeks of the year.
ooh ooh another question. we are currently on a repayment mortgage that runs to 2012 but last year we went to interest only to save money whilst the business was going down the pan therefore would it be best to go back onto repayment so that it puts our mortgage back up by a couple of hundred pounds a month? would we benifit of not.
the way i see it is id rather pay the extra that could dissapear on IPA and it be used wisely than that money going onto making up that extra % to pay....
kind regards.
phil  |
| BankruptC |
Posted - 09 October 2008 : 13:29:36
OK I see. Leave it as it is then and see what he says. From what others have allowed, some things still seem high, but if you don't ask, you definitely won't get it! As i said before, the worst they can say is no.
Just be prepared to explain everything and have evidence where you can. As I said before an example is our petrol. It was £290 and he asked why. We could account for every penny of it in our claculations (car does so many miles to gallon, we do this many miles per week to here, here and here etc), so he allowed it.
Good luck!
C. x |
| poopedmass |
Posted - 09 October 2008 : 12:57:58
no, he sent us more, our situation has changed too because my little boy is now at school so the nursery fees are alot less and my hours are now less, but i might have to give it up, the hours are too hard, it shiftwork and i am struggling with childcare.
lou x |
| BankruptC |
Posted - 09 October 2008 : 12:55:49
Have they asked you to fill some other forms in? Ours just went off what we put on our petition.
C. x |
| poopedmass |
Posted - 09 October 2008 : 12:53:35
we went BR on 17th september, filling in the forms for the OR x |
| BankruptC |
Posted - 09 October 2008 : 12:51:40
Hang on, so are you already BR?? Are we not filling in your I&E forms for your BR petition? I'm confused now!
C. x |
| poopedmass |
Posted - 09 October 2008 : 12:46:07
no the last one is the one we will use, have got everything on it, sorry to be a pain, seeing the OR on the 15th need to be organised!! x
lou x |
| BankruptC |
Posted - 09 October 2008 : 12:43:23
I can't remember where we're up to, to be honest!
:-) I mean I know what we've said, but i'm not sure what you've changed and what you haven't. Is the last one you put up the one you intend to use, or have you changed anything since then?
C. x |
| poopedmass |
Posted - 09 October 2008 : 12:39:05
i would be better not working then, seems silly struggling to work just to pay the IPA.
do you think ther are likely to drop the housekeeping and clothing allowance by £100 each then? do you think there is anything else they will disallow?
lou x |
| BankruptC |
Posted - 09 October 2008 : 12:28:54
If you start an IPA before you're discharged, you will have it for the 36 months (unless your pay decreases and they suspend it).
However, if you don't get an IPA during the 12 months of your BR, then you won't get one at all. So basically, as long as during your BR period you don't earn eough to pay into an IPA, you won't have to at all.
As an aside, we're in the position of having to pay into an IPA and I may need to stop working soon. If I do, our IPA will be suspended, but for the 36 months, even after discharge, we'll have to keep the OR informed and payments will be set up if our pay increases again or any bonuses are received.
C. x |
