| T O P I C R E V I E W |
| Overspent |
Posted - 10 July 2009 : 19:25:29
Hi everyone, any advice on the following would be great. Partner and I are going bankrupt on 20 Jully, due to a failed IVA following job loss on my part 
I have just got a new job (phew) which I start on monday, so have had to change my I & E and would appreciate any feedback.
I have used the insolvency site guidelines, eventhough it's not for 2009.
We are in negative equity by between £2.5k and £10k depending on whether taking mortgage penalty fee into consideration and which of the two independent house valuations we've had done. So no asset there. I've had a company car for years....that is until now :-(. my partners car is worth approx £1500 - £1700 according to parkers, so hopefully this will be ok.
Only dilema now is that due to my new job, we have to car share otherwise it will take 2 or 3 buses each way to get to either of our jobs and more expensive than driving as have free parking. The car sharing will involve over 60 mile round trips everyday..hence why our essential travel is quite high...but we have no choice or I do not take the job and then will not beable to pay mortgage.
Anyway....here goes...... based on two adults and two dogs
Income 1155 partner + 1300 me (approx, tbc on first payslip).
Total Income £2455.
Total Expenditure £2564.
1100 Mortgage
395 Housekeeping
110 Gas & Electric
40 Water
60 Phone
230 Essential travel petrol
110 Clothing (management position work clothes/suits etc)
141 Council Tax
15 Boiler Insurance
37 Dog Insurance
41 Life Insurance
46 Mortgage payment protection
46 Home & Contents Insurance
12 TV licence
23 Car Insurance
23 Car Road Tax
35 Car Maintenace (service & MOT)
20 Hair
10 Opticians (I wear glasses not partner)
10 Dry Cleaning
10 Dentist
50 Domestic Break
2564 Total outgoings
Thank you in advance everyone x
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| 15 L A T E S T R E P L I E S (Newest First) |
| Overspent |
Posted - 13 July 2009 : 22:38:19
Thank you Paul, that's worth knowing.
It's Nottingham...not sure how the OR's are there..fingers crossed, understanding.
x |
| Reviva UK |
Posted - 13 July 2009 : 21:56:38
the insuranc policy is bought back from the official receiver so not sorted at court - usually 4 - 8 weeks later.
which court are you at?
who knows someone you know may also be dreding bumping into someone they know.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
| Overspent |
Posted - 13 July 2009 : 21:30:03
Thank again for everyones help..Paul..skippy..better take some extra money with me to court then. If there are any experts out there that wouldn't mind giving my expenses one final once over that would be great...only that part left to complete then my forms are done...I hope they are ok..still, this time next week it will be all over....well the court bit. Dreading bumping into anyone I know!!! |
| Reviva UK |
Posted - 13 July 2009 : 00:16:44
The official receiver will have no problem in you maintaining a life insurance policy however they exclude thie cost from allowable expenses.
Their position is that if you would like to continue then this must come from your disposable income ( £99 before an IPA starts ).
Their position is that someone could easily have a huge insurance policy that would mean that there was technically no disposable income and therefore no IPA. So it seems reasonable that this cost is met from disposable levels.
About 3 years ago some folks were told that they could not have an insurance policy, but after some "cheching" the Official Receiver realised that they were not regulated by the FSA and therefore not legally able to provide financial services advice. Thus they will never say you can't have a policy BUT they will exclude contributions from IPA calculations.
Hope this helps
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
| debtinfo |
Posted - 12 July 2009 : 22:40:47
£50 for a policy with no surrender value. If the policy does have a surrender value then you have to pay the whole surrender value if you want to keep the policy |
| Skippy |
Posted - 12 July 2009 : 20:49:10
£50 rings a bell, but hopefully someone else will be able to confirm that.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
24 IPA payments made, 12 to go - on the home straight! |
| Overspent |
Posted - 12 July 2009 : 20:44:07
Do you have any idea how much they would charge to buy it back?
Thanx xx |
| Niobe |
Posted - 11 July 2009 : 18:06:44
I think you are right Skippy.
The glimmer gets brighter all the time
Jan
xx |
| Skippy |
Posted - 11 July 2009 : 15:33:35
I think you'll be able to buy your life insurance policy back from the OR, and if you can make cutbacks elsewhere you can carry on paying it. I'm not 100% sure though as I didn't have life insurance.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
24 IPA payments made, 12 to go - on the home straight! |
| Overspent |
Posted - 11 July 2009 : 10:22:12
Thanks Skippy..you are right the gas and electric is combined...they wanted £140 a month but got them down to £110..always pay by DD.
Thanks Debtinfo for the IS link, but I did use that originally. The travel allowance appears high but will have to explain to the OR as I have above..over 60 miles per day...it will take a full tank of petrol every week :-(
I didn't realise you couldn't have life insurance or boiler insurance. Our life insurance is a decreasing one to cover the mortgage in event of the unthinkable.
Both of your thoughts are very appreciated, hopefully an expert may give it a once over too...although having gone through the bankruptcy process as you have Skippy, don;t think you can get more expert than that :-)
xx |
| debtinfo |
Posted - 10 July 2009 : 23:02:11
Hi this link has the allowances used by the OR from the IS website.
http://www.insolvency.gov.uk/DocumentLibrary/Policy/Excel/Household%20Expenditur.xls |
| Skippy |
Posted - 10 July 2009 : 22:36:05
I'm presuming that £110 covers both gas and electricity and if so that doesn't seem high to me. We spend £100 a month and we've only got a small place.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
24 IPA payments made, 12 to go - on the home straight! |
| debtinfo |
Posted - 10 July 2009 : 21:35:01
Hi Overspent, there are a few items that would not be included. Boiler, Dog and life insurance. Altough an amount for Petfood would be allowable, about £20pm.
Gas/elec and Travel seem a bit high which does not nessisarily mean that they would be discounted just that you may have to justify them to the examiner. Perhaps to the telephone. |
| Skippy |
Posted - 10 July 2009 : 21:05:49
The only thing that really jumps out at me is pet insurance - the maximum allowance is £20.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
24 IPA payments made, 12 to go - on the home straight! |
| Overspent |
Posted - 10 July 2009 : 19:46:02
oooops knew I'd forget something......Thank you Jan x |
