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| T O P I C R E V I E W |
| fenix |
Posted - 28 March 2007 : 00:39:59
Hello, I need some advice about the SoA please, specifically the question about income an expenditure. I don't actually have an income of my own except Child Benefit and Housing Benefit, but my self-employed gives me 'drawings' from his business to pay the bills. Do I put down the full household expenses plus his contribution, or do I half the expenses and exclude his contribution?
I'm the only one going BR, the debts are in my name, and the only reason the creditors have been paid thus far is because my partner contributes. But his money won't stretch any more, and I don't know what to put down for his contribution. Will the OR want to see his business accounts? We have nothing to hide so that's not a problem, but I really don't want my partner to end up having to pay out for an IPO.
Any advice would be greatly appreciated.
Thank you.
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| 2 L A T E S T R E P L I E S (Newest First) |
| fenix |
Posted - 28 March 2007 : 14:09:43
Thank you for the advice, but I'm not sure it's solved my problem and this is really doing my head in.
Basically my partner and I pool all our income and expenditure - we have a joint bank account, all benefits are paid into this account, and all bills are paid by direct debits and standing orders out of it. He also pays business drawings into the account to cover any shortfall, and therefore his contribution fluctuates from month to month as necessary.
So I still don't know what to put on the SoA - how do I calculate my share of the income & expenses?
I rang the insolvency helpline and they suggested a percentage figure, but how do i work out what my percentage is?
Perhaps I'm being a bit thick, but I want to get this correct on the form.
Any advice greatly appreciated - thanks.
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| hellybelly |
Posted - 28 March 2007 : 04:05:03
Hi fenix, I would put down just your income and put down the bills that you actually pay. Child benefit would cover your childs costs and housing benefit covers your rent so basically you have nothing to put into an IPO.
There is a phone number to ring the Insolvency place up and ask them questions about filling in the form.
But if you go into minus figures on the SOA its not unusual.
I paid most of the household bills and my partner who went BR paid a few, but he put down what I would expect him to pay once he had no debts. It left him with a grand total of £3 a week!
We still haven't heard from the OR in regards to an IPO (BR was only last week)but I can't imagine he'll have to pay much, if anything.
The phone number for general enquiries to the Insolvency Service is 0845 602 9848 |
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