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andycase007
Starting Member
United Kingdom
13 Posts |
 Posted - 07 September 2010 : 10:56:57
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Hi All
These are the details i am thinking of putting into my and the wifes SOA
We have 1 child 2yrs old and wife is pregnant with number 2
My Income £1642
Wifes Income £715
Child Benefit £80
Child Tax Credit £42
Total Income £2299
Mortgage 585
Council Tax 120
Gas/Elec 82
Water 32
Home Ins 14
Life Ins 44
Car Ins 45
TV Lic 12
BT 12
Sky 32 - i know they wont allow it but thought i would put it down anyway
Broadband 10 - i need it for work
Car Tax 15
MOT/Repairs etc 30.
Holiday 20
Hse Keeping 490 - we need to get things for the baby i.e pushchair, cot etc
Meals at work 50
Fuel 100
Total joint expenditure which will be on both our SOA - £1693
My expenses
Mobile 25
Clothing 60
Dentisit/Opt 10
Hair 10
Dry Cleaning 10
Wifes expenses
Mobile 25
Clothing60
Dentist/Opt 10
Hair 15
Total Expenses overall £1918
Disp Income 381.00
70% 266.00 IPA Approx
What do you think?
On the SOA form it asks for amount partner contributes. So on both forms i was going to put the amount of wage left over after personal expenditure has gone out?
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moodybluetwo
Junior Member
156 Posts |
Posted - 07 September 2010 : 12:06:01
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| I think you have to convince the OR that these are realistic values...they have lots of experience from many people going BR. If you can back up your calculations you have nothing to worry about. |
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andycase007
Starting Member
United Kingdom
13 Posts |
Posted - 07 September 2010 : 12:10:24
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Hi
Thanks for your reply.
Theres lots of people on here that have done this before and looked at other peoples SOA's, so i am just hoping that they can check it over and make sure that i havent missed something etc.
Anyone?
Cheers |
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moodybluetwo
Junior Member
156 Posts |
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andycase007
Starting Member
United Kingdom
13 Posts |
Posted - 07 September 2010 : 12:41:50
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Hi
Thanks - have looked at this and although it's helpful, it's a bit vague on the extras, plus it doesnt cater for 2 adults and 1 child. I am hoping someone who has been through it all and has experience can just take a quick scan over my figures to see if, in their experience of being on this site, they are reasonable or likely to pose a problem.
Thanks |
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Jane.l
Average Member
511 Posts |
Posted - 07 September 2010 : 13:22:32
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Its over 3 years now since I went bankrupt but my views are:
Life insurance- don't think this will be allowed
Sky -no
Holiday- depends on the OR
housekeeping is high-probably be cut
meals at work- high, maybe allowed a smaller amount, not sure
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 07 September 2010 : 14:46:30
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I agree with Jane. You may also find out that mobiles have to come from your surplus as you have a landline.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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stuart30
Starting Member
United Kingdom
12 Posts |
Posted - 07 September 2010 : 23:13:52
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If sky or in my case Virgin isnt allowed then what about the contract,im only half way through mine.?
Im just an umemployed bum.... |
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Jane.l
Average Member
511 Posts |
Posted - 08 September 2010 : 08:08:57
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| you will have to pay it out of your surplus or if you cannot afford it and the contract dates from before your bankruptcy date, then I assume the debt will just have to go in the bankruptcy |
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debtinfo
forum expert
2826 Posts |
Posted - 08 September 2010 : 08:48:45
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| you can break the contract any any fee would go into the bankruptcy |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 08 September 2010 : 09:11:16
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Just remember that it would be difficult to retain your old number while still in a contract
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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andycase007
Starting Member
United Kingdom
13 Posts |
Posted - 08 September 2010 : 10:54:26
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| If the OR decides that my mobile has to come out of the disposable income, can i then decide to break the contract? Or do i need to break it before? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 08 September 2010 : 11:06:20
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You are allowed an expense for telephone useage. Even if you are unemployed it is reasonable to have an allowance because you may be looking for a job.
The easiest way to cancel the phone contract is either not to pay or to phone the company and let them know you are now bankrupt. They usually cancel the contract at that point. Naturally if they cancel the contract because of the Br clause at the time of the Br then any shortfall would be included in the bankruptcy.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 11 September 2010 : 00:43:34
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Don't forget,when the OR assesses your I&E,they put it into a calculator which then splits the contributions made depending on your respective incomes, i.e. your salary is 71% of your total income, so your share of the mortgage payment will be shown as £415 and so on. Hope this makes sense!
Up until the 23rd July I was an insolvency examiner with the insolvency service!
Big Al |
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Income & Expenditure - is it ok?
