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sjbyron
Average Member
United Kingdom
746 Posts |
 Posted - 29 November 2008 : 17:38:36
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Hi
I have £43000 of debt, with a failed IVA for the second time and considering either DMP or Bankruptcy, however I think I am going to loose my job soon again, and have found an ideal job but its only £14,700.00 per annum.
Ive also signed up for a gym training course so that I can get more money and better prospects.
Im therefore considering bankruptcy but have the following burning issues:
1. I pay my mum £380 a month rent, will this still be allowed
2. I have a housekeeping budget of £140 which is for clothing, toilettries, food for work, extra food outside the housekeeping will this still be allowed
3. I have a mobile phone and pay £28 a month for it, will this be allowed
4. The training course I am going to do is from March and is £131 a month for a year, and then I would need to hold back at least £30 a month for CPD would this be allowed
5. I have a car on HP With GECapital it expires 2010 will I be allowed to keep this going
6. I have a contingency allowance of £40 will this be allowed
7. If my income is £997 and my outgoings are £994 will I have an IPO
8. I Have an Abbey basic account, can I keep this if I go bankrupt
9. I live in Liverpool whats the bankruptcy proceedings like there
10. Can I file for Bankruptcy online
11. If I can file for Bankruptcy online, and want to go bankrupt in March/April 2009 when should I file for it?
Thanks
Stu Byron |
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jwmc77
Junior Member
United Kingdom
195 Posts |
Posted - 29 November 2008 : 19:45:02
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whoa.... questions, questions.....ill try my best,
your rent, hosekeeping, phone (although its best to say landline)the abbey account may be fine but theres still the risk of them freezing it, probably be best open a new one after br....no you cant file for br online but, you can fill all the forms out online.... sorry, not sure about thr course or the car...if its march/april your looking at then the start of march would be fine to file (it helps to get the forms started as soon as possible) and there is alot more that could be added to you expenditures, hairdressers, dentists, petrol, insurances etc, it doesnt matter if its more than you bring in, hope this helps a bit.
MAC |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 29 November 2008 : 20:03:58
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Hi sjbyron
I think your post has been duplicated and Skippy has answered the other one.
regarding the car on HP - this really depends upon a number of things.
1. Is it HP or a fixed sum loan agreement
2. what is outstanding
3. what are the monthly payments
4. what is the car worth
5. what sort of car is it
6. how long to run
Also in the small print it will state that the HP contract can be terminated by the HP company on Br.
hope to answer your Q's when you respond
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 29 November 2008 : 20:24:58
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Hi Paul
The Car is HP , its with GECapital woodchester, the amount outstanding is £2435 and its worth £1500, its a small matiz chevrolet S Car 55 Reg and the HP expires dec 2010, there is no details in the HP Agreement regarding bankruptcy.
Please could you advise re my other questions and the reasonable expenses on a bankruptcy SoE
Stu J Byron |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 29 November 2008 : 21:38:58
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Hi
Skippy has answered the other questions as well as can be done without an indepth discussion about your individual circumstances .
Perhaps you could list all ouf your expenses as the ones already listed don't add up to the £994.
Couple of notes
You would need a good story to warrant keeping the car. Especially as you are asking to retain funds for a training programme as well.
How much is it per month? Is ther alternative transport to work that the OR could ask you to take instead of a car?
The OR doesn't allow contingency costs so you need to get the numbers right
Suggest you list them as such:-
Rent
Contribution to utilities
Telephone
Housekeeping
Cat tax
Car Insurance
Fuel
Car Maintenance
Clothes
Hair cuts
Opticians / prescriptions
Pet food
Pet insurance / vet bills
dry cleaning
etc etc etc
then we can advise on what is likely to be acceptable
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 29 November 2008 : 22:04:03
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Thanks Paul, as below:
Rent - £380
Contribution to utilities £20
Telephone £30
Housekeeping - £140
Cat tax - £11
Car Insurance - £70
Fuel - £120 (350 miles a week)
Car Maintenance - £126 (includes HP)
Clothes - £40
Hair cuts - £10
Opticians / prescriptions - £20
)
new job est wage £996
total would be £967.
Would this be reasonable, or too high, with the further education fees absorbed into other expenses ?
And how do i portray this on the form?
Thanks
Stu
Stu J Byron |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 29 November 2008 : 22:58:44
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Hi
I do think you may have a problem with the car.
The OR will allow a disposable income of up to 100 before an IPA is entertained. Your HP is around the same figure, so you will need to speak to GE and see what they say.
Often the HP companies are not interested unless there are arrears. From their point of view if they take it back there is likely to a debt so would prefer for you to keep it.
Clothes looks high
you will need to ear glases and have an inhailer to spend 20 per month on this
i assume your car does 55 mpg, you will also need to demonstrate that you do 35 miles each way to work ( 350 per week) as the car is to enable you to retain a job rather than for social / domestic needs.
Cat insurance looks steep so you will need to dempnstrate the cost - copy of policy - with reasons why it is that price ( i.e. age, convictions, claims, etc etc etc )
Telephone allowences can go up to 55 ish but if you advise your mobile phone company that you have gone Br then don't be suprised if you are cut off.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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jwmc77
Junior Member
United Kingdom
195 Posts |
Posted - 29 November 2008 : 23:06:28
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if you add a small domestic break into your budget it would take you over what your incomings are, this would cover you for any future payrises and the or is likely to try and trim your outgoings in order to obtain an ipa if you hand the forms in and theres £30 d.i. (remember, there only needs to be a d.i. of £100 for the or to be able to impose one)
MAC |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 29 November 2008 : 23:09:05
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HI Paul thanks for your reply,
I need the car for travel, I doubt GE would have a problem as you state it would be a debt to them otherwise
Insurance is a 10 month bonus accelerator plan with elephant thats why its high, but reduce rapidly every 10 months
At the moment im working in management in preston at 70 miles each day, the job im looking at and hoping to get (as I will probably loose the one in preston soon) is in Salford which is a 65 mile trip each day 5 days a week, I then only use the car for the gym so thats an extra 14 mils a week at most
The mobile phone is in my mums name not mine.
Im on antidepressents and special cream for my skin and wear glasses hence the £20
If I made clothing £30 and phone £40 would this be ok?
Thanks
Stu
Stu J Byron |
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jwmc77
Junior Member
United Kingdom
195 Posts |
Posted - 30 November 2008 : 00:14:38
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you may want to look into elephants no claims bonus...i had them as my first insurer on the 10 month accelerator, be warned....you'll find a quote a lot lower off of another insurer once your policy is due for renewal, and the bad news is that (as i was told by another insurer)most insurers wont accept n.c.b's obtained from elephant on the 10 month plan (god knows!!)or at least they didnt at that time. yours does seem very pricey, i was only 25 and was insuring a 1.8 turbo..and it was half the price of yours.
MAC |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 30 November 2008 : 00:20:02
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Thanks Mac
they were the cheapest at the time it does include hire car cover, personal accident, legal protection and breakdown, they were more cheaper than my renewal with Sainsburys
Stu J Byron |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 November 2008 : 09:17:44
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Hi
THe mileage thing clearly works so the fuel is justifiable. Always worth checking because the OR will.
Clothing should be around 20, but as you are in management then 10 dry cleaning is appropriate.
you can claim up to 55 for phone so that is fine.
looks like you are good to go.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 30 November 2008 : 10:04:18
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Thanks Paul / Mac,
When should I apply for Bankruptcy if I want to go Bankrupt in March 2009
Thanks
Stu
Stu J Byron |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 November 2008 : 10:36:13
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Hi
best thing to do is to call the court and ask them when they are booking for. Some courts are on a strict next appointment basis and some will book in advance.
I suspect that mid late Jan is probably OK but you need to call the court on this
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 30 November 2008 : 13:45:37
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Paul, I was allowed £40 for clothes - did I just have a generous examiner.
Regarding the prescriptions, do you have a pre payment certificate? If you have more than 3 items in 3 months or 14 items in 12 months it saves you money and I believe that OR would expect you to do this.
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/ |
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Jane.l
Average Member
511 Posts |
Posted - 30 November 2008 : 14:10:02
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| In our case we are a family of 2 adults and 3 teenagers, I put down £100 per month clothing and the OR cut it to £80 and holiday/break was not allowed at all |
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considering either DMP or Bankruptcy
