Think I need to go BR!

[Riz]

Re: Think I need to go BR!

Hi Riz,

Are those statistics about to change anyway considering the change in legislation which came into force 1st December 2010? IPOs move from about 70% disposable income to 100% disposable income and a more agrressive attitude by the auhtorities to bankruptcy??

regards
Garlok

Yep. I suspect very likely to change.

I was more posting to show the IPO level though. Particularly that seeking an IPO via the courts is a pretty rare occurrence.

People worry about those when/if they challenge an IPA calculation, but the OR will only go for an IPO if they are damn sure of their ground. They aren't granted them on a "whim".

[garlok]

Re: Think I need to go BR!

Thanks Riz, Hopefully not on the scene for me but useful to know as a fair few ask about this situation.

regards
Garlok

[Riz]

Re: Think I need to go BR!

Are those statistics about to change anyway considering the change in legislation which came into force 1st December 2010?

On a side note, it wasn't actually a change in legislation.

They were always legally allowed to ask for 100%. It's just that previously internal Insolvency Service policy was quite liberal and only set to seek 50-70%.

Due to financial pressures, they changed that internal policy from Dec 2010. No change in the law required.

[IF]

Re: Think I need to go BR!

hi fiscal i see you've had some fab advice...

regarding an IPA, the allowances are quite reasonable, they won't leave you to starve. If you want to post your SOA on here then we can comment on what the OR generally allows.

i saw the judge and he was lovely, i cried because he was being kind and i'd been so nervous.

If there is anything i can help with then please feel free to PM me.

edit - i found National Debtline very helpful...

Good luck xx

Remember we have our own SOA Calculator:-

----> Statement of Affairs Calculator

[fiscalfool]

Re: Think I need to go BR!

hi fiscal i see you've had some fab advice...

regarding an IPA, the allowances are quite reasonable, they won't leave you to starve. If you want to post your SOA on here then we can comment on what the OR generally allows.
Statement of Affairs Calculator

i saw the judge and he was lovely, i cried because he was being kind and i'd been so nervous.

If there is anything i can help with then please feel free to PM me.

edit - i found National Debtline very helpful...

Good luck xx

I keep my SoA fairy up to date, so please see attached below ... sorry trying to get something done for work, so can't paste the info into another form.

It seems that following going BR my SoA would show a monthly surplus of £457. Would that all be taken, or a proportion of it?

Are there items that I'm missing on my SoA, that I should be listing?

thank you all, it really is appreciated.

[fiscalfool]

Re: Think I need to go BR!

One moment ... you are all offering your help, the least I can do is spent 10 mins inputting the data into the Online Calculator:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income
Monthly income after tax................ 2860
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 401
Total Monthly Income.................... 3261

Monthly Outgoings
Mortgage................................ 487
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 50
Gas..................................... 30
Oil..................................... 0
Water rates............................. 43
Telephone (land line)................... 25
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 500
Road tax................................ 40
Car Insurance........................... 80
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 200
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 25
Buildings insurance..................... 11
Contents insurance...................... 16
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 17
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 0
Total Monthly Outgoings................. 2905


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 121000


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 180000...(487)......0
Total secured & HP debts...... 180000....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Cahoot Loan....................15000.....0.........0
Egg Credit Card................12000.....0.........0
BarclayCard Platinum...........3400......0.........0
Santander Loan - Car...........15000.....0.........0
BarclayCard Premier............12000.....0.........0
Total Unsecured Debts..........57400.....0.........-


Monthly Budget Summary
Total Monthly Income.................... 3,261
Total Monthly Outgoings................. 2,905
Available for Debt Repayments........... 356
Monthly Unsecured Debt Repayments....... 0
Amount left after debt repayments....... 356

Personal Balance Sheet Summary
Total assets (things you own)........... 121,000
Total HP & Secured debt................. -180,000
Total Unsecured debt.................... -57,400
Net Assets.............................. -116,400

Created using the Free SOA calculator at Welcome to allaboutDEBT.co.uk.
Reproduced for allaboutDEBT Forums with permission from allaboutDEBT, using other browser.

[Riz]

Re: Think I need to go BR!

This is where I have to admit I'm pretty useless with other people's SOAs.

Other here are better though. And those on the MSE BR board if need be.

It might also be better if you have a separate thread for BR SOA advice, with a thread title to suit. That way people glancing at the board can immediately see that you want help/advice in that area.

[fiscalfool]

Re: Think I need to go BR!

Cheers Riz,

I'll post a help/advice thread shortly.

[IF]

Re: Think I need to go BR!

Cheers Riz,

I'll post a help/advice thread shortly.

When you do I'll PM Dojoman and he'll help as he is good with SOA's xx

[fiscalfool]

Re: Think I need to go BR!

New Thread: BR - SoA Advice Please - allaboutFORUMS

[Never-In-Doubt]

Re: Think I need to go BR!

When you do I'll PM Dojoman and he'll help as he is good with SOA's xx

Is he on here? or OTR?

[confused76]

Re: Think I need to go BR!

Is he on here? or OTR?

he lives over the road but i'm sure he registered here too.....

[philnicandamy]

Re: Think I need to go BR!

He is...had some problems & lost the URL for here so I reminded him!

[philnicandamy]

Re: Think I need to go BR!

...the alledged IS service figures
for a GUIDE only....

UPDATED JANUARY 2011 FROM THE OFFICE OF NATIONAL STATISTICS DATA FOR FAMILY EXPENDITURE 2009/10

IMPORTANT NOTES

1) The figures in the table are average household spending in England for non-bankrupt households, which includes the use of credit.
2) Regional variations in some expenditure categories must be considered and local knowledge applied where appropriate.
3) The figures are a guide to compare against the bankrupt's claim for a particular expense, not as an amount that can be automatically claimed.
4) Examiners should seek evidence where an amount claimed does not appear reasonable or fit the particular circumstances.
5) 'Other possible essential expenses' listed are those commonly claimed but evidence should be sought of actual expense.
6) Items listed as non-essential are those requiring closer examination, but the list is not exhaustive.
7) Where available Examiners should compare alternative sources of declared expenditure such as debt management plans or IVA's.
8) The figures provided include expenditure on children where they are dependant members of the household.
9) Examiners should refer to Technical Manual chapter 31.7, Parts 1 to 4 for additional guidance on allowable expenditure.

Categories of essential expenditure

Technical Manual Single retired adult #5 Single non-retired adult Single adult +2 children Two adults +2 children Two adults no children

Mortgage payments or rent on your home 31.7.82-84 variable variable variablevariable variable
Housekeeping, including food and cleaning £197 £197 £317 £488 £363
Gas, electricity, other heating £61 £77 £94 £91 £100
Water £24 £30 £37 £35 £39
Telephone charges 31.7.92 £26 £32 £47 £59 £49
Travelling to and from work and other essential journeys (personal transport) 31.7.124 £33 £75 £68 £163 £157
Travelling to and from work and other essential journeys (public transport) 31.7.125 £11 £25 £23 £55 £53
Clothing 31.7.116 £29 £39 £88 £142 £98
Maintenance payments #1 and fines #2 31.7.119
Council tax #3 variable variable variable variable variable

#1 Formal arrangements only - calculated from net income x 15% for one child, 20% for two children, 25% for three plus children
#2 Court imposed fines only - these cannot be included as bankruptcy debts
#3 Council tax average for England between £90 - £130 per month
#4 Prepaid prescriptions charges (PPC) - £28.25 for 3 months £104 for 12 months - check for exemptions - free in Wales
#5 Not mainly dependant on state pension

Other possible essential expenses - See Technical Manual Technical Manual

TV licence (£142.50 per year or £12 per month) 31.7.110
Insurance policies (except motor) 31.7.117
Mobile phone costs 31.7.92
Dry cleaning 31.7.116
Children's school meals (check for exemptions)
After school clubs and trips 31.7.94
Childcare - if parent/s are working 31.7.95
Dentist31.7.122
Prescriptions #4 (£7.20 per item) - England31.7.121
Opticians31.7.122
Pets (evidence to be provided)31.7.116
Professional body membership (unless paid by employer) 31.7.107
Hairdressing and personal care 31.7.116
Rent arrears 31.7.82
Broadband computer costs 31.7.93
Holidays 31.7.116

Not considered essential expenditure - See Technical Manual

Social and entertainment expenditure 31.7.113
Pocket money for children
Gym membership 31.7.114
Sports and club membership 31.7.114
Satellite and cable TV 31.7.110
Alcohol
Cigarettes
Private healthcare
Excessive mortgage payments 31.7.85-91
Additional pension contributions3 1.7.109
Charity/religious tithing 31.7.115
Cleaning, gardening and ironing services 31.7.116

[fiscalfool]

Re: Think I need to go BR!

Hmmm wonder how they would work me out then.

Single parent, who has my son exactly 50% of the time.

My Satellite and Cable I can pass off as part of my Phone and Broadband fee ... all with Sky.

My prescriptions are actually free, but unless they ask for evidence, then I have 3 lots per month. £22.20 ish.

I must say, of the ones with the different colours, the "Travelling to and from work and other essential journeys (personal transport)" really concerns me. I cover about 400 miles a week, which is essential travel for my son ... this costs £95 in fuel. Let alone wear and tear on the car! So circa £70 a month won't cut it!