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jwmc77
Junior Member
United Kingdom
195 Posts |
 Posted - 24 November 2008 : 22:58:31
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OK FOLKS, JUST FINISHED MY I+E, ANY HELP/SUGGESTIONS WOULD BE MUCH APPRECIATED....PLEASE BEAR IN MIND THAT THESE ARE GENUINE FIGURES (I HAVENT INFLATED THEM TO SUIT) FOR ME, THE WIFE AND 3 DAUGHTERS (8,6,6 MONTHS)....
RENT £625
GAS/ELECTRIC £140
PETROL £80
CAR TAX £10
CAR INSURANCE £22
HOUSE INSURANCE £25
LIFE INSURANCE £20
HOUSEKEEPING £550
CLOTHING £180
HAIRDRESSERS £20
PRESCRIPTIONS £10
PHONE £50
TOTAL £1634
MY INCOME IS £1500, AND MY OH IS A HOUSEWIFE WHO RECIEVES AROUND £200P/M CHILD BENEFIT,T/CREDITS.
AM I CORRECT IN THINKING MY WIFES INCOME WILL BE LEFT OUT OF IT AS ITS BENIFITS? WE BOTH INTEND TO GO BR IN JAN/FEB....HAS JUST CANCELLED ALL MY D/D TODAY.......WERE ON OUR WAY!!!
MAC |
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John
New Member
United Kingdom
73 Posts |
Posted - 24 November 2008 : 23:41:44
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Hi
ok here we go
RENT £625
GAS/ELECTRIC £140
PETROL £80
CAR TAX £10
CAR INSURANCE £22
HOUSE INSURANCE £25
LIFE INSURANCE £20
(you will be asked if you want to keep this policy - if you do then it will cost you £50 - but you may have to freeze the payments whilst bankrupt - or the £20 cost would have to come from your disposable income as in bankruptcy it's not an essential expenditure)
HOUSEKEEPING £550
CLOTHING £180
( A tad high - I think it is £155 for family of 5)
HAIRDRESSERS £20
(£30 for 5 of you)
PRESCRIPTIONS £10
PHONE £50
(Add dry cleaning £15 + childrens activities £30 and domestic break - not holiday - £80)
TOTAL £1634
(Revised Total = £1822)
Declare £200 benefits from wife = Income at £1700.
you are correct that even then some benefits (child allowance for one) cannot actually be calculated in, thus you are in a considerable negative disposable income situation by some way and will therefore avoid an IPA.
Good Luck
www.Bankruptcyhelp.org.uk
0800 078 9367 |
Edited by - John on 24 November 2008 23:42:49 |
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jwmc77
Junior Member
United Kingdom
195 Posts |
Posted - 25 November 2008 : 00:13:50
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CHEERS JOHN;-) JUST TO CLARIFY...THE OR WILL HAVE NO PROBLEM EXPENDITURE BEING FAR GREATER THAN THE INCOME??
MAC |
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John
New Member
United Kingdom
73 Posts |
Posted - 25 November 2008 : 00:23:40
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Hi
absolutely not.
For example, your family expenditure allowance is £550 for housekeeping. If you choose to live on £100 ( I know unlikely but lets dream for a minute) you can spend the remainder on what you like. A domestic break for example.
What the negative does is protect you in the event of a pay rise (I know, another dream at this moment in time).
What the OR does not like is being just under the IPA threshold, getting a pay rise and all of a sudden other, albeit allowable, expenditures come out of the woodwork to offset the increased income. So if the expenditure is all there in the beginning you're relatively safe and won't need to change a thing.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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jwmc77
Junior Member
United Kingdom
195 Posts |
Posted - 25 November 2008 : 00:42:33
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ok, nice one......youve put my mind at rest, another worry quashed!!;-)
MAC |
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RHB
Senior Member
1159 Posts |
Posted - 25 November 2008 : 09:18:33
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| Do you not get free prescriptions anyway being on a low income? |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 25 November 2008 : 10:14:17
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To get free scripts etc your annual income before tax and NI needs to fall below £15k, and obviously the more over that amount you get the less Tax credits etc you get.
Ours is just about the same as Macs and NO we dont get any free.
Oh well thats life.
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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I + E.....
