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jmjs1986
Starting Member
34 Posts |
 Posted - 26 August 2009 : 11:43:31
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Hi all,
I am going Bankrupt in September and starting to fill the forms out, does this all look ok to put on the form as income and expenditure?
£700 – Rent
£100 – Gas and Electricity
£120 – C/Tax
£30 – Water
£30 – Mobile Phone Pay as you go (mine and my partners)
£8 – Home Insurance
£40 – Virgin Media (Phone Internet and TV) Internet because my wives Family live in Holland and she talks to them via internet and so they can see there two grand children
£1028 – Total
£450 – Food inc. Nappies/Baby wipes etc
£70 – Clothes inc. new baby clothes and School clothes
£50 – Sundries and emergencies
£14 – Dental
£10 – Prescriptions
£10 – School Meals/School Milk
£5 – School Trips/activities
£50 – Birthday and Xmas presents
£659 – Total
£43 – Car Insurance
£16 – Car Tax
£20 – Car Servicing (MOT etc…)
£70 – Petrol
£215 – Season Ticket work – Train
£364 – Total
£2051 – Grand Total
Income
£1650 – Basic Income
£200 – Overtime Income (roughly)
£132 – Child Benefit
£83 – Child Tax Credit (Dropping to £40 in May 2010)
£2065 – Grand Total income
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jmjs1986
Starting Member
34 Posts |
Posted - 26 August 2009 : 11:47:35
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| Forgot to add its 2 adults and 2 children (5 year old and 3 month old baby) |
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CMJ
New Member
96 Posts |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 26 August 2009 : 12:20:50
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£50 – Sundries and emergencies - This won't be allowed. Any 'emergency' fund needs to come out of your DI.
£50 – Birthday and Xmas presents - Same as above.
£40 – Virgin Media. Mention that your 5 yr old needs this for educational purposes. Normally the OR won't allow Internet expenses unless it is for education/homework even though a package deal can be cheaper than individual options. Also change the title to 'Telephone/Internet' otherwise the OR may deduct a certain amount for the TV.
£450 – Food inc. Nappies/Baby wipes etc - £501 is the guideline amount so up this to £500 and change the title to 'Housekeeping including food and cleaning'.
£70 – Clothes inc. new baby clothes and School clothes - You are allowed up to £150 for 2 adults/2 kids so increase this.
You shouldn't have an IPA as Child Benefit can't be included for IPA purposes but if you have an increase in income then you can add a 'Domestic Break' for £80.
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jmjs1986
Starting Member
34 Posts |
Posted - 26 August 2009 : 12:20:53
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| Thanks Michelle, thats really useful, can anyone else add any of there own I & E of this page to give others examples of OR approved lists |
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gettingoutofdebt
forum expert
2418 Posts |
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jmjs1986
Starting Member
34 Posts |
Posted - 26 August 2009 : 12:22:44
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| Thankds "gettingoutofdebt" that is really helpful advice |
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jmjs1986
Starting Member
34 Posts |
Posted - 26 August 2009 : 12:49:31
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I have amended as you all advised.
£700 – Rent
£100 – Gas and Electricity
£120 – C/Tax
£30 – Water
£30 – Mobile Phone Pay as you go (mine and my partners)
£8 – Home Insurance
£35 – Telephone/Internet – educational for 5 year old
£12 – TV License
£1035 – Total
£500 – Housekeeping including food and cleaning
£100 – Clothes inc. new baby clothes and School clothes
£14 – Dental
£10 – Prescriptions
£30 – School Meals/School Milk
£5 – School Trips/activities
£659 – Total
£43 – Car Insurance
£16 – Car Tax
£20 – Car Servicing (MOT etc…)
£70 – Petrol
£215 – Season Ticket work – Train
£364 – Total
£2058 – Grand Total
Income
£1650 – Basic Income
£250 – Overtime Income
£132 – Child Benefit
£83 – Child Tax Credit (Dropping to £40 in May 2010)
£2115 – Grand Total income
Left with £57
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CMJ
New Member
96 Posts |
Posted - 26 August 2009 : 12:56:39
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No
Problem,
Good Luck
Michelle |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 26 August 2009 : 14:07:36
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£100 – Clothes inc. new baby clothes and School clothes: Increase this to £150.
The £132 for Child Benefit can't be counted towards a IPA so you would need £232 DI before an IPA could be implemented. |
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Jane.l
Average Member
511 Posts |
Posted - 26 August 2009 : 14:16:07
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| Not sure on the guidelines but some ORs do count CB for IPA purposes, mine did |
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jmjs1986
Starting Member
34 Posts |
Posted - 26 August 2009 : 14:29:05
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| i guess this is like the Nil Tax code some do it other dont just depends on who you get on the day |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 26 August 2009 : 15:00:17
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quote:
Originally posted by Jane.l
Not sure on the guidelines but some ORs do count CB for IPA purposes, mine did
You should query this with the OR. You are obliged to put it on the I&E for an income but it cannot be counted towards an IPA:
31.5.17 State benefits
In the majority of cases state benefits will not vest in the trustee. The Social Security Administration Act 1992 section 187 provides that benefit as defined in the Contributions and Benefits Act 1992 section 122, any income related benefit or child benefit shall not pass to any trustee or other person acting on behalf of the beneficiary’s creditors on the bankruptcy of the beneficiary.
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Jane.l
Average Member
511 Posts |
Posted - 26 August 2009 : 15:25:00
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My bankruptcy has been and gone and we did contest the IPA and did not get one so it all come good in the end
Counting CB, we had £20 per month surplus so without it, we would have had about £112 per month deficit and the OR still wanted an IPA of £50 per month. I think they were just trying it on to meet their targets, thinking we would just accept it, but we didn't |
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Topic |
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Income and Expenditure
