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Going bankrupt - confused about SOA
paulc19
Posts: 101 Forumite
Ok, have concluded my best option is to go bankrupt, but basically here is my situation:
I work, my wife doesn't. she has no real debts and is not going BR, just me.
I pay the rent and most bills, although we also get CTC/CB and my wife gets DLA, which are all paid into her account. Do i include these in our SOA and do i therefore include all bills and her financial commitments such as loan repayments/mobile phone etc...
I also wonder...can they include her DLA in our overall income and should i include CB as i read this is excluded.
Because my wife is originally from abroad, she phones home regularly and this means our landline bill is around £50 per month, is this something that the OR will accept? for a family of 2 adults and 2 children is £500 pcm ok for groceries? sorry for all the questions, it's just a confusing process.
I work, my wife doesn't. she has no real debts and is not going BR, just me.
I pay the rent and most bills, although we also get CTC/CB and my wife gets DLA, which are all paid into her account. Do i include these in our SOA and do i therefore include all bills and her financial commitments such as loan repayments/mobile phone etc...
I also wonder...can they include her DLA in our overall income and should i include CB as i read this is excluded.
Because my wife is originally from abroad, she phones home regularly and this means our landline bill is around £50 per month, is this something that the OR will accept? for a family of 2 adults and 2 children is £500 pcm ok for groceries? sorry for all the questions, it's just a confusing process.
0
Comments
-
Ok don't worry just pop your SOA(income and expediture sheet) up and we will guide you through what might be allowed and what might not. We will also give you some pointers on what to put down as your wifes CONTRIBUTION. Include benefits but tell us who's name they are in please.DxFree impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D0 -
Ok....here goes
[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1165
Partners monthly income after tax....... 0
Benefits................................ 884
Other income............................ 0
Total monthly income.................... 2049
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 50
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 27
Groceries etc. ......................... 500
Clothing................................ 100
Petrol/diesel........................... 100
Road tax................................ 17
Car Insurance........................... 42
Car maintenance (including MOT)......... 30
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 60
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 28
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 1902
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
GE Loan........................18000.....0.........0
Natwest overdraft..............2500......0.........0
Nationwide Overdraft...........1900......0.........0
Quick Quid payday .............200.......0.........0
Provident loan.................500.......0.........0
Wonga pay day loan.............600.......0.........0
Nationwide cc..................550.......0.........0
Capital One CC.................9500......0.........0
Total unsecured debts..........33750.....0.........-
Monthly Budget Summary
Total monthly income.................... 2,049
Expenses (including HP & secured debts). 1,902
Available for debt repayments........... 147
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 147
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -33,750
Net Assets.............................. -33,450
[/tt]
Benefits breakdown:
Child benefit (paid to me) 132
WTC (paid to me) 299
CTC (paid to wife) 382
DLA (paid to wife) 71
Please advise if this looks ok or not and what contributions should be etc... i am an absolute novice.
My next question is i will have enough money by 5th March to go bankrupt, how do i go about i now, should i book the court already?0 -
Ok....here goes
[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1165
Partners monthly income after tax....... 0
Benefits................................ 884
Other income............................ 0
Total monthly income.................... 2049
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 50
Mobile phone............................ 20 Not Allowed
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 27 Not Allowed, unless needed for work/school
Groceries etc. ......................... 500
Clothing................................ 100
Petrol/diesel........................... 100
Road tax................................ 17
Car Insurance........................... 42
Car maintenance (including MOT)......... 30
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 60 If wife is not working, what is this for?
Other child related expenses............ 0 Allowed £5 per child per week, for activities - Are the kids not at school? Dinner Money!
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0 Do you not have any pets?
Buildings insurance..................... 0
Contents insurance...................... 11 Does this include Accidental Cover?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 Not Allowed, but can keep in and see!
Haircuts................................ 28
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 1902
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
GE Loan........................18000.....0.........0
Natwest overdraft..............2500......0.........0
Nationwide Overdraft...........1900......0.........0
Quick Quid payday .............200.......0.........0
Provident loan.................500.......0.........0
Wonga pay day loan.............600.......0.........0
Nationwide cc..................550.......0.........0
Capital One CC.................9500......0.........0
Total unsecured debts..........33750.....0.........-
Monthly Budget Summary
Total monthly income.................... 2,049
Expenses (including HP & secured debts). 1,902
Available for debt repayments........... 147
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 147
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -33,750
Net Assets.............................. -33,450
[/tt]
Benefits breakdown:
Child benefit (paid to me) 132
WTC (paid to me) 299
CTC (paid to wife) 382
DLA (paid to wife) 71
Please advise if this looks ok or not and what contributions should be etc... i am an absolute novice.
My next question is i will have enough money by 5th March to go bankrupt, how do i go about i now, should i book the court already?
Hello And Welcome
I have made some suggestions for you!
Other will be along too, to give some advise for you.0 -
Originally Posted by paulc19
Ok....here goes
[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1165
Partners monthly income after tax....... 0
Benefits................................ 884
Other income............................ 0
Total monthly income.................... 2049
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 50
Mobile phone............................ 20 Not Allowed
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 27 Not Allowed, unless needed for work/school
Groceries etc. ......................... 500 Increase to £575
Clothing................................ 100 Increase to £150
Petrol/diesel........................... 100
Road tax................................ 17
Car Insurance........................... 42
Car maintenance (including MOT)......... 30
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 60 If wife is not working, what is this for?
Other child related expenses............ 0 Allowed £5 per child per week, for activities - Are the kids not at school? Dinner Money!
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0 Do you not have any pets?
Buildings insurance..................... 0
Contents insurance...................... 11 Does this include Accidental Cover?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 Not Allowed, but can keep in and see!
Haircuts................................ 28 Increase to £30 (£10 per adult £5 per child)
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 1902
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
GE Loan........................18000.....0.........0
Natwest overdraft..............2500......0.........0
Nationwide Overdraft...........1900......0.........0
Quick Quid payday .............200.......0.........0
Provident loan.................500.......0.........0
Wonga pay day loan.............600.......0.........0
Nationwide cc..................550.......0.........0
Capital One CC.................9500......0.........0
Total unsecured debts..........33750.....0.........-
Monthly Budget Summary
Total monthly income.................... 2,049
Expenses (including HP & secured debts). 1,902
Available for debt repayments........... 147
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 147
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -33,750
Net Assets.............................. -33,450
Made a few comments, hope they help.
0 -
Yes ring your court and book the appointment. Also have you taken advice from one of the debt charities?Ok....here goes
[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1165
Partners monthly income after tax....... 0
Benefits................................ 884
Other income............................ 0
Total monthly income.................... 2049
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 40£50
Gas..................................... 40£50
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 50
Mobile phone............................ 20Put this with landline and max allowed is about £60
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 27as zandy says
Groceries etc. ......................... 500
Clothing................................ 100£130
Petrol/diesel........................... 100
Road tax................................ 17
Car Insurance........................... 42
Car maintenance (including MOT)......... 30
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 60
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10£25
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11£20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50not allowed,but leave it and see
Haircuts................................ 28£30
Entertainment........................... 0
Holiday................................. 80bit high,expect it to be cut back to maybe £60
Emergency fund.......................... 0
Total monthly expenses.................. 1902
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
GE Loan........................18000.....0.........0
Natwest overdraft..............2500......0.........0
Nationwide Overdraft...........1900......0.........0
Quick Quid payday .............200.......0.........0
Provident loan.................500.......0.........0
Wonga pay day loan.............600.......0.........0
Nationwide cc..................550.......0.........0
Capital One CC.................9500......0.........0
Total unsecured debts..........33750.....0.........-
Monthly Budget Summary
Total monthly income.................... 2,049
Expenses (including HP & secured debts). 1,902
Available for debt repayments........... 147
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 147
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -33,750
Net Assets.............................. -33,450
[/tt]
Benefits breakdown:
Child benefit (paid to me) 132
WTC (paid to me) 299
CTC (paid to wife) 382
DLA (paid to wife) 71
Please advise if this looks ok or not and what contributions should be etc... i am an absolute novice.Any benefits in your wifes name you do not put down,her contribution would be £175 in order to balance you income and expendiyure with the changes i have suggested. The CB has to be put down but will not be classed as income when the OR looks for a possible IPA.
My next question is i will have enough money by 5th March to go bankrupt, how do i go about i now, should i book the court already?Free impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D0 -
Looks like too many cooks here! Maybe you should make the changes and pop it back up for a final going over.
:j :j
0 -
Thanks for suggestions...will whack up a new SOA in the morning.
In response, yes i do need internet for work purposes as often work from home.
Childcare - My daughter goes to nursery 2days a week for socialiation purposes and to give my wife a break as she is disabled and we have two children under three. I see this as absolutely essential for her social development. Although i understand the OR may not see things this way.
No - No pets
No, children not yet of school age. Can i still include £5 per week per child?
So i exclude benefits in wife's name and knock off 175 off say the rent to allocate her share?0 -
Have made suggested ammendments.
Thanks for your help.
How does this look?
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1165
Partners monthly income after tax....... 0
Benefits................................ 432
Other income............................ 0
Total monthly income.................... 1597
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 375
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 575
Clothing................................ 150
Petrol/diesel........................... 100
Road tax................................ 17
Car Insurance........................... 42
Car maintenance (including MOT)......... 30
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 1762
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
GE Money.......................18000.....0.........0
Nationwide OD..................1900......0.........0
Nationwide CC..................550.......0.........0
Provident .....................500.......0.........0
Quick Quid.....................200.......0.........0
Wonga .........................600.......0.........0
Capital One....................9500......0.........0
Natwest........................2500......0.........0
Total unsecured debts..........33750.....0.........-
Monthly Budget Summary
Total monthly income.................... 1,597
Expenses (including HP & secured debts). 1,762
Available for debt repayments........... -165
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -165
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -33,750
Net Assets.............................. -33,450
[/tt]0 -
Have made suggested ammendments.
Thanks for your help.
How does this look?
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1165
Partners monthly [strike]income[/strike]contribution after tax....... [strike]0[/strike]£175
Benefits................................ 432
Other income............................ 0
Total monthly income.................... 1597
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 375500 you put the full amount,then you add your wifes contrinbution to balance things out
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 575i personally think this will be cut back to £500
Clothing................................ 150ditto to about £130
Petrol/diesel........................... 100
Road tax................................ 17
Car Insurance........................... 42
Car maintenance (including MOT)......... 30
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 1762
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
GE Money.......................18000.....0.........0
Nationwide OD..................1900......0.........0
Nationwide CC..................550.......0.........0
Provident .....................500.......0.........0
Quick Quid.....................200.......0.........0
Wonga .........................600.......0.........0
Capital One....................9500......0.........0
Natwest........................2500......0.........0
Total unsecured debts..........33750.....0.........-
Monthly Budget Summary
Total monthly income.................... 1,597
Expenses (including HP & secured debts). 1,762
Available for debt repayments........... -165
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -165
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -33,750
Net Assets.............................. -33,450
[/tt]
Have added a couple more comments and i think it looks more realistic fpr you in terms on total income and expenditure if you cut back where i have suggested. At the end of the day we can only go by what we see most OR's allow on here,there will always and exception to the rule though;) .DxFree impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D0 -
Thanks Dalip. I was going on what one poster suggested with groceries and clothing but even with bringing them down i won't have any surplus. Are you sure a partner's contribution of 175 will be ok? Sorry, i just panic about these things. Also my working tax credit will stop from 2nd April but i want to go BR before this, i should still include it though, right? and just tell OR when he speaks to me.
Many Thanks.
Ammended once more....
[tt]Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1165
Partners monthly income after tax....... 175
Benefits................................ 431
Other income............................ 0
Total monthly income.................... 1771
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 500
Clothing................................ 130
Petrol/diesel........................... 100
Road tax................................ 17
Car Insurance........................... 42
Car maintenance (including MOT)......... 30
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 1830
0
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