Help with SOA

Looking at bankruptcy. Does this soa look OK?


Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details

Monthly income after tax................ 1445
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1445


Monthly Expense Details

Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 575
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 46
TV Licence.............................. 24.5
Satellite/Cable TV...................... 0
Internet Services....................... 19
Groceries etc. ......................... 120
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 24.5
Car Insurance........................... 31
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 175
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 13
Entertainment........................... 17
Holiday................................. 10
Emergency fund.......................... 0
Total monthly expenses.................. 1436



Assets

Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ 200


No Secured nor Hire Purchase Debts


Unsecured Debts
Description....................Debt......Monthly...APR
Lowell ........................16000.....0.........0
Halifax .......................3252......0.........0
Robinson way ..................2536......0.........0
Barclaycard ...................8178......0.........0
Total unsecured debts..........29966.....0.........-



Monthly Budget Summary

Total monthly income.................... 1,445
Expenses (including HP & secured debts). 1,436
Available for debt repayments........... 9
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 9


Personal Balance Sheet Summary
Total assets (things you own)........... 200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -29,966
Net Assets.............................. -29,766[/b

Comments

  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Is your road tax really £24.50 per month? I guess it is quite an old car?

    The rest of it looks ok but ideally you would have something in emergency fund although it does not look as if there is any leeway for that. Are you claiming single person discount for council tax and paying over 12 instead of 10 months? If the mobile phone is not in contract you could get that a lot cheaper than £46.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • The car is a 51 plate so that's why the car tax is cheap.

    I sometimes get a bonus from my work every year (6% of salary).

    Do I need to put this in my soa when going bankrupt?
  • debt_doctor
    debt_doctor Posts: 4,595 Forumite
    First Post First Anniversary Combo Breaker
    Hi you need to average out any bonus that you actually get.


    I think your expenses are fine - in-fact, another £15 pm on clothing is sensible and your groceries are very low - another £150 pm to add in my opinion. Bankruptcy is not meant to starve you !
    DD
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
  • Ryan1878
    Ryan1878 Posts: 10 Forumite
    Even tho the OP doesnt get a bonus until March, they still need to include it in the Income and Expenditure?

    What if the OP has spent the money already and would the OR not see that £250 was coming out of their account for groceries?
  • Ryan1878
    Ryan1878 Posts: 10 Forumite
    wasn't coming out of their account?
  • ess0two
    ess0two Posts: 3,606 Forumite
    Name Dropper First Post First Anniversary
    Scal1878 wrote: »
    The car is a 51 plate so that's why the car tax is cheap.

    I sometimes get a bonus from my work every year (6% of salary).

    Do I need to put this in my soa when going bankrupt?



    Cheap £24.50 pm, rather expensive.
    Official MR B fan club,dont go............................
  • Sounds about right. I have a 2 litre 51 plate Focus (Petrol). My next years road tax is due to be £305.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards