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  • FIRST POST
    • GrandadDuck
    • By GrandadDuck 7th Jan 18, 8:30 AM
    • 6Posts
    • 2Thanks
    GrandadDuck
    SOA question... (Updated - Now with SOA)
    • #1
    • 7th Jan 18, 8:30 AM
    SOA question... (Updated - Now with SOA) 7th Jan 18 at 8:30 AM
    Hello all, Iím new here!

    I have searched but canít find the answer to this...

    I have just been made bankrupt and I know (when I hear something) that I will need to complete a SOA and that I can ask the kind folks here to advise if it looks ok.

    My question is..... where do I post it, is there a specific area or just in a thread like this?

    Thanks

    GD
    Last edited by GrandadDuck; 13-01-2018 at 5:33 PM. Reason: Typo
Page 1
    • keirshunt
    • By keirshunt 7th Jan 18, 8:33 AM
    • 17 Posts
    • 4 Thanks
    keirshunt
    • #2
    • 7th Jan 18, 8:33 AM
    • #2
    • 7th Jan 18, 8:33 AM
    Hiya GD

    I posted mine on here last week and people were really helpful/kind so yeah, I would post it on your thread here and someone can help check the figures
    • philnicandevan
    • By philnicandevan 7th Jan 18, 9:13 AM
    • 524 Posts
    • 501 Thanks
    philnicandevan
    • #3
    • 7th Jan 18, 9:13 AM
    • #3
    • 7th Jan 18, 9:13 AM
    Have a look here.....once done select "format for forum/MSE" then basically copy/paste here for someone to advice

    http://www.stoozing.com/calculator/soa.php
    Not quite a newbie as you think (the member formally known as philnicandamy!)

    FINALLY a qualified CAB debt caseworker 2015..
    BSC 58
    • GrandadDuck
    • By GrandadDuck 13th Jan 18, 5:35 PM
    • 6 Posts
    • 2 Thanks
    GrandadDuck
    • #4
    • 13th Jan 18, 5:35 PM
    • #4
    • 13th Jan 18, 5:35 PM
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 0
    Number of cars owned.................... 0

    Monthly Income Details

    Monthly income after tax................ 1854
    Partners monthly income after tax....... 729
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2583


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 1125
    Management charge (leasehold property).. 0
    Council tax............................. 219
    Electricity............................. 85.5
    Gas..................................... 0
    Oil..................................... 94
    Water rates............................. 55.95
    Telephone (land line)................... 20
    Mobile phone............................ 24.16
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 320
    Clothing................................ 40
    Petrol/diesel........................... 150
    Road tax................................ 0
    Car Insurance........................... 85.61
    Car maintenance (including MOT)......... 15
    Car parking............................. 20
    Other travel............................ 195
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 50.4
    Pet insurance/vet bills................. 65
    Buildings insurance..................... 0
    Contents insurance...................... 37.55
    Life assurance ......................... 188.12
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 40
    Entertainment........................... 10
    Holiday................................. 10
    Emergency fund.......................... 15
    Total monthly expenses.................. 2887.66



    Assets

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


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Catalogues.....................1156.14...0........ .0
    Credit Cards...................26478.7...0.........0
    Loan...........................1821.33...0........ .0
    HMRC...........................219000....0........ .0
    Car Lease......................3390.94...0.........0
    Total unsecured debts..........251847.11.0.........-



    Monthly Budget Summary

    Total monthly income.................... 2,583
    Expenses (including HP & secured debts). 2,887.66
    Available for debt repayments........... -304.66
    Monthly UNsecured debt repayments....... 0
    Amount short for making debt repayments. -304.66


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -251,847.11
    Net Assets.............................. -251,847.11


    Created using the SOA calculator at StoozingDOTcom.
    Reproduced on Moneysavingexpert with permission, using other browser.
    • KeepOnKnitting
    • By KeepOnKnitting 14th Jan 18, 8:34 AM
    • 145 Posts
    • 178 Thanks
    KeepOnKnitting
    • #5
    • 14th Jan 18, 8:34 AM
    • #5
    • 14th Jan 18, 8:34 AM
    Hi Grandad, and welcome.
    What is the story with your leased car? Are you hoping to cancel the lease, as you have not mentioned the payments? Will you then not need all the other car costs?
    I am no expert on reasonable costs, but I will ask you how you will deal with your £300 overspend each month now you are bankrupt. Where are you going to trim, as you won't be able to borrow?
    Save £12k in 2018 #62
    • TheGardener
    • By TheGardener 14th Jan 18, 9:04 AM
    • 2,177 Posts
    • 2,076 Thanks
    TheGardener
    • #6
    • 14th Jan 18, 9:04 AM
    • #6
    • 14th Jan 18, 9:04 AM
    Hi and welcome.
    I'm assuming the expenditure figures you have posted are joint ones? If its just you who are going BR then the OR will apportion a percentage of household costs to you. Your partner earns approx. 40% of what you earn so will be apportioned approx.40% of the household expenditure. Remember your partner will become liable for the full Council Tax bill.
    Your must try and balance your budget - there is no point going BR if you are then going to be overspending afterwards - you will make no progress. BR is the point where you make sure you have a budget that it sustainable into the future.
    The life assurance may have to go - is it a joint policy?
    Who does the car belong to? If its a lease deal in your name the company will probably have to cancel the arrangement unless you can negotiate it into your partners name. If it is owned by you and worth more than £1000 you may have to sell and buy a cheap replacement (<£1000)
    You do need to look to finding savings - for example, your contents insurance is very high (I pay that per year!) You need to aim to have an SOA that balances your income with your expenditure.
    Last edited by TheGardener; 14-01-2018 at 9:07 AM.
    • GrandadDuck
    • By GrandadDuck 14th Jan 18, 9:04 AM
    • 6 Posts
    • 2 Thanks
    GrandadDuck
    • #7
    • 14th Jan 18, 9:04 AM
    • #7
    • 14th Jan 18, 9:04 AM
    Thanks for the reply.

    I have cancelled the lease, that amount is the penalty for late settlement. The other car costs are my share of being able to use my wife’s car.

    My wife’s mother and my father are currently helping out financially. I have had to cut down the number of days I work to care for my father as, since my mother died last March, his dementia has worsened.
    • GrandadDuck
    • By GrandadDuck 14th Jan 18, 9:09 AM
    • 6 Posts
    • 2 Thanks
    GrandadDuck
    • #8
    • 14th Jan 18, 9:09 AM
    • #8
    • 14th Jan 18, 9:09 AM
    Sorry, replies crossed!

    The life insurance is a combined figure, some joint and some just me.

    So, for the next year I don’t make any contribution to the council tax? That seems a bit unfair on my wife?
    • TheGardener
    • By TheGardener 14th Jan 18, 9:38 AM
    • 2,177 Posts
    • 2,076 Thanks
    TheGardener
    • #9
    • 14th Jan 18, 9:38 AM
    • #9
    • 14th Jan 18, 9:38 AM
    Your SOA must not take account of any family assistance - or it could be classed as income.
    Yes, your wife will become liable for the full CT - how you manage your budget once your SOA is set by the OR is up to you. However, given its nearly the end of the financial year anyway - I doubt it will make much difference. You will (I believe) be liable for CT from 1st April though - your reduced liability is only in the year you become BR.
    The car lease penalty will fall into your BR as an unsecured debt.
    Be prepared for the OR to challenge the Life Insurance costs and potentially to seek a stake in it.

    I can't stress enough how much you need to start working on a budget that you can sustain regardless of any family assistance. BR is life changing and you should make sure that most of those changes are as positive as possible.
    • GrandadDuck
    • By GrandadDuck 14th Jan 18, 5:49 PM
    • 6 Posts
    • 2 Thanks
    GrandadDuck
    Ah, thank you, that's clearer.

    Working through the budget with my wife at the moment, the Life Insurance may have to be scaled back!
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