SOA Advice needed please

laney79

I am new to this forum and BR, I posted all of the details of my problem yesterday and I have already receieved a few really helpful responses. Please see the following link for the details of my post under the living with bankruptcy section.

http://forums.moneysavingexpert.com/showthread.html?t=1046363

One of the responses to my post suggested I should complete the SOA using the calculator which I have now done as below. I have been advised to write to CC companies in an attempt to freeze the accounts and make token payments. Please note my buy to let property is not included in the SOA. It has a £136.5k mortgage outstanding and a value of £135k. If anyone can offer me any advice on whether BR is the best course of action for me and any of the questions on my original post i would be very grateful!

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)Total monthly income2,514Monthly expenses (incl. secured loans)2,444Available for debt repayments70UNsecured debt repayments655Surplus-585Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)195,000Total Secured Debt-192,500Total Unsecured Debt-23,250Net Assets-20,750Comments on the results
You do not have enough monthly income to meet your expenses and your minimum monthly debt repayments. Seek ways to increase your income and/or reduce your expenditure by £585. Whatever your results show, it always pays to seek advice or comments from others. Why not post your SOA details on our Debt Management discussion board or on your preferred discussion forum elsewhere. Thankyou for using the SOA Calculator at www.makesenseofcards.com. Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax2214Partners monthly income300Benefits0Other income0Total monthly income2514ExpensesAmount(£)Mortgage968Secured loan payments0Rent0Management charge (leasehold property)0Council tax181Electricity45Gas45Oil0Water Rates75Telephone (land line)25Mobile phone45TV Licence11Satellite/Cable TV70Internet services5Groceries etc.300Clothing20Petrol/diesel300Road tax0Car Insurance25Car maintenenance (including MOT)40Car Parking0Other travel100Childcare/nursery0Other child related expenses0Medical (prescriptions, dentists, opticians etc.)20Pet Insurance/Vet bills25Buildings Insurance22Contents Insurance22Life Assurance0Other Insurance0Presents (birthday, christmas etc.)20Haircuts10Entertainment20Holiday30Emergency Fund20Total monthly expenses2444Secured Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage192500 (968) 5.4Secured Debt totals192500 - - Asset DescriptionValue (£)Cash0House Value (Gross)195000Shares and bonds0Car(s)0Other assets (e.g. endowments, jewellery etc) 0Total Assets195000

december

OK I'm finding this hard to read so am going to try and separate it.

ETA - sorry Laney have just re-read your post. If you are going to try and come to a token payment arrangement to stave off bankruptcy, you should post this SOA on the Deft Free Wanabee board as they will be able to offer advice as there is a difference between a bankruptcy SOA and a Debt free wanabee one.


IncomeAmount(£)
Monthly income after tax 2214
Partners monthly income 300
Total monthly income2514

ExpensesAmount(£)
Mortgage968
Secured loan payments0
Management charge (leasehold property)0
Council tax 181
Electricity 45
Gas 45
Water Rates 75
Telephone (land line)25
Mobile phone 45
TV Licence 11
Satellite/Cable TV70
Internet services 5
Groceries 300
Clothing20
Petrol/diesel300
Road tax0
Car Insurance 25
Car maintenenance (including MOT)40
Car Parking 0
Other travel 100
Childcare/nursery0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.)20
Pet Insurance/Vet bills 25
Buildings Insurance 22
Contents Insurance 22
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc 20
Haircuts 10
Entertainment 20
Holiday30
Emergency Fund 20
Total monthly expenses 2444

Secured Debt DescriptionDebt(£)Monthly(£)APR(%)
Mortgage192500 (968)
5.4Secured Debt totals 192500 -

Unsecured Debt Description Debt(£)Monthly(£)APR(%)

Barclaycard
Mint
MBNA
21.25
Halifax
Smile
Capital One

Unsecured Debt totals 23250655 - Asset DescriptionValue (£)

Cash0
House Value (Gross)195000
Shares and bonds 0
Car(s)0
Other assets (e.g. endowments, jewellery etc) 0Total Assets195000

Clariman

Hi Laney

Did you save your data in the SOA Calculator? If you did, could you reload it and then click on the format for "MSE" button. This creates a version that you can copy and paste into here. You have used the format for "Print" instead. "MSE" is what you need for it to lay out neatly.

Clariman

oneandonlyboy

Hi,

Just having a quick look, your council tax and water rates seem pretty high, the OR might cut those back.
You wont be able to keep sky/cable tv, if you have a surplus it will have to come out of that and not on your SOA
You might have issues with your petrol and other travel i cant see you having both.
You won't be allow to have Emergency Funds or Entertainment,
Pet insurance is a funny one some OR allow it some dont.
Your Mobile bill is also high might be best to change to PAYG

december

Having re-read your post again Laney, your first port of call should be to get some advice from the CCCS, the CAB or national debtline. None of us can really advise you whether or not you should go bankrupt as it is a personal decision, however once you have made the decision either way people on the debt free wanabee board if you decide against bankruptcy and also those on here will support and help you whenever possible.

ETA - one and only boy as long as the OP can provide evidence if necessary to support the water rates and council tax bills then the OR should accept that ORs seem to be a funny bunch though what is allowed for some is not allowed for others so emergency funds might be allowed, they might not

Take care
December