My first SOA - Appreciate advice :)

JimmyBlack

Hi, I will be contacting one of the debt charities shortly to discuss my situation and whether bankruptcy is the best option for me. in preparation i have had a go at completing a SOA. something i have never done before - probably a reason why i'm in such a mess! i've cut and paste it here (hope it comes out ok?)

i'd appreciate any thoughts and advice on this. is it unreasonable - have i left anything out? i live with 3 other people and we share some of the bills.

ps. i haven't included any debt repayments because i haven't been repaying them and think it gone past that stage.

Thanks Jimmy













Amount (£) Monthly Income (after tax) Partner's Monthly Income Benefits Other Income (e.g. maintenance payments)
Enter your monthly expenditureAmount (£) Mortgage Repayment Secured Loan Repayments Rent Management Charge (e.g. on leasehold property) Council Tax Electricity Gas Oil Water Rates Telephone (land line) Mobile Phone TV Licence Satellite/Cable TV Internet Services Groceries etc. Clothing Petrol/Diesel Road Tax (car) Car Insurance (including breakdown cover) Car Maintenance (including MOT) Car Parking Other Travel Childcare/Nursery Other child related expenses Medical (prescriptions, dentists, opticians etc.) Pet Insurance/Vet bills Building Insurance Contents Insurance Life Assurance Other Insurance Presents (birthday, christmas etc.) Haircuts Entertainment Holiday Household Emergency Fund (e.g. for repairs)
Enter Debts that are SECURED on your homeEnter the amount borrowed here, but the monthly payments in the Expenses table above.
Debt description </SPAN>Debt (£) </SPAN>Monthly payment (£) </SPAN>Annual Rate (%) </SPAN>Mortgage: enter loan amount ==> Secured debt: enter total loan ==>
Enter your UNsecured Debts e.g. credit cardsDebt description </SPAN>Debt (£) </SPAN>Min Pay (£) </SPAN>Annual Rate (%) </SPAN>

Enter the value of your assetsAsset Value (£) Cash House value (gross) Shares & bonds Car(s) Other assets (e.g. endowments, jewellery)
Main functions...

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* You have not entered any UNsecured debts. Is this correct?
* You have not entered any assets. Is this correct?

Summary of Monthly Income, expense and surplus
Total monthly income: £
Expenses (incl. secured debts): £
Available for debt repayments: £
Unsecured debt repayments: £ Surplus £

Personal Balance Sheet Summary
Assets: £
Secured Debt £
Unsecured Debt £ Net Assets £

JimmyBlack

balls - well that didn't work!

tigerfeet2006

Jimmy if you are using the make dense of cards SOA click the MSE button when you get to the format point.

fermi

tigerfeet2006 wrote: »

Jimmy if you are using the make dense of cards SOA click the MSE button when you get to the format point.

Yep. Here:

JimmyBlack

most helpful people in the world on this site

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1126.67
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1126.67

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 286
Management charge (leasehold property).. 0
Council tax............................. 32
Electricity............................. 15
Gas..................................... 15
Oil..................................... 0
Water rates............................. 7
Telephone (land line)................... 3.83
Mobile phone............................ 30
TV Licence.............................. 2.9
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 151.67
Clothing................................ 43.33
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 112.66
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 19
Entertainment........................... 100
Holiday................................. 40
Emergency fund.......................... 10
Total monthly expenses.................. 888.39

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB CC..................5500......0.........0
Lloyds TSB OD..................7700......0.........0
BarclayCard....................600.......0.........0
Citi-Financial.................4400......0.........0
Orange.........................300.......0.........0
Total unsecured debts..........18500.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,126.67
Expenses (including secured debts)....... 888.39
Available for debt repayments........... 238.28
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 238.28

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -18,500
Net Assets.............................. -18,500

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

dalip

JimmyBlack wrote: »

most helpful people in the world on this site

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1126.67
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1126.67

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 286£290
Management charge (leasehold property).. 0
Council tax............................. 32
Electricity............................. 15£20
Gas..................................... 15£20
Oil..................................... 0
Water rates............................. 7£10
Telephone (land line)................... 3.83£5
Mobile phone............................ 30
TV Licence.............................. 2.9£3
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 151.67£170
Clothing................................ 43.33£50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 112.66£120
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10£30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 19£10
Entertainment........................... 100£0
Holiday................................. 40
Emergency fund.......................... 10
Total monthly expenses.................. 888.39

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB CC..................5500......0.........0
Lloyds TSB OD..................7700......0.........0
BarclayCard....................600.......0.........0
Citi-Financial.................4400......0.........0
Orange.........................300.......0.........0
Total unsecured debts..........18500.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,126.67
Expenses (including secured debts)....... 888.39
Available for debt repayments........... 238.28
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 238.28

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -18,500
Net Assets.............................. -18,500

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

Unless anybody else can come up with more you will be looking at an IPA of about £150 a mth.

Horace

Hi Jimmy and welcome

I was wondering is the grocery bill just your stuff or shared with the other three? If its just yours then I suggest you go over to Moneysaving Oldstyle board to look at meal planning etc. As a single person you should be able to get that grocery bill down. Try shopping in places like Lidl which sells good quality food cheaper than Tesco or any of the other big supermarkets.

Keep a spending diary so that you know what you are frittering your money away on.

Ditch the £100 entertainment budget too - look on the freebies board for free cinema vouchers.

I am also a tad confused about your credit cards because you don't appear to be making any monthly payments towards them. Stop spending on them.

Up your income by taking a second job, sell stuff you don't use on ebay or at carboot sales.