my soa...please have a look

storey2008

This is for 2 adults, a 3yr, a 5mth and an 8yr we have stay over every other weekend. My husband is currently un-employed, just been laid off from his contractors, was self-employed through them.
Any input would be great....looking into bankruptcy at the mo.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 450
Partners monthly income after tax....... 0
Benefits................................ 125
Other income............................ 0
Total monthly income.................... 575

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 595
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 28
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 28
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 15
Car Insurance........................... 20
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 80
Other child related expenses............ 152
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 7
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 30
LOAN TO PARENTS......................... 130
HUGHES RENTAL........................... 36
Total monthly expenses.................. 1745

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
american express...............819.......22........0
sky card.......................880.......25........0
littlewoods....................170.......27........0
beneficial loan................7379......307.......0
barclays loan..................2593......55........0
Total unsecured debts..........11841.....436.......-

Monthly Budget Summary
Total monthly income.................... 575
Expenses (including secured debts)....... 1,745
Available for debt repayments........... -1,170
Monthly UNsecured debt repayments....... 436
Surplus(deficit if negative)............ -1,606

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total Secured debt...................... -0
Total Unsecured debt.................... -11,841
Net Assets.............................. -10,341

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.

wheretheresawill

Will you not be entitled to housing benefit and council tax benefit; why nursery charges if you or husband unemployed. You could cut down on your phone/internet/mobile. Things like haircuts, presents entertainment are a no no if you are living on such limited income. Same for emergency fund. Can you postpone paying back your parents for now. Just some ideas anyway

Dez-Titute

I take it from benefits you mean child benefit.

Have you applied for working Families Tax Credit,
Housing Benefit,Council Tax Benefit etcalthough yor income may still exceed your out goings you should be applying for all the benefits you are entitled to

deedee_3

storey2008 wrote: »

This is for 2 adults, a 3yr, a 5mth and an 8yr we have stay over every other weekend. My husband is currently un-employed, just been laid off from his contractors, was self-employed through them.
Any input would be great....looking into bankruptcy at the mo.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 450
Partners monthly income after tax....... 0
Benefits................................ 125
Other income............................ 0
Total monthly income.................... 575

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 595
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 28
Mobile phone............................ 45 Is this 1 or 2 mobiles?
TV Licence.............................. 12
Satellite/Cable TV...................... 28 This won't be allowed on your SOA, it has to come out of surplus.
Internet Services....................... 0
Groceries etc. ......................... 200 Wow! you've kept this low. You could up this a bit.
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 15
Car Insurance........................... 20
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 80
Other child related expenses............ 152 What is this?
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 7 what is this?
Presents (birthday, christmas etc)...... 20 Some OR's allow, some don't, so leave and see.
Haircuts................................ 10 £10 per adult, £5 per child.
Entertainment........................... 30 This won't be allowed.
Holiday................................. 0 £50
Emergency fund.......................... 30 Some allow, some don't. Leave and see
LOAN TO PARENTS......................... 130 This is tricky as officially you are not allowed to favour a creditor. If I were you I would not mention to the OR and find the money out of surplus when you can to repay them.
HUGHES RENTAL........................... 36 what is this?
Total monthly expenses.................. 1745

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
american express...............819.......22........0
sky card.......................880.......25........0
littlewoods....................170.......27........0
beneficial loan................7379......307.......0
barclays loan..................2593......55........0
Total unsecured debts..........11841.....436.......-

Monthly Budget Summary
Total monthly income.................... 575
Expenses (including secured debts)....... 1,745
Available for debt repayments........... -1,170
Monthly UNsecured debt repayments....... 436
Surplus(deficit if negative)............ -1,606

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total Secured debt...................... -0
Total Unsecured debt.................... -11,841
Net Assets.............................. -10,341

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.

Make sure you check out https://www.entitledto.com and make sure you are getting the right benefits.

Also sign up for Freecycle. Like Ebay but everything is free. People put items up and you email your interest and if you are chosen then you pick it up free.

https://www.freecycle.orq click on browse groups and find all in your area.

fiveyearplan

If you are thinking of bankruptcy have you taken any advice from CCCS, National Debtline or CAB? You should give any or all of them a ring. They will let you know what your options are and I'm sure you will feel better just speaking to them.

If you do decide bankruptcy is your best option we can help you get through it.

BTW Wheretheresawill - on the bankruptcy forum we are looking at different things than cutting back with regard to the SOA, we are looking to see that they have put everything down they spend and making sure they are claiming everything instead of trying to save. Once bankrupt there is no credit to fall back on.

deedee_3

wheretheresawill wrote: »

Will you not be entitled to housing benefit and council tax benefit; why nursery charges if you or husband unemployed. You could cut down on your phone/internet/mobile. Things like haircuts, presents entertainment are a no no if you are living on such limited income. Same for emergency fund. Can you postpone paying back your parents for now. Just some ideas anyway

wheretheresawill this is not a SOA for DFW, this is a SOA being prepared for bankruptcy and the two are very different.

dalip

Its getting late for me now ut will check it first thing in the morn and see if we can improve anything. Just one question. Do all three children come to stay every other wkend or just the 8ys old??. Neet to know so we can get your budget right.D

fiveyearplan

Do any of the children live with you. To make it easier to read can you make the adjustments advised above and delete the things that are 0? Only leave in Income and Expenses and delete assets/debts etc.
Are you sure thats all you pay for gas and electricity? It seems very low.
Under birthday - change it to Christmas (that seems to be allowed by some ORs but birthday isn't.

dalip

Just went to look at your SOA and noticed your total income is £575 per month and your rent £595 per month . Until that gets explained it would be pointless doig any adjusments to anything else:D .


My "brain" works better in the morning, my " mouth" at night:rotfl:so could do with knowing about the above and how children actually live with you full time before 4pm:o D

deedee_3

There is another thread Dalip, will just find it.

Here we go
http://forums.moneysavingexpert.com/showthread.html?t=1109405\aq

dalip

Cheers dee. I had seen that. Perhaps my "brain" does not work so good in the morning as i thought:rotfl:

Another cuppa and smoke and i should be firing on all cylinders!