Seriously considering going bankrupt ! Help!

Jayen4

O.K. Here goes...see if this works..
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400

Monthly Expense Details
Mortgage................................ 478.74
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 66.1
Electricity............................. 62
Gas..................................... 52
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12
Mobile phone............................ 19.35
TV Licence.............................. 11.29
Satellite/Cable TV...................... 0
Internet Services....................... 21.26
Groceries etc. ......................... 45
Clothing................................ 50
Petrol/diesel........................... 35
Road tax................................ 17
Car Insurance........................... 9.88
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 11.45
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 54.28
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1050.35

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 90500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 86600....(478.74)...0
Total secured debts........... 86600.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan..................12000.....353.9.....0
Credit Card (Visa).............8600......255.......0
Total unsecured debts..........20600.....608.9.....-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including secured debts)....... 1,050.35
Available for debt repayments........... 349.65
Monthly UNsecured debt repayments....... 608.9
Surplus(deficit if negative)............ -259.25

Personal Balance Sheet Summary
Total assets (things you own)........... 90,500
Total Secured debt...................... -86,600
Total Unsecured debt.................... -20,600
Net Assets.............................. -16,700

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.


Whoo Hoo !! I did it !! :j Right...what do you think ?? Anything missing etc ??

Jayen4

By the way...that £1400 for income is a 'best case average'.... I work for an agency and the days worked can vary from week to week. Last week and this week for instance,I only have 2 days each week. Next week is on for 4 days already,so a bit better.
Assuming I do go BR,what would they say about variable worked days ?? Would it affect anything ??

deedee_3

Jayen4 wrote: »

O.K. Here goes...see if this works..
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Round the pennies up or down to the nearst pound.
Monthly Expense Details
Mortgage................................ 478.74
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 66.1
Electricity............................. 62
Gas..................................... 52
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12
Mobile phone............................ 19.35
TV Licence.............................. 11.29
Satellite/Cable TV...................... 0
Internet Services....................... 21.26 You won't be allowed this on your SOA, it will have to come out of your surplus.
Groceries etc. ......................... 45 Is this per month? As it is very low. £180
Clothing................................ 50
Petrol/diesel........................... 35 Is this really this low? Maybe up a bit.
Road tax................................ 17
Car Insurance........................... 9.88
Car maintenance (including MOT)......... 50 This is very high compared to the usage the car gets.
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 11.45
Contents insurance...................... 0 You need to get yourself insured
Life assurance ......................... 0
Other insurance......................... 54.28 What are these?
Presents (birthday, christmas etc)...... 15 The OR may disallow this. If I were you I would put it on your food bill.
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0£20 Some allow, some don't
Emergency fund.......................... 0
Total monthly expenses.................. 1050.35

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 90500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 86600....(478.74)...0
Total secured debts........... 86600.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan..................12000.....353.9.....0
Credit Card (Visa).............8600......255.......0
Total unsecured debts..........20600.....608.9.....-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including secured debts)....... 1,050.35
Available for debt repayments........... 349.65
Monthly UNsecured debt repayments....... 608.9
Surplus(deficit if negative)............ -259.25

Personal Balance Sheet Summary
Total assets (things you own)........... 90,500
Total Secured debt...................... -86,600
Total Unsecured debt.................... -20,600
Net Assets.............................. -16,700

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.


Whoo Hoo !! I did it !! :j Right...what do you think ?? Anything missing etc ??

I can't see anything missing but I am not an expert at these. Hopefully Skylight or Dalip may catch it in the morning.

deedee_3

Jayen4 wrote: »

By the way...that £1400 for income is a 'best case average'.... I work for an agency and the days worked can vary from week to week. Last week and this week for instance,I only have 2 days each week. Next week is on for 4 days already,so a bit better.
Assuming I do go BR,what would they say about variable worked days ?? Would it affect anything ??

The OR will probably ask to see some months payslips and work out your average from that. If you are issued with an IPA and find that you have a few very lean months then let the OR know and they will alter the IPA payment.

Jayen4

deedee wrote: »

I can't see anything missing but I am not an expert at these. Hopefully Skylight or Dalip may catch it in the morning.

O.K. DeeDee,thanks for your help so far.

The food bill should have been £45 per week (£180 p.m. as you suspected). The other insurance is for my motor traders insurance....for my car and an old van that I have (not M.o.T'ed or taxed).... That reminds me...I didn't add the trade plade costs....£96.25 per 6 months.

Should I do another SOA ??

Oh and what's an IPA,please ??

deedee_3

IPA= Income Payments Agreement

If you have over £99 in surplus income then the OR will ask you to pay a % to him, from 50% up to 70%

Here is a little light reading from Fermi's Useful Topics sticky


Income Payment Agreements/Orders.

IPO / IPA (Income Payment Orders and Income Payment Agreements) (IS)

FAQ - Income Payment Orders / Agreements ( IPO / IPA ) (IS)

OR's Case Help Manual - Income Payments Agreements (IS)

OR's Case Help Manual - Income Payments Orders (IS)

OR's Technical Manual - IPAs Assessment of real disposable income (IS)

Nil tax (NT) coding/IPAs (MSE)

Income Payments Calculator (Excel spreadsheet) (IS)

You need to add those extra costs in if you pay them. Are they essential to the work you are doing?

Jayen4

O.K. Revised SOA.

Statement of Affairs and Personal Balance Sheet[/b]

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400

Monthly Expense Details
Mortgage................................ 478.74
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 66.1
Electricity............................. 62
Gas..................................... 52
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12
Mobile phone............................ 19.35
TV Licence.............................. 11.29
Satellite/Cable TV...................... 0
Internet Services....................... 21.26
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 140
Road tax................................ 17
Car Insurance........................... 54.28
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 11.45
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 9.88
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 1320.35

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 90500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 86600....(478.74)...0
Total secured debts........... 86600.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan..................12000.....353.9.....0
Credit Card (Visa).............8600......255.......0
Total unsecured debts..........20600.....608.9.....-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including secured debts)....... 1,320.35
Available for debt repayments........... 79.65
Monthly UNsecured debt repayments....... 608.9
Surplus(deficit if negative)............ -529.25

Personal Balance Sheet Summary
Total assets (things you own)........... 90,500
Total Secured debt...................... -86,600
Total Unsecured debt.................... -20,600
Net Assets.............................. -16,700

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

======== 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


How does that look ??

The £9.88 for other insurance is for my breakdown cover on the car.


I suppose the big question now is: Based on the above,do you think that I should go for bankruptcy ,or not??

Actually,it's quite shocking to see ones life set out in that way.... (Is a big strong guy allowed to cry ??)

deedee_3

Unless you need the internet for work or study you need to take it off your SOA. It will have to come out of your surplus.

You need to get some contents insurance. This is important as you will have no credit to fall back on if something goes wrong. Make sure it has accidental damage. Maybe allow around £20 for now

Pleas round all the pennies up or down to the neares pound.

Do you have breakdown cover? Is your Car insurance fully comp?

Jayen4

deedee wrote: »

Unless you need the internet for work or study you need to take it off your SOA. It will have to come out of your surplus.

You need to get some contents insurance. This is important as you will have no credit to fall back on if something goes wrong. Make sure it has accidental damage. Maybe allow around £20 for now

Pleas round all the pennies up or down to the neares pound.

Do you have breakdown cover? Is your Car insurance fully comp?

I will try to get some contents insurance sorted out.... I accidently stopped the dd on it because I didn't know what it was, Then I thought,why not just save the money...
Why do you want the amounts 'rounded' ??
Yes,I have RAC breakdown cover...that's the £9.88.
My car insurance is a 'motor trade' policy...fully comp. It works out cheaper than insuring the car and van seperately. (There is no M.o.T or tax on the van anyway,but I can still use it under my trade plates.).

Jayen4

Bump !!

Any further observations anyone ??