SOA at last I've done it -I think

worriedwoman_2

Hi
well I've been trying to do this soa and think I've done it ok but not quite sure if I have put down anything that I can't have or missed out anything that I can have! Also not too sure if I can put more for some things, but don't think I have put too much for anthing although not sure what the law is about mobile phones. Please have a look at what I've done, I'll welcome all your views and advice!

We are renting a property. There is my OH, me, and three children aged 21, 20 & 14 and a dog. The 20 year old is at uni so we are supporting her. The 21 year old has just graduated and is job hunting. So we are supporting her too!

I work part time and my OH is self employed taxi driver
Per Month..

Net Income: me - £780
OH - £2080
Child benefit -£72
Tax credit - £40

Total - £2972

Expenses

Rent - £1500
Food/groceries - £600
gas & electricity - £100
Water - £30
Telephone - £40
Mobile - £60 (£20 for each x 3)
Clothing - £25
council tax - £136
Life assurance - £45
house insurance - £12
pet insurance - £11
car tax - £8
car insurance - £45
TV license - £12
petrol - £80
haircuts - £20
car mot/servicing - £10

Total - £2734

There are other things which i haven't added, eg sky and internet, as well as presents (can I add this?) and leisure (OH plays golf)
If i had added everthing we have nothing left over.

I have not put down my creditors, as i have not paid any of these for quite some time. My loans and c/cs total £45k, and my OH total £73k!
Over the years this was all spent on holidays, uni, house improvements, gambling and basically having a good time - now we have to pay for it tho

I will await your comments...

skylight

At a very quick glance, you have not made any allowances for tax or national insurance contributions for your OH. (although tax will go to the OR and not the taxman until Apr09 if you are issued a NT tax code)

Your mobile is far to high and your clothing too low. Is that car insurance correct?? It is just really low for a taxi driver (IMO), as is MOT and servicing - this is low as the vehicle is paramount to your OH having a wage and the car therefore needs to be in pristine condition. As a taxi driver, there is no way the petrol costs are that small.

You cannot add sky/internet - they are luxuries so not permitted (but you can pay for whatever you like out of your surplus). You are allowed a holiday fund so add about £50 for that.

worriedwoman_2

All of my OH taxi expenses have been taken from his gross income, so I have put down his net income after he has paid for insurance, diesel, tax, maintenance, meter, and also after he has paid his tax bill. His books say that his gross income is £42k, less expenses which add up to £9k, less £8k for Inland Rev.
Isn't that ok?
Holiday fund? That's a joke, can't remember the last time we could afford one of those! What should i do about the mobile as that is for three of us? And what for clothing?

skylight

Of course! (there isn't a slaphead icon, but you know what I mean!)
The OR will probably want to see your accounts in which case so he can work an income for himself.

Personally, I would knock the mobile to £40 and up the clothing to £90, it has a lot of people to cover for. And haircuts - I think you can have £10ish an adult.

worriedwoman_2

Shall I add a holiday fund even tho we don't have one?
I know that I'm not adding sky or internet, but can we get into trouble for not adding these and they find out about them?

chelseadagger_3

Definately add a holiday fund
If you have children at uni do they not need the internet, if it can be proved that they need it for study you can add this as well!
You can have sky but this will be expected to come out of your surplus - you will not get in trouble for having sky its just not classed as an essential!

worriedwoman_2

Yes they do. My 14 year old also needs it for his school homework. Would it be ok to add it?

worriedwoman_2

There's something else that's bothering me - nothing to do with my soa!
What happens in between getting made bankrupt and seeing the or? It seems that some people wait up to a month after bankruptcy to see the or. Can you use your bank account during this time? Does the OR sort out closing the bank account? It seems a bit confusing to me!

skylight

worriedwoman wrote: »

Yes they do. My 14 year old also needs it for his school homework. Would it be ok to add it?

Probably not. There is nothing that a 14yo starting GCSEs cannot get from the library. Its a bit different if you need it for work or some uni courses which are online based.

However. Add it anyway. The worst the OR can say is no, if its not there then there isn't even that opportunity to say no!

skylight

worriedwoman wrote: »

There's something else that's bothering me - nothing to do with my soa!
What happens in between getting made bankrupt and seeing the or? It seems that some people wait up to a month after bankruptcy to see the or. Can you use your bank account during this time? Does the OR sort out closing the bank account? It seems a bit confusing to me!

You should have a quick chat with the OR on the phone at court (not all courts do though!). As long as its a basic bank account there should not be a problem in keeping it. If you want to, and do not manage to speak to an OR/assistant in court, then phone them yourself and ask afterwards. I spoke to mine in court after the judge and they told me as it was basic they would have no interest in it and would not be looking to freeze it. Its, fortunately, what most of us experience.

blind-as-a-bat_2

skylight wrote: »

Probably not. There is nothing that a 14yo starting GCSEs cannot get from the library. Its a bit different if you need it for work or some uni courses which are online based.

However. Add it anyway. The worst the OR can say is no, if its not there then there isn't even that opportunity to say no!

I would argue that theory skylight, not with you but the with the OR:D

My daughters school sets homework based on research of certain websites, something i dont agree with, as not all kids have acces to the internet (do they ).

They are supposed to be able to use the schools resources in break times, but they never seem to have the staff to man the computer room so it is never available.

sign of the times, and not a good one IMHO:rolleyes: