SOA - please can you take a look?

jmach

Hi
I posted a while back when both my husband and i were considering bankrupty, now the ball is rolling - we have moved out of our house and into lovely rented accomodation and i am just in the process of filling in the forms, we should be going bankrupt at the end of Oct, there isnt an appointments system at our court, you have to turn up on the day.
Could you please take a look at my SOA, and see if you think its OK and whether any amounts are too much or if i have left anything out.

My Income 800
Partners Contribution 1197
Child Benefit 125
Child Tax Credit 41

Rent 550
Council Tax 115
Gas 64
Elec 54
Water 45
Telephone (inc 1 mobile) 41
TV License 14
Housekeeping 500 (food, toiletries, dog food etc)
Contents Insurance 20
Childcare 280 (for 2 children)
School meals 32
Travelling 160 (petrol)
Clothing 60 (myself & 2 children)
Dentist 10
Prescription 10
Hairdresser 20 (myself & 2 children)
Holiday 80

This Leaves £108.00 surplus if you include the child benefit and tax credit
Or £-58 if you just take into account our wages.

This is for a family of 4 – myself and OH and 2 children oh and the dog!, both myself and OH are going bankrupt, so apart from the main household bills I have budgeted for just myself and the children so that my OH can put his own expenditure on his SOA – please tell me I’m doing this right!

thanks in advance
Jenny

peachyprice

Hi Jenny, just a few comments, are the school dinners for just one child? And you don't have anything down for car tax, insurance etc.

You don't include the child benefit, but you do include the child tax credit when working out your surplus, but you should still be fine.

Sunny_Bear

Is his contribution all of his wages?

Looks good, not sure about the holiday, may or may not be allowed.

jmach

Hi, thanks for the replies, my OH contribution is his wages less his own personal expenses - ie: hairdressers, dentist, car insurance etc.
School meals are just for one as my other child is only 2!
Also i have not included car tax or insurance on my SOA as the car is in my OH name, so i have included those figures on his SOA - is this right or should i be putting them on mine too?

thanks again

Jen

skylight

I would put together one SOA for all your income and expenditure etc for both of you. As you are going BR together, this makes things simpler as its one household and mark on the forms that SOAs are joint and going BR togther, please Mr OR look at them together. But individual debts on individual forms.

Others here don't always suggest that. But I tend to go for a simplistic approach. Its easier to work out for all concerned including the OR and easier to argue if necessary!

jmach

Hi

Both myself and OH are going bankrupt

thanks

Jen

Sunny_Bear

I didnt think you were allowed to do that Skylight, sounds like a good plan to me if you can, much simpler!

skylight

I have always suggested to do a full SOA if both going BR. When I first started here thats was general thinking but now its not. The one thing you don't want happening with 2 BRs in one household, is for the OR to mis-understand whats going on, look at 2 lots of rent that are half on each list but him to take one lot off not knowing that and so on etc. You are relying on him to put the two SOAs together properly and view them before interview. Its just me not relying on anyone to get something done I can do myself I guess!

Its much easier if only one is going BR as there is a partner with a contribution, but with both going BR then both are contributing everything.

My tuppence worth anyway!

dalip

Pet insurance £20:D

Cybachiq

peachyprice wrote: »

You don't include the child benefit, but you do include the child tax credit when working out your surplus, but you should still be fine.

I put down both my child benefit and my child tax credits and they were both taken into account as income when I told my OR about my income/expenditure.

jmach

Thanks for the replies - doing one full SOA sounds SO much easier! but like others i didnt know you could do that - phew!

thanks for the help, im sure ill be back soon once i get to the next bit of the forms!

Jen