SOA - please can you take a look?

deedee_3

Cybachiq wrote: »

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.

Child benefit is taken into account when looking at your SOA but is not taken into account when calculating an IPA.CTC is taken into account on both. Hope that makes sense.

deedee_3

jmach wrote: »

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

The OR can get hold of any paperwork that he needs if you haven't got it. Just let him know why you haven't got it.

mickey66_2

jmach wrote: »

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

we spoke a while back,both in similar positions,we too are going BR at the end of Oct.
have been in rented accomodation for 6 weeks now.
we've not heard any news about the house we left and im not sure if i should contact them.
just a short message as im off to work in a bit,if you read this message let us know and then we can go into a bit more detail,as like we said our circumstances are very similar!
all the best
mick

tigerfeet2006

Mickey. What have you done with the house so far. Have you spoken to the mortgage company at all at any point? Have you told the council the house is now empty? Also have you notyfied the utilities you are no longer there?

jmach

Hi Mick

Just to let you know we informed Northern Rock when we had left and told them that we wanted to opt for voluntary reposession, they sent us some forms out to sign - but on advice from some great people on here we refused to sign it and instead sent them a letter saying so, and saying that we were giving up the property. Northern Rock have now sent another letter saying that they will not accept my letter for voluntary repo, so now are waiting to be formally reposessed.
I also informed the utilities and insurance company that the house was vacant - however i didnt inform the council! oops, will call them tomorrow!

Jen

mickey66_2

tigerfeet2006 wrote: »

Mickey. What have you done with the house so far. Have you spoken to the mortgage company at all at any point? Have you told the council the house is now empty? Also have you notyfied the utilities you are no longer there?

hi

only spoke to my mortgage company when i sent the letter back saying i'd agree to give up the property,that was about 5 weeks ago,not heard nothing back as yet.

havent told the council the house is empty,should i? thought being privately owned they wouldnt be interested.

and yes i have told all utilities i no longer live there.

mickey66_2

jmach wrote: »

Hi Mick

Just to let you know we informed Northern Rock when we had left and told them that we wanted to opt for voluntary reposession, they sent us some forms out to sign - but on advice from some great people on here we refused to sign it and instead sent them a letter saying so, and saying that we were giving up the property. Northern Rock have now sent another letter saying that they will not accept my letter for voluntary repo, so now are waiting to be formally reposessed.
I also informed the utilities and insurance company that the house was vacant - however i didnt inform the council! oops, will call them tomorrow!

Jen

oh s*%T! we had the same thing with NR,but i didnt look on here and just signed the forms and sent them off!! :-( im hoping it will be ok,the forms just
said basically that we'd be liable if for any shortfall if the house sold for less than we owed them.we owed them 150K and house was worth 220K,so they should be ok,Barclays on the other hand,who are the 2nd charge,wont i doubt get all their money,but if i owe them money after the sale,and ive gone BR the debt becomes unsecured an itll go to my bankruptcy...i think thats right,well thats the plan!

deedee_3

You need to inform the council when you move out because you will still be liable for council tax.

If you are going bankrupt then we say don't sign the forms because it states you will be liable for the shortfall and although it is included in the bankruptcy, there are a lot of firms that will make life difficult for you and say you still owe them the money and it can be a pain to sort out.

If you are not going bankrupt it doesn't really matter as you will be liable for the shortfall.

mickey66_2

deedee wrote: »

You need to inform the council when you move out because you will still be liable for council tax.

If you are going bankrupt then we say don't sign the forms because it states you will be liable for the shortfall and although it is included in the bankruptcy, there are a lot of firms that will make life difficult for you and say you still owe them the money and it can be a pain to sort out.

If you are not going bankrupt it doesn't really matter as you will be liable for the shortfall.

thanks,but yes iam going bankrupt so now im just hoping it sells for more than the 150k i owe them,and like i say the house was worth 220k so fingers crossed it should be ok but its the 2nd charge(secured) loan i have with Barclays that wont get paid in full and as yet they dont know what ive done with the property.

and also with regards to the council tax,come to think of it my wife was dealing with that an informed them we had left so that should be ok