Considering bankruptcy, SOA

suegoo

I have been reading the board for days now and finally realised I need to actually do something instead of just reading about it. I must say it is brilliant that there are so many people here willing to help total strangers.

Monthly Income Details
Monthly income after tax................ 262
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 260
Total monthly income.................... 522

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 49
Management charge (leasehold property).. 0
Council tax............................. 12
Electricity............................. 36
Gas..................................... 36
Oil..................................... 0
Water rates............................. 42
Telephone (land line)................... 30
Mobile phone............................ 15
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 10
Presents (birthday, christmas etc)...... 0
Haircuts................................ 3
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 512

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
egg............................2930......60........18
barc...........................2310......32........3
cahoot.........................2000......13........0
Total unsecured debts..........7240......105.......-
Monthly Budget Summary
Total monthly income.................... 522
Expenses (including secured debts)....... 512
Available for debt repayments........... 10
Monthly UNsecured debt repayments....... 105
Surplus(deficit if negative)............ -95

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -7,240
Net Assets.............................. -7,240

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

A bit of background, I live with my son who is working and pays me £260 a month. I was receiving carer's allowance for my eldest son who used to live with me but he has now moved in with this girlfriend. As a result I have lost his rent money and have to claim jobseekers.
I have an agreement with 2 of the card companies to make reduced payments, this was done by the c.a.b in 2005. Originally barclaycard froze the interest but now they are charging 3%.
Even if I try to make some arrangement with Egg I don't think I can maintain all the payments and bankruptcy looks like the only answer. What do you think?
I rent my house from a housing association and don't have a car. I put the cost of rent and council tax after housing benefit, is that how you would do it on the bankruptcy form?

Thanks everyone Sue

GettingHopeful

The SOA looks OK to my rather inexperienced eyes, but I think it would be best to go back to the CAB for independent advice (or one of the other debt charities). The judge will require confirmation that expert impartial advice has been obtained.

All the very best, and keep posting xx

Dunpayin

A bit of a tangent, but do all BR applications require evidence of expert impartial advice? The SOA could have more in it eg holidat allowance.

Anna39

Your water is more then your gas or electric?

I would like the phone numbr of that hairdresser that charges £3 for a haircut please

£250 for one person for housekeeping?

If your son pays you rent money - won't that affect your Housing benefit?

Nothing in medical?

Nothing for clothes or travel?

Not an expert, just finding my way around BR myself for the past few days - someone will surely offer more advice.

And do not worry, we are all in the same boat here ......

betterlatethannever

Hi Suegoo and welcome.:j
As all your income is made up of benefits, it doesn't really matter too much what you put down as you won't get an IPA unless you start work and earn a decent amount.

I'd guess your getting free prescriptions etc, but something should be put under travel. Even if its just a couple of quid for the supermarket.

Anna, she lives with her son and the Hk is for two.
Ar your water rates high because of arrears? if so these should be included in your BR.

Good luck Suegoo and any more questions then ask away

betterlatethannever

Dunpayin wrote: »

A bit of a tangent, but do all BR applications require evidence of expert impartial advice? The SOA could have more in it eg holidat allowance.

No, but the judge normally asks if you have taken advice.
Its always a good idea anyway. The amount of people we get on here asking questions that they should have had the answers to before they started out, is amazing. They're genuinly shocked that they can't get things such as credit for 6 years etc. Stuff they'd have been made aware of before going BR if they'd asked at one of the free debt charities.

Anna39

betterlatethannever

Anna, she lives with her son and the Hk is for two.

suegoo

I live with my son who is working

If the son works and you counting him for your housekeeping expenses - his income does not come into this? Won't the OR consider 260 per month he gives you as maybe just rent and expect him to contribute to everything else?

betterlatethannever

My daughter worked when i went BR and i just put down how much she paid as rent.
They don't seem to consider a child who lives with you in the same way as they do a partner.
Section 6.7 of the form i put down how much DD pays in rent and section 10.1 is filled in with Dds name and age.

I doubt you could then put down for mobile etc for a chld that is earning.

suegoo

I'd guess your getting free prescriptions etc, but something should be put under travel. Even if its just a couple of quid for the supermarket.
I had not thought of travel, it will cost over £6 every time I have to sign on, one of the joys of rural living.

Anna, she lives with her son and the Hk is for two. Thats right
Ar your water rates high because of arrears? if so these should be included in your BR.
No arrears that's the going rate in this village with Anglian Water.
Good luck Suegoo and any more questions then ask away [/quote]

Another question, what happens to a bank overdraft? is that included in the list of creditors?

So_Sad_Angel

suegoo wrote: »

Another question, what happens to a bank overdraft? is that included in the list of creditors?

Hi Suegoo, your overdraft is a debt at time of bankrutcy therefore must be included in your petition. Your account will be frozen anyway by the OR & you will need to open a basic account instead.

Hope helps,

Angex

Anna39

If the housekeeping is for two then 250 per month is not enough, is it?