SOA- help!

debtmummy

Hi,
I posted a bit about our situation before but I need some help and advice about our SOA.
This is a joint soa and is based on 2 adults and 2 children in rented accommodation in London.

Having looked at it we dont have that kind of excess money at the end of each month and am worried that because we have a surplus we wont be able to get BR.:eek:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2940
Partners monthly income after tax....... 0
Benefits................................ 160 ( child benefit and tax credits)
Other income............................ 0
Total monthly income.................... 3100

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 1100
Management charge (leasehold property).. 0
Council tax............................. 144
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 40
Internet Services....................... 10
Groceries etc. ......................... 400 (?)
Clothing................................ 80 (? have no idea what to put here too much?)
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 150 (OH travel pass + my bus fares)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30 (contact lenses)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2168

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
barclaycard gold...............7527......0.........0
barclaycard mastercar..........3617......0.........0
Ge.............................7579......0.........0
barclaycard....................4192......0.........0
capital one....................1100......0.........0
Egg............................3943......0.........0
lloyds amex....................5416......0.........0
next...........................1066......0.........0
Northern Rock..................26845.....0.........0
lloyds account joint...........3595......0.........0
Endevour.......................25089.....0.........0
lloyds account ................1025......0.........0
lloyds account.................1425......0.........0
lloyds mastercard..............6634......0.........0
lloyds loan....................4723......0.........0
GE.............................4567......0.........0
Total unsecured debts..........108343....0.........-

Monthly Budget Summary
Total monthly income.................... 3,100
Expenses (including secured debts)....... 2,168
Available for debt repayments........... 932
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 932

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -108,343
Net Assets.............................. -108,343

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


If anyone could make suggestions that would be really helpful.
Currently saving up and hope to go to court in november

thanks

tigerfeet2006

sorry just a quickie as I am not supposed to be here.

debtmummy wrote: »

Hi,
I posted a bit about our situation before but I need some help and advice about our SOA.
This is a joint soa and is based on 2 adults and 2 children in rented accommodation in London.

Having looked at it we dont have that kind of excess money at the end of each month and am worried that because we have a surplus we wont be able to get BR.:eek:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2940
Partners monthly income after tax....... 0
Benefits................................ 160 ( child benefit and tax credits)
Other income............................ 0
Total monthly income.................... 3100

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 1100
Management charge (leasehold property).. 0
Council tax............................. 144
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 40 Not allowed on SOA. Will have to come out of surplus.
Internet Services....................... 10 Ditto unless needed for work or study.
Groceries etc. ......................... 400 (?)£450
Clothing................................ 80 could up to £100 if you need to (have no idea what to put here too much?)
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 150 (OH travel pass + my bus fares)
Childcare/nursery....................... 0
Other child related expenses............ 0 £5 per child per week for activities
Medical (prescriptions, dentist etc).... 30 (contact lenses)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 £10 per adult £5 per child
Entertainment........................... 0
Holiday................................. 0 £50
Emergency fund.......................... 0
Total monthly expenses.................. 2168

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
barclaycard gold...............7527......0.........0
barclaycard mastercar..........3617......0.........0
Ge.............................7579......0.........0
barclaycard....................4192......0.........0
capital one....................1100......0.........0
Egg............................3943......0.........0
lloyds amex....................5416......0.........0
next...........................1066......0.........0
Northern Rock..................26845.....0.........0
lloyds account joint...........3595......0.........0
Endevour.......................25089.....0.........0
lloyds account ................1025......0.........0
lloyds account.................1425......0.........0
lloyds mastercard..............6634......0.........0
lloyds loan....................4723......0.........0
GE.............................4567......0.........0
Total unsecured debts..........108343....0.........-

Monthly Budget Summary
Total monthly income.................... 3,100
Expenses (including secured debts)....... 2,168
Available for debt repayments........... 932
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 932

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -108,343
Net Assets.............................. -108,343

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


If anyone could make suggestions that would be really helpful.
Currently saving up and hope to go to court in november

thanks

Any union/professional fees?

Sorry got to dash but I am sure that someone will be along to help soon. Hope that helps a bit.

imcognito

You havent put in what your minimum payments are on the debt repayments...?
If they are more than 932 (your surplus) you should be able to make yourself BR I think!! But you would get an IPA I would have thought.

neverdespairgirl

debtmummy wrote: »

This is a joint soa and is based on 2 adults and 2 children in rented accommodation in London.


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2940
Partners monthly income after tax....... 0
Benefits................................ 160 ( child benefit and tax credits)
Other income............................ 0
Total monthly income.................... 3100

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 1100
Management charge (leasehold property).. 0
Council tax............................. 144
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 20 - could up this to £30
Mobile phone............................ 30 - you probably won't be allowed this
TV Licence.............................. 12
Satellite/Cable TV...................... 40 you probably won't be allowed this
Internet Services....................... 10 you probably won't be allowed this unless necessary
Groceries etc. ......................... 400 (?)for a family of 4, you could up this a bit, try £500 but they might knock you down
Clothing................................ 80 (? have no idea what to put here too much?) you could try having a separate catagory of say £45 for school uniform and children's shoes
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 150 (OH travel pass + my bus fares) any other travel at all?
Childcare/nursery....................... 0
Other child related expenses............ 0 - really none? Allowed £5 per child per week for swimming lessons, football, singing etc, so could be up to £45 a month for 2
school dinners? Travel to school?
Medical (prescriptions, dentist etc).... 30

contact lenses - worth a try to get it as well as prescriptions and dentist 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12 - seems quite low, is this right?
Life assurance ......................... 0 - with 2 children, might be an idea?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 - stick something in here for sure, £30 reasonable for 4 of you
Entertainment........................... 0
Holiday................................. 0 - can try for this, some will allow, some won't
Emergency fund.......................... 0
depending on what job your OH does, does he need expensive suits or work clothes? Tools? Dry cleaning? Other work-related costs?
Total monthly expenses.................. 2168

With £108k in debts, bankruptcy isn't ruled out. Have you taken professional advice?

debtmummy

Hi thanks for the advice everyone so far.
We have taken advice from CAB as well as a financial advisor, we were going down the IVA route as my OH was unsure about whether he would lose his job if we went BR. but it didnt matter as our IVA was turned down as we werent offering enough money a month. We dont have any problems with an IPA as long as it leaves us enough to live on.

He has now had to speak to his work about BR and they will keep him on.

Also children are very young, one is nearly 3 and the other one is due in 3 weeks so unfortunatly school things are out unless I can have extra money for nappies and formula?

Here is a revised SOA with advice.
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2940
Partners monthly income after tax....... 0
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 3100

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 1100
Management charge (leasehold property).. 0
Council tax............................. 144
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10 OH needs for work as he works in IT- his work needs him to be able to access his work computer from home
Groceries etc. ......................... 500 to cover 2 children in nappies
Clothing................................ 100 growing children
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 200OH travel pass at 110 my bus fares to go shopping and 50 train fare to visit my parents once a month
Childcare/nursery....................... 0
Other child related expenses............ 40 playgroups/ messy play activites
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 25 OH is bald
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 50 for any emergency work related/ baby related expenses
Total monthly expenses.................. 2463

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

No Secured Debt no idea about minimum repayments as its been a while since we paid any but it was around £4k a month

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard gold...............7527......0.........0
barclaycard mastercar..........3617......0.........0
Ge.............................7579......0.........0
barclaycard....................4192......0.........0
capital one....................1100......0.........0
Egg............................3943......0.........0
lloyds amex....................5416......0.........0
next...........................1066......0.........0
Northern Rock..................26845.....0.........0
lloyds account joint...........3595......0.........0
Endevour.......................25089.....0.........0
lloyds account ................1025......0.........0
lloyds account.................1425......0.........0
lloyds mastercard..............6634......0.........0
lloyds loan....................4723......0.........0
GE.............................4567......0.........0
Total unsecured debts..........108343....0.........-

Monthly Budget Summary
Total monthly income.................... 3,100
Expenses (including secured debts)....... 2,463
Available for debt repayments........... 637
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 637

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -108,343
Net Assets.............................. -108,343

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

Does this look any better?

Rylynn

Not sure on the once a month visit to parents, as to whether the OR would allow it. Do I take it you have no cars at all? With young kids and no car remember doctors to visit, dentists etc you have to get there, so it is not just food shopping by bus which may mean you can add those to cover the £90 a month you have included for your own travel.

Oddly I have put on mine £100 clothes to cover me and my son, he is 5.7 and takes size 10 shoes as well as mens clothing. I would have thought you may go higher on the clothes, suits for hubby and your children will grow very quickly as you know and have to have clothes replaced.

RL

debtmummy

thanks Rylynn,

We have no cars whats so ever neither of us can drive. Where we live now is pretty good for public transport and technically I dont need to pay to travel at all I could walk everywhere but there is a bus to the dentist and I sometimes meet my mother in the center of London so I would need to include the tube fare in that.
What would you increase the clothes too? We kept most of our other childs clothes and buy a lot at second hand sales.

deedee_3

You won't be able to have an emergancy fund, sorry.

Don't mention the visit to parents.

As Rylynn says you possibly up clothing a little. Don't forget to join Freecycle as well. https://www.freecycle.org. Click on browse groups and join all those near you. Make sure you click on daily digest on the join up. Then you can express an interest on items people advertise, if you are chosen you can pick them up for free.There is quite often childrens clothes on freecycle.

debtmummy

Hi I have another question that arose from another post

http://forums.moneysavingexpert.com/showthread.html?t=1231095

they say that the Child benefit is not included, does anyone know if this is correct or not?

Rylynn

Child benefit IS included on the SOA but when the OR comes to work things out he has to by LAW not include the amount in any money towards an IPA.

Hope that makes sense, so you include it, then when you get to your surplus take it off and then you will have the exact surplus unless the OR starts to knock things off or reduce what you have put.

RL

debtmummy

thanks Rylynn, that makes sense.

I've done a joint SOA as my OH and I are going to go BR at the same time, is that the best way to do it? As I'm a SAHM I have no income and my OH pays for everything, though we have separate debts and joint debts.