Date Booked, what to do in mean time?

messimoney

Added my SOA for you all to take a look at.



Monthly income after tax................ 711
Partners monthly income after tax....... 0
Benefits................................ 680
Other income............................ 0
Total monthly income.................... 1391

Monthly Expense Details
Mortgage................................ 560
Secured loan repayments................. 420
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 60
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............ 100 (school dinners, is this allowed?)
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 40
Entertainment........................... 10
Holiday................................. 30
Emergency fund.......................... 50
Total monthly expenses.................. 2095

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 95000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 98000....(560)......0
Secured Debt.................. 16000....(420)......0
Total secured debts........... 114000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
catalogue......................400.......60........0
car............................7000......198.......0
Total unsecured debts..........7400......258.......-

Monthly Budget Summary
Total monthly income.................... 1,391
Expenses (including secured debts)....... 2,095
Available for debt repayments........... -704
Monthly UNsecured debt repayments....... 258
Surplus(deficit if negative)............ -962

Personal Balance Sheet Summary
Total assets (things you own)........... 95,000
Total Secured debt...................... -114,000
Total Unsecured debt.................... -7,400
Net Assets.............................. -26,400


Forgot to add, I have a settee on finance, 0% interest for a year, have 4 months left on it and only owe 500. Will this have to go back??

pink-lint_2

just thought ,

i dont think you have to tell your work your bankrupt.

not sure mind?

pink-lint_2

do you have a hubby or partner to contribute to this soa?

just your about 600 ish short on outgoing on your income and benefits

messimoney

Yeah, OH has same SOA except he has nothing coming in as was made redundant and cant claim anything by way of benefits as I earn a pathetic 700 quid a month.
What do you mean by 600 short?

Rylynn

Okay if you have a partner you have to put what he pays towards the bills! unless you have halved them all which does not look to be the case.

Monthly income after tax................ 711
Partners monthly income after tax....... 0 (partners contribution?)
Benefits................................ 680
Other income............................ 0
Total monthly income.................... 1391

Monthly Expense Details
Mortgage................................ 560
Secured loan repayments................. 420
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 60
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............ 100 (school dinners, is this allowed?) (how many kids as this seems high)
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 0 You should have this
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 (may not be allowed)
Haircuts................................ 40 (How many for and ages?)
Entertainment........................... 10 (Wont be allowed)
Holiday................................. 30
Emergency fund.......................... 50 (wont be allowed)
Total monthly expenses.................. 2095

Hi where I have said wont be allowed it really depends on the OR, but most do not allow those I have marked against. There is NO car, so you do not own one I take it, but you have put nothing down for travel?

If you have a partner you have to add contribution in from him, which really depends on what he is bringing home and if he pays half of all of this. Also though he will need his own living expenses etc. If he has a car, any debts he has to pay etc so if you let us know that we may be able to help you more.

RL

I am sure others will look it over and make more comments for you.

pink-lint_2

messimoney wrote: »

Added my SOA for you all to take a look at.



Monthly income after tax................ 711
Partners monthly income after tax....... 0
Benefits................................ 680
Other income............................ 0
Total monthly income.................... 1391 here 1391

Monthly Expense Details
Mortgage................................ 560
Secured loan repayments................. 420
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 60
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............ 100 (school dinners, is this allowed?)
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 40
Entertainment........................... 10
Holiday................................. 30
Emergency fund.......................... 50
Total monthly expenses.................. 2095 total going out 2095

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 95000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 98000....(560)......0
Secured Debt.................. 16000....(420)......0
Total secured debts........... 114000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
catalogue......................400.......60........0
car............................7000......198.......0
Total unsecured debts..........7400......258.......-

Monthly Budget Summary
Total monthly income.................... 1,391
Expenses (including secured debts)....... 2,095
Available for debt repayments........... -704
Monthly UNsecured debt repayments....... 258
Surplus(deficit if negative)............ -962

Personal Balance Sheet Summary
Total assets (things you own)........... 95,000
Total Secured debt...................... -114,000
Total Unsecured debt.................... -7,400
Net Assets.............................. -26,400


Forgot to add, I have a settee on finance, 0% interest for a year, have 4 months left on it and only owe 500. Will this have to go back??

you dont have enough coming in to cover just your essentials (in red)


total income 1391 - outgoings 2095 = -704

tigerfeet2006

messimoney wrote: »

Added my SOA for you all to take a look at.



Monthly income after tax................ 711
Partners monthly income after tax....... 0
Benefits................................ 680
Other income............................ 0
Total monthly income.................... 1391

Monthly Expense Details
Mortgage................................ 560
Secured loan repayments................. 420
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 60
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0 Do you not have any travel expenses at all? buses? taxi? trains?
Childcare/nursery....................... 0
Other child related expenses............ 100 (school dinners, is this allowed?)
Medical (prescriptions, dentist etc).... 10 up to £20/25
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 0 you need to get this
Life assurance ......................... 0 if you have children this might be an idea.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 leave, but some OR's allow, some don't.
Haircuts................................ 40
Entertainment........................... 10 not allowed
Holiday................................. 30
Emergency fund.......................... 50 not allowed
Total monthly expenses.................. 2095

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 95000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 98000....(560)......0
Secured Debt.................. 16000....(420)......0
Total secured debts........... 114000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
catalogue......................400.......60........0
car............................7000......198.......0
Total unsecured debts..........7400......258.......-

Monthly Budget Summary
Total monthly income.................... 1,391
Expenses (including secured debts)....... 2,095
Available for debt repayments........... -704
Monthly UNsecured debt repayments....... 258
Surplus(deficit if negative)............ -962

Personal Balance Sheet Summary
Total assets (things you own)........... 95,000
Total Secured debt...................... -114,000
Total Unsecured debt.................... -7,400
Net Assets.............................. -26,400


Forgot to add, I have a settee on finance, 0% interest for a year, have 4 months left on it and only owe 500. Will this have to go back?? No it won't

You can also add £5 per child per week for activities.

If you can bear all the calls and letters from your creditors it may be worth stopping paying the mortgage, SL's, credit cards etc. and save for a deposit and a modest Christmas, find a rental property and move and then go BR. But obviously it is entirely up to you. If you do go down this route and you have anything more than the usual letters, let us know so you can get advice.

Don't forget to join Freecycle https://www.freecycle.org

Rylynn

Okay so you have a partner who earns nothing and gets nothing. You own the house? if you rented would it be cheaper? Are the secured loans on the house then? I take it they are, but even then there is a huge minus figure here. Which could cause you problems with going BR.

Why cant your husband claim anything at all? What are the benefits made up of CHild and working tax credit and Child Benefit?

messimoney

Ah, i understand what you mean for the shortfall of 600, what Ive done it make that SOA for now, though i dont intend on paying mort or SL so should just allow for rent i guess.

OH was advised a few days ago he cant claim ANYTHING because I earn too much would you believe! The DWP advised us to stop paying our mortgage and that 700 what i earn was enough for a family of 5! Anyway thats another story!

Benefits are made up of child tax credit and working tax credit yes.

The £10 entertainment was intended for the kids, this will be allowed wont it?

Rylynn, can you tell me what problems could arise, its the house and SL part Im struggling to get my head round.

Oh and we do have a car but will certainly loose that, so I havent accounted for any of that in the SOA, I dont drive anyway and work local....or rather, I did!!!

messimoney

Sorry Pink-lint missed your earlier post, yes Im on maternity leave, does this make a difference?