can someone have a look at soa please newbie

ohsh1t

Hi,

Been putting this off for a while, filling in forms for br wife has just been made redundant and there is now no way on earth we can put it off any longer as you will see from the soa...we do really only have ourselves to blame for getting in this far my wife did have a secure job and all that and was paid well i suppose you think its always going to be like that but you live and learn.i am a newbie so please be gentle, and one quick question before the soa how long does the process take after handing in the forms.

[tt]Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 2137
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2137
Monthly Expense Details
Mortgage................................ 809.86
Secured loan repayments................. 811.81
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 71
Gas..................................... 58
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 29
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 18
Internet Services....................... 0
Groceries etc. ......................... 380
Clothing................................ 45
Petrol/diesel........................... 200
Road tax................................ 33
Car Insurance........................... 68
Car maintenance (including MOT)......... 42
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 44
Buildings insurance..................... 20
Contents insurance...................... 21
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 100
Holiday................................. 50
Emergency fund.......................... 25
Total monthly expenses.................. 3117.67

Assets
Cash.................................... 0
House value (Gross)..................... 155000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 161000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 115000...(809.86)...0
Secured Debt.................. 80744....(811.81)...0
Total secured debts........... 195744....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cc.............................2096......94........0
cc.............................6285......91........0
cc.............................6500......168.......0
cc.............................7500......215.......0
cc.............................4600......90........0
cc.............................10000.....80........0
cc.............................7333......73........0
cc.............................2938......121.......0
cc.............................5388......226.......0
cc.............................10176.....278.......0
cc.............................7226......226.......0
cc.............................4988......109.......0
cc.............................1662......166.......0
cc.............................3510......79........0
cc.............................4500......50........0
cc.............................2096......28........0
cc.............................3845......76........0
cc.............................9199......283.......0
cc.............................3586......141.......0
cc.............................3328......73........0
cc.............................7938......236.......0
cc.............................4390......98........0
Total unsecured debts..........119084....3001......-

Monthly Budget Summary
Total monthly income.................... 2,137
Expenses (including secured debts)...... 3,117.67
Available for debt repayments........... -980.67
Monthly UNsecured debt repayments....... 3,001
Surplus(deficit if negative)............ -3,981.67
Personal Balance Sheet Summary
Total assets (things you own)........... 161,000
Total Secured debt...................... -195,744
Total Unsecured debt.................... -119,084
Net Assets.............................. -153,828
[/tt]

JCS1

ohsh1t wrote: »

Hi,

Been putting this off for a while, filling in forms for br wife has just been made redundant and there is now no way on earth we can put it off any longer as you will see from the soa...we do really only have ourselves to blame for getting in this far my wife did have a secure job and all that and was paid well i suppose you think its always going to be like that but you live and learn.i am a newbie so please be gentle, and one quick question before the soa how long does the process take after handing in the forms.check with your local court to see if there is a waiting list, BR from the moment the judge agrees to it.

[tt]Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 2137
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2137 Any other income, benefits, etc, check out www.entitledto.co.uk to check
Monthly Expense Details
Mortgage................................ 809.86
Secured loan repayments................. 811.81
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 71
Gas..................................... 58
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 29
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 18 not allowed, has to come out of your surplus.
Internet Services....................... 0
Groceries etc. ......................... 380 Is this for 2 people?
Clothing................................ 45
Petrol/diesel........................... 200 High, you might need to justify this with receipts,
Road tax................................ 33 £396 per year, how many vehicles?
Car Insurance........................... 68 Ditto
Car maintenance (including MOT)......... 42 Ditto
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30 is this regular prescriptions? A pre=pay certificate may be cheaper
Pet insurance/vet bills................. 44 Can you split this, as seems high
Buildings insurance..................... 20
Contents insurance...................... 21
Life assurance ......................... 15 Life assurance classed as an asset in bankruptcy. will you be buying OR's interest or taking out new policy?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 Not allowed
Haircuts................................ 20
Entertainment........................... 100 Not allowed
Holiday................................. 50
Emergency fund.......................... 25 Not allowed
Total monthly expenses.................. 3117.67

Assets
Cash.................................... 0
House value (Gross)..................... 155000
Shares and bonds........................ 0
Car(s).................................. 6000 How many cars? Are they on finance?
Other assets............................ 0
Total Assets............................ 161000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 115000...(809.86)...0
Secured Debt.................. 80744....(811.81)...0
Total secured debts........... 195744....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cc.............................2096......94........0
cc.............................6285......91........0
cc.............................6500......168.......0
cc.............................7500......215.......0
cc.............................4600......90........0
cc.............................10000.....80........0
cc.............................7333......73........0
cc.............................2938......121.......0
cc.............................5388......226.......0
cc.............................10176.....278.......0
cc.............................7226......226.......0
cc.............................4988......109.......0
cc.............................1662......166.......0
cc.............................3510......79........0
cc.............................4500......50........0
cc.............................2096......28........0
cc.............................3845......76........0
cc.............................9199......283.......0
cc.............................3586......141.......0
cc.............................3328......73........0
cc.............................7938......236.......0
cc.............................4390......98........0
Total unsecured debts..........119084....3001......-

Monthly Budget Summary
Total monthly income.................... 2,137
Expenses (including secured debts)...... 3,117.67
Available for debt repayments........... -980.67
Monthly UNsecured debt repayments....... 3,001
Surplus(deficit if negative)............ -3,981.67
Personal Balance Sheet Summary
Total assets (things you own)........... 161,000
Total Secured debt...................... -195,744
Total Unsecured debt.................... -119,084
Net Assets.............................. -153,828
[/tt]

Hope this helps a bit, have you taken advice from one of the free debt charities?

LilyBart

Hi ohsh1t,
First thing to ask is have you taken advice from any of the charities? You need to do that (numbers in the sticky at the top of this forum). Call CCCS or National Debtline as soon as possible and talk through your options. Second question: do you want to keep your house or go into rented accommodation? As it stands, your accommodation costs are high, though this may not be untypical, depending on your area. Third question, is the SOA for you and your partner only, or are there any children? Have you had a chance to look at any of the other SOAs posted up on here? If not, please do so, and do also read through as many threads and bankruptcy diaries as you can as they will give you the best idea of bankruptcy from a "users'" point of view. There are certain things you've listed above (entertainment, satellite tv etc) that won't be allowed as reasonable living costs after bankruptcy and will be payable out of surplus income, if you have any. If you can do an SOA paring back the non-essentials, there will be plenty of people to help you here with suggestions. But you do need to take professional advice first and foremost. And if bankruptcy is recommended, you need to find out whether your local court operates an appointment system or does first-come, first-served.
best of luck
Lily

EDIT Crossed with JCS1 above. Apologies if more of same.

ohsh1t

Thanks for looking over sorry i missed out the details and thanks for the quick reply.

Its for 2 adults no children

also have 2 dogs one of them had a very expensive vet bill about 2 years ago £5000 so thats why that is high but you got to love them..

we have 2 cars not on finance but we do expect them to take both (maybe)

medical its for contacts and dental only

the other stuff that is not allowed i put it in because i had seen it down on other threads.

ohsh1t

We have taken advice and spent long periods of time going through all the different avenues they are very helpful.

LilyBart

Of course. We've all done it too and it's helpful for you and anyone who advises to have as clear a picture of "before" and "after" expenditure as you can give. But try to get as many professional opinions as you can before deciding. The advisors at the charities will not be judgemental in the slightest.
EDIT Apologies - crossed with the above. If you've taken advice already and have decided that bankruptcy is the best (or only) option, then start reworking the SOA. I take you've decided you want to keep your house regardless? If so, you'll need to investigate Beneficial Interest. Someone else should be along in a little while if you need to ask about this,

JCS1

Problem is, that even when I take out the items that are disallowed, your outgoings are 800 more than your income. I'm guessing in the past that this was made up from your OH income? If the Judge/OR sees this, they will want to know how you intend to make up the difference with no credit.

Also, with regards to your wife's redundancy, the OR would consider this an asset and take any redundancy pay and pay in lieu of notice.

Please do take advise from one of the debt charities, and then keep posting on here with your questions.

Sorry, crossed with your post that you'd already taken advice.

peachyprice

Just to add, (sorry, not meaning to kick you while you're down) your mortgage and secured loan are exceptionally high for 2 people, the OR may ask you to give up the house and move into rented accomodation at a more reasonable cost, regardless if the negative equity.

LilyBart

The deficit is pretty much the same amount as the secured loan. Have you looked at what it would cost to rent a similar property locally?

Sorry, crossed again!

ohsh1t

we do want to sell the house as we want the secured loan off our backs we were told however that the loan company might stop the sale going through. we don't mind moving into rented as i think this would be a better option and give us the £800 extra we need. i also don't think my wife will be outof work for a long period of time (fingers crossed) but you never know with the current climate, so that will hopefully give us some extra income.

ohsh1t

Please don't think of it as kicking me when i'm down i am glad of any advice you can give me, we do have ourselves to blame for this mess but as i have seen from alot of threads you can turn it around.
however i am waiting for someone to take legal action against the banks for irresponsible lending (we can dream) maybe only in america.