My soa - looks like br is the only way

jellygirl_2

Im posting my soa - now after Ive done it i can see why Ive been borrowing so much to get everything paid. I really want to keep my house - anyone any experience of being forced to put house into the br? Im also thinking of putting mobile phone into br too if possible - have recently renewed contract for 18 mnths - but would be much cheaper on pay & go.

Any comments/advice would be welcome:o

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 505
Secured loan repayments................. 250
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 65
Electricity............................. 35
Gas..................................... 60
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 10
Mobile phone............................ 40
TV Licence.............................. 9
Satellite/Cable TV...................... 40
Internet Services....................... 5
Groceries etc. ......................... 160
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 17
Car Insurance........................... 22
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 12
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 9
Other insurance......................... 13
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1389

Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 86000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 81500....(505)......0
Secured Debt.................. 22000....(250)......0
Total secured debts........... 103500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Visa...........................3200......70........0
Mastercard.....................1500......50........0
Storecard......................600.......10........0
O/D............................2500......0.........0
Visa...........................3800......100.......0
Total unsecured debts..........11600.....230.......-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including secured debts)...... 1,389
Available for debt repayments........... 11
Monthly UNsecured debt repayments....... 230
Amount short for making debt repayments. -219
Personal Balance Sheet Summary
Total assets (things you own)........... 86,000
Total Secured debt...................... -103,500
Total Unsecured debt.................... -11,600
Net Assets.............................. -29,100
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

fiveyearplan

jellygirl wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 505
Secured loan repayments................. 250
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 65
Electricity............................. 35
Gas..................................... 60
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 10
Mobile phone............................ 40 lump this in with phone
TV Licence.............................. 9 should be £12
Satellite/Cable TV...................... 40 not allowed on SOA
Internet Services....................... 5 put this in with phone
Groceries etc. ......................... 160
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 17
Car Insurance........................... 22
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 12
Buildings insurance..................... 20
Contents insurance...................... 0 you should get this
Life assurance ......................... 9 OR may have interest in this
Other insurance......................... 13 what is this?
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 £10
Entertainment........................... 0
Holiday................................. 0 £20
Emergency fund.......................... 0
Total monthly expenses.................. 1389

I've made some comments in red above. Put down for hairdressing and holiday as even if you don't use it you may find that you need that money elsewhere. Remember there will be no credit to fall back on.

jellygirl_2

thanks FYP - much appreciated.

Im thinking your responses regarding what I should/not include is for when I complete the br forms (my actual soa to the OR)?

I do actually have contents insurance (house insurance covers all).
I havent included haircuts or holiday money as I would then be paying out more than I earn (whilst not including unsec debts) - I guess the OR will probably see things quite differently than I do - but I will put them in if thats the thing to do.

Regarding the life assurance - this pays off my mortgage if I die - thought this was a necessity for a repayment mortgage? What interest would the OR have in this?

tigerfeet2006

jellygirl wrote: »

Im posting my soa - now after Ive done it i can see why Ive been borrowing so much to get everything paid. I really want to keep my house - anyone any experience of being forced to put house into the br? Im also thinking of putting mobile phone into br too if possible - have recently renewed contract for 18 mnths - but would be much cheaper on pay & go.

Any comments/advice would be welcome:o

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 505
Secured loan repayments................. 250
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 65
Electricity............................. 35
Gas..................................... 60
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 10
Mobile phone............................ 40 Put under phone
TV Licence.............................. 9 £12
Satellite/Cable TV...................... 40 Add this on to your groceries
Internet Services....................... 5 Add to phone
Groceries etc. ......................... 160
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 17
Car Insurance........................... 22 Is this fully comp? If not I strongly that you do.
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0£10
Pet insurance/vet bills................. 12
Buildings insurance..................... 20
Contents insurance...................... 0 I know you said that this was included in your mortgage but is it the best deal?
Life assurance ......................... 9
Other insurance......................... 13 What is this?
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1389

Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 86000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 81500....(505)......0
Secured Debt.................. 22000....(250)......0
Total secured debts........... 103500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Visa...........................3200......70........0
Mastercard.....................1500......50........0
Storecard......................600.......10........0
O/D............................2500......0.........0
Visa...........................3800......100.......0
Total unsecured debts..........11600.....230.......-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including secured debts)...... 1,389
Available for debt repayments........... 11
Monthly UNsecured debt repayments....... 230
Amount short for making debt repayments. -219
Personal Balance Sheet Summary
Total assets (things you own)........... 86,000
Total Secured debt...................... -103,500
Total Unsecured debt.................... -11,600
Net Assets.............................. -29,100
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Some of what I have said is the same as 5YP as I agree with her but I have made some other comments.

fiveyearplan

Some life assurance policies can be redeemed. If this is the case your OR will take it so not much point in paying for it but you won't know until you have your interview.

jellygirl_2

tigerfeet2006 wrote: »

Some of what I have said is the same as 5YP as I agree with her but I have made some other comments.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 505
Secured loan repayments................. 250
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 65
Electricity............................. 35
Gas..................................... 60
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 10
Mobile phone............................ 40 Put under phone Will do
TV Licence.............................. 9 £12
Satellite/Cable TV...................... 40 Add this on to your groceries - Will do
Internet Services....................... 5 Add to phone Will do
Groceries etc. ......................... 160
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 17
Car Insurance........................... 22 Is this fully comp? If not I strongly that you do. Yes its fully comp.
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0£10
Pet insurance/vet bills................. 12
Buildings insurance..................... 20
Contents insurance...................... 0 I know you said that this was included in your mortgage but is it the best deal? Included in building insurance - got both for £20 pm
Life assurance ......................... 9
Other insurance......................... 13 What is this? Its Briths Gas breakdown cover for boiler
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1389

Assets
Cash.................................... 0
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 86000

Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 81500....(505)......0
Secured Debt.................. 22000....(250)......0
Total secured debts........... 103500....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Visa...........................3200......70....... .0
Mastercard.....................1500......50....... .0
Storecard......................600.......10....... .0
O/D............................2500......0.........0
Visa...........................3800......100...... .0
Total unsecured debts..........11600.....230.......-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including secured debts)...... 1,389
Available for debt repayments........... 11
Monthly UNsecured debt repayments....... 230
Amount short for making debt repayments. -219
Personal Balance Sheet Summary
Total assets (things you own)........... 86,000
Total Secured debt...................... -103,500
Total Unsecured debt.................... -11,600
Net Assets.............................. -29,100
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Thanks - really apprecuate the comments:)

fiveyearplan

Its good to have that British Gas cover. We had to call out BG guy last week - £96 and luckily he was able to fix it.

anniecave

Is £160 for groceries just for you? I could live on less than half of that!

anniecave

Is £160 per month on groceries just for you? That could be reduced! Not sure what the suggested figures are though!

fiveyearplan

Hi anniecave - its not all about what you can live on its what is deemed to be a living allowance. The figures are more lenient in BR. Remember there is no credit to fall back on and also housekeeping includes cleaning/washing products as well.

tigerfeet2006

Jelly does your contents insurance include acidental damage, if not it is a very good thing to have when you are bankrupt.