Confusing, complicated situation, help gratefully received please - New SoA posted

BlueIsTheColour

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1236
Partners monthly income after tax....... 1408
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2644
Monthly Expense Details
Mortgage................................ 702
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 70
Council tax............................. 120
Electricity............................. 69
Gas..................................... 0
Oil..................................... 0
Water rates............................. 14
Telephone (land line)................... 25
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 3
Car Insurance........................... 36
Car maintenance (including MOT)......... 15
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 16
Life assurance ......................... 22
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1504

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 134000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 121000...(702)......5.63
Total secured debts........... 121000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
amex...........................2250......1.........0
halifax........................2000......1.........0
sainsburys.....................3150......1.........0
egg............................1500......1.........0
barclaycard....................5985......1.........0
Marks..........................1980......1.........0
Total unsecured debts..........16865.....6.........-

Monthly Budget Summary
Total monthly income.................... 2,644
Expenses (including secured debts)...... 1,504
Available for debt repayments........... 1,140
Monthly UNsecured debt repayments....... 6
Amount left after debt repayments....... 1,134
Personal Balance Sheet Summary
Total assets (things you own)........... 134,000
Total Secured debt...................... -121,000
Total Unsecured debt.................... -16,865
Net Assets.............................. -3,865
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

There is no equity in the proprty due to this 25% thing although it looks like there is from these figures, some of the areas like haircuts etc are just token amounts, I cant remember my last hair cut or the last time I paid when I went out, or even went out for that matter.....

I am also not certain on what the monthly payments should be on my cards as I havent paid them properly for almost 6 months and I dont have my latest statements to hand, all have stopped the interest for now, but BC are due to start adding it again at the end of Jan

All figures are the amount for the household, that we both pay towards, and this wage is what I will be getting come the end of January, subject to satisfactory refs, at the moment I am on £60.50 JSA

Thanks in advance again for any advice

BlueIsTheColour

deedee wrote: »

Pop up your SOA on here so we can check it over for you, you may have missed something. You need to list your joint outgoings ie mortgage, utilities, council tax. Your personal expenses ie haircuts, mobile. Then you put your wage and your OH's contribution to the joint outgoings.

Use this http://www.makesenseofcards.com/soacalc.html to help you do it.

When you go bankrupt the OR will have an interest in your house. You will be given the opportunity to buy your BI back from the OR, as you are in negative equity this will be for a £1 plus approximatly £211 fees.

Thanks Dee, I have posted it, it may not be 100% correct due to the time of night, but its there or thereabouts.

So essentially they will take over my interest in the house, but they will then let me buy it back for £212??

peachyprice

You don't need to put your OH's whole income, just approx 50% of the shared husehold bills. It's none of the OR's business what he does with the rest of his money.

You don't need the credit card bits for your BR SoA.

deedee_3

BlueIsTheColour wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1236
Partners monthly income after tax....... 1408 Is this your OH's full wage? Are you both going bankrupt?
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2644
Monthly Expense Details
Mortgage................................ 702
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 70
Council tax............................. 120
Electricity............................. 69
Gas..................................... 0
Oil..................................... 0
Water rates............................. 14
Telephone (land line)................... 25
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250 £400
Clothing................................ 20 £50
Petrol/diesel........................... 60 Are you sure it will be this low?
Road tax................................ 3 ?? Is it really?
Car Insurance........................... 36 Is this fully comp?
Car maintenance (including MOT)......... 15
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5 £20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 16 Does this include accidental damage?
Life assurance ......................... 22
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 Some OR's will allow some won't so leave and see.
Haircuts................................ 10
Entertainment........................... 10 Not allowed
Holiday................................. 0 £30
Emergency fund.......................... 0
Total monthly expenses.................. 1504

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 134000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 121000...(702)......5.63
Total secured debts........... 121000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
amex...........................2250......1.........0
halifax........................2000......1.........0
sainsburys.....................3150......1.........0
egg............................1500......1.........0
barclaycard....................5985......1.........0
Marks..........................1980......1.........0
Total unsecured debts..........16865.....6.........-

Monthly Budget Summary
Total monthly income.................... 2,644
Expenses (including secured debts)...... 1,504
Available for debt repayments........... 1,140
Monthly UNsecured debt repayments....... 6
Amount left after debt repayments....... 1,134
Personal Balance Sheet Summary
Total assets (things you own)........... 134,000
Total Secured debt...................... -121,000
Total Unsecured debt.................... -16,865
Net Assets.............................. -3,865
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

There is no equity in the proprty due to this 25% thing although it looks like there is from these figures, some of the areas like haircuts etc are just token amounts, I cant remember my last hair cut or the last time I paid when I went out, or even went out for that matter.....

All figures are the amount for the household, that we both pay towards, and this wage is what I will be getting come the end of January, subject to satisfactory refs, at the moment I am on £60.50 JSA

Thanks in advance again for any advice

Hope that helps.

deedee_3

BlueIsTheColour wrote: »

Thanks Dee, I have posted it, it may not be 100% correct due to the time of night, but its there or thereabouts.

So essentially they will take over my interest in the house, but they will then let me buy it back for £212??

I have made some comments on your SOA.

Yes that is essentially it with the BI

BlueIsTheColour

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1236
Partners monthly income after tax....... 700
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1936
Monthly Expense Details
Mortgage................................ 702
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 70
Council tax............................. 120
Electricity............................. 69
Gas..................................... 0
Oil..................................... 0
Water rates............................. 14
Telephone (land line)................... 25
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 3
Car Insurance........................... 36
Car maintenance (including MOT)......... 15
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 16
Life assurance ......................... 22
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1504

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 134000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 121000...(702)......5.63
Total secured debts........... 121000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
amex...........................2250......1.........0
halifax........................2000......1.........0
sainsburys.....................3150......1.........0
egg............................1500......1.........0
barclaycard....................5985......1.........0
Marks..........................1980......1.........0
Total unsecured debts..........16865.....6.........-

Monthly Budget Summary
Total monthly income.................... 1,936
Expenses (including secured debts)...... 1,504
Available for debt repayments........... 432
Monthly UNsecured debt repayments....... 6
Amount left after debt repayments....... 426
Personal Balance Sheet Summary
Total assets (things you own)........... 134,000
Total Secured debt...................... -121,000
Total Unsecured debt.................... -16,865
Net Assets.............................. -3,865
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

This is the one done changing OH's income which covers his half of bills etc, also car thing would change, as mine is currently on HP I believe, I have to hunt out the doc to double check, but either way, it will have to go wont it? Its a 56 plate fiesta, although without a car I wont be able to get to this new job.....

Should I remove the unsecured debts bit too then Peachy?

BlueIsTheColour

deedee wrote: »

I have made some comments on your SOA.

Yes that is essentially it with the BI

Sorry but what does BI mean? I know I am daft...

Originally Posted by BlueIsTheColour
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1236
Partners monthly income after tax....... 1408 Is this your OH's full wage? Are you both going bankrupt? Yes it is I have just posted another showing just his contribution to the bills, he isnt going BR
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2644
Monthly Expense Details
Mortgage................................ 702
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 70
Council tax............................. 120
Electricity............................. 69
Gas..................................... 0
Oil..................................... 0
Water rates............................. 14
Telephone (land line)................... 25
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250 £400 Can I claim that much for two?
Clothing................................ 20 £50 Ditto as above?
Petrol/diesel........................... 60 Are you sure it will be this low? I dont know, it is a cheap car to run, but I will lose it going BR so.....
Road tax................................ 3 ?? Is it really? Yeah its only £35 a year, low emissions and all that
Car Insurance........................... 36 Is this fully comp? Yes and includes breakdown cover but again will probs change cos of losing the car....
Car maintenance (including MOT)......... 15
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5 £20 Again can I claim this much, I do wear glasses so its realistic I guess
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 16 Does this include accidental damage? It does yes
Life assurance ......................... 22
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 Some OR's will allow some won't so leave and see.
Haircuts................................ 10
Entertainment........................... 10 Not allowed Thats fine, I just popped it in
Holiday................................. 0 £30 You can claim for a holiday tho???
Emergency fund.......................... 0
Total monthly expenses.................. 1504

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 134000

Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 121000...(702)......5.63
Total secured debts........... 121000....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
amex...........................2250......1........ .0
halifax........................2000......1........ .0
sainsburys.....................3150......1........ .0
egg............................1500......1........ .0
barclaycard....................5985......1........ .0
Marks..........................1980......1........ .0
Total unsecured debts..........16865.....6.........-

Monthly Budget Summary
Total monthly income.................... 2,644
Expenses (including secured debts)...... 1,504
Available for debt repayments........... 1,140
Monthly UNsecured debt repayments....... 6
Amount left after debt repayments....... 1,134
Personal Balance Sheet Summary
Total assets (things you own)........... 134,000
Total Secured debt...................... -121,000
Total Unsecured debt.................... -16,865
Net Assets.............................. -3,865
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

deedee_3

BlueIsTheColour wrote: »

Sorry but what does BI mean? I know I am daft... Not daft at all. We are just used to the accronyms. bi= benefical interest.

Originally Posted by BlueIsTheColour
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1236
Partners monthly income after tax....... 1408 Is this your OH's full wage? Are you both going bankrupt? Yes it is I have just posted another showing just his contribution to the bills, he isnt going BR Thanks just seen this.
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2644
Monthly Expense Details
Mortgage................................ 702
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 70
Council tax............................. 120
Electricity............................. 69
Gas..................................... 0
Oil..................................... 0
Water rates............................. 14
Telephone (land line)................... 25
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250 £400 Can I claim that much for two? Yup!
Clothing................................ 20 £50 Ditto as above? This is for one
Petrol/diesel........................... 60 Are you sure it will be this low? I dont know, it is a cheap car to run, but I will lose it going BR so..... Is that the one worth £4000?
Road tax................................ 3 ?? Is it really? Yeah its only £35 a year, low emissions and all that cool
Car Insurance........................... 36 Is this fully comp? Yes and includes breakdown cover but again will probs change cos of losing the car....
Car maintenance (including MOT)......... 15
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5 £20 Again can I claim this much, I do wear glasses so its realistic I guess Yes this is realistic especially if you need glasses.
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 16 Does this include accidental damage? It does yes
Life assurance ......................... 22
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 Some OR's will allow some won't so leave and see.
Haircuts................................ 10
Entertainment........................... 10 Not allowed Thats fine, I just popped it in
Holiday................................. 0 £30 You can claim for a holiday tho??? Yep! mad isn't it Though some OR's will disallow but not many.
Emergency fund.......................... 0
Total monthly expenses.................. 1504

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 134000

Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 121000...(702)......5.63
Total secured debts........... 121000....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
amex...........................2250......1........ .0
halifax........................2000......1........ .0
sainsburys.....................3150......1........ .0
egg............................1500......1........ .0
barclaycard....................5985......1........ .0
Marks..........................1980......1........ .0
Total unsecured debts..........16865.....6.........-

Monthly Budget Summary
Total monthly income.................... 2,644
Expenses (including secured debts)...... 1,504
Available for debt repayments........... 1,140
Monthly UNsecured debt repayments....... 6
Amount left after debt repayments....... 1,134
Personal Balance Sheet Summary
Total assets (things you own)........... 134,000
Total Secured debt...................... -121,000
Total Unsecured debt.................... -16,865
Net Assets.............................. -3,865
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Is the your car worth £4000? Do you need a vehicle to get to work? If so it might be worth selling the car and buying another for aronund £1000 to £1500. Use some for the bankruptcy fees. The rest could go to the OR. or I am sure others might have other ideas for it

willsandolly

peachyprice wrote: »

Better for you as you wouldn't be tied into paying an IPA to your creditors for the next 3 years;)

Hi Peachy

Was just reading your advice to Blueisthecolour. You said they would be better off declaring a repayment mortgage on their form as then there wouldnt be excess money left over thus meaning they wouldnt have an IPA to their creditors for 3 years???

Better for you as you wouldn't be tied into paying an IPA to your creditors for the next 3 years;)

My question:

I am currently unemployed and preparing to go bankrupt. Would i be better to wait until i get a job before i go Bankrupt. Obviously at the moment i have no money coming in but they may base my case on what my income may be when employed and keep me on an IPA for 3 years????

Does my question make sense?!!

BlueIsTheColour

deedee wrote: »

Is the your car worth £4000? Do you need a vehicle to get to work? If so it might be worth selling the car and buying another for aronund £1000 to £1500. Use some for the bankruptcy fees. The rest could go to the OR. or I am sure others might have other ideas for it

Yeah I reckon it is, Ooops went to check and its actually worth more than that according to Parkers...

Original Price£12,495 Franchised Dealer£8,505 Independent Dealer£8,070 Private Good £7,135 Private Poor £5,950 Part Exchange£6,560

Trouble is, the finance OS on it is £13500.......some negative equity carried forward for previous cars, and not sure if it is HP or car loan, will hunt paperwork out tomorrow

So this will mean it has to go, presumably back to the finance company either way, so wont be an asset and then I wont have any money to buy another car, and wont be able to get my new job, it would be two buses and 90mins each way on the bus, this is one of the main reasons I am wondering if BR is the way to go....

Thanks again for helping me, it means a lot :A