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

peachyprice

Great news :j
Whoever thought having a charge on your property would be a good thing

BlueIsTheColour

Exactly, who'd have thought it, but if it means I can go BR with no recriminations on OH that's good news, and we have another 7 years before we have to look at clearing the 2nd charge, just enough time for my BR to have gone from my record, if we're still here then, but who knows what the future holds, now I just need to get the £495 to file, as this and the car was the only thing stopping me doing it, and we can cross the problem of the car when we come to it I guess, depending on the OR, and realistically its better to get all the debt in there and gone.

Maybe my next step is to look at what the form filling involves and what proofs are needed etc etc......Now thats got me all scared again:o but as I always say to myself in most other things, whats the worst that can happen???

Thanks Peachy :T

BlueIsTheColour

Quick question, how does the OR research whether you're in neg equity? Do you have to get house valuations?

DON79

sometimes they do a drive by valuation and sometimes they ask for valuations, depends on the OR i think. good news about your house though blue :T glad you won't lose it and that it won't affect your OH.

BlueIsTheColour

Thanks Donna, well that's good to know I think, if I was them I would just look on Right Move for similar properties The one above us is for sale at 130k so.....

Am so surprised something good has actually happened for once, have just registered on IS website, and filled in my name and address bit on the form 7% completed so far Just need to find the £495 now, sooner rather than later I think.....

DON79

I look at Zoopla to see what my house is valued at and according to Zoopla, it is in negative equity and I know we need some work done which will reduce the price on Zoopla anyway. you could have a look there and see what it says but it is not always the most accurate of sites for prices.

just do the forms a bit at a time, that way it doesn't need to be rushed, I completed mine over 2/3 months.

BlueIsTheColour

Hmmm I looked on Zoopla and as ours is a new build and we're the only buyers, I hope the OR doesnt use that, as according to that we've only lost £2k, which I know is wrong as 1 2 floors above sold for 30k less and one above is for sale at 30k less too and has been on market for ever so....Fingers crossed, last thing I want to do is force all liability on to OH, but there is no way I can know that before is there?

Am going to do a new SoA based on what it would be if I went BR I think now....

BlueIsTheColour

OK, I have done a rough guesstimate of an SOA for me going BR, now I have found out I can, any advice or tips would me most welcome. Unsecured debt will be about £28k, not sure on how much the car will end up being O/S. The car that is listed as an asset is subject to finance, and is also in neg equity due to adding differences from earlier cars.

Thanks in advance, you're all great :T

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1236
Partners monthly income after tax....... 800
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2036
Monthly Expense Details
Mortgage................................ 702
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 83
Council tax............................. 120
Electricity............................. 69
Gas..................................... 0
Oil..................................... 0
Water rates............................. 14
Telephone (land line)................... 30
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 10
Car Insurance........................... 40
Car maintenance (including MOT)......... 15
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
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........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1808

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 135000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 121000...(702)......5.86
Secured Debt.................. 40500....(0)........0
Total secured debts........... 161500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,036
Expenses (including secured debts)...... 1,808
Available for debt repayments........... 228
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 228
Personal Balance Sheet Summary
Total assets (things you own)........... 135,000
Total Secured debt...................... -161,500
Total Unsecured debt.................... -0
Net Assets.............................. -26,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

BlueIsTheColour

Hmmm I hadnt looked at that before I posted it, and seems I will get an IPA based on that, how does OR check OH's contribution to bills, do they assume 50%......

Also, we will have about £700 of mortgage arrears too, will there be an allowance for this from OR so that we can repay them or what will happen???

And one other thing, sorry for all the questions, where do I stand on the fact that I have a loan from my Mum that she needs to me to be paying back as she has recently got divorced herself?

God this is sooo confusing, and I thank everyone for taking the time to help me

DON79

BlueIsTheColour wrote: »

OK, I have done a rough guesstimate of an SOA for me going BR, now I have found out I can, any advice or tips would me most welcome. Unsecured debt will be about £28k, not sure on how much the car will end up being O/S. The car that is listed as an asset is subject to finance, and is also in neg equity due to adding differences from earlier cars.

Thanks in advance, you're all great :T

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1236
Partners monthly income after tax....... 800 - is this your OH's full income? if so, you only put down OH's contribution, not full income - e.g. 60/40 split or 70/30 split.
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2036
Monthly Expense Details
Mortgage................................ 702
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 83
Council tax............................. 120
Electricity............................. 69 - make this £70 but could be a little low.
Gas..................................... 0
Oil..................................... 0
Water rates............................. 14 - make it £15
Telephone (land line)................... 30 - add landline and mobile together
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 10
Car Insurance........................... 40
Car maintenance (including MOT)......... 15
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 16 - make sure you have accidental damage
Life assurance ......................... 22
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 - might not be allowed but leave it anyway
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1808

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 135000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 121000...(702)......5.86
Secured Debt.................. 40500....(0)........0
Total secured debts........... 161500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,036
Expenses (including secured debts)...... 1,808
Available for debt repayments........... 228
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 228
Personal Balance Sheet Summary
Total assets (things you own)........... 135,000
Total Secured debt...................... -161,500
Total Unsecured debt.................... -0
Net Assets.............................. -26,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Have added some notes on it, not sure about the mortgage arrears am afraid but am sure someone here will be able to tell you if you can include payments for the arrears in your soa - i think you can but am not certain, sorrry.

Re the loan to your mum, do not put her on your list of creditors and you can always make payments from any surplus income that you do have left. not really allowed but I understand about repaying family.

hope this helps a little.