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My SOA from the other side

Hi

Have decided to bring my SOa over from the other side whilst i decide what to do. Ihave contacted National Debtline who worked out that it will take 17 years to pay back all my creditors!. The other option is to get another job but I will need to earn at least another £600 per month just to clear the minimum repayments for everything

Here goes, any advice re BR will be gratefully received.

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1069
Partners monthly income after tax....... N/A Benefits................................ 135.40
Other income............................ 0
Total monthly income.................... 1204.40

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 422.18
Management charge (leasehold property).. 0
Council tax............................. 132
Electricity............................. 80
Gas..................................... 61
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 40.00
Mobile phone............................ 0
TV Licence.............................. 15.50
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 320
Clothing................................ 30
Petrol/diesel........................... 60
Road tax................................ 15
Car Insurance........................... 32
Car Maintenance including MOT........... 30.00
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 12
Buildings insurance..................... 0
Contents insurance...................... 12.18
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 60.
Emergency fund.......................... 0
Total monthly expenses.................. 1390.18
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly.. .APR
Lloyds TSB Loan ...............5291......191.4.....12.2
John Lewis Credit Card.........2750......86........16.9
Tesco Credit Card..............1900......106.......14.0
nationwide (overdraft).........1300......75....... 12.2
Lloyds Bank overdraft 2 a/cs.. 800 0.........0
store card - Next Directory....600.......49........0
Barclaycard....................1000......48....... .14.9
Halifax Credit Card............1800......79........22.95
Total unsecured debts..........15461.....606.4.....-

Monthly Budget Summary
Total monthly income.................... 1,204.40
Expenses (including secured debts)...... 1390.18
Available for debt repayments........... -185.78
Monthly UNsecured debt repayments....... 606.4
Surplus(deficit if negative)............ 0.00
Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total Secured debt...................... -0
Total Unsecured debt.................... -15,461
Net Assets.............................. -14,861
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Last edited by haleygrey : 08-12-2008 at 7:56 PM.
user_online.gifreport.gif:confused:
:beer:
«134

Comments

  • You need to get official advice from one of the free charities - we can't really advise you whether going BR is the right step for you or not.

    Just looking at the SOA you have posted, at the moment, you are showing a surplus of of £680 to be able to pay bills - with that kind of surplus, you are almost definitely looking at an IPA where you pay a chunk of money to the OR for three years.

    Have you had any advice at all yet?
    Get free advice before embarking on bankruptcy: CCCS 0800 138 1111 National Debtline 0808 808 4000
    Business Debt Line 0800 197 6026 CAB Insolvency Service- 0845 602 9848
    "He who laughs last didn't get it!" :rotfl:BSC 134

  • haleygrey wrote: »
    Hi

    Have decided to bring my SOa over from the other side whilst i decide what to do. Ihave contacted National Debtline who worked out that it will take 17 years to pay back all my creditors!. The other option is to get another job but I will need to earn at least another £600 per month just to clear the minimum repayments for everything

    Here goes, any advice re BR will be gratefully received.

    Statement of Affairs and Personal Balance Sheet
    Monthly Income Details
    Monthly income after tax................ 1069
    Partners monthly income after tax....... N/A Benefits................................ 389.40 what benefits are these? Some aren't included in surplus.
    Other income............................ 0
    Total monthly income.................... 1458.40
    Monthly Expense Details
    Mortgage................................ 0
    Secured loan repayments................. 0
    Rent.................................... 422.18
    Management charge (leasehold property).. 0
    Council tax............................. 132
    Electricity............................. 80
    Gas..................................... 61
    Oil..................................... 0
    Water rates............................. 23
    Telephone (land line)................... 13.45
    Mobile phone............................ 10
    TV Licence.............................. 15.50
    Satellite/Cable TV...................... 11.5 not allowed
    Internet Services....................... 18 add this to phone
    Groceries etc. ......................... 240 how many people in household?
    Clothing................................ 5 could add more
    Petrol/diesel........................... 60
    Road tax................................ 15
    Car Insurance........................... 32
    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..................... 0
    Contents insurance...................... 12.18
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10 may not be allowed
    Haircuts................................ 0 £10
    Entertainment........................... 0
    Holiday................................. 0 put something here - amount depending on number in household
    Emergency fund.......................... 0
    Total monthly expenses.................. 1060.31

    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 600
    Other assets............................ 0
    Total Assets............................ 600

    No Secured Debt
    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Lloyds TSB Loan ...............5291......191.4.....12.2
    John Lewis Credit Card.........2750......86........16.9
    Tesco Credit Card..............1900......106.......14.0
    nationwide (overdraft).........1300......75....... 12.2
    Lloyds Bank overdraft 2 a/cs.. 250 0.........0
    store card - Next Directory....600.......49........0
    Barclaycard....................1000......48....... .14.9
    Halifax Credit Card............1800......79........22.95
    Total unsecured debts..........15461.....606.4.....-

    Monthly Budget Summary
    Total monthly income.................... 1,458.4
    Expenses (including secured debts)...... 1,060.31
    Available for debt repayments........... 679.09
    Monthly UNsecured debt repayments....... 606.4
    Surplus(deficit if negative)............ 72.69
    Personal Balance Sheet Summary
    Total assets (things you own)........... 600
    Total Secured debt...................... -0
    Total Unsecured debt.................... -15,461
    Net Assets.............................. -14,861
    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission.

    Last edited by haleygrey : 08-12-2008 at 7:56 PM.
    user_online.gifreport.gif:confused:

    I've made some comments in red above. How many people in your household (sorry if you've already said in another post!). What are the benefits above?

    :j :j


  • Yes, I have contacted National Debtline, who have sent me all the information. I cant seem to work out how I have a surplus, possibly because I keep forgetting to add the bank charges that I keep getting each month.
    :beer:
  • Sorry Merry, I keep missing bits, theres 3 of us and the benefits are just child benefit and wtc and ctc which will both drop drastically in June when my son leaves college.
    :beer:
  • I havent allowed anything for clothing or holidays as I havent been in a position to even think about budgeting as there have been times when i havent even had food for shopping
    :beer:
  • Okay, on the income section I would list out the benefits separately because child benefit isn't used to assess an IPA. You need to put down for hairdressing £10 per adult and I think £5 per child, put for holiday etc even if you don't take them you need to put everything you are allowed and put the maximum amounts that may be allowed. You are looking at having over £99 surplus so you will get an income payment agreement (IPA) and you want to build in as much of a cushion as you can so you can afford any emergency that comes up - remember there will be no credit card to fall back on.

    :j :j


  • If there are 3 of you in household is it 1 adult 2 children or 2 adults 1 child? Your housekeeping should be a lot more however I don't know the amount but definitely over £300. Hopefully someone who knows will come along and give you a better idea - I'm not the expert when it comes to SOAs.

    Clothing could be £60-£80, holiday try £60.

    If you do get an IPA just think that it only lasts for a maximum of 36 months which is much better than struggling on and trying to pay them off.

    :j :j


  • haleygrey wrote: »
    I havent allowed anything for clothing or holidays as I havent been in a position to even think about budgeting as there have been times when i havent even had food for shopping

    That comment sums up your I&E, its not sustainable, from a BR point of view your housekeeping allowence would be around £450, clothing around £120

    And unless one of you is a mechanic £10 for car maintanence and MOT is no where near realistic, actually even if one of you is a mechanic its still too low:p
    Thats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all …………. :(
  • haleygrey wrote: »
    Hi

    Have decided to bring my SOa over from the other side whilst i decide what to do. Ihave contacted National Debtline who worked out that it will take 17 years to pay back all my creditors!. The other option is to get another job but I will need to earn at least another £600 per month just to clear the minimum repayments for everything

    Here goes, any advice re BR will be gratefully received.

    Statement of Affairs and Personal Balance Sheet
    Monthly Income Details
    Monthly income after tax................ 1069
    Partners monthly income after tax....... N/A Benefits................................ 389.40
    Other income............................ 0
    Total monthly income.................... 1458.40
    Monthly Expense Details
    Mortgage................................ 0
    Secured loan repayments................. 0
    Rent.................................... 422.18
    Management charge (leasehold property).. 0
    Council tax............................. 132
    Electricity............................. 80 This is quite high, does it include arrears? If not then you may have to show the OR bills.
    Gas..................................... 61
    Oil..................................... 0
    Water rates............................. 23
    Telephone (land line)................... 13.45
    Mobile phone............................ 10
    TV Licence.............................. 15.50 £12
    Satellite/Cable TV...................... 11.5 Will have to come out of surplus.
    Internet Services....................... 18 Add to phone
    Groceries etc. ......................... 240 I would put £400 as it is essentially 3 adults.
    Clothing................................ 5 £80
    Petrol/diesel........................... 60 I s this realy this low?
    Road tax................................ 15
    Car Insurance........................... 32 Is this fully comp?
    Car Maintenance including MOT........... 10
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0 £5 per child per week for activities.
    Medical (prescriptions, dentist etc).... 0 £20
    Pet insurance/vet bills................. 12
    Buildings insurance..................... 0
    Contents insurance...................... 12.18 Does this include accidental damage?
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10 Some allow, some don't but leave in.
    Haircuts................................ 0 £10 per adult and £5 per child.
    Entertainment........................... 0
    Holiday................................. 0 £60
    Emergency fund.......................... 0
    Total monthly expenses.................. 1157.81
    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 600
    Other assets............................ 0
    Total Assets............................ 600

    No Secured Debt
    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Lloyds TSB Loan ...............5291......191.4.....12.2
    John Lewis Credit Card.........2750......86........16.9
    Tesco Credit Card..............1900......106.......14.0
    nationwide (overdraft).........1300......75....... 12.2
    Lloyds Bank overdraft 2 a/cs.. 250 0.........0
    store card - Next Directory....600.......49........0
    Barclaycard....................1000......48....... .14.9
    Halifax Credit Card............1800......79........22.95
    Total unsecured debts..........15461.....606.4.....-

    Monthly Budget Summary
    Total monthly income.................... 1,458.4
    Expenses (including secured debts)...... 1,060.31
    Available for debt repayments........... 679.09
    Monthly UNsecured debt repayments....... 606.4
    Surplus(deficit if negative)............ 72.69
    Personal Balance Sheet Summary
    Total assets (things you own)........... 600
    Total Secured debt...................... -0
    Total Unsecured debt.................... -15,461
    Net Assets.............................. -14,861
    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission.

    Last edited by haleygrey : 08-12-2008 at 7:56 PM.
    user_online.gifreport.gif:confused:

    Might be worth getting breakdown cover as well.

    This is how the OR would look at your SOA. You will probably get an IPA but this is very flexible and if your circumstances change at any point then you let your OR know and s/he will adjust it up, down or or suspend it and you can come back here for advise on filling it out again.
    Namaste DeeDee x
  • Thanks Deedee for the comments. I have breakdown cover included in the car insurance, which is fully comp. The petrol i have allowed £15 per week as I only drive to and from work, have just spent 2 months walking, which isnt bad but its 5 miles all round! Household insurance includes accidental cover. I didnt include prescriptions or dental as Im getting them free at the moment because of the Tax Credits.And the electricity is definitely in arrears, Ive just checked both gas and electric, so will need to add those amounts to my debt list. :(
    :beer:
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