SOA help please??!!

creditpunch

Happy New Year All,

Can I get comments on my SOA please I am essentially looking for ways to diminish the risk of an IPA/IPO or at least keep it to a minimum as I am making every effort to repay friends and family from any surplus. My current income has come into effect from Dec and has increased by £1k per month. I would like to buy things like proper beds, cooker, chairs and a fridge that doesn't leak all over the place :mad: for my flat as well as earning back trust from very supportive friends and family.

Also any answers to the following would be appreciated.

1. If I am on an IPA/IPO would I still be discharged after 12months?
2. Does the IPA/IPO definitely last 3 years?
3. Does my chance of ED fly out the window with and IPO/IPA?
4. How are IPO/IPA payments used by the OR?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2700
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 50
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 60
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 60
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 116
Childcare/nursery....................... 620
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Dry Cleaning............................ 75
Total monthly expenses.................. 2301

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
Welcome Finance................3969......0.........0
Citifinancial..................6890......0.........0
HSBC...........................1608......0.........0
F&F............................3500......0.........0
F&F............................9300......0.........0
F&F............................1000......0.........0
F&F............................9200......0.........0
F&F............................4000......0.........0
F&F............................1750......0.........0
F&F............................500.......0.........0
Student Loan...................4500......0.........0
Lloyds TSB.....................2200......0.........0
Barclays.......................2200......0.........0
Abbey..........................300.......0.........0
SkyCard........................3400......0.........0
Capital One....................280.......0.........0
HSBC MC........................500.......0.........0
Halifax........................1000......0.........0
Paydayuk.......................800.......0.........0
Blackhorse.....................5600......0.........0
Total unsecured debts..........62497.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,700
Expenses (including secured debts)...... 2,301
Available for debt repayments........... 399
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 399
Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total Secured debt...................... -0
Total Unsecured debt.................... -62,497
Net Assets.............................. -61,897
Created using the SOA calculator at www.makesenseofcards.com.


Reproduced on Moneysavingexpert with permission.

Thank you all in advance.

CP
:beer:
(2009 or Bust)

dalip

creditpunch wrote: »

Happy New Year All,

Can I get comments on my SOA please I am essentially looking for ways to diminish the risk of an IPA/IPO or at least keep it to a minimum as I am making every effort to repay friends and family from any surplus. My current income has come into effect from Dec and has increased by £1k per month. I would like to buy things like proper beds, cooker, chairs and a fridge that doesn't leak all over the place :mad: for my flat as well as earning back trust from very supportive friends and family.

Also any answers to the following would be appreciated.

1. If I am on an IPA/IPO would I still be discharged after 12years?You are discharged 12 MONTHS after bc date regardless
2. Does the IPA/IPO definitely last 3 years?it lasts for 36 mths from the first payment. It can be suspended,any suspended months still count towards the 36.
3. Does my chance of ED fly out the window with and IPO/IPA?No you stand the same chance as anybody
4. How are IPO/IPA payments used by the OR?The OR's fees are paid first then anything left over goes to your creditors

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2700
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 50
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250£300
Clothing................................ 60£80
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 60
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 116
Childcare/nursery....................... 620
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 8£25
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 20£40
Emergency fund.......................... 0
Dry Cleaning............................ 75:eek: start saving reciepts. Still don't think they will allow this much though
Total monthly expenses.................. 2301

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
Welcome Finance................3969......0.........0
Citifinancial..................6890......0.........0
HSBC...........................1608......0.........0
F&F............................3500......0.........0
F&F............................9300......0.........0
F&F............................1000......0.........0
F&F............................9200......0.........0
F&F............................4000......0.........0
F&F............................1750......0.........0
F&F............................500.......0.........0
Student Loan...................4500......0.........0
Lloyds TSB.....................2200......0.........0
Barclays.......................2200......0.........0
Abbey..........................300.......0.........0
SkyCard........................3400......0.........0
Capital One....................280.......0.........0
HSBC MC........................500.......0.........0
Halifax........................1000......0.........0
Paydayuk.......................800.......0.........0
Blackhorse.....................5600......0.........0
Total unsecured debts..........62497.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,700
Expenses (including secured debts)...... 2,301
Available for debt repayments........... 399
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 399
Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total Secured debt...................... -0
Total Unsecured debt.................... -62,497
Net Assets.............................. -61,897
Created using the SOA calculator at www.makesenseofcards.com.


Reproduced on Moneysavingexpert with permission.

Thank you all in advance.

CP
:beer:
(2009 or Bust)

Any breakdown cover?. Thats all i can think of. Maybe the others will along soon and have a look too.Dx

tigerfeet2006

creditpunch wrote: »

Happy New Year All,

Can I get comments on my SOA please I am essentially looking for ways to diminish the risk of an IPA/IPO or at least keep it to a minimum as I am making every effort to repay friends and family from any surplus. My current income has come into effect from Dec and has increased by £1k per month. I would like to buy things like proper beds, cooker, chairs and a fridge that doesn't leak all over the place :mad: for my flat as well as earning back trust from very supportive friends and family.

Join your local Freecycle group https://www.freecycle.org you expresss an interest in an item and if you are chosen you pick up the item for free. Half my house has been furnished for free

Also any answers to the following would be appreciated.

1. If I am on an IPA/IPO would I still be discharged after 12years? Yes.
   
2. Does the IPA/IPO definitely last 3 years? Yes. If your circumstances change then you let the OR know and he will adjust it up, down or suspend it.
   
3. Does my chance of ED fly out the window with and IPO/IPA? No but no one is guaranteed an ED, it depends on how busy your OR's office is and how simple your case is.
   
4. How are IPO/IPA payments used by the OR? First off the OR will get paid, then your creditors get a cut.
   

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2700
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 50 Your telephone allowance may be cut as usually they allow £50/60 for phone and mobile but leave it and see, you never know.
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250 £300
Clothing................................ 60 £100
Petrol/diesel........................... 80 is it really this low?
Road tax................................ 15
Car Insurance........................... 60 this is quite high, OR might ask to see paperwork. Is it fully comp?
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 116 What is this?
Childcare/nursery....................... 620
Other child related expenses............ 10 what is this?
Medical (prescriptions, dentist etc).... 8 £20 do you wear specs, go to the dentist, get prescriptions?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 20 £40
Emergency fund.......................... 0
Dry Cleaning............................ 75 :eek: are you sure? £20 maximum
Total monthly expenses.................. 2301

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
Welcome Finance................3969......0.........0
Citifinancial..................6890......0.........0
HSBC...........................1608......0.........0
F&F............................3500......0.........0
F&F............................9300......0.........0
F&F............................1000......0.........0
F&F............................9200......0.........0
F&F............................4000......0.........0
F&F............................1750......0.........0
F&F............................500.......0.........0
Student Loan...................4500......0.........0
Lloyds TSB.....................2200......0.........0
Barclays.......................2200......0.........0
Abbey..........................300.......0.........0
SkyCard........................3400......0.........0
Capital One....................280.......0.........0
HSBC MC........................500.......0.........0
Halifax........................1000......0.........0
Paydayuk.......................800.......0.........0
Blackhorse.....................5600......0.........0
Total unsecured debts..........62497.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,700
Expenses (including secured debts)...... 2,301
Available for debt repayments........... 399
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 399
Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total Secured debt...................... -0
Total Unsecured debt.................... -62,497
Net Assets.............................. -61,897
Created using the SOA calculator at www.makesenseofcards.com.


Reproduced on Moneysavingexpert with permission.

Thank you all in advance.

CP
:beer:
(2009 or Bust)

Do you have breakdown cover? Good to have if you are bankrupt. Does your contents include accidental damage, again a good idea if bankrupt.

Hope some of that helps.

dalip

:hello: TF Good to see we agree:rotfl:

tigerfeet2006

Always good when we agree :j:beer::T:D

creditpunch

Thanks

Dalip and TF that is very helpful I will adjust. I have to wear corporate to work so drycleaning suits can be exspensive ???

I don't have breakdown cover but will get some. nor do I have accidental damage on my contents will include. I do wear specs and haven't changed them in the past 4 years so bad I even squint when I wear them, so thanks for raising that I will include.

My son goes swimming at the weekend his school is suspecting ADHD so i am keeping him active and engaged to focus him which seems to work, will it be allowed?

What % of my surplus would the OR take i've heard as high as 75% :eek:

I know I should payback and I would love to really just in these early months/years of getting my life back together I can't afford to loose out much. Silly question I know but have they ever allowed anyone to defer and IPA/IPO till they get on their feet? payment hoilday so to speak?:o

CP

peachyprice

Hi CP,
Yes you can include your son's swimming lessons
Maximum IPA is 70%
I don't thnk you can defer it, but you don't have to pay until it's set up, it's not backdated, so if it takes 2-3 months to set up because you have queries in the figures;) you get to keep the surplus until it is up and running.

Does your £2700 include child benefit? you have to show this separatley but it won't be included when they work out your IPA.

tigerfeet2006

Then up the activities. Allow £5 per week.

As Peachy says it will take a couple of months to get set up so will give you some money to play with and the maximum they can take is 70% of your surplus, so leaving you a fair bit to play with.

Good pick up on the CHB Peachy

creditpunch

Thank you peachy.

no CB is not included - Oh man!!! :mad: I'm not sure if it is £2700 I get paid every 4 weeks (hence 13 times a year) and I so far have only had 1 pay at this new rate/job which was £2330 which works out circa £2524 PCM but not sure if there was an element of emergency tax etc.

If I had a chance of ED would not happen until the IPO/IPA is set up after all querys if there are any? not sure what any real benefit ED provides but it seems like the Holy Grail so would like to aim for it. Ooh ooh :idea: is this one does the 6 years from credit reference entry start from discharge date?

P.s.in response to TF question
Other travel............................ 116 What is this?

this is my monthly travel card I drive my son to Nursery then drive to the station to hop on the train to work. I wouldn't be able to do it if not as I can only drop him at 8:15 and need to be in the office by 9am and taking a bus to the station would mess it all up. Apart from that I don't drive much except help my incapacitated mum and grocery shopping etc. hence low petrol. will they tell me to get rid of car and use transport??:eek:
another thing I need to add is my £130 for a yearly parking permit outside my flat? would my total car costs (ins, breakdown, permit, mot etc) seem to much to the OR and ask me to get rid?

Thank you

CP

peachyprice

CP,
My OH gets paid every 4 weeks, we just put that down as his monthly salary, OR has never questioned it.

I would be tempted to stick the travelcard costs in with the petrol TBH, the OR doesn't go into detail as to exactly how you get to work. Otherwise they may want to get rid of the car.

Yes, put your parking permit down too. I doubt they will think it's too high, it's not a huge % of your salary. If you were earning half of what you do they might question it.

tigerfeet2006

creditpunch wrote: »

Thank you peachy.

no CB is not included - Oh man!!! :mad: I'm not sure if it is £2700 I get paid every 4 weeks (hence 13 times a year) and I so far have only had 1 pay at this new rate/job which was £2330 which works out circa £2524 PCM but not sure if there was an element of emergency tax etc. Use the figures from the pay slip you have recieved. Make a note at the end of your forms explaining how you get paid and how you worked it out. The OR may ask that you send the next 3 months pay slips to him.

If I had a chance of ED would not happen until the IPO/IPA is set up after all querys if there are any? not sure what any real benefit ED provides but it seems like the Holy Grail so would like to aim for it. Ooh ooh :idea: is this one does the 6 years from credit reference entry start from discharge date? No it starts from the day you are made BR. Don't worry about ED, just go into it thinking 12 months and anything else is a bonus.

P.s.in response to TF question
Other travel............................ 116 What is this?

this is my monthly travel card I drive my son to Nursery then drive to the station to hop on the train to work. I wouldn't be able to do it if not as I can only drop him at 8:15 and need to be in the office by 9am and taking a bus to the station would mess it all up. Apart from that I don't drive much except help my incapacitated mum and grocery shopping etc. hence low petrol. will they tell me to get rid of car and use transport??:eek: I see now, thank you. It is essential for work then. Might be worth adding another £20 or so to petrol.
another thing I need to add is my £130 for a yearly parking permit outside my flat? would my total car costs (ins, breakdown, permit, mot etc) seem to much to the OR and ask me to get rid? Put down £10 a month for parking then.

Thank you

CP

Keep your chin up.

EDIT: to say go with the wonderful Peachy's idea