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SOA your thoughts please

wannabedebtfreee
wannabedebtfreee Posts: 69 Forumite
in Bankruptcy & living with it
wold really appreciate someone going through this and and letting me know what you think. thanks

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 560
Other income............................ 400
Total monthly income.................... 2360
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 695
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 75
Gas..................................... 75
Oil..................................... 0
Water rates............................. 55
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 150
Petrol/diesel........................... 40
Road tax................................ 13
Car Insurance........................... 35
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 51
Other insurance......................... 3
Presents (birthday, christmas etc)...... 35
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 100
Emergency fund.......................... 0
maintainance payments................... 200
Total monthly expenses.................. 2395

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 250

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly.. .APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,360
Expenses (including secured debts)...... 2,395
Available for debt repayments........... -35
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -35
Personal Balance Sheet Summary
Total assets (things you own)........... 250
Total Secured debt...................... -0
Total Unsecured debt.................... -0
Net Assets.............................. 250
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
«13

Comments

  • fiveyearplan
    fiveyearplan Posts: 10,145 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    wannabedebtfreee wrote: »
    wold really appreciate someone going through this and and letting me know what you think. thanks

    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 3
    Number of cars owned.................... 1
    Monthly Income Details
    Monthly income after tax................ 1400
    Partners monthly income after tax....... 0
    Benefits................................ 560 I'd separate CHB out of this as it cannot be used to calculate IPA.
    Other income............................ 400 What is this?
    Total monthly income.................... 2360
    Monthly Expense Details
    Mortgage................................ 0
    Secured loan repayments................. 0
    Rent.................................... 695
    Management charge (leasehold property).. 0
    Council tax............................. 130
    Electricity............................. 75
    Gas..................................... 75
    Oil..................................... 0
    Water rates............................. 55
    Telephone (land line)................... 60
    Mobile phone............................ 0
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 600
    Clothing................................ 150
    Petrol/diesel........................... 40 this seems really cheap
    Road tax................................ 13
    Car Insurance........................... 35
    Car maintenance (including MOT)......... 15
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 11
    Life assurance ......................... 51
    Other insurance......................... 3
    Presents (birthday, christmas etc)...... 35 not allowed but leave in just in case
    Haircuts................................ 40
    Entertainment........................... 0
    Holiday................................. 100
    Emergency fund.......................... 0
    maintainance payments................... 200
    Total monthly expenses.................. 2395

    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 250
    Other assets............................ 0
    Total Assets............................ 250

    No Secured Debt
    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Total unsecured debts..........0.........0.........-

    Monthly Budget Summary
    Total monthly income.................... 2,360
    Expenses (including secured debts)...... 2,395
    Available for debt repayments........... -35
    Monthly UNsecured debt repayments....... 0
    Amount short for making debt repayments. -35
    Personal Balance Sheet Summary
    Total assets (things you own)........... 250
    Total Secured debt...................... -0
    Total Unsecured debt.................... -0
    Net Assets.............................. 250
    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission.
    I made some comments in red above.

    :j :j


  • deedee_3
    deedee_3 Posts: 891 Forumite
    wannabedebtfreee wrote: »
    wold really appreciate someone going through this and and letting me know what you think. thanks Is it just you going bankrupt?

    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 3
    Number of cars owned.................... 1
    Monthly Income Details
    Monthly income after tax................ 1400
    Partners monthly income after tax....... 0
    Benefits................................ 560 How much of this is CHB?
    Other income............................ 400 What is this?
    Total monthly income.................... 2360
    Monthly Expense Details
    Mortgage................................ 0
    Secured loan repayments................. 0
    Rent.................................... 695
    Management charge (leasehold property).. 0
    Council tax............................. 130
    Electricity............................. 75
    Gas..................................... 75
    Oil..................................... 0
    Water rates............................. 55
    Telephone (land line)................... 60
    Mobile phone............................ 0
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 600
    Clothing................................ 150
    Petrol/diesel........................... 40 Why is this so low? The upkeep costs more than the use.
    Road tax................................ 13
    Car Insurance........................... 35
    Car maintenance (including MOT)......... 15
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0£20
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 11
    Life assurance ......................... 51 The OR may have an interest in this. Also it is quite high.
    Other insurance......................... 3 what is this?
    Presents (birthday, christmas etc)...... 35 some allow, some don't
    Haircuts................................ 40
    Entertainment........................... 0
    Holiday................................. 100
    Emergency fund.......................... 0
    maintainance payments................... 200
    Total monthly expenses.................. 2395

    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 250
    Other assets............................ 0
    Total Assets............................ 250

    No Secured Debt
    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Total unsecured debts..........0.........0.........-

    Monthly Budget Summary
    Total monthly income.................... 2,360
    Expenses (including secured debts)...... 2,395
    Available for debt repayments........... -35
    Monthly UNsecured debt repayments....... 0
    Amount short for making debt repayments. -35
    Personal Balance Sheet Summary
    Total assets (things you own)........... 250
    Total Secured debt...................... -0
    Total Unsecured debt.................... -0
    Net Assets.............................. 250
    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission.

    Have made sOme comments in red
    Namaste DeeDee x
  • fiveyearplan
    fiveyearplan Posts: 10,145 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Snap DeeDee!

    :j :j


  • maxmycardagain
    maxmycardagain Posts: 5,853 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Holiday................................. 100
    going to spain or greece?

    Clothing................................ 150
    I spent £10 last month on clothes...
  • deedee_3
    deedee_3 Posts: 891 Forumite
    Yes but do you have 3 growing children at school?

    My son used to need new uniform every half term and new school shoes every 6 weeks :eek:. It soon added up.
    Namaste DeeDee x
  • wannabedebtfreee
    wannabedebtfreee Posts: 69 Forumite
    maxmycardagain wrote: »
    going to spain or greece?



    I spent £10 last month on clothes...

    sorry should have elaborated, the benefits dont include child benefit, i knew i had to ommit them, the other income is mintainance for wifes kids, (she is going BR too) likewise i sometimes have months without clothing spend, but dont we all want the max allowance for things to prevent an IPA?? I dont understand the comment regarding a holiday, sorry. family of 6 going away for £100 a month seems reasonable to me if anything should cost more!!

    Keep the advice coming guys ive only got 2 weeks left to get this right, my date is 23rd! many thanks
  • deedee_3
    deedee_3 Posts: 891 Forumite
    Right you need to include the cCHB on your SOA but it is not taken into account when calculating an IPA.

    As it is both going bankrupt you need to do individual SOA's. Do you know how to split the SOA?
    Namaste DeeDee x
  • wannabedebtfreee
    wannabedebtfreee Posts: 69 Forumite
    deedee wrote: »
    Right you need to include the cCHB on your SOA but it is not taken into account when calculating an IPA.

    As it is both going bankrupt you need to do individual SOA's. Do you know how to split the SOA?

    No i dont, sorry my wifes income is joint with me (we are partners in a business) how will the end figures stack up after 2 individual soa's? the same better for us or worse?
  • maxmycardagain
    maxmycardagain Posts: 5,853 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    deedee wrote: »
    Yes but do you have 3 growing children at school?

    My son used to need new uniform every half term and new school shoes every 6 weeks :eek:. It soon added up.

    To £1800 a year?

    weve had FIVE at one stage....
  • wannabedebtfreee
    wannabedebtfreee Posts: 69 Forumite
    maxmycardagain wrote: »
    weve had FIVE at one stage....


    Ok, at the end of the day there must some sort of limit the OR will allow for clothing for a family of 2AD 3CH. Will he allow what i have put or not, its irrevelant what we ACTUALLY spend isnt it!!
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