SOA Advice Please

jaydub_2

Hi,
I am looking at BR early in Feb and this is my draft SOA. Both myself and Wife are going BR. The £300 benefits is my wifes Incapacity Benefit. Could anyone please check this SOA and advise on anything that seems excessive.

Regards

Jaydub

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.................... 1

Monthly Income Details

Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 300
Other income............................ 0
Total monthly income.................... 1800

Monthly Expense Details

Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 480
Council tax............................. 93
Electricity............................. 50
Gas..................................... 55
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 35
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 335
Clothing................................ 40
Petrol/diesel........................... 120
Road tax................................ 12
Car Insurance........................... 25
Car maintenance (including MOT)...30
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 0
Clothing................................ 40
Total monthly expenses.................. 1532

Monthly Budget Summary

Total monthly income.................... 1,800
Expenses (including HP & secured debts). 1,532
Available for debt repayments........... 268

DON79

Hi, it does all look pretty good to me,

did you mean to add clothing onto the soa twice - you have 2x£40 on there.

You could maybe increase the clothing by £10 if it is not meant to be on twice, make groceries £350. Other than that, well done, it looks pretty good but you will probably end up with an IPA given that you do have a surplus am afraid. Do you need to add on any dry-cleaning for work clothes? Have you got accidental damage cover included in your home insurance?

Hope this helps a little.

jaydub_2

Thanks,

I have taken the duplicate clothing off and re-jigged as advised.

Household Information

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned......................1

Monthly Income Details
Monthly income after tax................ .1500
Partners monthly income after tax......0
Benefits....................................... 300
Other income................................ 0
Total monthly income..................... 1800

Monthly Expense Details

Mortgage..................................... 0
Secured loan repayments.................0
Hire Purchase (HP) repayments.........0
Rent.................................... .......480
Council tax.................................. 93
Electricity................................... 60
Gas........................................... 55
Oil............................................. 0
Water rates................................ 50
Telephone (land line).................... 35
Mobile phone.............................. .25
TV Licence.............................. ...12
Satellite/Cable TV........................ 0
Internet Services......................... 0
Groceries etc. ......................... ...350
Clothing..................................... 50
Petrol/diesel........................... ...120
Road tax................................... 12
Car Insurance............................ 25
Car maintenance (including MOT)....30
Car parking................................ 10
Other travel............................... 0
Childcare/nursery....................... .0
Other child related expenses..........0
Medical (prescriptions, dentist etc).25
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance.....................15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc).0
Haircuts................................ ..20
Entertainment........................... 0
Holiday................................. ...50
Emergency fund.......................... 0

Total monthly expenses.................. 1542
Total monthly income.................... 1,800

Expenses 1,542
Available for debt repayments........... 258

Costus

Looks good to me. Does your wifes incapacity not require any special medical expenses? If you are about to go BR you will probably get hit with an IPA with those figures though, its not the end of the world, but do a search on this site to get a bit more information if you need it.

deedee_3

I probably would put housekeeping down at £400. Pets should be £20, but leave and see if they cut.

If you are both going bankrupt then you need to do a Soa each.
http://forums.moneysavingexpert.com/showthread.html?t=1414941

dalip

jaydub wrote: »

Thanks,

I have taken the duplicate clothing off and re-jigged as advised.

Household Information

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned......................1

Monthly Income Details
Monthly income after tax................ .1500
Partners monthly income after tax......0
Benefits....................................... 300
Other income................................ 0
Total monthly income..................... 1800

Monthly Expense Details

Mortgage..................................... 0
Secured loan repayments.................0
Hire Purchase (HP) repayments.........0
Rent.................................... .......480
Council tax.................................. 93
Electricity................................... 60
Gas........................................... 55£60
Oil............................................. 0
Water rates................................ 50
Telephone (land line).................... 35put mobile & landline together and put £60
Mobile phone.............................. .25
TV Licence.............................. ...12
Satellite/Cable TV........................ 0
Internet Services......................... 0
Groceries etc. ......................... ...350£370
Clothing..................................... 50
Petrol/diesel........................... ...120
Road tax................................... 12
Car Insurance............................ 25
Car maintenance (including MOT)....30
Car parking................................ 10
Other travel............................... 0
Childcare/nursery....................... .0
Other child related expenses..........0
Medical (prescriptions, dentist etc).25
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance.....................15£20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc).0
Haircuts................................ ..20
Entertainment........................... 0
Holiday................................. ...50
Emergency fund.......................... 0

Total monthly expenses.................. 1542
Total monthly income.................... 1,800

Expenses 1,542
Available for debt repayments........... 258

Thats up anoher £30. Can not squeeze any more out of it i am afraid unless....do you have breakdown cover.Dx

startagain_2

That's what I was thinking dalip - breakdown cover, and perhaps upping the car maintainence/repairs by £5 or £10 ?
£30 isn't a lot these days.

SA

kepar

Although this is my first posting on this site I have read the comments regularly. My wife and I both went BR in november last year so I do have some experience. The problem with your SOA jaydub is that you are putting it down for both of you. You are both going bankrupt so you will both be treated indvidually. Your wifes income is £300 and as this is benefits probably will not be counted and if it did it only makes up 16% of the household income. This may not be sufficient for the OR to take any intrest in it, mine was 17% and he let me keep all of it.
Now your income is £1500 , so all the outgoings will go against you and as they total £1542 , you will be ok.

jaydub_2

We were planning on presenting a petition each, but I was under the impression that we had to put our full combined income on each and the outgoings would be the same. I think I understand what you are saying.

Can anyone else throw any comments in on this.

dalip

During the time i have been on this forum we have always believed that each SOA should have the persons full income and their partners contribution. All household bills should be full amunts then the person's personal expenditure like car expenses,mobile,medical,hair added.

But we are being told that some OR's do Joint i&e when a couple go bc

tigerfeet2006

There is a thread I posted earlier where I rang the Insolvency Service and I got the reply from 6 diferent advisors that the way the SoA should be done is the way we have been advising with the wage plus contribution from the OH.

I should imagine it would be difficult doing a joint one when we get into IPA territory, then it could get dicey as to how the IPA was worked out and you could pay more than needed.