Considering it, really need advice

Broken_hearted

Perfect thank you.

mikemgs

Ok, Thanks again guys. I have gone through the SOA calc and below is the result. This is the best I can do from memory and I think its accurate.
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................ 1200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 205
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 30
Electricity............................. 20
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 40
TV Licence.............................. 7
Satellite/Cable TV...................... 50
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 45
Car maintenance (including MOT)......... 15
Car parking............................. 10
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 5
Entertainment........................... 40
Holiday................................. 30
Emergency fund.......................... 20
na...................................... 0
Total monthly expenses.................. 1352


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(205)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................8500......350.......17
loan...........................4500......140.......20
loan...........................1000......187.......45
Total unsecured debts..........14000.....677.......-


Monthly Budget Summary
Total monthly income.................... 1,200
Expenses (including HP & secured debts). 1,352
Available for debt repayments........... -152
Monthly UNsecured debt repayments....... 677
Amount short for making debt repayments. -829

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,000
Net Assets.............................. -13,000

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

DON79

mikemgs wrote: »

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................ 1200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 205 - check for a BR clause in the agreement requiring the car to be returned - some have them am afraid
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 30
Electricity............................. 20
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 40 - add this to land line
TV Licence.............................. 7 - £12 allowed
Satellite/Cable TV...................... 50 - not allowed, will have to be paid from surplus income
Internet Services....................... 15 - only allowed if essential for business/homework
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 45
Car maintenance (including MOT)......... 15
Car parking............................. 10
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 200 - will have to explain to the OR what this covers but I guess it is because you have your son every weekend so as long as you explain to the OR it should be fine.
Medical (prescriptions, dentist etc).... 10 - could increase to £20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - you should have this in case of damage etc
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 - not normally allowed but leave it and see
Haircuts................................ 5 - allowed £10 per adult
Entertainment........................... 40 - not allowed, sorry
Holiday................................. 30 - this is ok
Emergency fund.......................... 20 - not normally allowed but could leave it and see.
na...................................... 0
Total monthly expenses.................. 1352

if you are going BR, have made some notes above as to what is generally allowed, hope this helps. I am guessing you do share some costs with your father perhaps which is why some items were lower?

Donna

miaoww

My dad doesnt know Ive gone bankrupt - mum and dad have always saved for things unlike me - but on the day of me going to court mum said theyd been watching a program called skint i think on tv which had this guy in lots opf debt and people bringing / buying him food and stuff and dad just came out with the comment of I dont know why he just doesnt go bankrupt? it really surprised me - not enough for me to tell him i was though!:rotfl: I though id stress my mum out but had to tell someone all she said was well you seem to know what your doing and then bought us some food for the house and filled my car up with petrol so I could get to work shes been great- youve come to the right place for help and support - good luck what ever you decide

mikemgs

Thanks,
A lot of the utility bills are paid by both my father and I, thats why some are lower than the norm. I only pay the council tax charge my dad got when he lost single person benefit. The £200 a month for child related expenses is only what I pay to his Mum every month. I did not include any extra that I spend on him at the weekend. I have just opened some of the letters I was hiding from, and I have so many late charges and charges for telling me I am late letters, that it makes me sick. I am sure these companies make more from writing letters than they do for selling goods!

DON79

Hi Mike,

£200 for child support should be fine with the OR then, it should not be any problem.

Don't get too worried about the letters, as long as you are getting advice about this and looking for ways to try sort it out - you are doing really well!

If you do decide on going BR, the charges these companies are going to apply will not matter anymore.

Donna

anniecave

do you not have water? Include this, even if it's only £5 per month!

Do you really spend £200 per month on groceries, just for you and your child at the weekends? You could cut this down to £100 per month..

mikemgs

If I go bankrupt then I assume the companies I owe money to would take any goods from the house? I have a TV and my sons Xbox on hire purchase, I would hate to have to explain that to him, although I know its my fault and I have to accept it. (hangs head in shame)

anniecave wrote: »

do you not have water? Include this, even if it's only £5 per month!

Do you really spend £200 per month on groceries, just for you and your child at the weekends? You could cut this down to £100 per month..

Yes we have water, its a bill my Dad pays. He said I would only have to pay any bills that I brought to the house, he had the water charge before I moved in and it has not changed because there is two of us. The grocerys maybe could be less, but I use this budget for all meals everyday from breakfast packed lunch for work and evening meal. I am sure its about £50 a week.

jillymit

I'm not an expert like some on here so not the best to offer advice but thought of Worried Jims thread when I read your post.
There's some great advice on there and I thought it migh be nice for you to see there is light at the end of the tunnel.
http://forums.moneysavingexpert.com/showthread.html?t=1312659
HTH

DON79

Hi mike

re the groceries at £200 per month, the reason a BR has things like groceries and other expenses higher is that they need them higher to help cover any unexpected costs or emergencies that might crop up as you have no form of credit to fall back on in an emergency. So yes you could probably cut your food to £100 per month, however if you do this it may well leave you short of money for any unexpected bills so I would recommend leaving it as it is and if you do go BR, the OR will cut it if he feels it should be cut.

Of course, if you end up going down the dmp route, then you would be looking to make savings everywhere that you can so annie is right if you are gonna be a debt free wannabe.

Donna