SOA help please

sarahloukpntia

hello

me & my husband are probably going bankrupt & having house repossed.
i want to do a SOA but am not sure how to do it.

the situation is: we are living with my parents, we aren't currently paying them anything but they need us to pay something as cannot afford to support us (they are struggling to support themselves)

we have a house that we moved out of as we couldn't afford the bills, we have stil been paying reduced rate council tax & mortgage, water & an old gas bill.

the house is in a state & needs work doing to it that we cannot afford to do.

if i do a soa what payments should i put down?
payments that we are paying right now? or payments that we would be paying if we didnt have the house?

i'm a little confused. also what payments are you 'allowed' obviously at the moment we are not paying for the internet or anything like that as my parents are paying it & we use their connection but once we can afford to we have to pay rent & towards all the utility bill, etc. until we give up our house we cannot afford to do that.
there is my husband, myself & 2 toddlers. my parents have said we can stay with them as long as we need to so no worries there but we have to pay rent, etc which is understandable.
any help doing an soa beofre we decide if bankruptcy is the way forward would be great please.
thanks you sarah

peachyprice

Now you've decided to go BR cancel all the payments towards the house immediately.

On your SoA put your expenses as they will be once you're not paying for the house and can afford to pay your keep at your parents as this is what you will be going forward with.

You can put rent, food for yourselves, your contribution towards the utilities and council tax, all the normal things you would need to pay for if it were your house, clothes for you and the children.

You need to sit down with your parents and decide what you are going to contribute to and how much you will be able to afford.

Once you have the figures put them on here
http://www.makesenseofcards.co.uk/soacalc.html
Format it for MSE and copy here so we can help you with the figures.

HTH

sarahloukpntia

hi
thank you very much, will do that when i get a spare minute. with bankruptcy what sort of thing can they take? we have 1 car between us worth around £500 2 tv's (old type, not flat screen or nothing spectacular) a computer & my sewing machine.
thanks sarah

peachyprice

The only thing they may take is the car, if it isn't a necessity, they won't touch anything else, you don't need to put anything else on the forms.

sarahloukpntia

i've just sat down to do the SOA & theres a bit about how much our house is worth. i havent got a clue how much its worth, we bought it for £68,000 in 2003/2004. we had it valued last year-beginning of the year & they said if it was repainted & had all the work done that needed doing it would be worth around £90,000.

we started doing the work which involved pulling down ceilings & a partitioning wall but cannot afford to finish the work. there is now rubble & plaster everywhere & it's a mess. with the fall in house prices anyway & the fact that our house isnt currently liveable (unless u can stand the dirt/dust/rubble,etc) i dont know how much our house is now worth. do i need to get a valuer round before i can finish my soa?
thanks sarah

deedee_3

Just give a couple of estate agents a ring and ask them to come around and give you a valueation for a quick sale. If they ask why just say you have to move for work and then if they chase you just say it fell through

This will give you a good idea of what it might fetch in the current market.

sarahloukpntia

hi
i've just cancelled all my payments towards the house & credit cards/loans, etc. what i would like to know is my tax credits are paid into my barclays account which is the account everthing is paid out of. i am also over drawn on this account by over £600 so any money that goes in will get eaten up in the overdraft. the problem is i need the tax credits to live on & to save to be able to go bankrupt as it's going to be nearly £1000 as my husband & i need to go bankrupt seperately.

if i take the money from my account will they question why i've taken it but not paid bills?

i need to make an appointment with CAB aswell. what do i need to take with me when i go to see them?

i've spent literally ALL DAY doing my soa! i've done 2 as i did the first one to see if there was any way i could pay all my debts but i have a shortfall of over £400 per month & thats if i carry on paying into a house that cannot even be rented out & living with my parents & not contributing to them.

i will post both soa's later but my daughter is not a happy bunny right now,
TIA
sarah

sieve

No you should be ok to withdraw it - if questioned just say you need that money to pay for your BR and your living expenses. I'm going to be taking ~£2k out of my account the day before I go BR for mortgage, living expenses for the month & BR fees so I think you'll be fine.