SOA - All help greatfully received.

redjellybean_2

Hi all, this is a first draft of mine and my partners SOA, our big day is Friday so the nerves have set in bigtime, I am the only one working at the moment,and we will be renting from a family member. Other income comes from tax credits and child benefit. Any advise greatfully accepted.

Our debts seem hugh, we have some 25,000 worth of personal gaurentees from a business we were directors of(no longer directors). Also our mortgage, we have agreed a possession order with Oakwood, also numerous credit cards maxed wich we used to live and try to keep the business afloat when things fist started to slow down work wise.

I am now working and we have arranged rented accommodation, as we have a toddler.

Only secured debt is our mortgage which is £122000.

Both own very cheap £500 each cars, which are essential for getting to work.

BR day is Friday, would appreciate any help or advise please.





Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 950
Benefits................................ 0
Other income............................ 400
Total monthly income.................... 1350

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 200
Management charge (leasehold property).. 100
Council tax............................. 0
Electricity............................. 15
Gas..................................... 70
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 70
TV Licence.............................. 0
Satellite/Cable TV......................47
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 240
Road tax................................ 28
Car Insurance........................... 67
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 20
Holiday................................. 10
Emergency fund.......................... 20
Total monthly expenses.................. 1352


Assets
Cash.................................... 0
House value (Gross).....................120,000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Total unsecured debts..........0.........0.........- 40,000


Monthly Budget Summary
Total monthly income.................... 1,350
Expenses (including HP & secured debts). 1,352
Available for debt repayments........... -2
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -2

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -122000
Total Unsecured debt.................... -40000
Net Assets.............................. 123,000

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

robsimps53

ive had trouble with my SOA, it's me that is going bankrupt and have no income, im not sure weather im still able to put down my partners income down or the benefits we have as they get paid into her account

is it the 2 of you going bankrupt or just the 1

redjellybean_2

Hi robsimps, its both of us going br, on the insolvency service form it asks for partners income so that is why we have completed it like this, not sure if it is right, but the helpful people on here will let us know.

redjellybean_2

Hi all, this is a first draft of mine and my partners SOA, our big day is Friday so the nerves have set in bigtime, I am the only one working at the moment,and we will be renting from a family member. Other income comes from tax credits and child benefit. Any advise greatfully accepted.

Our debts seem hugh, we have some 25,000 worth of personal gaurentees from a business we were directors of(no longer directors). Also our mortgage, we have agreed a possession order with Oakwood, also numerous credit cards maxed wich we used to live and try to keep the business afloat when things fist started to slow down work wise.

I am now working and we have arranged rented accommodation, as we have a toddler.

Only secured debt is our mortgage which is £122000.

Both own very cheap £500 each cars, which are essential for getting to work.

BR day is Friday, would appreciate any help or advise please.





Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 950
Benefits................................ 0
Other income............................ 400
Total monthly income.................... 1350

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 200
Management charge (leasehold property).. 100
Council tax............................. 0
Electricity............................. 15
Gas..................................... 70
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 70
TV Licence.............................. 0
Satellite/Cable TV......................47
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 240
Road tax................................ 28
Car Insurance........................... 67
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 20
Holiday................................. 10
Emergency fund.......................... 20
Total monthly expenses.................. 1352


Assets
Cash.................................... 0
House value (Gross).....................120,000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Total unsecured debts..........0.........0.........- 40,000


Monthly Budget Summary
Total monthly income.................... 1,350
Expenses (including HP & secured debts). 1,352
Available for debt repayments........... -2
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -2

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -122000
Total Unsecured debt.................... -40000
Net Assets.............................. 123,000

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

peachyprice

redjellybean wrote: »

Hi all, this is a first draft of mine and my partners SOA, our big day is Friday so the nerves have set in bigtime, I am the only one working at the moment,and we will be renting from a family member. Other income comes from tax credits and child benefit. Any advise greatfully accepted.

Our debts seem hugh, we have some 25,000 worth of personal gaurentees from a business we were directors of(no longer directors). Also our mortgage, we have agreed a possession order with Oakwood, also numerous credit cards maxed wich we used to live and try to keep the business afloat when things fist started to slow down work wise.

I am now working and we have arranged rented accommodation, as we have a toddler.

Only secured debt is our mortgage which is £122000.

Both own very cheap £500 each cars, which are essential for getting to work.

BR day is Friday, would appreciate any help or advise please.





Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 950
Benefits................................ 0
Other income............................ 400
Total monthly income.................... 1350

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 200
Management charge (leasehold property).. 100
Council tax............................. 0
Electricity............................. 15
Gas..................................... 70
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 70 Way too high £30 max. if these are contacts they can go into BR and you can change to PAGY, otherwise, reduce contracts.
TV Licence.............................. 0
Satellite/Cable TV......................47 Not allowed, pay from surplus
Internet Services....................... 0
Groceries etc. ......................... 300 £ 350
Clothing................................ 0
Petrol/diesel........................... 240
Road tax................................ 28
Car Insurance........................... 67
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100 Why if only 1 of you working?
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15 £25
Entertainment........................... 20 Not allowed
Holiday................................. 10 £50
Emergency fund.......................... 20 Not allowed
Total monthly expenses.................. 1352


Assets
Cash.................................... 0
House value (Gross).....................120,000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Total unsecured debts..........0.........0.........- 40,000


Monthly Budget Summary
Total monthly income.................... 1,350
Expenses (including HP & secured debts). 1,352
Available for debt repayments........... -2
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -2

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -122000
Total Unsecured debt.................... -40000
Net Assets.............................. 123,000

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

I've made a few changes above. You're going to struggle to keep 2 cars with only 1 of you working, same goes for childcare.

HTH

notfes53

Hi redjellybean,

There are different ways that you can use an SOA, depending on what you are trying to achieve.

The first thing to do is to complete a combined household SOA, showing everything on it. It doesn't matter which partner is the primary and which is treated as secondary. Put all your debts (include mortgage, secured and unsecured loans and overdrafts) and expenses on this as this your "real life" SOA. This will enable us all to see what the true position is at a household level.

Try to add a note to each debt to say if it is "joint" or "his" or "hers".

This is the first filter and it allows us to see if there are any alternatives to going BR.

You can also prepare individual SOAs too in which you show your individual shares of joint expenditure and income. In some cases, although admittedly not that many, you may find that only one partner needs to go BR - which would have some advantages, not least only one fee of £495 to find!:D

(When you each prepare your Debtor's petitions, we can advise how best to show the allocations of expenses - and try to ensure that your IPA - if any -is as small as it needs to be)

Sorry if this is covering old ground, but it's only when we see the SOA that we can really add value and share our experience!

redjellybean_2

Hi and thanks Peachyprice and Notfes53, thanks for the speedy response, we will both have to go BR due to the spread of the debts, but thanks for the input.

The reason there is childcare included is my husband is attending college 2 days a week and our son goes to the nursery there, will this still be allowed, also where we are renting accommodation there is no public transport, hence why the two very cheap cars.

I am just so worried about all these forms they seem so complicated and the insolvency service forms are not great.

Most of the debts are credit cards which are all individual, some mine some my OH, round about £20,000 for OH and mine are around £16,000, we also have personal gaurentees for £23,000 from a limited company we were directors of (no longer directors), joint debt is £122,000 which is our mortgage , but as already stated we have agreed possesion order with oakwood, all household bills were in my name and I will include them in BR totals are around £1200.

peachyprice

Hi RJB,

That should be OK, just make sure you put on your forms about your OH's college, it's a valid reason for the car and the childcare.

cagneuk

would a bicycle be an option for your husband? cheaper, healthier and better for the environment. your car is cheap but that still needs tax/mot/insurance/petrol/ and cheap cars often need more work done than older cars.

McKneff

Think the OP says her OH goes to the college and takes baby with him to go into the creche at the college with him

McKneff

Sky, Skytalk,broadband is £16.50
landline with SKy £10

Sky = £26.50

Yours = £73 :eek: