SOA - I need some help please

flowerpower56

Hi, I am a lone parent with a 16yr old who is still in school. I work part-time as a carer. I have been robbing peter to pay paul for some time now and it's getting that I can't stop worrying about it, I have got creditors phoning up all the time and debt collectors and bailiffs sent to my door. I've tried very hard to meet my payments but I just don't have enough money to around, so after a lot of thought I have decided to go bankrupt and I would appreciate any help you can give with my SOA. Thanks.

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 648
Partners monthly income after tax....... 0
Benefits................................ 524
Other income............................ 87
Total monthly income.................... 1259

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 340
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 60
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 49
Mobile phone............................ 20
TV Licence.............................. 24
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 126
Childcare/nursery....................... 0
Other child related expenses............ 20
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)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1084


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
managed loan...................8000......70........0
credit card....................1234......24........0
loan..........................300.......108.......0
loan...........................216.......18........0
ccj............................169.......33........0
debt collec...................196.......23........0
Total unsecured debts..........10115.....276.......


Monthly Budget Summary
Total monthly income.................... 1,259
Expenses (including HP & secured debts). 1,084
Available for debt repayments........... 175
Monthly UNsecured debt repayments....... 276
Amount short for making debt repayments. -101

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,115
Net Assets.............................. -10,115

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

Costus

Hi there and welcome,

It seems like you haven't got much in the way of a surplus for paying off your creditors

Have you got your BR fees already saved or is a family/friend lending you the money?

As you probably know it costs £495 to go BR.

flowerpower56 wrote: »

Hi, I am a lone parent with a 16yr old who is still in school. I work part-time as a carer. I have been robbing peter to pay paul for some time now and it's getting that I can't stop worrying about it, I have got creditors phoning up all the time and debt collectors and bailiffs sent to my door. I've tried very hard to meet my payments but I just don't have enough money to around, so after a lot of thought I have decided to go bankrupt and I would appreciate any help you can give with my SOA. Thanks.

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 648
Partners monthly income after tax....... 0
Benefits................................ 524
Other income............................ 87
Total monthly income.................... 1259

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 340
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 60
Oil..................................... 0
Water rates............................. 0 you must have water rates?
Telephone (land line)................... 49
Mobile phone............................ 20
TV Licence.............................. 24 seems a bit high, should be £12 if paid by direct debit
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250 try £300
Clothing................................ 30 seems a bit low, try £60
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 126
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 10 again seems low try £30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 must get, go for home insurance with accidental damage too, ours is £16 with tesco.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0 you can have a hol, £40
Emergency fund.......................... 0 some OR's allow is (ours did) £30
Total monthly expenses.................. 1084


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
managed loan...................8000......70........0
credit card....................1234......24........0
loan..........................300.......108.......0
loan...........................216.......18........0
ccj............................169.......33........0
debt collec...................196.......23........0
Total unsecured debts..........10115.....276.......


Monthly Budget Summary
Total monthly income.................... 1,259
Expenses (including HP & secured debts). 1,084
Available for debt repayments........... 175
Monthly UNsecured debt repayments....... 276
Amount short for making debt repayments. -101

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,115
Net Assets.............................. -10,115

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

This should leave you with a surplus of just £3, (if my maths are correct) which is perfectly acceptable amount to go BR on. If you do pay water rates just take the money off the emergency fund and put it in you water rates column.
All the amount adjustments made are allowed in a BR.

Hope this helps you.