Gaz's SOA (Edition 1)

fiveyearplan

tmcd01 wrote: »

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)
Total monthly income1,200
Monthly expenses (incl. HP & secured loans)993
Available for debt repayments207
UNsecured debt repayments900
Amount short for making debt repayments-693

Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own)250
Total Secured & HP Debt-0
Total Unsecured Debt-32,500
Net Assets-32,250
Income, Expense, Debt & Asset Details

IncomeAmount(£)
Monthly income after tax1200
Partners monthly income0
Benefits0
Other income0
Total monthly income1200

ExpensesAmount(£)
Mortgage0
Secured/HP loan payments0
Rent 420 433
Management charge (leasehold property)0
Council tax 0
Electricity 0
Gas 0
Oil 0
Water Rates 0
Telephone (land line) 0 53
Mobile phone 53 put this under general 'phone bill' put above
TV Licence0
Satellite/Cable TV 0
Internet services 0
Groceries etc.120 150
Clothing 30
Petrol/diesel 120
Road tax 0 Tax?
Car Insurance 20
Car maintenance (including MOT) 20
Car Parking 0
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 25
Pet Insurance/Vet bills 20
Buildings Insurance 0
Contents Insurance 0 Ha syour partner got this? If not then perhaps you should get it
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.)20 not usually allowed but leave in and see
Haircuts 15 10
Entertainment 20 not usually allowed but leave in and see
Holiday 40
Emergency Fund 30 Not normaaly allowed but leave and see
Cigarettes 40 Not normally allowed but leave and see
Total monthly expenses 993


Hi, made the layout a bit better for you, HTH

Tim

It looks like yo will end up with an IPA on those figures as some of those simply aren't allowed in BR - cigarettes for one would have to come out of housekeeping. Anyway paying an IPA for 36 months and then being done with it is by far better than struggling with the debt indefinitely.

VespaPX125

Cheers for the advice - so you would pay for 3 years? my current job only lasts 12 months then god only knows what I'll do then, one of the main reason's I want to go BR

so what's the crack then - do you get discharged after 12 months with 24 months left to pay your creditors or do you stay undischarged until the 36 months is up? I'm confused now... lol

fiveyearplan

If you have over £99 surplus from your SOA then you pay an IPA for 36 months. The IPA can change (go up or down) if your circumstances change. It means that if your circumstances change within the 36 months you have to report it. It is one reason we try not to be landed with one but as I said if you do get one you know when it will end and it won't be as much as servicing your debt had you not gone BR.

VespaPX125

I best get re-jiggling then - might contact Ford and see if I can stop the car going back - that's £159 a month - also crucial for my job (say's so in my contract)

fiveyearplan

That might work.

VespaPX125

Can I add my Srudent Loan payments, that's £40 a month?

philnicandamy

VespaPX125 wrote: »

Can I add my Srudent Loan payments, that's £40 a month?

student loans cant be included in bankruptcy.....sorry

VespaPX125

I meant to bump up my SOA as I really would like not to have to pay for 3 years (lol, wouldn't we all) so I'm now trying to think of expenses to add to the main body that I have to pay to try and reduce the money I have left after totting up (with the deductions highlighted I'm still at £900 a month, just need to squeeze £300 more from somewhere) and ---- BINGO --- skint

First time I've actually been glad to try and find stuff I need to pay

paulc19

VespaPX125 wrote: »

Can I add my Srudent Loan payments, that's £40 a month?

They come straight out your wages so i would state your net income, which should be after the SL deduction has been taken (that's how it works for me anyway).:o

fiveyearplan

VespaPX125 wrote: »

Can I add my Srudent Loan payments, that's £40 a month?

Yes, you can add it to your SOA.