Draft soa

fooman

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 600
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2680
Monthly Expense Details
Mortgage................................ 740
Secured/HP loan repayments.............. 1007
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 25
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 480
Clothing................................ 0
Petrol/diesel........................... 20
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 2759

Assets
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 194500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 155000...(740)......0
Secured Debt.................. 55000....(740)......0
Hire Purchase (HP) debt ...... 10000....(267)......0
Total secured & HP debts...... 220000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cahoot.........................5000......0.........0
lloyds bank overdraft..........2550......0.........0
lloyds credit card.............17500.....0.........0
city electrical ...............3900......0.........0
comet..........................1200......0.........0
co op credit card..............4500......0.........0
egg............................6500......0.........0
Total unsecured debts..........41150.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,680
Expenses (including HP & secured debts). 2,759
Available for debt repayments........... -79
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -79
Personal Balance Sheet Summary
Total assets (things you own)........... 194,500
Total HP & Secured debt................. -220,000
Total Unsecured debt.................... -41,150
Net Assets.............................. -56,650
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

fooman

we do have my older son and his girlfried living with us who do not contribute anything making it 6 of us living here and 4 dogs

beentheredonethatstilhere

fooman wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 600
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2680
Monthly Expense Details
Mortgage................................ 740
Secured/HP loan repayments.............. 1007 :eek::eek: me thinks the OR may say that you are going to have to move into rented.
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 25
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 25 Put this under phone unless needed for work.
Groceries etc. ......................... 480
Clothing................................ 0 do you not wear clothes??
Petrol/diesel........................... 20 why is this so low and why don't you pay insurance etc?
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 school dinners? activities?
Medical (prescriptions, dentist etc).... 0 do you wear glasses? go to the dentist? get prescriptions?
Pet insurance/vet bills................. 20
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 some OR's will allow and others won't.
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 40 you put in a holiday fund but no clothes??
Emergency fund.......................... 0
Total monthly expenses.................. 2759

Assets
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 194500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 155000...(740)......0
Secured Debt.................. 55000....(740)......0
Hire Purchase (HP) debt ...... 10000....(267)......0
Total secured & HP debts...... 220000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cahoot.........................5000......0.........0
lloyds bank overdraft..........2550......0.........0
lloyds credit card.............17500.....0.........0
city electrical ...............3900......0.........0
comet..........................1200......0.........0
co op credit card..............4500......0.........0
egg............................6500......0.........0
Total unsecured debts..........41150.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,680
Expenses (including HP & secured debts). 2,759
Available for debt repayments........... -79
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -79
Personal Balance Sheet Summary
Total assets (things you own)........... 194,500
Total HP & Secured debt................. -220,000
Total Unsecured debt.................... -41,150
Net Assets.............................. -56,650
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Your outgoings outstrip your incomings by nearly £100 and the OR is going to want to know how you are going to survive after bankruptcy. I really think with the sie of that secured loan that the OR will ask you ook for rented accomadation, but see what others say.

beentheredonethatstilhere

fooman wrote: »

we do have my older son and his girlfried living with us who do not contribute anything making it 6 of us living here and 4 dogs

Can I be nosey and ask why they do not contribute anything?

fooman

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 600
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2680
Monthly Expense Details
Mortgage................................ 740
Secured/HP loan repayments.............. 600
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 25
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 480
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 20
Buildings insurance..................... 20
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 2517

Assets
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 194500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 155000...(740)......0
Secured Debt.................. 55000....(600)......0
Total secured & HP debts...... 210000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cahoot.........................5000......0.........0
lloyds bank overdraft..........2550......0.........0
lloyds credit card.............17500.....0.........0
GMAC car finance...............10000.....0.........0
British Gas electric...........800.......0.........0
British Gas GAS................800.......0.........0
CCJ............................2000......0.........0
CCJ............................800.......0.........0
Inland revenue.................2500......0.........0
VAT............................5000......0.........0
egg............................6500......0.........0
co op card.....................4500......0.........0
comet..........................1200......0.........0
city electrical................3900......0.........0
Total unsecured debts..........63050.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,680
Expenses (including HP & secured debts). 2,517
Available for debt repayments........... 163
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 163
Personal Balance Sheet Summary
Total assets (things you own)........... 194,500
Total HP & Secured debt................. -210,000
Total Unsecured debt.................... -63,050
Net Assets.............................. -78,550
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


Dunno how i cocked up the 1st one.

I only have a van now as my car is being collected this week. The expenses for my van come out of my buissness as an expense to leave me the £2000 per month income.

beentheredonethatstilhere

fooman wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 600
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2680
Monthly Expense Details
Mortgage................................ 740
Secured/HP loan repayments.............. 600
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 25
Mobile phone............................ 45 this is high.OR usually allows about £25. Mybe put it with phone and put phone to £60
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 25 unless this is needed for work then it will have to come from your surplus.
Groceries etc. ......................... 480
Clothing................................ 100
Petrol/diesel........................... 0 Iwould put some in for personal travel.
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 dinner money? childrens activities? How old are your children?
Medical (prescriptions, dentist etc).... 10£20
Pet insurance/vet bills................. 20
Buildings insurance..................... 20
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 2517

Assets
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 194500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 155000...(740)......0
Secured Debt.................. 55000....(600)......0
Total secured & HP debts...... 210000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cahoot.........................5000......0.........0
lloyds bank overdraft..........2550......0.........0
lloyds credit card.............17500.....0.........0
GMAC car finance...............10000.....0.........0
British Gas electric...........800.......0.........0
British Gas GAS................800.......0.........0
CCJ............................2000......0.........0
CCJ............................800.......0.........0
Inland revenue.................2500......0.........0
VAT............................5000......0.........0
egg............................6500......0.........0
co op card.....................4500......0.........0
comet..........................1200......0.........0
city electrical................3900......0.........0
Total unsecured debts..........63050.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,680
Expenses (including HP & secured debts). 2,517
Available for debt repayments........... 163
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 163
Personal Balance Sheet Summary
Total assets (things you own)........... 194,500
Total HP & Secured debt................. -210,000
Total Unsecured debt.................... -63,050
Net Assets.............................. -78,550
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


Dunno how i cocked up the 1st one.

I only have a van now as my car is being collected this week. The expenses for my van come out of my buissness as an expense to leave me the £2000 per month income.

I have made some comments above.

Merry_Gentry

fooman wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 600
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2680
Monthly Expense Details
Mortgage................................ 740 - This combined with your secured payment is really high - the OR may make you move to rented.
Secured/HP loan repayments.............. 600 - What are rents like in your area for similar properties?
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 25
Mobile phone............................ 45 - you might get away with adding maybe half of this to your landline and paying the rest from your surplus
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 25 - would need to come from your surplus unless you could prove needed for school or work.
Groceries etc. ......................... 480
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 20
Buildings insurance..................... 20
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 80 - doubtful they would allow £80 per month for holiday.
Emergency fund.......................... 0
Total monthly expenses.................. 2517

Assets
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 194500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 155000...(740)......0
Secured Debt.................. 55000....(600)......0
Total secured & HP debts...... 210000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cahoot.........................5000......0.........0
lloyds bank overdraft..........2550......0.........0
lloyds credit card.............17500.....0.........0
GMAC car finance...............10000.....0.........0
British Gas electric...........800.......0.........0
British Gas GAS................800.......0.........0
CCJ............................2000......0.........0
CCJ............................800.......0.........0
Inland revenue.................2500......0.........0
VAT............................5000......0.........0
egg............................6500......0.........0
co op card.....................4500......0.........0
comet..........................1200......0.........0
city electrical................3900......0.........0
Total unsecured debts..........63050.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,680
Expenses (including HP & secured debts). 2,517
Available for debt repayments........... 163
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 163
Personal Balance Sheet Summary
Total assets (things you own)........... 194,500
Total HP & Secured debt................. -210,000
Total Unsecured debt.................... -63,050
Net Assets.............................. -78,550
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


Dunno how i cocked up the 1st one.

I only have a van now as my car is being collected this week. The expenses for my van come out of my buissness as an expense to leave me the £2000 per month income.

Is there equity in the house?

JCS1

fooman wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2 Why do the other 2 adults living with you (son and partner) not contribute. They should be giving you something. You will need to change this to reflect 6 people in household, otherwise some of your outgoings will appear too high for 4
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 600 is it just you going BR? if just you, this needs to be your partner's contribution to income less any personal expenses such as their own debt repayments.
Benefits................................ 80 Assume Child benefit? needs to be declared as income but will not be used for IPA calculation.
Other income............................ 0
Total monthly income.................... 2680
Monthly Expense Details
Mortgage................................ 740 50% of househome income goes on mortgage/secured loan. Are you sure you wish to keep property? Might be worth a chat with CAB/CCS to discuss your options, What would renting cost in similar area?
Secured/HP loan repayments.............. 600
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 25
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 25 Need to show essental for work/school or would have to come out of surplus.
Groceries etc. ......................... 480
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 20
Buildings insurance..................... 20
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 2517

Assets
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 4500 Owned outright of on finance? If outright, OR might be interested given the value
Other assets............................ 0
Total Assets............................ 194500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 155000...(740)......0
Secured Debt.................. 55000....(600)......0
Total secured & HP debts...... 210000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cahoot.........................5000......0.........0
lloyds bank overdraft..........2550......0.........0
lloyds credit card.............17500.....0.........0
GMAC car finance...............10000.....0.........0
British Gas electric...........800.......0.........0
British Gas GAS................800.......0.........0
CCJ............................2000......0.........0
CCJ............................800.......0.........0
Inland revenue.................2500......0.........0 Are you a sole trader?
VAT............................5000......0.........0 ditto
egg............................6500......0.........0
co op card.....................4500......0.........0
comet..........................1200......0.........0
city electrical................3900......0.........0
Total unsecured debts..........63050.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,680
Expenses (including HP & secured debts). 2,517
Available for debt repayments........... 163
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 163
Personal Balance Sheet Summary
Total assets (things you own)........... 194,500
Total HP & Secured debt................. -210,000
Total Unsecured debt.................... -63,050
Net Assets.............................. -78,550
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


Dunno how i cocked up the 1st one.

I only have a van now as my car is being collected this week. The expenses for my van come out of my buissness as an expense to leave me the £2000 per month income.

Assume you are sole trader rather than a partnership? Is the £2,000 income after an amount has been set aside for Tax/NIC?

fooman

yes i am a sole trader. My wife pays the secured loan from the money she owns i pay the mortgage and everything else so she has nothing left.

JCS1

What business are you in (anything considered 'risky' e.g. pub, etc, the OR can and will close down). You also need to be able to show to OR that the business is profitable - no point going BR and clearing debt for it to then build up again. They can also ask for you to provide management accounts/Profit and Loss accounts every 3 months during your BR.

fooman

self employed electrician most of the debts were built up when i started up 4 years ago. Things are going ok at the moment but not enough income to cover all my debts. Car is being collected this week as i have missed so many payments on it. The van i have for work is up to date and about 10 payments left on it,