Could SOA experts please check?

beentheredonethatstilhere

It needs to be split as bankruptcy is an individual thing.

northernmonkey0_0

So we both put down that we pay the £764 mortgage? Just so i'm clear

EnslavedByDebts

northernmonkey would you like me to do the soa again for you?

I can take into account everything you have put down if you would like then you can tweak it after?

EBD

beentheredonethatstilhere

Yep!. All the joint household bills need to be put down in full on both SOAs. You each put your own personal expenses down on your individual SOAs ie: travel, hair, mobiles etc.

You put your full wages down and your OH contribution to the joint household bills on yoursa and on your OHs you put her full wage and your contribution to the full household expenses.

Those child expenses will not be allowed. You can put down £5 per week for an activity. Childrens clothes come under clothes on the form that is why Dalip uped on lot up to £70, you could try £80 and see what happens.

The child benefit will not be taken into account when calculating an IPA although you need to put it down on your SOA.

If you can prove the medical expenses then put them down at £50. Letter from your dentist may help.

northernmonkey0_0

would you mind awfully? I know it's a cheek of me but I've never been the best with figures, hence why I'm probably in this mess! Also the house is worth about 130k with about 7k to get out of mortgage and estate agents fees. I just renewed last year for a 5 year fixed rate

EnslavedByDebts

okay give me a few minutes as i am just eating dinner and i will get it up for you. I will do the best i can with the figures then you can adjust as you need to

EnslavedByDebts

I have done the SOA's using the figures you had. Your partner's SOA is in a deficit so one of the more knowledgable folks will need to tell you where to alter it slightly. It maybe that you just up your part of the contribution but i am not quite sure.

If you need anymore help let me know

Your SOA

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.................... 1
Monthly Income Details
Monthly income after tax................ 2021
Partners monthly income after tax....... 260
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2361
Monthly Expense Details
Mortgage................................ 764
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 70
Gas..................................... 60
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 450
Clothing................................ 80
Petrol/diesel........................... 70
Road tax................................ 20
Car Insurance........................... 31
Car maintenance (including MOT)......... 50
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 200
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 50
Pet insurance/vet bills................. 20
Buildings insurance..................... 14
Contents insurance...................... 20
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 25
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 30
Total monthly expenses.................. 2336


Monthly Budget Summary
Total monthly income.................... 2,361
Expenses (including HP & secured debts). 2,336
Available for debt repayments........... 25
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 25

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

Your Partners SOA

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.................... 1
Monthly Income Details
Monthly income after tax................ 770
Partners monthly income after tax....... 1350
Benefits................................ 80
Other income............................ 10
Total monthly income.................... 2210
Monthly Expense Details
Mortgage................................ 764
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 70
Gas..................................... 70
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 450
Clothing................................ 80
Petrol/diesel........................... 50
Road tax................................ 20
Car Insurance........................... 31
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 200
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 20
Buildings insurance..................... 14
Contents insurance...................... 20
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 25
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 30
Total monthly expenses.................. 2286


Monthly Budget Summary
Total monthly income.................... 2,210
Expenses (including HP & secured debts). 2,286
Available for debt repayments........... -76
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -76

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

Hope this helps

EBD

EnslavedByDebts

It sounds like your house is in negative equity so if you want to keep the house and can afford to service the mortgage then you will be able to buy the beneficial interest back from the OR for £211 plus £1.

If you don't want to keep the house then you need to stop paying the mortgage and save up for rent up front plus your bond. Then let the mortgage company reposess the house and the shortfall will eventually fall into the bankruptcy.

I have doen those SOA's on your figures given so they may not be 100% correct and i can't guarentee that the allowances will be allowed so take advice form others on here

EBD

pmg19680

Hi ebd and nm,
I am also rubbish with figures on these soa's. Just a question - How come the mortgage etc is the same on both. I was under impression that it would be halved on each as joint. excuse me if I sound a little dim. Maths is my weak subject

northernmonkey0_0

EnslavedByDebts wrote: »

I have doen those SOA's on your figures given so they may not be 100% correct and i can't guarentee that the allowances will be allowed so take advice form others on here

EBD

Of course mate, and i'm sooooooooooooooooo grateful! I knew that i never had as much cash as what came up on paper but i couldn't get my head round it. This is still part of the learning process for me, most of the debts are 8 or 9 years old or older, and i've learnt to live within my means in the past few years.

One thing i still can't quite grasp the concept of though is the fact that we both put down that we are paying the full mortgage, or is that why we contribute to each other?

Although i really really appriecate what EBD has done, if dalip or someone else knowledgable could cast an eye over too? Would i have to prove all the bills to the OR or as long as they ain't OTT do they take your word for it?

Many Many Many thanks yet again. :beer: