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And so it begins (SOA)
phil78
Posts: 13 Forumite
Hello everyone, long time lurker here but I'm so glad I found this place as it has been a great source of information along my journey to this point.
I'm totally convinced now that BR is my best route. I started in a DMP with CCCS earlier this year but I don't feel I can continue with it for the 10 years it would take to clear the debt, (it will be longer than that seeing no-one has stopped charges or interest, and even if they do, they could always start again at any point in the future). I would probably have to reduce the payments a little too as I had underestimated some of the bills, thus adding even more time to the DMP. CCCS seem reluctant to commit to bankruptcy but didn't rule it out. I have also spoken to NDL who seemed to have a different approach to it, and while they said that it was ultimately my decision they did say that I could consider BR, (without being too commital). This is a bit of a concern when I am asked if I have had professional advice, well I have, but it is I who have finally decided it is best.
Well, I've thought of little else, I've read everthing I can find. I have no assets to protect, no savings. The situation is also causing added stress in my relationship, I will not allow my debt to destroy that as it's all I have and care about really. I want to draw a line under it, accept the consequences and get on with my life.
My situation is nowhere near as dire as others here (which I do feel a bit guilty about) - here's my SOA at the minute. If anyone can take a quick look and comment I'd be grateful. I know there is a substantial surplus at the end, (ignoring the unsecured debt payments) but the IPA I will enter will still mean that I can live properly within my means. Thanks for reading this far!
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1238
Partners contribution .................. 550
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1788
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 495
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 50
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 390
Clothing................................ 28
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 72
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1318
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
CC1.............................7450......150.......5.9
CC2..............................2450......48........12.9
CC3............................1450......35........21.9
PERSONAL LOAN..............15234.....189.......0
CC4.............................5350......157.......19.9
CC5.............................10191.....294.......34.9
Total unsecured debts..........42125.....873.......-
Monthly Budget Summary
Total monthly income.................... 1,788
Expenses (including HP & secured debts). 1,318
Available for debt repayments........... 470
Monthly UNsecured debt repayments....... 873
Amount short for making debt repayments. -403
I'm totally convinced now that BR is my best route. I started in a DMP with CCCS earlier this year but I don't feel I can continue with it for the 10 years it would take to clear the debt, (it will be longer than that seeing no-one has stopped charges or interest, and even if they do, they could always start again at any point in the future). I would probably have to reduce the payments a little too as I had underestimated some of the bills, thus adding even more time to the DMP. CCCS seem reluctant to commit to bankruptcy but didn't rule it out. I have also spoken to NDL who seemed to have a different approach to it, and while they said that it was ultimately my decision they did say that I could consider BR, (without being too commital). This is a bit of a concern when I am asked if I have had professional advice, well I have, but it is I who have finally decided it is best.
Well, I've thought of little else, I've read everthing I can find. I have no assets to protect, no savings. The situation is also causing added stress in my relationship, I will not allow my debt to destroy that as it's all I have and care about really. I want to draw a line under it, accept the consequences and get on with my life.
My situation is nowhere near as dire as others here (which I do feel a bit guilty about) - here's my SOA at the minute. If anyone can take a quick look and comment I'd be grateful. I know there is a substantial surplus at the end, (ignoring the unsecured debt payments) but the IPA I will enter will still mean that I can live properly within my means. Thanks for reading this far!
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1238
Partners contribution .................. 550
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1788
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 495
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 50
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 390
Clothing................................ 28
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 72
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1318
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
CC1.............................7450......150.......5.9
CC2..............................2450......48........12.9
CC3............................1450......35........21.9
PERSONAL LOAN..............15234.....189.......0
CC4.............................5350......157.......19.9
CC5.............................10191.....294.......34.9
Total unsecured debts..........42125.....873.......-
Monthly Budget Summary
Total monthly income.................... 1,788
Expenses (including HP & secured debts). 1,318
Available for debt repayments........... 470
Monthly UNsecured debt repayments....... 873
Amount short for making debt repayments. -403
0
Comments
-
thats a pre-BR SOA, do it again with debts wiped by BR and you have a £400 surplus....at least
also, its may/june so expect a NIL tax code, raising your nett income to?....and increasing the surplus0 -
Apologies - here you go, thanks for the quick response
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1238
Partners contribution .................. 550
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1788
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 495
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 50
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 390
Clothing................................ 28
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 72
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1318
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
CAPITAL ONE....................7450......0.......5.9
EGG MONEY......................2450......0........12.9
EGG............................1450......0........21.9
NR.............................15234.....0.......0
MBNA Virgin....................5350......0.......19.9
MBNA A+L.......................10191.....0.......34.9
Total unsecured debts..........42125.....0.......-
Monthly Budget Summary
Total monthly income.................... 1,788
Expenses (including HP & secured debts). 1,318
Surplus........... 470
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -42,125
Net Assets.............................. -42,1250 -
over £99 surplus expect a IPO
add on your current tax deduction as income
0 -
maxmycardagain wrote: »thats a pre-BR SOA, do it again with debts wiped by BR and you have a £400 surplus....at least
also, its may/june so expect a NIL tax code, raising your nett income to?....and increasing the surplus
I was told that when I officially went bankrupt the fact I have a nil tax code doesn't mean I earn more, it means the OR receives my tax money instead of the inland revenue.
Could someone please clear this up for me and Phil?0 -
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1500 (ignoring tax)
Partners monthly income after tax....... 550
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2050
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 495
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 50
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 390
Clothing................................ 28
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 72
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1318
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
Total unsecured debts..........0.........0.........-
Monthly Budget Summary
Total monthly income.................... 2,050
Expenses (including HP & secured debts). 1,318
Available for debt repayments........... 732
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 732
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.0 -
I was told that when I officially went bankrupt the fact I have a nil tax code doesn't mean I earn more, it means the OR receives my tax money instead of the inland revenue.
Could someone please clear this up for me and Phil?
yes, but you get it in your pay packet, and the OR still wants it, so its in the calculation, one way or another....0 -
well, you get it, hand it over plus any IPO/IPA....0
-
Theres a table somewhere showing what you can expect to pay for the 3 year term of the IPO
£99 surplus - nil
£100 surplus - 70% of surplus0 -
So, as it stood with the surplus at £470, I would have got an IPA of £310 (66%) - I thought they took the whole of the tax surplus as a seperate payment?0
-
true, they will want your "tax" plus the IPO out the surplus...0
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