SOA - Urgent help needed

dannynixon

Hello, I am writing on behalf of a friend who has come into some trouble.

She has split from a partner and she is now owing lots of money (after the reposession of her house) and after advice from citizens advice, she has applied for bankruptcy and has her court date next month.

She has given me her information and asked me to post her SOA online and see if she can get any help with filling in her forms.

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)Total monthly income1,379.3
Monthly expenses (incl. HP & secured loans)1,347
Available for debt repayments32.3
UNsecured debt repayments277
Amount short for making debt repayments-244.7
Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own)3,000
Total Secured & HP Debt-10,200Total Unsecured Debt-20,982Net Assets-26,982


Household Information

Number of adults in household 1
Number of children in household 0
Number of cars owned 1


Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax1379.3
Partners monthly income0
Benefits0
Other income0
Total monthly income1379.3
ExpensesAmount(£)
Mortgage0
Secured/HP loan payments285
Rent495
Management charge (leasehold property)0
Council tax80
Electricity30
Gas30
Oil0
Water Rates25
Telephone (land line)0
Mobile phone35
TV Licence11
Satellite/Cable TV0
Internet services0
Groceries etc.130
Clothing20
Petrol/diesel40
Road tax14
Car Insurance32
Car maintenance (including MOT)20
Car Parking0
Other travel0
Childcare/nursery0
Other child related expenses0
Medical (prescriptions, dentists, opticians etc.)10
Pet Insurance/Vet bills0
Buildings Insurance0
Contents Insurance15
Life Assurance0
Other Insurance0
Presents (birthday, christmas etc.)10
Haircuts5
Entertainment0
Holiday20
Emergency Fund30
Dentist Fees10
Total monthly expenses1347


Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)
Mortgage0 (0) 0
Secured Debt9000 (0)0
Hire Purchase (HP) Debt1200
12Secured & HP Debt totals10200

- - Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
N Rock -Mortgage loan18500
Lloyds TSB Loan950
Lloyds TSB CC1500
Studio106
Allied Int 426

Asset DescriptionValue (£)
Cash0
House Value (Gross)0
Shares and bonds0
Car(s)3000
Other assets (e.g. endowments, jewellery etc) 0
Total Assets3000

Comments on the results
You do not have enough monthly income to meet your expenses and your minimum monthly debt repayments. Seek ways to increase your income and/or reduce your expenditure by £244.7. Your total secured debt is greater than the value of your house. Is this correct? Whatever your results show, it always pays to seek advice or comments from others. Why not post your SOA details on our Debt Management discussion board or on your preferred discussion forum elsewhere. Thankyou for using the SOA Calculator at www.makesenseofcards.com.




Any debts which do not have APR's and payments, she has not payed anything to for at least a year. I wonder if you could offer any suggestions towards her plight and particularly towards what she is claiming that she needs towards the OR.

She is single, living on her own and is renting privately. She has a car which she needs to get to work but would be willing to get a cheaper one if possible to at least keep a car.

If there is anything you would like to ask/offer, please feel free as we need some help!!!

Thanks,
Dan

dannynixon

bump?

Really want help with the values she has asked for like her mobile phone etc

lisamummytoarchieplusbump

Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax1379.3
Partners monthly income0
Benefits0
Other income0
Total monthly income1379.3
ExpensesAmount(£)
Mortgage0
Secured/HP loan payments285
Rent495
Management charge (leasehold property)0
Council tax80
Electricity30 this can be £40-£60
Gas30 this can be £40-£60
Oil0
Water Rates25
Telephone (land line)0 this can be £60 put it under phone
Mobile phone35 £0
TV Licence11 £12
Satellite/Cable TV0
Internet services0
Groceries etc.130 £180-£190
Clothing20
Petrol/diesel40
Road tax14
Car Insurance32
Car maintenance (including MOT)20
Car Parking0
Other travel0
Childcare/nursery0
Other child related expenses0
Medical (prescriptions, dentists, opticians etc.)10
Pet Insurance/Vet bills0
Buildings Insurance0
Contents Insurance15
Life Assurance0
Other Insurance0
Presents (birthday, christmas etc.)10
Haircuts5
Entertainment0
Holiday20
Emergency Fund30 £0
Dentist Fees10
Total monthly expenses1347

not sure about the car as i dont know about finance

obviously with my comments she will be over her budget but it just give you an idea of what she can have

lisa

dannynixon

You're a diamond, thank you

The car will go anyway I should imagine because the finance is still about 1200 and doesnt finish till end of Oct this year.

Just one other question really, are those values in red you have suggested, for a single person? Ie, is £180 for groceries ok for a single person?

Thanks again

Holes_in_my_pocket

think you can increase clothing allowance

TheLamb33

dannynixon wrote: »

You're a diamond, thank you

The car will go anyway I should imagine because the finance is still about 1200 and doesnt finish till end of Oct this year.

Just one other question really, are those values in red you have suggested, for a single person? Ie, is £180 for groceries ok for a single person?

Thanks again

You have to remember that £180 is only around £52 per week and this includes food, toiletries, sanitary products, etc. I have been in this position myself and its not very pleasant having to account for everything, hope eveything turns out ok.

lisamummytoarchieplusbump

well if she is sending the car back and she does deffinatly need a car for work then she will be able to buy a cheap run about. but every OR is different on what they allow for a car so maybe wait for others to give what they think as some have been allowed to keep a 2.3k car some have had it took off them and given money to buy another so it depends on the OR really.

yes £180 is ok for single person think it maybe more now.

well i was allowed up to £400 for 1 adult 2 children, just to give you an idea

lisamummytoarchieplusbump

if she is getting rid of the car then she will have alot of money left over so she will be able to up the allowences to what me and others will suggest

haircuts can be £10.

does she have pets?

car insurance round it up to £40

presents may not be allowed it depends on the OR but leave it anyway just incase

StuntmanBob

lisamummytoarchieplusbump wrote: »

Electricity30 this can be £40-£60
Gas30 this can be £40-£60

I hate to sound a negative note, but shouldn't these figures be what you ACTUALLY spend, as per direct debits on bank statements.

The "what it can be" figure is all well and good if that is your actual cost but personally I'd be wary of putting down "the maximum" if you can't prove that's what you do spend.

StuntmanBob

lisamummytoarchieplusbump wrote: »

yes £180 is ok for single person think it maybe more now.

£200 will be fine for a single person

lisamummytoarchieplusbump

im not saying to lie about utility bills im saying does this cover winter payments? as you are allowed around that amount .

you dont want the poster to underestimate a DD payment then at the end of the year get stumped with a massive bill

but if thats what the poster uses then thats the amount to put.