SOA for the OH what do you think?

olderandwiser64

Burning the midnight oil here in Berkshire!!

Firstly, I cannot tell you how much support and inspiration I have got from this forum, and its not even me going BR. (Am discharged as of Nov 2008 :j)

This is for my OH who is seriously up the brown creak without a paddle and its not going to get better. He has two jobs and it looks like redundancy may be on the horizon for both!

So here it is, all comments gratefully received with thanks and humility.


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2250 ( 2 jobs)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2250

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 100 (is single persons.)
Electricity............................. 76
Gas..................................... 33
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 29
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 14
Internet Services....................... 0
Groceries etc. ......................... 200
( have allowed 150 for him and and extra 50 for his daughter whom he has regular access to.)
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 25
Car maintenance (including MOT)......... 23
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
( requires 2 pairs of prescription glasses, one for reading the other for night driving.)
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................................. 40
Emergency fund.......................... 0
child support........................... 260
Meals at work........................... 70 ( cannot take packed lunch as works airside and unable to take in some foods, and even if he could there is no where to store whilst working!)
Dry cleaning............................ 10
Total monthly expenses.................. 2072

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ 200

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
credit card 1..................2500......55........0
Credit card 2..................3500......92........0
Personal loan..................19000.....336.......0
Total unsecured debts..........25000.....483.......

Monthly Budget Summary
Total monthly income.................... 2,250
Expenses (including HP & secured debts). 2,072
Available for debt repayments........... 178
Monthly UNsecured debt repayments....... 483
Amount short for making debt repayments. -305

Personal Balance Sheet Summary
Total assets (things you own)........... 200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -25,000
Net Assets.............................. -24,800



Also a question.

He is worried that he will get to court and the judge will decline his petition, does this happen? Is this likely?

Thanks in advance. :hello:

So_Sad_Angel

Hi O&W

Clothing & holiday maybe a no-no here. He is within budget in terms of essential & could show a small excess therefore may be subject to an IPO.

Electric seems high so be prepared to have bills to substantiate this.

Can understand the meals at work & thats again can be substantiated.

Has he spoken to a debt charity....maybe worth a call just so that if the judge asks then there is referral made.

I would think unlikely a judge will refuse as he can`t cover his debt repayments & even working 2 jobs he is still short. CCCS debt remedy is another potential tool to use to check that he is making the correct choice.

Hope that helps...try & get some sleep.

Angiexx

olderandwiser64

Thanks and I have got the electric and gas around the wrong way, but yes gas is 76 per month and can prove it!

He is fully prepared for an IPO, just desperate to get out of this mess once and for all. He is fending calls from the bank at the moment and is over his overdraft. Car needs taxing and MOT in june and no money to do it. Worried the rent will not be covered next month too. He needs to keep renting house ( as a pose to renting a room,) and have an extra room so he can maintain access to his lovely daughter. I will help of course, un officially and would never see him short bless him, but really think it is time to wipe the slate clean after 12 years of digging himself into debt. He was even considereing trying to consolidate again! Been there, and I know you cannot borrow your way out of debt. Will speak to DL tomorrow. Thanks for the response. x

So_Sad_Angel

Good luck with it.

You are a good person for looking to help. Wisewords indeed....`never ever borrow your way out of debt`....it does`nt ever really work these days!!

Take care Hun,

Angiexx