Was it a business? Help with SOA

CJV_2

Hi all,

Just going through the very scary process of filling in the SOA's. In Jan I had thought about setting up a business from home, I was advised to immediately take out a business bank account, whether i went forward or not, so i did. Unsurprisingly the wonderfully helpful lenders plied me with credit cards and debit cards.
I never went forward with the business, I had no clients and I earned no money, so I never declared it as a business, I made one purchase on the card which I immediately cleared and three months after opening the account I realised it was nothing more than a temptation so I closed the accounts and cut up the cards.
The question is, as far as bankruptcy is concerned, did this constitute a business or self-employment? I have had to declare the cards and the accounts on my SOA, but I'm worried it will confuse the otherwise fairly simple SOA I have filled in?

I also need advice on an issue unrelated to that, my partner and I, in attempt to reduce our outgoings, moved into a rental property with my parents, taking on equal tenancy. The SOA requires that I put down EVERYONES household contribution, but though we live in the same house, all finances are seperate. When I have calculated their contribution for instance I have not included their food expenditure as it has nothing to do with us, we have seperate kitchens, seperate living quarters, just share the actual building. Does this sound like I have done the right thing?

Very confused right now, more so than usual!!

Thank you!

tigerfeet2006

Put the account and cards down and then there is a section where you put any other information, use this space to tell the OR exactly what you have told us,it shouldn't be to much of a problem.

Yes ir sounds like you have done the right thing on the SOA. If you want someone to check your SOA then put it up on the thread and someone will check it for you.
http://www.makesenseofcards.co.uk/soacalc.html

CJV_2

tigerfeet2006 wrote: »

Put the account and cards down and then there is a section where you put any other information, use this space to tell the OR exactly what you have told us,it shouldn't be to much of a problem.

Yes ir sounds like you have done the right thing on the SOA. If you want someone to check your SOA then put it up on the thread and someone will check it for you.

Thanks Tigerfeet, I'm new to MSE, but in the few days I've been using these forums your name has cropped up quite a bit, with a few others. I want to say a HUGE thank you for taking the time out to help people, without people like you we would all be dazed and confused, sharing wisdom is one of the biggest gifts we have to give. You're a star.

X

tigerfeet2006

I just remember what it was like and how terrfied I was in the early days and as I am partially disabled I have times when I am sat twiddling my thumbs, so I might as well be here than any where else

CJV_2

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 4
Number of children in household......... 1
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 351
Partners monthly income after tax....... 0
Benefits................................ 125
Other income............................ 0
Total monthly income.................... 476
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 260
Clothing................................ 30
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............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 370

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
HSBC Loan......................12075.....257.......0
Egg Card.......................2185......60........0
Abbey Card.....................2085......55........0
Total unsecured debts..........16345.....372.......-

Monthly Budget Summary
Total monthly income.................... 476
Expenses (including HP & secured debts). 370
Available for debt repayments........... 106
Monthly UNsecured debt repayments....... 372
Amount short for making debt repayments. -266
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,345
Net Assets.............................. -16,345
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

I'm the only one going bankrupt so this SOA focuses solely on my outgoings, hence no rent etc as my partner pays these, he's currently applying for an IVA, but my wages are so low bankruptcy is my best option. None of our finances are joined, but some of mine reflect the money I pay for my son. Don't know the APR's offhand. Does it all pan out ok?
Thanks in advance.:eek:

beentheredonethatstilhere

Just a quickie as I am not supposed to be here. Shhhhh!!! you didn't see me.

Put all your family outgoings down ie: rent, utilities, water, CT, home contents etc. Then put your own outgoings down ie: mobile, hair, clothes etc.

you put what your OH contributes to the household and your full income down and it all should balance hopefully.

Right have to go. Will pop back later.