My SOA

thatsyourlot

Hi guys,

I am just at the start of getting all my debts sorted, so wondered if you could possibly have a look at my SOA & tell me what you think & advise me on the wrongs & rights of what I have put down.

It is only me that is going BR. I am a self employed sole trader & ALL the debt is my own personel debt. I have no financial ties to my husband

Many thanks
xxx

[tt]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....................

Monthly Income Details
Monthly income after tax................ 216
Partners monthly income after tax....... 637
Benefits................................ 80 (child benefit @ £20 per week)
Other income............................ 705.92 (made up of WTC & Maintenance for son)
Total monthly income.................... 1638.92

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 336
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 82.5
Gas..................................... 82.5
Oil..................................... 0
Water rates............................. 43
Telephone (land line)................... 30
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 19
Groceries etc. ......................... 400
Clothing................................ 80
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 4
Childcare/nursery....................... 0
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 24
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 14
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
stock purchases......................... 50
NI contributions........................ 10
Advertising............................. 120
Total monthly expenses.................. 1538.5


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

thatsyourlot

Many thanks for your reply, I will answer your queries as I see fit in the manner they were asked..

As I run an online business, I believe that having the internet is NOT a luxury but something that is needed to enable me to continue in my business.

When my pet was purchased (almost 5 years ago) I NEVER imagined that I would be in the financial situation I find myself in now, so getting rid of her is not an option & I would NEVER think of not having insurance for her. The last vets bill we had for her was over £700 & thankfully we had the insurance in place to pay this.

The stock costs are for the items of stock I have purchased to enable me to make the orders which customers have purchased from my internet business. I do not have any assets (dont drive, so no car & rent my house from the council. I dont own diddly squat!!!

Finally the Sky subscription, yes it is a luxury, so can be cancelled & if I have to do this, then that is fine, so point taken.

OrkneyStar

You will find that a lot of these things are accepted, even on bankruptcy SOA. Whether that is right, in moral terms, or not is for Discussion Time, not this board.

This thread is for guidance on completing SoA etc and someone will be along soon to help OP.

thatsyourlot

OrkneyStar wrote: »

You will find that a lot of these things are accepted, even on bankruptcy SOA. Whether that is right, in moral terms, or not is for Discussion Time, not this board.
This thread is for guidance on completing SoA etc and someone will be along soon to help OP.

Many thanks OrkneyStar for your answer:beer:

Jaks

Just out of interest The_White_Horse why do you feel the need to nit pick with intention of distressing/ upsetting the OP.

I went bankrupt last year and I still have broadband (included in my landline costs) and Sky (a luxury purchased from my surpless). Pet care and insurance is an allowable expense on a bankruptcy SOA.

I have now become a proud owner of a 8 week old male kitten, so I now have to included pet insurance in my SOA.

Stock purchases may have something to do with a buisness the OP runs (if they do?), if you notice there is a some for advertisement in there as well.

To the OP ...
The OR doen't allow Sky tv as an allowable expense but you can spend some of your surpless on it if you wish, the same with internet services, best to add it to the landline cost - I put £60 to cover landline & broadband

thatsyourlot

Jaks wrote: »

Just out of interest why do you feel the need to nit pick with intention of distressing/ upsetting the OP.

I went bankrupt last year and I still have broadband (included in my landline costs) and Sky (a luxury purchased from my surpless). Pet care and insurance is an allowable expense on a bankruptcy SOA.

I have now become a proud owner of a 8 week old male kitten, so I now have to included pet insurance in my SOA.

Stock purchases may have something to do with a buisness the OP runs (if they do?), if you notice there is a some for advertisement in there as well.

To the OP ...
The OR doen't allow Sky tv as an allowable expense but you can spend some of your surpless on it if you wish, the same with internet services, best to add it to the landline cost - I put £60 to cover landline & broadband

Thank you so much for your reply, I shall edit as required.;)

thatsyourlot

Many thanks for your answer. I did actually wonder if the Kids had broken up early in other parts of the country;)

The internet is needed as I run an online business, so I should be ok with that one (well it has to be ok or I cant make a living)

I could always adjust the pet insurance one & as for the presents & emergencies, if I have to take them off then so be it.

I have not actually filed any papers yet so its good to hear from the "real adults" on the board what they advise!!!

Thanks again, much appreciated:j

peachyprice

Your stock, advertising and other business related costs should come off your income and not be included in your personal SoA.

You need to keep the business and personal costs separately so the OR can easily see that the business is sustainable on it's own without being supplemented from your personal income.

HTH

thatsyourlot

Thanks for that Peachy.

I really appreciate the advice. Its a pretty new business venture & I was not aware of having to split my costs down in the way that has been explained.

None of my debt is buisness related & is ALL personel debt, so I shall take the internet & stock part of it off my personel form.

Thanks again

peachyprice

Remember to reduce your income by that amount too.

thatsyourlot

I dont want anybody to feel sorry for me, I got myself into this huge heap of a mess & now I am trying to do something about it all & I certainly dont think I am clever.


I am DEEPLY ashamed of how everything has turned out & I can certainly say that I have learnt from the situation I am in..