SOA - Could anyone quickly cast an eye over it plse

Trolley_Dolley

Hi,


Completed the SOA so would any of you experienced peeps just check through it and see if it looks ok before we transfer it over to the insolvency site

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................ 1557
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1557
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 56
Electricity............................. 30
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 25
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 40
Petrol/diesel........................... 80
Road tax................................ 11
Car Insurance........................... 39
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 24
Life assurance ......................... 40
Other insurance......................... 35
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 40
Total monthly expenses.................. 1387

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 7500
Total Assets............................ 8000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
LLOYDS TSB LOAN................23469.....449.......14.5
LLOYDS TSB OVERDRAFT...........449.......10........0
CAPITAL ONE....................3808......116.......30.34
HALIFAX........................5915......127.......27.95
BARCLAYCARD....................1987......47........0
CITI...........................3101......105.......24.9
Total unsecured debts..........38729.....854.......-

Monthly Budget Summary
Total monthly income.................... 1,557
Expenses (including HP & secured debts). 1,387
Available for debt repayments........... 170
Monthly UNsecured debt repayments....... 854
Amount short for making debt repayments. -684
Personal Balance Sheet Summary
Total assets (things you own)........... 8,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -38,729
Net Assets.............................. -30,729
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


Thanks in advance

dalip

Trolley_Dolley wrote: »

Hi,


Completed the SOA so would any of you experienced peeps just check through it and see if it looks ok before we transfer it over to the insolvency site


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................ 1557
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1557
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550bit steep. Is this a flat/house and is it normal for the area/needs?
Management charge (leasehold property).. 0
Council tax............................. 56
Electricity............................. 30
Gas..................................... 0?if allelectric think abou upping electric to £40
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 25
Mobile phone............................ 35£20 is usual max
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250may cut this back to about £200
Clothing................................ 40
Petrol/diesel........................... 80
Road tax................................ 11
Car Insurance........................... 39
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 24£20 is usual amount
Life assurance ......................... 40O may have an interest in this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 40not normally allowed!
Total monthly expenses.................. 1352

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 7500
Total Assets............................ 8000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
LLOYDS TSB LOAN................23469.....449.......14.5
LLOYDS TSB OVERDRAFT...........449.......10........0
CAPITAL ONE....................3808......116.......30.34
HALIFAX........................5915......127.......27.95
BARCLAYCARD....................1987......47........0
CITI...........................3101......105.......24.9
Total unsecured debts..........38729.....854.......-

Monthly Budget Summary
Total monthly income.................... 1,557
Expenses (including HP & secured debts). 1,352
Available for debt repayments........... 205
Monthly UNsecured debt repayments....... 854
Amount short for making debt repayments. -649
Personal Balance Sheet Summary
Total assets (things you own)........... 8,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -38,729
Net Assets.............................. -30,729
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


Thanks in advance

Ok made some suggestions.Dx

Trolley_Dolley

Thanks Dalip,

Its a house near Windsor so rent reasonable for the area but i did up it slightly so maybe I should lower it a bit would £500 be reasonable? Also the house only has electric so can up that as you suggested.
His mobile is £35 a month as its a contract of free mins/unlmtd text and he never goes above it but on a previous soa somebody told me that £60 is the max allowed for mobile and landline so ive put £25 for landline - do you think is should reduce that then?
We know the OR will have an interest in his life insurance but heard we could buy that interest for £50.

Other than that the living expenses etc are reasonable?

Thanks

Merry_Gentry

Its a house near Windsor so rent reasonable for the area but i did up it slightly so maybe I should lower it a bit would £500 be reasonable?
You need to put the rent actually paid. The OR does request a copy of your tenancy agreement and speak to landlords to confirm the amount of rent being paid.

stintond

are you able to reduce the hours you work?

Trolley_Dolley

stintond wrote: »

are you able to reduce the hours you work?

Thanks stintond but no he isnt, he works shifts and there used to be lots of overtime however the company has made cutbacks the last few months and his salary has dropped by around £500 a month to start with as he cannot do overtime.
If his salary reduces anymore he cannot afford to live basically

stintond

I ve just looked at your soa , to be honest I think youre going to be looking at a three year payment order , if its a house the electric seems a bit low , we are paying £130 a month now for gas and electric two bed house.Of course you need to provide proof of the electic if necessary.
So , Im not asking you to lie about that.
Can you tell them that your boyfriend is a cohabitee?
Is he working?

Trolley_Dolley

stintond wrote: »

I ve just looked at your soa , to be honest I think youre going to be looking at a three year payment order , if its a house the electric seems a bit low , we are paying £130 a month now for gas and electric two bed house.Of course you need to provide proof of the electic if necessary.
So , Im not asking you to lie about that.
Can you tell them that your boyfriend is a cohabitee?
Is he working?

I sort of expected that to be honest but dont know where to add extra cash on to avoid that other than upping the rent.
It is a two bed house and there will be both of us but we are moving into it on monday so at the moment im sort of guessing on what the electric bills will be and will not have any bills yet to back that up.
Perhaps the electric need to be higher to reflect a realistic bill.

Yes my boyfriend works full time and so do I, were earn fairly similar salaries and will be paying half to everything so its not like he has to support me or anything but obviously if we start a family as planned next year then because i fly for an airline I am grounded straight away and most of my salary is made up of my flying allowances so it will drop by around £700 therefore he will end up having to support me slightly.
It would be more advantageous therefore to avoid an IPA for the next 3 years.

Sorry to sound thick but what do you mean by co-habitee? I was gonna say he was a friend renting a room from me would that not be the same?

stintond

what I meant was , like common law husband and wife type of thing , which of you is going bankrupt?

Trolley_Dolley

stintond wrote: »

what I meant was , like common law husband and wife type of thing , which of you is going bankrupt?

Oh i see. Its him going bankrupt and I dont want to be involved or have my salary etc taken into account.

stintond

The situation is like this , as regards an ipa.
If you can show them that you havent got any spare cash for the next 12 months then , you wont get an ipa. Once you get discharged , if you then start working full time or whatever , then all this extra money you rean will be yours. But If they out you on an ipa , any excess cash you have for the next three years they are going to take half of it.
There is a lot at stake here , three years is a long time.
Its worth getting things in order beforehand