Soa

Old_Man_3

I'd appreciate members feedback on this.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1700
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 112
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 22
Telephone (land line)................... 10
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 110
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 300
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1775

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 250

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................40000.....800.......22
Rent...........................1300......650.......0
Total unsecured debts..........41300.....1450......-

Monthly Budget Summary
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 1,775
Available for debt repayments........... -75
Monthly UNsecured debt repayments....... 1,450
Amount short for making debt repayments. -1,525
Personal Balance Sheet Summary
Total assets (things you own)........... 250
Total HP & Secured debt................. -0
Total Unsecured debt.................... -41,300
Net Assets.............................. -41,050
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

There are a couple of things I am not sure about.

1. I have a car which has no tax or MOT (subject to SORN) with a value of around £200-250. Not really bothered about this, if they want to come and take it it will save me the bother. If I do sell it will they want the money it raises.

2. I have a company car for which I have to pay for private mileage. I allocated £40 per month to cover my private mileage. Will this be OK. (My wife doesn't have a car and cannot drive.

3. I have included £300 per month under childrens expenses. My wife is from Burma and her children are still there being looked after their Grandmother. Ever since we have been married I have been sending money to cover there living expenses. (My wife also sent money but now she is out of work.) Is this allowable?

Regards


Old_Man

elfieb

Food and clothing seem a little high, especially for just 2 people.

I think clothing allowance is £40 per person, unsure about food, but would understand this to be lower.

tigerfeet2006

Old_Man wrote: »

I'd appreciate members feedback on this.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 0 does your wife not get any benefits?
Other income............................ 0
Total monthly income.................... 1700
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 112
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 22
Telephone (land line)................... 10 £60
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 110 £60/70
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 300 this will not be allowed as they are not your children.
Medical (prescriptions, dentist etc).... 0 £20
Pet insurance/vet bills................. 0 do you have pets?£20
Buildings insurance..................... 0
Contents insurance...................... 0 you need to get some for your posessions prefably with accidental damage £20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 most OR's won't allow but it may be worth putting £20 and seeing.
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0 £50
Emergency fund.......................... 0most OR's won't allow but it may be worth putting £20 and seeing.
Total monthly expenses.................. 1775

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 250

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................40000.....800.......22
Rent...........................1300......650.......0
Total unsecured debts..........41300.....1450......-

Monthly Budget Summary
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 1,775
Available for debt repayments........... -75
Monthly UNsecured debt repayments....... 1,450
Amount short for making debt repayments. -1,525
Personal Balance Sheet Summary
Total assets (things you own)........... 250
Total HP & Secured debt................. -0
Total Unsecured debt.................... -41,300
Net Assets.............................. -41,050
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

There are a couple of things I am not sure about.

1. I have a car which has no tax or MOT (subject to SORN) with a value of around £200-250. Not really bothered about this, if they want to come and take it it will save me the bother. If I do sell it will they want the money it raises.If you sell it for it's true worth and use the money for BR fees or essential living then the OR will be fine with that.But do not sell it for under value.

2. I have a company car for which I have to pay for private mileage. I allocated £40 per month to cover my private mileage. Will this be OK. (My wife doesn't have a car and cannot drive. That will be fine

3. I have included £300 per month under childrens expenses. My wife is from Burma and her children are still there being looked after their Grandmother. Ever since we have been married I have been sending money to cover there living expenses. (My wife also sent money but now she is out of work.) Is this allowable?
Sorry but it won't be allowed as they are not your children though give National Debtline a ring and have a chat about it with them and see if there is a way round it but I suspect not. If they lived with you it would be a different matter.

Regards


Old_Man

Are you a member of a professionable body or union? Put the fees down. Do you wear suits to work that need dry cleaning? £10

Hope I am wrong about the children.

Old_Man_3

tigerfeet2006 wrote: »

Are you a member of a professionable body or union? Put the fees down. Do you wear suits to work that need dry cleaning? £10

Hope I am wrong about the children.

I'll put in the money for dry cleaning. The money for food and clothing I got from here:

http://www.insolvency.gov.uk/DocumentLibrary/Policy/Excel/Household%20Expenditur.xls


They state a figure of £394 for housekeeping including food and cleaning for 2 adults no children in 2006 and £112 for clothing.

Real !!!!!! over the children. Just how are they expected to live if we do not send the money. The only income comes from me. (Wife is not on benefits)

There is a section Other Dependants in the Statement of Affairs (Debtor's Petition) Section 10.2

"You may have a relative or friend who is not living with you but is dependent on you for transport, financial assistance etc e.g. elderly/disabled relatives. You should give full details of all those dependents and provide their addresses."

tigerfeet2006

Ok well leave the clothing as it is but that is only a guideline and may be cut. Hopefully it won't be and you can use the money for sending to the children.

Check out https://www.entitledto.co.uk and see if there is anything you can claim, they are usually pretty acurate.

philnicandamy

Remember though.....the link you used above is very out of date & only to be used as a guide...things have increased somewhat since that excel document was produced