Please can you have a look at my SOA

Kentmumof1

Hi,

I am hopefully gonna try and sort my life out at last, my debts are all from years and years ago, ive tryed to pay them off then about four years ago i was made redundant when I was pregnant, and have not been able to get back into work yet. Anyway i have been paying bits and pieces always but now I just can't afford to do it, I don't have any money spare and think that I will now have to go bankrupt (don't know how I will afford the cost for this yet?) but I have just done this SOA quickly from memory so its not exact to the penny but neary so, I just wondered if it looked ok or si there things on there I can't have ?

thanks

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1546
Other income............................ 0
Total monthly income.................... 1546
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 800
Management charge (leasehold property).. 0
Council tax............................. 200
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 15
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 40
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 24
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 20
Emergency fund.......................... 30
Total monthly expenses.................. 1591

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
debta..........................40000.....0.........0
Total unsecured debts..........40000.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,546
Expenses (including HP & secured debts). 1,591
Available for debt repayments........... -45
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -45
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -40,000
Net Assets.............................. -40,000

philnicandamy

Kentmumof1 wrote: »

Hi,

I am hopefully gonna try and sort my life out at last, my debts are all from years and years ago, ive tryed to pay them off then about four years ago i was made redundant when I was pregnant, and have not been able to get back into work yet. Anyway i have been paying bits and pieces always but now I just can't afford to do it, I don't have any money spare and think that I will now have to go bankrupt (don't know how I will afford the cost for this yet?) but I have just done this SOA quickly from memory so its not exact to the penny but neary so, I just wondered if it looked ok or si there things on there I can't have ?

thanks

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1546
Other income............................ 0
Total monthly income.................... 1546
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 800
Management charge (leasehold property).. 0
Council tax............................. 200
Electricity............................. 40 very low...is this correct?
Gas..................................... 40 ditto....
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 15
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 30 wouldnt be allowed...would have to come from any surplus (if any) you had
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 40
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 no medication/optical?
Pet insurance/vet bills................. 0 no pets?
Buildings insurance..................... 0
Contents insurance...................... 24 does this have accidental damage cover?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 usually not allowed but leave it & see
Haircuts................................ 10
Entertainment........................... 20 NOT a chance..sorry
Holiday................................. 20
Emergency fund.......................... 30 not allowed..
Total monthly expenses.................. 1591



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
debta..........................40000.....0.........0
Total unsecured debts..........40000.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,546
Expenses (including HP & secured debts). 1,591
Available for debt repayments........... -45
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -45
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -40,000
Net Assets.............................. -40,000

just a few thoughts

Kentmumof1

thanks for that, actually im in debt to with the gas and elec at the moment, I don't pay precriptions as im on income support, are my shopping amounts ok then ? Im only guessing at most amounts, the £40,000 is made up of many different cards and loans so its not all in one place.

thanks for your help ?

Kentmumof1

hi does this look any better ?

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1546
Other income............................ 0
Total monthly income.................... 1546
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 800
Management charge (leasehold property).. 0
Council tax............................. 200
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 15
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 24
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 1561

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
debt cards/loan................40000.....0.........0
Total unsecured debts..........40000.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,546
Expenses (including HP & secured debts). 1,561
Available for debt repayments........... -15
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -15
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -40,000
Net Assets.............................. -40,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

debtinfo

If your only income is benefits the OR will not ask for an IPA. So dont worry about it, just put down what you actually spend at the moment

shellsuit

Don't you get housing and council tax benefit?

Kentmumof1

Yes I do get housing and council tax benefit, I just added them together in my totall benefits and then deducted them back off as my rent and council tax, sorry is that not the right was to do it ?

do I just leave them blank seeing they are paid for ?

sorry new at all this

shellsuit

If you added them to your benefit income that's ok

Kentmumof1

thanks for that, so do you know how much it costs to go bankrupt ? I don't have any saving so I would have to save up to do this, what happens with all my debts at the moment as from now I haven't been paying them the cards and loans, ive been paying all my household bills as usual well as best I can

philnicandamy

Currently £510 (ish) although you could be entitled to a reduction of court costs....stop all creditor payments but MAKE sure you continue rent/rates tv etc all priority debts...if you stop paying creditors they'll start to write to you & telephone on a regular basis to try & chase payments...just tell them your seeking advice & will be in touch soon as poss

you ideally need to speak to national debtline or cccs for some professional advice (links below in my sig)

meanwhile have a read here

http://forums.moneysavingexpert.com/showthread.html?t=1056083

Kentmumof1

thanks phil for your advice, I actually did talk to cccs a few times in the past 6-8 years, so I have had advice the last time i spoke to them last year or so they did suggest bankrupty as they couldn't see any way out of this mess. Also I've already had the letters and phones calls ive had them for years, i currently have about 20 calls made to my mobile a day I just ignore them at the moment but they still call all day everyday !!

thanks
:beer: