SOA Help Please

Whitetornado

Hi, My husband is currently in an IVA and we are struggling to pay it. We feel that bankruptcy seems the only way to go. We have no assets or mortgage. Any help would be appreciated. Thanks.


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.................... 1
Monthly Income Details
Monthly income after tax................ 956
Partners monthly income after tax....... 450
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 1486
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 312
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 58
Gas..................................... 60
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 40
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 40
Petrol/diesel........................... 60
Road tax................................ 20
Car Insurance........................... 23
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
dry cleaning............................ 10
school activities....................... 10
Total monthly expenses.................. 1453

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
IVA............................0.........275.......0
Total unsecured debts..........0.........275.......-

Monthly Budget Summary
Total monthly income.................... 1,486
Expenses (including HP & secured debts). 1,453
Available for debt repayments........... 33
Monthly UNsecured debt repayments....... 275
Amount short for making debt repayments. -242
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 1,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

philnicandamy

Whitetornado wrote: »

Hi, My husband is currently in an IVA and we are struggling to pay it. We feel that bankruptcy seems the only way to go. We have no assets or mortgage. Any help would be appreciated. Thanks.


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.................... 1
Monthly Income Details
Monthly income after tax................ 956
Partners monthly income after tax....... 450
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 1486
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 312
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 58
Gas..................................... 60
Oil..................................... 0
Water rates............................. 0 No water rates?
Telephone (land line)................... 40
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 40 £60 (ish)
Petrol/diesel........................... 60
Road tax................................ 20
Car Insurance........................... 23
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200 whats this for?
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0 No pets?
Buildings insurance..................... 0
Contents insurance...................... 8 seems low..has it accidental damage cover as well? you'd need this if you go BR
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
dry cleaning............................ 10
school activities....................... 10
Total monthly expenses.................. 1453

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000 the receiver "could" take an interest
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
IVA............................0.........275.......0
Total unsecured debts..........0.........275.......-

Monthly Budget Summary
Total monthly income.................... 1,486
Expenses (including HP & secured debts). 1,453
Available for debt repayments........... 33
Monthly UNsecured debt repayments....... 275
Amount short for making debt repayments. -242
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 1,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Other than that looks ok....more will be along later to add any comments

Whitetornado

Thanks for your quick reply.
Our water rates are included in our rent, We have no pets only tropical fish. The £200 other child expenses is CSA payments my husband has to pay for his daughter.

Whitetornado

Hi, Sorry to bump my own thread up but could I check I have done SOA correct. The incomings are my husband wages ( only him thinking of bankruptcy ) and 50% of my wages plus child benefit. We get no tax credits because of overpayment. Also I have a car but have not included it on SOA or any expenses relating to it. It that correct?
Thankyou

peachyprice

Yes, that's correct, you don't need to put your car on. It all looks fine.

debtinfo

unless of course he paid for or used his credit to buy your car (just playing devil's advocate)

Whitetornado

Hi, Thanks for replys.
My car is only worth about £500 and I bought it myself over a year ago.
I contacted the IP yesterday regarding not being able to make IVA payments and he went through our I&E and said if he cut things right down he could get £100 surplus and put this to the creditors if IVA extended for 12 months, He did not mention bankruptcy at all. Does anybody think this is a waste of time ? I also phoned our local court and they said they require a certificate of failure from our IVA before bankruptcy.
Would like some advise or thoughts please.
Thanks.