My SOA - Newbie to board

kutiez2005

Hi, I'm a newbie. Just coming to terms with the fact that my husband and I are going to have to file for bankruptcy imminently. I thought it was down to illness and the recession before I prepared my forms for it but now I'm not so sure. It looks like we have just been really careless and terrible with our money, or the credit card companies money. Our debts have accumulated over a long period of time but we have never realised as we have always maintained the minimum payments. It started to fall apart last year when we discovered that we were unexpectedly expecting & then a short while afterwards I was diagnosed with ME. Now my husband has lost his job and it feels like we have hit the ground of harsh reality with one hell of a bang.

Anyway... I am starting the process of filling in the forms now and want to post our SOA on here for some opinions please. What do you think will happen to us when we file? I know we have to file separately but the finances are all joint so difficult to split.

I don't really know whats going to happen to us from here... I just know that we have no other choice.

Thanks
K

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 2496
Other income............................ 0
Total monthly income.................... 2496
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 950
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 68
Gas..................................... 68
Oil..................................... 0
Water rates............................. 51
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 600
Clothing................................ 100
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 68
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 2410

Assets
Cash.................................... 500
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 7500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards & Loans...........47000.....0.........0
Unsecured Car Loan.............25000.....0.........0
Total unsecured debts..........72000.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,496
Expenses (including HP & secured debts). 2,410
Available for debt repayments........... 86
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 86
Personal Balance Sheet Summary
Total assets (things you own)........... 7,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -72,000
Net Assets.............................. -64,500

debtinfo

As all your income is from benefits you will not have to pay anything towards your creditors on a monthly basis, the thing that sticks out to me is the car, is this one car or two, are you sure of the valuation, is there any HP on it

pleasegivekarenadvice

I have trigger figures, which are guide lines the government use for the purpose of income /expenditure for phone,travel,housekeeping and other......can you tell me how many people there are in your family then i can give you a guide for figures to use.Hope this helps.

jweb2k

Groceries etc. ......................... 600

£150 on food a week, or +£20 a day? That seems slightly excessive unless you've got a lot of mouths to feed

kutiez2005

It is just one car. I'm also struggling to come to terms with the idea that I am going to lose it as I have 3 children under 3 years old and so are all in bulky car seats that don't fit into a normal saloon. I am also disabled and so need room for the buggy and my walking aids. Not sure how I will replace it for a reliable car for much less.

So in answer to the q about how many in my family there are 2 adults and 3 babies. Needless to say life is very very much on top of me at the moment

K

kutiez2005

Also, shopping takes into account nappies & other general items needed for babies under 3. The clothes bill is probably quite high too but the children seem to be growing out of clothes faster than I can provide them.

kutiez2005

Also, no HP on the car. The only loan we have is unsecured.

Flowerpot_2

kutiez2005 wrote: »

Needless to say life is very very much on top of me at the moment

K

Sorry I can't help with your SOA kutie but just wanted to say, hold on, you're in the right place here, tons of advice & help will be offered so hold on in there.........big hugs
FP x

kutiez2005

Thankyou, think I'd be feeling alot worse if I hadn't found this board. Just struggling to get myself organised.

jammie1

No advice here either, sorry. But just wanted to wish lots of luck. I have 2 kids under 3 and am always so busy so can only imagine what it is like with 3. The help and advice on here is fantastic. You aren't alone, I think that was the thing I found so reassuring.

tigerfeet2006

kutiez2005 wrote: »

Hi, I'm a newbie. Just coming to terms with the fact that my husband and I are going to have to file for bankruptcy imminently. I thought it was down to illness and the recession before I prepared my forms for it but now I'm not so sure. It looks like we have just been really careless and terrible with our money, or the credit card companies money. Our debts have accumulated over a long period of time but we have never realised as we have always maintained the minimum payments. It started to fall apart last year when we discovered that we were unexpectedly expecting & then a short while afterwards I was diagnosed with ME. Now my husband has lost his job and it feels like we have hit the ground of harsh reality with one hell of a bang.

Anyway... I am starting the process of filling in the forms now and want to post our SOA on here for some opinions please. What do you think will happen to us when we file? I know we have to file separately but the finances are all joint so difficult to split.

I don't really know whats going to happen to us from here... I just know that we have no other choice.

Thanks
K

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 2496
Other income............................ 0
Total monthly income.................... 2496
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 950
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 68
Gas..................................... 68
Oil..................................... 0
Water rates............................. 51
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 18 unless essential for homework then will have to come from surplus.
Groceries etc. ......................... 600
Clothing................................ 100
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 68
Other child related expenses............ 0 £5 per child per week for activities
Medical (prescriptions, dentist etc).... 10 £20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 2410

Assets
Cash.................................... 500
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 7500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards & Loans...........47000.....0.........0
Unsecured Car Loan.............25000.....0.........0
Total unsecured debts..........72000.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,496
Expenses (including HP & secured debts). 2,410
Available for debt repayments........... 86
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 86
Personal Balance Sheet Summary
Total assets (things you own)........... 7,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -72,000
Net Assets.............................. -64,500

Unless you can prove that hte car is a nessecity and nota luxury the OR will not allow you a vehicle. Also the maximum value of a vehicle is usually £2000.