SOA - Even worse than I thought :(

aero1

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 685
Partners monthly income after tax....... 0
Benefits................................ 920
Other income............................ 250
Total monthly income.................... 1855
Monthly Expense Details
Mortgage................................ 722
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 45
Gas..................................... 50
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 300
Clothing................................ 40
Petrol/diesel........................... 50
Road tax................................ 15
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 280
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 10
Life assurance ......................... 56
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 30
Entertainment........................... 40
Holiday................................. 20
Emergency fund.......................... 50
Total monthly expenses.................. 2045

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 136000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 147000...(722)......8.99
Total secured & HP debts...... 147000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,855
Expenses (including HP & secured debts). 2,045
Available for debt repayments........... -190
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -190
Personal Balance Sheet Summary
Total assets (things you own)........... 136,000
Total HP & Secured debt................. -147,000
Total Unsecured debt.................... -0
Net Assets.............................. -11,000

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Following on from different thread, here is my SOA - Do I take the pills now or wait til kids are out looks like I cant even afford to go bankrupt!!! anyway, ok, misery over - Tinytim, as u offered, please advise what u think my IPA would be if any, and should I leave my house go and get rehoused by council? I live in hope of a payrise and that the CSA payment will go up as I know EX's salary will increase soon also, so that I can stay here..... but if it has to go then I guess it has to! I also saw that even if u rent privately u may be entitled to housing/rent allowance. Anyway thats probably something to ponder on later....

anyway, there we are,have bared my soul finance wise, feel fragile now so go easy on me please

Thanks

copier_guy

Hi aero,

did not want to read & run.

Have you no unsecured debt at all? have i read it right - have man flu, eyes blurry!!

The council MAY look at you leaving your house as making yourself voluntary homeless, it something to think about.

No one on this board shouts, were all nice people honestly

aero1

Thanks Copier Guy - no unsecured debt - ha nearly choked on my coffee teehee I have approx 70k of unsecured debt but was advised to do this as it would be AFTER BR to see if I would have to pay IPA/IPO.

and oh yes, the good ol man flu eh hope u better soon

Jo_R_2

Just wanted to send you some :grouphug:

I notice you're a single parent? Is the extra money coming in - the £250 - child maintenance?

And you're getting all you're entitled to in tax credits - noticed you pay for childcare - how old are the kids?

I definitely think you could cut down on shopping btw, I know it's only one thing but when I was a single parent with two kids, I budgeted £160 and managed quite well on that, but the kids were quite young which I do find makes a difference to the shopping bill - it seems to creep up a bit as they grow! What about trying doing a menu planner and shopping list and looking at cutting down gradually, maybe starting with say £240 - £60 a week?

I bet there'll be lots more to come along with advice on the debt - good luck x

aero1

Aw thank u Jo

Yup single parent, 250 is maintenance which isnt getting at paid at the mo, this is the figure I ahve been advised by CSA who are dealing with it now.
Think my tax credits are correct - WTC and CTC - kids are 9 and 7, my 2 little men and my angels

You may well be right about shopping - I try to cut down, dont even buy expensive food but there must be savings I can make somewhere. I know I do waste on 'bargains' 2 for 3 etc and end up binning some of it which is stupid! Menu planner is a great idea

Thanks x

JCS1

Does your employer do a childcare voucher scheme? Might be worth checking out for your 2 year old, though it can have a knock on effect on other benefits so that needs considering too.

aero1

hey ok mine is on a completely seperate posting on here - but have copied and attached as below

Thanks in adavance

aero1 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 685
Partners monthly income after tax....... 0
Benefits................................ 920
Other income............................ 250
Total monthly income.................... 1855
Monthly Expense Details
Mortgage................................ 722
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 45
Gas..................................... 50
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 300
Clothing................................ 40
Petrol/diesel........................... 50
Road tax................................ 15
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 280
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 10
Life assurance ......................... 56
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 30
Entertainment........................... 40
Holiday................................. 20
Emergency fund.......................... 50
Total monthly expenses.................. 2045

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 136000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 147000...(722)......8.99
Total secured & HP debts...... 147000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,855
Expenses (including HP & secured debts). 2,045
Available for debt repayments........... -190
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -190
Personal Balance Sheet Summary
Total assets (things you own)........... 136,000
Total HP & Secured debt................. -147,000
Total Unsecured debt.................... -0
Net Assets.............................. -11,000

aero1

oops forgot to say, I did this as how things would appear AFTER bankruptcy so no unsecured debt on there. House rental (if I went private) I wouldnt save a lot on so ideally would like to stay here somehow! Living in hope of payrise and more maintenance :P.

Entertainment is not 'entertainment' by the way, its more tuff I do with the kids and their clubs etc.

cheers

Tinytim

aero1 wrote: »

Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 685
Partners monthly income after tax....... 0
Benefits................................ 920
Other income............................ 250
Total monthly income.................... 1855
Monthly Expense Details
Mortgage................................ 722
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 45
Gas..................................... 50
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20 Not normally allowed unless essential for work/homework - perhaps investigate a combined package which includes landline calls there are some around for as little as £25 per month.
Groceries etc. ......................... 300
Clothing................................ 40
Petrol/diesel........................... 50
Road tax................................ 15
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 10 What is this?
Childcare/nursery....................... 280 Are these covered by Child tax credit, and if so have you included it in your income?
Other child related expenses............ 50 What are these? I think the normall allowance for extra curicular activities is around £5 per week per child
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15 This seems low?
Contents insurance...................... 10
Life assurance ......................... 56 The OR may have an interest in this. What is it exactly, and what does it provide? if there is a savings element to it, it may not be allowed.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 Not normally allowed
Haircuts................................ 30 May need to reduce to £20
Entertainment........................... 40 Not normally allowed
Holiday................................. 20 Could increase to £50 or £60
Emergency fund.......................... 50 Not normally allowed
Total monthly expenses.................. 2045

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 136000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 147000...(722)......8.99
Total secured & HP debts...... 147000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,855
Expenses (including HP & secured debts). 2,045
Available for debt repayments........... -190
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -190
Personal Balance Sheet Summary
Total assets (things you own)........... 136,000
Total HP & Secured debt................. -147,000
Total Unsecured debt.................... -0
Net Assets.............................. -11,000

I don't think there is anything on your SOA which is in any way extravagant. Although you are not normally allowed to claim for emergency funds or entertainment, you have understated the amount you could put down for holiday, and probably for groceries as well

The big question is, are you wanting to try and keep the house. If you are negative equity to the tune of £11,000, the OR will not be interested in it and the beneficial interest would be available to buy for £1 plus (normally) £211 legal costs. If you are not, it would be sensible to stop paying the mortgage and allow the house to be repossesed. You would then be able to rent, which would in all probability cost substantially less, as you would almost certainly qualify for some Local Housing Allowance.

If you were determined that you wanted to hold onto the house, then it may mean looking carefully at all the expenditure and seeing if there are any savings which can be made.

Tinytim

Whoops, crossed post A pay rise would certainly be useful

As far as the kids are concerned, the OR may baulk at £90 per month, and you may be better upping your graceries to say £350 and removing the entertainment

desperatetobedebtfree

have you looked at www.entitledto.com check out if you qualify for Council tax benefit. Can I ask how many hours a week you work?