SOA.....your advice would be helpful!

Desperate+Depressed

Hi there

I have clicked on a link and taken a look at a SOA. I would really appreciate any help from you experts!

1. I am in receipt of income support, child tax credit and family allowance. Do i enter all three under "Benefits" income?

2. I only pay £24.85 water rates april - october. Should I divide my total bill over 12 months.

3. I pay £27 pm for Sky (which inc my £10 landline), then I get broadband free and free evening calls. How do I enter this on the SOA? Also, will I need to cancel Sky before I apply to go BR, or will they let me keep it?

4. Currently have two mobile phone contracts - mine which I can give my 30 day notice on 12/9 to then end Oct, then my son's which I can give 30 day notice on 28/12 to then end Jan. Do I still enter the monthly amount for both, even though I can give notice on mine in a couple of weeks?

5. I have 4 x creditors: Nationwide credit card £50.82 pm, HSBC £50.00 (it should be £75, but back in March they agreed to reduce it after me taking advice from Payplan, but they (HSBC) were not willing to accept a lower amount. Northern Rock £1.00 pm (should be £138.00pm, but they did accept token gesture), and finally Tesco £183.00pm. On the SOA, do I put what the amounts should be, rather than what I am paying at the moment?

So far I have been paying the above amounts, obviously struggling then with other expenditures. CCCS have made me "see the light" and realise that it would take me the best part of 30 years to pay these debts off! So it was there advice that I go BR. Will the OR not ask why I've suddenly decided to do this, seeing as I've been trying to pay them for the last million months (or that's what it feels like)!

6. My bank a/c is with nationwide, which I know I will have to close when I file for BR. My benefits get paid into this a/c (except Family Allowance, that goes straight to the post office). Only a few weeks ago, I opened an a/c at Barclays......my intention was to withdraw some of my benefits weekly to put aside for gas, elec and tv (gas and elec I'm on a pre-payment meter, and tv I've got a card, but haven't put any money on it for ages).
6a.Should I get benefits paid into barclays a/c with immediate effect?
6b.I am little confused.....when reading different info, it states the OR can freeze your bank a/c and stop you obtaining any money in that a/c
6c. Should I have even opened barclays (I don't want it to look like I was on the fiddle!lol

7. Car tax, mot, and ins.....I do not put any money aside for these each month, although I could calculate what each one would cost each month. How do I enter this on the SOA? Do I put what the figure SHOULD be, rather than the fact that I don't put any money aside (I used to just pay when they were due....and more often than not, they would be put on the credit card)

8. Do I need to get an exact figure of what I owe for each loan, or do I put down the amount that I borrowed in the first place?

9. With regards to c/cards and loans, I am still paying them as I have not made the application to go BR, even though that is now going to be my intention. Should I make this month's payment (which is due next week)or cancel the direct debit? If I cancel it, should I tell them all why I have cancelled it?

I'm sorry with all the questions.......it's just that all you good people on here seem to have all the answers!

Many, many thanks in advance
x x

fiveyearplan

Desperate+Depressed wrote: »

Hi there

I have clicked on a link and taken a look at a SOA. I would really appreciate any help from you experts!

1. I am in receipt of income support, child tax credit and family allowance. Do i enter all three under "Benefits" income? yes

2. I only pay £24.85 water rates april - october. Should I divide my total bill over 12 months. yes

3. I pay £27 pm for Sky (which inc my £10 landline), then I get broadband free and free evening calls. How do I enter this on the SOA? Also, will I need to cancel Sky before I apply to go BR, or will they let me keep it? I'd just put the whole amount under phone - how much is your usual bill including phone?

4. Currently have two mobile phone contracts - mine which I can give my 30 day notice on 12/9 to then end Oct, then my son's which I can give 30 day notice on 28/12 to then end Jan. Do I still enter the monthly amount for both, even though I can give notice on mine in a couple of weeks? Phone total for everything including landline £60 max. Anything else comes out of surplus.

5. I have 4 x creditors: Nationwide credit card £50.82 pm, HSBC £50.00 (it should be £75, but back in March they agreed to reduce it after me taking advice from Payplan, but they (HSBC) were not willing to accept a lower amount. Northern Rock £1.00 pm (should be £138.00pm, but they did accept token gesture), and finally Tesco £183.00pm. On the SOA, do I put what the amounts should be, rather than what I am paying at the moment? Just put the total amount outstanding (really you don't need to put anything if this is a BR SOA because you won't have those debts after BR.

So far I have been paying the above amounts, obviously struggling then with other expenditures. CCCS have made me "see the light" and realise that it would take me the best part of 30 years to pay these debts off! So it was there advice that I go BR. Will the OR not ask why I've suddenly decided to do this, seeing as I've been trying to pay them for the last million months (or that's what it feels like)! No, you just say you are going BR on the advice of CCCS.

6. My bank a/c is with nationwide, which I know I will have to close when I file for BR. My benefits get paid into this a/c (except Family Allowance, that goes straight to the post office). Only a few weeks ago, I opened an a/c at Barclays......my intention was to withdraw some of my benefits weekly to put aside for gas, elec and tv (gas and elec I'm on a pre-payment meter, and tv I've got a card, but haven't put any money on it for ages).
6a.Should I get benefits paid into barclays a/c with immediate effect? Yes, if the Barclays account is a basic one only.
6b.I am little confused.....when reading different info, it states the OR can freeze your bank a/c and stop you obtaining any money in that a/c Doesn't usually happen for basic accounts that you intend on using post br however it can happen which is why I always suggest you leave nothing in the account on the day you go BR.
6c. Should I have even opened barclays (I don't want it to look like I was on the fiddle!lol it won't look like that - don't worry

7. Car tax, mot, and ins.....I do not put any money aside for these each month, although I could calculate what each one would cost each month. How do I enter this on the SOA? Do I put what the figure SHOULD be, rather than the fact that I don't put any money aside (I used to just pay when they were due....and more often than not, they would be put on the credit card) see link for calculator below.

8. Do I need to get an exact figure of what I owe for each loan, or do I put down the amount that I borrowed in the first place? Put down the balance it is now.

9. With regards to c/cards and loans, I am still paying them as I have not made the application to go BR, even though that is now going to be my intention. Should I make this month's payment (which is due next week)or cancel the direct debit? If I cancel it, should I tell them all why I have cancelled it? NO, NO, NO - stop paying everything except priority bills immediately! Save your money!

I'm sorry with all the questions.......it's just that all you good people on here seem to have all the answers!

Many, many thanks in advance
x x

Here is a link for SOA calculator - fill that in and format for MSE.
http://www.makesenseofcards.com/soacalc.html

hettiecarro

Hi D & D

Just posted on the other thread - then saw you'd moved!

If the decision has not definately been made to go bankrupt, I would strongly suggest you re-start this thread on the Debt Free Wannabe site.

There are loads of people on there to give advice.

dalip

Desperate+Depressed wrote: »

Hi there

I have clicked on a link and taken a look at a SOA. I would really appreciate any help from you experts!

1. I am in receipt of income support, child tax credit and family allowance. Do i enter all three under "Benefits" income?yes

2. I only pay £24.85 water rates april - october. Should I divide my total bill over 12 months.yes

3. I pay £27 pm for Sky (which inc my £10 landline), then I get broadband free and free evening calls. How do I enter this on the SOA? Also, will I need to cancel Sky before I apply to go BR, or will they let me keep it?you can keep sky but would need to pay out of any surplus you may have. Just put £30 under phone

4. Currently have two mobile phone contracts - mine which I can give my 30 day notice on 12/9 to then end Oct, then my son's which I can give 30 day notice on 28/12 to then end Jan. Do I still enter the monthly amount for both, even though I can give notice on mine in a couple of weeks?The OR will only allow £20 a month on your SOA for mobiles. If you want you can just include both in your bc and get a PAYG.

5. I have 4 x creditors: Nationwide credit card £50.82 pm, HSBC £50.00 (it should be £75, but back in March they agreed to reduce it after me taking advice from Payplan, but they (HSBC) were not willing to accept a lower amount. Northern Rock £1.00 pm (should be £138.00pm, but they did accept token gesture), and finally Tesco £183.00pm. On the SOA, do I put what the amounts should be, rather than what I am paying at the moment?yes

So far I have been paying the above amounts, obviously struggling then with other expenditures. CCCS have made me "see the light" and realise that it would take me the best part of 30 years to pay these debts off! So it was there advice that I go BR. Will the OR not ask why I've suddenly decided to do this, seeing as I've been trying to pay them for the last million months (or that's what it feels like)!no. They may ask when did you first realise you were insolvent,but the majority of us struggle for ages before we reach the point of bc!

6. My bank a/c is with nationwide, which I know I will have to close when I file for BR. My benefits get paid into this a/c (except Family Allowance, that goes straight to the post office). Only a few weeks ago, I opened an a/c at Barclays(hope it is a basic as that is the only account you are allowed when bc)......my intention was to withdraw some of my benefits weekly to put aside for gas, elec and tv (gas and elec I'm on a pre-payment meter, and tv I've got a card, but haven't put any money on it for ages).
6a.Should I get benefits paid into barclays a/c with immediate effect? yes or the post office account
6b.I am little confused.....when reading different info, it states the OR can freeze your bank a/c and stop you obtaining any money in that a/cyes they can but it is normally a long standing currant account. They do not normally touch new basic accounts
6c. Should I have even opened barclays (I don't want it to look like I was on the fiddle!lol it is ok 99% o us open new accounts BEFORE bc

7. Car tax, mot, and ins.....I do not put any money aside for these each month, although I could calculate what each one would cost each month. How do I enter this on the SOA? Do I put what the figure SHOULD be, rather than the fact that I don't put any money aside (I used to just pay when they were due....and more often than not, they would be put on the credit card)yes put a monthly amount to cover them all
8. Do I need to get an exact figure of what I owe for each loan, or do I put down the amount that I borrowed in the first place?just a rough guess of amount outstanding is fine

9. With regards to c/cards and loans, I am still paying them as I have not made the application to go BR, even though that is now going to be my intention. Should I make this month's payment (which is due next week)or cancel the direct debit? If I cancel it, should I tell them all why I have cancelled it?no point in continuing to pay them. Cancel all direct debits and if they call tell them you are seeking legal advice.

I'm sorry with all the questions.......it's just that all you good people on here seem to have all the answers!

Many, many thanks in advance
x x

No worries thats what we are here for. Just shout.DX

debtinfo

Desperate+Depressed wrote: »

Hi there

I have clicked on a link and taken a look at a SOA. I would really appreciate any help from you experts!

1. I am in receipt of income support, child tax credit and family allowance. Do i enter all three under "Benefits" income? Yes

2. I only pay £24.85 water rates april - october. Should I divide my total bill over 12 months. Yes

3. I pay £27 pm for Sky (which inc my £10 landline), then I get broadband free and free evening calls. How do I enter this on the SOA? Also, will I need to cancel Sky before I apply to go BR, or will they let me keep it? You will be allowed a set amount for all telephones, sky has to come out of your own surplus.

4. Currently have two mobile phone contracts - mine which I can give my 30 day notice on 12/9 to then end Oct, then my son's which I can give 30 day notice on 28/12 to then end Jan. Do I still enter the monthly amount for both, even though I can give notice on mine in a couple of weeks? see above

5. I have 4 x creditors: Nationwide credit card £50.82 pm, HSBC £50.00 (it should be £75, but back in March they agreed to reduce it after me taking advice from Payplan, but they (HSBC) were not willing to accept a lower amount. Northern Rock £1.00 pm (should be £138.00pm, but they did accept token gesture), and finally Tesco £183.00pm. On the SOA, do I put what the amounts should be, rather than what I am paying at the moment? The SOA is for after bankruptcy when you will have no credit repayments so this should be £0

So far I have been paying the above amounts, obviously struggling then with other expenditures. CCCS have made me "see the light" and realise that it would take me the best part of 30 years to pay these debts off! So it was there advice that I go BR. Will the OR not ask why I've suddenly decided to do this, seeing as I've been trying to pay them for the last million months (or that's what it feels like)! The Court will have expected you to have taken advice. this is the reason for the change in action, because you have taken financial advice.

6. My bank a/c is with nationwide, which I know I will have to close when I file for BR. My benefits get paid into this a/c (except Family Allowance, that goes straight to the post office). Only a few weeks ago, I opened an a/c at Barclays......my intention was to withdraw some of my benefits weekly to put aside for gas, elec and tv (gas and elec I'm on a pre-payment meter, and tv I've got a card, but haven't put any money on it for ages).
6a.Should I get benefits paid into barclays a/c with immediate effect? All monies should be paid into the account you will be using from now on.
6b.I am little confused.....when reading different info, it states the OR can freeze your bank a/c and stop you obtaining any money in that a/c It is not the OR that will freeze the account (unless you have savings rather than monies for everyday expenses), it is the bank. The OR will send a letter saying that they have no interest in the account. This can take a couple of days and sometimes the bank will freeze the account untill they get the letter from the OR. So it can be worth taking out any money that you will need to use over thise first few days.
6c. Should I have even opened barclays (I don't want it to look like I was on the fiddle!lol No probs the OR recognizes that you need an account unconected with your previous money troubles

7. Car tax, mot, and ins.....I do not put any money aside for these each month, although I could calculate what each one would cost each month. How do I enter this on the SOA? Do I put what the figure SHOULD be, rather than the fact that I don't put any money aside (I used to just pay when they were due....and more often than not, they would be put on the credit card). From now on you will need to budget carefully and put money aside. therefore you should put this expense on the SOA. remember that when you come to pay it there will be no credit facility to rely on.

8. Do I need to get an exact figure of what I owe for each loan, or do I put down the amount that I borrowed in the first place? You need to put down the current balance owing.

9. With regards to c/cards and loans, I am still paying them as I have not made the application to go BR, even though that is now going to be my intention. Should I make this month's payment (which is due next week)or cancel the direct debit? If I cancel it, should I tell them all why I have cancelled it? If you are defo going bankrupt then there is no point paying unsecured creditors. Whether you tell them is a choice for you. The creditors can get very strong with their attempts to recover money when they realise that you are going bankrupt as they will get nothing later. I would say it depends on how they have treated you before.

I'm sorry with all the questions.......it's just that all you good people on here seem to have all the answers!

Many, many thanks in advance
x x

no probs feel free to ask anymore questions

dalip

Glad we agreed FYP;).Dx

debtinfo

i am so slow at typing, there were no responses when i started. could be an indication that we have all been brainwashed by the pro bankruptcy people. lol

philnicandamy

debtinfo wrote: »

i am so slow at typing, there were no responses when i started. could be an indication that we have all been brainwashed by the pro bankruptcy people. lol

If you have a problem...and nobody else can solve it...you need The Bankruptcy Protection Fund :rotfl::rotfl::rotfl::rotfl::rotfl:

Desperate+Depressed

Thanks everyone for your help.

You mention surplus??? Where is that amount coming from? CCCS have said I have £75 pm (I think that's the figure she gave me), so would Sky/mobile be coming out of that?

I try to not use the landline where possible, so total montly bill from Sky is on average £30ish. My mobile has free landline calls, so I use that more than the landline. However, I do intend to go PAYG once contract ended. I have Sky (obviously so we can watch TV channels, and I get the free broadband)

Apparently O2 have said I pay a month in advance??? What is your advice with regards to cancelling direct debits on both mobiles? My son's dad will be paying PAYG so I won't need to worry about his once I have got rid of his contract!

I will cancel all direct debits today. Should I close the Nationwide a/c today or leave a minimum amount of say £1 -£5 in it, incase they ask questions?

I will complete the SOA on the link you have mentioned.....and hopefully be able to past it back on here!!

Desperate+Depressed

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 576.94
Other income............................ 0
Total monthly income.................... 576.94
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 30
Gas..................................... 40
Oil..................................... 0
Water rates............................. 16.1
Telephone (land line)................... 10
Mobile phone............................ 39
TV Licence.............................. 12
Satellite/Cable TV...................... 17
Internet Services....................... 0
Groceries etc. ......................... 238
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 15
Car Insurance........................... 16
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 4.77
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 592.87

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC credit card...............2372.09...0.........0
Nationwide.....................1694.1....0.........0
Northern Rock..................14101.5...0.........0
Tesco..........................9718.2....0.........0
Total unsecured debts..........27885.89..0.........-

Monthly Budget Summary
Total monthly income.................... 576.94
Expenses (including HP & secured debts). 592.87
Available for debt repayments........... -15.93
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -15.93
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -27,885.89
Net Assets.............................. -27,585.89
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

fiveyearplan

debtinfo wrote: »

i am so slow at typing, there were no responses when i started. could be an indication that we have all been brainwashed by the pro bankruptcy people. lol

80 wpm 99% accuracy.