my soa comments please

rockinfreakapottamus

hi there, im just getting my head around the bankruptcy thing and would like any comments on this soa for me and the wife , we both plan to go bankrupt as we have debts of around £50000 combined ,also we have a house that we currently dont live in and have stopped the payments on as we want it reposessed,

Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details[/b]
Monthly income after tax................ 1256
Partners monthly income after tax....... 1300
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2636

Monthly Expense Detail
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 80
Gas..................................... 60
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 40
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 80
Petrol/diesel........................... 320
Road tax................................ 40
Car Insurance........................... 50
Car maintenance (including MOT)......... 60
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 320
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2482


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1600 + other on hp
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,636
Expenses (including HP & secured debts). 2,482
Available for debt repayments........... 154
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 154

tigerfeet2006

As you are both going BR you need to each produce a seperate SoA. Yours will need the joint outgoings in full on them and then your own outgoings car, clothes, mobile etc. You put your full income down and then your OH's contribution to the joint bills, not her full wage. She should do the same.

rockinfreakapottamus wrote: »

hi there, im just getting my head around the bankruptcy thing and would like any comments on this soa for me and the wife , we both plan to go bankrupt as we have debts of around £50000 combined ,also we have a house that we currently dont live in and have stopped the payments on as we want it reposessed,

Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details[/b]
Monthly income after tax................ 1256
Partners monthly income after tax....... 1300
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2636

Monthly Expense Detail
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 80
Gas..................................... 60
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 40
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400 £450/500
Clothing................................ 80 £100
Petrol/diesel........................... 320 I am assuming this is for 2 vehicles? You need to put your own expenditure on your own SoA
Road tax................................ 40 ditto
Car Insurance........................... 50 ditto
Car maintenance (including MOT)......... 60 ditto
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 320
Other child related expenses............ 0 £5 per week for activities.
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10 £10 per adult £5 per child
Entertainment........................... 0
Holiday................................. 0 £60
Emergency fund.......................... 0
Total monthly expenses.................. 2482


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1600 + other on hp
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,636
Expenses (including HP & secured debts). 2,482
Available for debt repayments........... 154
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 154

Split the 2 SoA's and play with the figures and see what you get.

thatsyourlot

rockinfreakapottamus wrote: »

hi there, im just getting my head around the bankruptcy thing and would like any comments on this soa for me and the wife , we both plan to go bankrupt as we have debts of around £50000 combined ,also we have a house that we currently dont live in and have stopped the payments on as we want it reposessed,

Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details[/b]
Monthly income after tax................ 1256
Partners monthly income after tax....... 1300
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2636

Monthly Expense Detail
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 80
Gas..................................... 60
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 40 I put down £60 here & it got passed
Mobile phone............................ 20 - I took this out & added in to telephone part
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400 £450 passed for me (2 ad 1 chld)
Clothing................................ 80 £100 passed for me
Petrol/diesel........................... 320
Road tax................................ 40
Car Insurance........................... 50
Car maintenance (including MOT)......... 60
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 320
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10 I was allowed £25
Entertainment........................... 0
Holiday................................. 0 I was allowed £50
Emergency fund.......................... 0
Total monthly expenses.................. 2482


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1600 + other on hp
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,636
Expenses (including HP & secured debts). 2,482
Available for debt repayments........... 154
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 154

These are just the amounts I have been allowed by my or on wednesday, please remeber that every or is different. My or was in Leeds

rockinfreakapottamus

thanks all for your help, wile im at it has anybody ever been told to move to cheaper rented house , is there a limit to how much they will allow for rent

dalip

The OR will know what the average rent is for your needs for your area. If your rent is considerably higher he will not make you move but will only allow a set amount on your i&e, the rest would have to come from any surplus you may have or you might need to scarifice another allowance(like holiday) to pay for any extra if you don't have any surplus.dx

peachyprice

Are you getting enough Child Tax Credits, I would have thought with £320 of child care you would be entitled to a fair whack, but you're only showing child benefit under 'benefits'.

rockinfreakapottamus

we were looking at the tax credits but i was earning a lot more last year so we were not able to apply . going to have another look post br , does this get taken as an income by the or???
:rolleyes:

fiveyearplan

Yes, I think tax credits are considered income.