SOA and Car advice please

Clairvoyant_2

Hi

Ok I was going to go BR 2 months ago. Went to CAB to help with all the papper work. Then got told I would be better off doing a DRO. As they Valued my car at under £1000 in poor condition (needs some engine work). So had an appointment a month later to sort the DRO. Well that meeting went well not. Iwill not go into all the details. So I had to wait another month for an appointment (which should be 7th Sept). Thanx to these forums I found out I cant do a DRO as I have a stakeholder pension valued just over 7k. So I went back to CAB and asked them. Low and behold I now have to wait till 1st oct for my next appointment for papper work help.


What I would like to know is what do I put on my SOA.

Situation is.

Im going BR my debts mid 7k (yes I know not that much). We have seperate Bank Accounts. She works part time, and pays all the bills with the help of Benifits. She has her own car for work (home carer). And I use mine for school runs, shopping and looking for work.

Now

a) What do I do about the SOA
b) Do I have to tell them about her car

Im just confussed

Thanx in advance

Clairvoyant

PS Family is 2 adults and 2 kids

peachyprice

Firstly you don't have to wait until October to go back to CAB,unless you rreally want to, you can file for BR yourself as soon as you are ready and have the fees.

On the SoA you put all the household outgoings in full plus your own personal outgoings i.e your hair, mobile, clothes etc. Under income you put your income (JSA?), all benefits coming into the household (regardless of who's name they're in), and as much of your OH's income as you need to make your SoA balance, not her whole income, hope that makes sense.

If you have no income whatsoever you put all the household you do the same but put £0 for your income.

It makes no differencw ho pays what bills from which bank account.

No you don't have to mention her car as long as she is the owner and it is registered in her name.

HTH

Clairvoyant_2

My income is 0 as Im only paid my stamp by JSA (due to being selfemployed 2006 - 2008)



Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1407
Other income............................ 300 (amount wife pays towards the bills)
Total monthly income.................... 1707

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 40
Gas..................................... 35
Oil..................................... 0
Water rates............................. 41
Telephone (land line)................... 22
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 21
Internet Services....................... 7
Groceries etc. ......................... 500
Clothing................................ 75
Petrol/diesel........................... 90
Road tax................................ 18
Car Insurance........................... 23
Car maintenance (including MOT)......... 13
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 83
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 18
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 1728


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 750

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Co-op..........................5198......0.........0
HSBC...........................2504......0.........0
Total unsecured debts..........7702......0.........-


Monthly Budget Summary
Total monthly income.................... 1,707
Expenses (including HP & secured debts). 1,728
Available for debt repayments........... -21
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -21

Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,702
Net Assets.............................. -6,952

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

fiveyearplan

Clairvoyant wrote: »

My income is 0 as Im only paid my stamp by JSA (due to being selfemployed 2006 - 2008)



Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1407
Other income............................ 300 (amount wife pays towards the bills)
Total monthly income.................... 1707

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 40
Gas..................................... 35
Oil..................................... 0
Water rates............................. 41
Telephone (land line)................... 22
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 21 this will have to come out of excess
Internet Services....................... 7 I'd put this in with phone
Groceries etc. ......................... 500
Clothing................................ 75
Petrol/diesel........................... 90
Road tax................................ 18
Car Insurance........................... 23
Car maintenance (including MOT)......... 13
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 83
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 18
Buildings insurance..................... 0
Contents insurance...................... 0 you should look into getting this approx £20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 not usually allowed but leave in and see
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 1728


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 750

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Co-op..........................5198......0.........0
HSBC...........................2504......0.........0
Total unsecured debts..........7702......0.........-


Monthly Budget Summary
Total monthly income.................... 1,707
Expenses (including HP & secured debts). 1,728
Available for debt repayments........... -21
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -21

Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,702
Net Assets.............................. -6,952

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

I made some comments in red above.