My SOA - can someone please check - going Bankrupt tomorrow

SCM39

Could someone kindly check my SOA for me please - much appreciated!


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

Monthly Income Details
Monthly income after tax................ 1761
Partners contribution towards joint household bills....... 905
Child Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2746

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 975
Management charge (leasehold property).. 0
Council tax............................. 153
Electricity............................. 40
Gas..................................... 68
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 15
Groceries etc. ......................... 500 (this includes our packed lunches every day for work/school)
Clothing................................ 120
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 40
Car maintenance (including MOT)......... 35
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 317 (this may seem high but my daughter goes to a kids club before and after school every day which costs £250 per month - the remaining £67 which if you x by 12 = £800 approx which is what it costs me to put her into the kids club Mon-Fri (all day) for 8 weeks of the year - kids get about 10 weeks hols per year! - i get no tax credits cause I earn too much)
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 (my son lives with his father but still buy his pressies for b'day/xmas etc)
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 20
Dry cleaning............................ 15
Total monthly expenses.................. 2654

Assets
Cash.................................... 4000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,746
Expenses (including HP & secured debts). 2,654
Available for debt repayments........... 92
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 92
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 4,000

tigerfeet2006

SCM39 wrote: »

Could someone kindly check my SOA for me please - much appreciated!


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

Monthly Income Details
Monthly income after tax................ 1761
Partners contribution towards joint household bills....... 905
Child Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2746

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 975
Management charge (leasehold property).. 0
Council tax............................. 153
Electricity............................. 40
Gas..................................... 68
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 0 £60 to include mobile etc.
Mobile phone............................ 35 put under landline
TV Licence.............................. 12
Satellite/Cable TV...................... 20 not allowed on the SoA, must come from surplus
Internet Services....................... 15 ditto unless essential for work or study.
Groceries etc. ......................... 500 (this includes our packed lunches every day for work/school)
Clothing................................ 120
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 40 make sure this is fully comprehensive.
Car maintenance (including MOT)......... 35
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 317 (this may seem high but my daughter goes to a kids club before and after school every day which costs £250 per month - the remaining £67 which if you x by 12 = £800 approx which is what it costs me to put her into the kids club Mon-Fri (all day) for 8 weeks of the year - kids get about 10 weeks hols per year! - i get no tax credits cause I earn too much)
Other child related expenses............ 0 £5 per week activities
Medical (prescriptions, dentist etc).... 10 £20
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 20 make sure this includes accidental damage.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 (my son lives with his father but still buy his pressies for b'day/xmas etc) leave but most OR's wll cut.
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 20 most OR's won't allow.
Dry cleaning............................ 15 OR may cut to £10 but leave.
Total monthly expenses.................. 2654

Assets
Cash.................................... 4000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,746
Expenses (including HP & secured debts). 2,654
Available for debt repayments........... 92
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 92
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 4,000

Do you have breakdown cover? £10. Do you pay professional body/union fees?

Have a play with those figures.

Torby

I have been asked by an ex work colleague who's in financial diffs about BR, he owes only about £3k on credit cards, but it looks as if I may have given him the wrong advice( I regularly check the forums to see what I can discover)...I told him he couldn't go BR because of the amount, but looking at the above I can't see (its probably just me) I can't see how or why they would declare themselves bankrupt?....maybe I'm missing something....lol...as I've discovered now I have retired all my ex-colleagues and ex-staff members are coming to me for advice...why?....lol....they probably reckon I wasn't much good when I was their boss...lol...

anyway...back to the above...it looks as if I have given poor advice as regards his amount of debt, when the SOA above doesn't show any...where have I gone wrong ?

SCM39

Thanks Tigerfeet - much appreciated :beer:

Torby - I deliberately omitted my debts from the above SOA as the info I needed was what to claim for on a SOA - i am infact about £35k in debt not to mention that my house that is the process of being repossessed and if sold will no doubt incur a shortfall...

Torby

I appreciate your help here and wish you luck in your BR, I will actually start a thread I'm still not sure £3k will be enough for my colleage though as I thought there were limits for BR...

all the best for tomorrow and I wish you well for your future.