Credit history already ruined - so might I be as well defaulting?

vaporate

Declare bankrupt anyone?

Not to tarnish this guy as it soundslike he has been through hell and back, I take my hat off there to no end.

misspoppy

triticale wrote: »

I will get my SOA done asap, it's difficult to put together as 'groceries' and 'leisure' are pretty much 'whatever is left'! I guess I'll look at some sample SOA's to get an idea of what reasonable figures for these are.

Hi

You should do a soa based on a reasonable amount for food etc so you can see how short you are for repayments have a go being as realistic as possible.

triticale

Ok here's a rough SOA based on what I'd LIKE to be able to spend on food, holidays, clothes etc.

Bit of background as it may look a bit odd :rotfl:- I am seperated (nearly divorced) and live on my own in a shared flat with bills included in rent (hence no utilities etc). My 2 kids live with their father, I give him £400pm in mutually agreed maintenance. 'Other travel' is tax/insurance/mot maintenence for my motorbike.

I use the car for the kids and weekly travel to my partner who lives 90 miles away. Bike is for work as I don't have a parking pass for a car and it's also the quickest way to and from work, so I can get my hours in and collect kids from afterschool promptly.

I also have no TV, and 'Medical' includes repeat presrictions and contact lenses/eye tests.

Phew! Ok here it is:

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1606
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1606
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12
Mobile phone............................ 15
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 12
Groceries etc. ......................... 150 (is this reasonable?)
Clothing................................ 25
Petrol/diesel........................... 70
Road tax................................ 17
Car Insurance........................... 21
Car maintenance (including MOT)......... 25
Car parking............................. 3
Other travel............................ 26.75 (motorbike tax/ins/mot etc)
Childcare/nursery....................... 0
Other child related expenses............ 420 (400 maintenance)
Medical (prescriptions, dentist etc).... 35
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10.78
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 5
Entertainment........................... 70
Holiday................................. 17
Emergency fund.......................... 10
Charity................................. 2
Lottery................................. 5
Total monthly expenses.................. 1266.53

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 200
Other assets............................ 200
Total Assets............................ 400

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
AA Loan........................9000......265.3.....11.3
Barclaycard....................3000......75........17.9
Newmans DCA....................2500......90........0
Total unsecured debts..........14500.....430.3.....-

Monthly Budget Summary
Total monthly income.................... 1,606
Expenses (including HP & secured debts). 1,266.53
Available for debt repayments........... 339.47
Monthly UNsecured debt repayments....... 430.3
Amount short for making debt repayments. -90.83
Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,500
Net Assets.............................. -14,100
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.