My SOA - Comments please?

Youthiswastedontheyoung

Hi all!

We are just starting our BR journey and I am getting so much information from lurking here so thank you all.

I am trying to sort our SOA, and this will change when we have baby number two in January but we may be filing for BR before then (depending on trust fund decision). Obviously we will have a bit more benefits, a bit less second income (STAT MAT) and two children not 1

The car is the HP payment and owe more on the HP than the value of the car (negative equity on previous cars exchanged) and the council tax is £76 normally but £20 per month for arrears.

Can anyone give their opinions on this please?

Thank you very much in advance



Statement of Affairs and Personal Balance Sheet
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................ 1260
Partners monthly income after tax....... 680
Benefits................................ 125
Other income............................ 0
Total monthly income.................... 2065
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 168
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 12
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 430
Clothing................................ 70
Petrol/diesel........................... 100
Road tax................................ 14
Car Insurance........................... 39
Car maintenance (including MOT)......... 12
Car parking............................. 30
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 50
Emergency fund.......................... 10
Total monthly expenses.................. 1845

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5400.....(168)......19
Total secured & HP debts...... 5400......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Bank Loan......................24000.....380.......8
Credit Card....................4200......69........18
Overdraft......................2610......0.........12
Total unsecured debts..........30810.....449.......-

Monthly Budget Summary
Total monthly income.................... 2,065
Expenses (including HP & secured debts). 1,845
Available for debt repayments........... 220
Monthly UNsecured debt repayments....... 449
Amount short for making debt repayments. -229
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -5,400
Total Unsecured debt.................... -30,810
Net Assets.............................. -36,210

kerrypn

All looks fine to me, I would possibly increase the childcare expenses a little depending how old LO is, plus clothing could maybe be 80-90?

I am not sure if this is helpful at all but are you not eligible for any tax credit? I notice your benefits only total 125, I presume this is child benefit?

fiveyearplan

Youthiswastedontheyoung wrote: »

Hi all!

We are just starting our BR journey and I am getting so much information from lurking here so thank you all.

I am trying to sort our SOA, and this will change when we have baby number two in January but we may be filing for BR before then (depending on trust fund decision). Obviously we will have a bit more benefits, a bit less second income (STAT MAT) and two children not 1

The car is the HP payment and owe more on the HP than the value of the car (negative equity on previous cars exchanged) and the council tax is £76 normally but £20 per month for arrears. arrears will go into your BR

Can anyone give their opinions on this please?

Thank you very much in advance



Statement of Affairs and Personal Balance Sheet
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................ 1260
Partners monthly income after tax....... 680
Benefits................................ 125
Other income............................ 0
Total monthly income.................... 2065
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 168
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 96 76
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 12
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 430
Clothing................................ 70
Petrol/diesel........................... 100
Road tax................................ 14
Car Insurance........................... 39
Car maintenance (including MOT)......... 12
Car parking............................. 30
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 not usually allowed but leave in and see
Haircuts................................ 20
Entertainment........................... 30 not allowed
Holiday................................. 50
Emergency fund.......................... 10

Total monthly expenses.................. 1845

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5400.....(168)......19
Total secured & HP debts...... 5400......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Bank Loan......................24000.....380.......8
Credit Card....................4200......69........18
Overdraft......................2610......0.........12
Total unsecured debts..........30810.....449.......-

Monthly Budget Summary
Total monthly income.................... 2,065
Expenses (including HP & secured debts). 1,845
Available for debt repayments........... 220
Monthly UNsecured debt repayments....... 449
Amount short for making debt repayments. -229
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -5,400
Total Unsecured debt.................... -30,810
Net Assets.............................. -36,210

If you go BR after baby 2 is born then you will need to redo the SOA.

Youthiswastedontheyoung

Hi there, I am currently off work (Maternity) so no childcare costs, and my mum looks after my toddler when I need her to.
Argh! will need to redo the thing again beacuse I've done the benefits part wrong! is actually £260 per month, oops sorry!!!

Thanks

kerrypn

LOL Sorry!

I meant expenses sorry-I think you put 20 pounds

Don't get too stressed about it, you are doing the right thing taking your time over it

Youthiswastedontheyoung

Try again, I've been more accurate with loan amount and benefits this time

Also I owe my step dad £850 would it be wise to include this? how does that work?

Statement of Affairs and Personal Balance Sheet
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................ 1260
Partners monthly income after tax....... 680
Benefits................................ 260
Other income............................ 0
Total monthly income.................... 2200
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 168
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 76
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 12
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 430
Clothing................................ 90
Petrol/diesel........................... 100
Road tax................................ 14
Car Insurance........................... 39
Car maintenance (including MOT)......... 12
Car parking............................. 30
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 50
Emergency fund.......................... 10
Total monthly expenses.................. 1845

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5400.....(168)......19
Total secured & HP debts...... 5400......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Bank Loan......................21753.....380.......8
Credit Card....................4200......69........19
Family Loan....................850.......0.........0
Total unsecured debts..........26803.....449.......-

Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,845
Available for debt repayments........... 355
Monthly UNsecured debt repayments....... 449
Amount short for making debt repayments. -94
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -5,400
Total Unsecured debt.................... -26,803
Net Assets.............................. -32,203

kerrypn

Are you sure Bankruptcy is the best option for you?Have you looked into IVA/DMP? You have a lot of surplus income per month not too much below your current agreements.

Youthiswastedontheyoung

Oh I see what you mean, I was thinking milk, nappies etc would be part of the groceries? the £20 is for soft play and swimming etc.

Hehe taking my time, the way I'm going we'll never do it, I just want to get it right and not make any mistakes
Thanks

Youthiswastedontheyoung

Yeah, We've looked into IVA's etc but it seems as though we will be better off with bankruptcy in as much as the allowances are a lot kinder from what I've read and with the new baby we would like a fresh start (not an easy way out as we all know BR is not an EASY option!). We might lose the car but there are buses, otherwise we don't have anything else to lose. Also I'd rather all the money from the bankruptcy will go straight to the creditors this way and not an additional company (I read its about £7500 the IVA people get!).

Hope this makes sense but we are 100% sure about the BR

kerrypn

OK as long as you're sure, not preaching its just I didn't want you to miss out on the opportunity of saving your credit rating or negotiating direct with your creditors

Your SOA looks fine to me, best of luck with everything

Youthiswastedontheyoung

Not at all I know you are only trying to help. I think negotiating with Natwest is like trying to explain to a toddler that you can't blow bubbles for them all day haha. Been there and done both! We don't want any credit for a long time either so thats also not a worry

Thanks very much for your help Kerry
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