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Revised SOA

korben556
korben556 Posts: 111 Forumite
edited 24 November 2009 at 12:37PM in Bankruptcy & living with it
After bouncing back and forth, we have decided I will have to go BR first.

This is my attempt at an SOA for me, any tips much appreciated.

Told my MD was going BR and she was great!

Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 3
Number of children in household......... 1
Number of cars owned....................

Monthly Income Details

Monthly income after tax................ 1550
Partners monthly income after tax....... 650
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2200


Monthly Expense Details

Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 156 (joint names, not sure if will be included, although they are taking us to court)
Electricity............................. 65
Gas..................................... 60
Oil..................................... 0
Water rates............................. 68
Telephone (land line)................... 36
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 27 (need for work/school)
Groceries etc. ......................... 550
Clothing................................ 70
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 60 (Bus/lunch money)
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Dry Cleaning............................ 12
Total monthly expenses.................. 2081



Assets

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


No Secured nor Hire Purchase Debts


Unsecured Debts
Description....................Debt......Monthly...APR
Bank ..........................10700.....0.........0 (joint names)
Inland Revenue.................55000.....0.........0
Previous Gas/Elec..............1900......0.........0
Mobile.........................163.......0.........0
Credit card....................1400......0.........0
2nd Charge.....................15000.....0.........0 (estimate joint names)
Total unsecured debts..........84163.....0.........-



Monthly Budget Summary

Total monthly income.................... 2,200
Expenses (including HP & secured debts). 2,081
Available for debt repayments........... 119
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 119


Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -84,163
Net Assets.............................. -84,163


Thanks in advance for any tips.

Comments

  • korben556
    korben556 Posts: 111 Forumite
    edited 24 November 2009 at 12:45PM
    Forgot Council Tax - although in joint names we are due to go to court on 9th Dec' - can this be included?

    Household Information[/b]
    Number of adults in household........... 3
    Number of children in household......... 1
    Number of cars owned....................

    Monthly Income Details

    Monthly income after tax................ 1550
    Partners monthly income after tax....... 650
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2200


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 795
    Management charge (leasehold property).. 0
    Council tax............................. 156
    Electricity............................. 65
    Gas..................................... 60
    Oil..................................... 0
    Water rates............................. 68
    Telephone (land line)................... 36
    Mobile phone............................ 15
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 27
    Groceries etc. ......................... 550
    Clothing................................ 70
    Petrol/diesel........................... 50
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 60
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 20
    Buildings insurance..................... 0
    Contents insurance...................... 15
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 10
    Entertainment........................... 0
    Holiday................................. 50
    Emergency fund.......................... 0
    Dry Cleaning............................ 12
    Total monthly expenses.................. 2081



    Assets

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


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Bank ..........................10700.....0.........0
    Inland Revenue.................55000.....0.........0
    Previous Gas/Elec..............1900......0.........0
    Council Tax ...................1100......0.........0
    Mobile.........................163.......0.........0
    Credit card....................1400......0.........0
    2nd Charge.....................15000.....0.........0
    Total unsecured debts..........85263.....0.........-



    Monthly Budget Summary

    Total monthly income.................... 2,200
    Expenses (including HP & secured debts). 2,081
    Available for debt repayments........... 119
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 119


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -85,263
    Net Assets.............................. -85,263


    Created using the SOA calculator at https://www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission, using Firefox browser.
    [/font]
  • My house was reposessed and I think is going through the sale process right now, should I include the mortgage? The sale will easily cover it, although I have allowed for a shortfall onn the second charge which is in my SAO.

    Sorry for all the questions, this is just so worrying.

    Thnaks
  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Hi Korben,
    Unfortunatley as it's only you going BR your OH will be liable for the council tax, in full.

    Yes, you do put your mortgage on the forms as you still have the mortgage until the house is sold and they are paid off.
    Accept your past without regret, handle your present with confidence and face your future without fear
  • I have added mortgage etc - wow adds up to a lot of money!

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 3
    Number of children in household......... 1
    Number of cars owned....................

    Monthly Income Details

    Monthly income after tax................ 1550
    Partners monthly income after tax....... 650
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2200


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 795
    Management charge (leasehold property).. 0
    Council tax............................. 156
    Electricity............................. 65
    Gas..................................... 60
    Oil..................................... 0
    Water rates............................. 68
    Telephone (land line)................... 36
    Mobile phone............................ 15
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 27
    Groceries etc. ......................... 550
    Clothing................................ 70
    Petrol/diesel........................... 50
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 60
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 20
    Buildings insurance..................... 0
    Contents insurance...................... 15
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 10
    Entertainment........................... 0
    Holiday................................. 50
    Emergency fund.......................... 0
    Dry Cleaning............................ 12
    Total monthly expenses.................. 2081



    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...................... 178000...(0)........0
    Secured Debt.................. 50000....(0)........0
    Total secured & HP debts...... 228000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Bank ..........................10700.....0.........0
    Inland Revenue.................55000.....0.........0
    Previous Gas/Elec..............1900......0.........0
    Council Tax ...................1100......0.........0
    Mobile.........................163.......0.........0
    Credit card....................1400......0.........0
    Total unsecured debts..........70263.....0.........-



    Monthly Budget Summary

    Total monthly income.................... 2,200
    Expenses (including HP & secured debts). 2,081
    Available for debt repayments........... 119
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 119


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -228,000
    Total Unsecured debt.................... -70,263
    Net Assets.............................. -298,263
  • I have not had much response to this one, so will assume that it's good to go?

    Thanks
  • Hi korben

    I am rubbish at SOA`s but just noticed under car - insurance, mot.road tax ( or contribution towards) the values are nil , Phone & internet services ( as combined figure) seem high....any way of cutting cost by switching provider?

    I am thinking holiday funds may be a no-no but sure others will add comment.

    Hope this bumps for further suggestion.

    Angiexx
  • confused76
    confused76 Posts: 12,680 Forumite
    Part of the Furniture Combo Breaker
    hi korben
    i notice you pay petrol but no other car related expenses?
    your water seems high, does this include arrears?
    i'm sure someone more knowledgable will be along in a bit to help, sorry i can't add much
  • Sorry, should have said, no car expenses other than fuel as I have a company car, my wife pays for her car costs.

    The water does include arrears.

    I'll take a look at the phone costs too.

    Thanks for the feedback.
  • korben556 wrote: »
    I have added mortgage etc - wow adds up to a lot of money!

    Statement of Affairs and Personal Balance Sheet

    Household Information
    Number of adults in household........... 3
    Number of children in household......... 1
    Number of cars owned....................

    Monthly Income Details
    Monthly income after tax................ 1550
    Partners monthly income after tax....... 650
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2200

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 795
    Management charge (leasehold property).. 0
    Council tax............................. 156
    Electricity............................. 65 will this be enough to cover winter as well?
    Gas..................................... 60 Ditto
    Oil..................................... 0
    Water rates............................. 68 do this without arrears
    Telephone (land line)................... 36
    Mobile phone............................ 15
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 27 usually NOT allowed unless for work/school use otherwise from surplus if any
    Groceries etc. ......................... 550
    Clothing................................ 70
    Petrol/diesel........................... 50
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 60 whats this?
    Medical (prescriptions, dentist etc).... 10 seems low...
    Pet insurance/vet bills................. 20 £25
    Buildings insurance..................... 0
    Contents insurance...................... 15 has this accidental damage cover as well? something you should look at before going BR
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 10
    Entertainment........................... 0
    Holiday................................. 50
    Emergency fund.......................... 0
    Dry Cleaning............................ 12 £15
    Total monthly expenses.................. 2081


    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...................... 178000...(0)........0
    Secured Debt.................. 50000....(0)........0
    Total secured & HP debts...... 228000....-.........-

    Unsecured Debts
    Description....................Debt......Monthly...APR
    Bank ..........................10700.....0.........0
    Inland Revenue.................55000.....0.........0
    Previous Gas/Elec..............1900......0.........0
    Council Tax ...................1100......0.........0
    Mobile.........................163.......0.........0
    Credit card....................1400......0.........0
    Total unsecured debts..........70263.....0.........-


    Monthly Budget Summary
    Total monthly income.................... 2,200
    Expenses (including HP & secured debts). 2,081
    Available for debt repayments........... 119
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 119

    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -228,000
    Total Unsecured debt.................... -70,263
    Net Assets.............................. -298,263


    Just a few small thoughts...:D
    We all die. The goal isn't to live forever, the goal is to create something that will
  • have put some notes against my SOA

    Statement of Affairs and Personal Balance Sheet

    Household Information
    Number of adults in household........... 3
    Number of children in household......... 1
    Number of cars owned....................

    Monthly Income Details
    Monthly income after tax................ 1550
    Partners monthly income after tax....... 650
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2200

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 795
    Management charge (leasehold property).. 0
    Council tax............................. 156
    Electricity............................. 65 will this be enough to cover winter as well?Not sure
    Gas..................................... 60 Ditto
    Oil..................................... 0
    Water rates............................. 68 do this without arrears Will have to recalculate thanks
    Telephone (land line)................... 36
    Mobile phone............................ 15
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 27 usually NOT allowed unless for work/school use otherwise from surplus if any This is for work and school
    Groceries etc. ......................... 550
    Clothing................................ 70
    Petrol/diesel........................... 50
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 60 whats this?
    Medical (prescriptions, dentist etc).... 10 seems low...£20 better?
    Pet insurance/vet bills................. 20 £25
    Buildings insurance..................... 0
    Contents insurance...................... 15 has this accidental damage cover as well? something you should look at before going BR No, will re-visit this
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 10
    Entertainment........................... 0
    Holiday................................. 50
    Emergency fund.......................... 0
    Dry Cleaning............................ 12 £15 Cool
    Total monthly expenses.................. 2081


    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...................... 178000...(0)........0
    Secured Debt.................. 50000....(0)........0
    Total secured & HP debts...... 228000....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Bank ..........................10700.....0.........0
    Inland Revenue.................55000.....0.........0
    Previous Gas/Elec..............1900......0.........0
    Council Tax ...................1100......0.........0
    Mobile.........................163.......0........ .0
    Credit card....................1400......0.........0
    Total unsecured debts..........70263.....0.........-


    Monthly Budget Summary
    Total monthly income.................... 2,200
    Expenses (including HP & secured debts). 2,081
    Available for debt repayments........... 119
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 119

    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -228,000
    Total Unsecured debt.................... -70,263
    Net Assets.............................. -298,263

    I will get in touch with water to find out - thanks
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