a few questions... sorry I cant find the answers

djwmcnae82

Hi guys,

Im sorry if the answers to my questions are herre some where but I have not been able to find them.

My ex went BR leaving me with the mortgage which I could not afford to pay and so have missed many payments. i am now volentary giving up the house. The house is already at 10K negative equity and so when they take control of the house and sell it, i will at the very least be left with about 15-20K debt. I can not afford to pay this back along with my other debts and so will have no other option but to go BR.
My question is this... once I go BR and all my debt is clear, I will be better off... how much money can one person have left after normal out goings, Rent, gas electric etc before they start asking you to make contributions back to the OR?

Again, sorry im getting really bambozled with all of this and really didnt want to go BR but don't have a choice.

Waspeze

After all reasonable (not basic) living expenses have been taken then if you have a surplus of over £99, a percentage (from 50-70%) is taken from this.

In BR you are given fairly high allowances (compared to DMP's) for most things so pop up your SoA and people here can have a look at it for you.

djwmcnae82

Where do I find the SOA, i have searched but can not find it.

djwmcnae82

Found it :-)

djwmcnae82

Ok, This is my SoA.... naturally it will be different once gone BR

Does this help answer my question?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300
Monthly Expense Details
Mortgage................................ 575
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 40
Petrol/diesel........................... 160
Road tax................................ 9
Car Insurance........................... 30
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 130
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 10
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1674

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 450
Other assets............................ 0
Total Assets............................ 450

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 100000...(575)......0
Total secured & HP debts...... 100000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card - barclay..........2000......60........15
Credit Card - Vanquis..........1500......40........32
Total unsecured debts..........3500......100.......-

Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 1,674
Available for debt repayments........... -374
Monthly UNsecured debt repayments....... 100
Amount short for making debt repayments. -474
Personal Balance Sheet Summary
Total assets (things you own)........... 450
Total HP & Secured debt................. -100,000
Total Unsecured debt.................... -3,500
Net Assets.............................. -103,050
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Mrs_Malaprop

djwmcnae82 wrote: »

Ok, This is my SoA.... naturally it will be different once gone BR

Does this help answer my question?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 0 why isn't the other adult contributing to the household?
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300
Monthly Expense Details
Mortgage................................ 575 take this off as you will not be paying it.
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 0 why are you not paying this?
Electricity............................. 0 ditto
Gas..................................... 0ditto
Oil..................................... 0
Water rates............................. 0ditto
Telephone (land line)................... 0 do you not have land line?
Mobile phone............................ 50 put under landline max £60
TV Licence.............................. 0 why are you not paying this?
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120 £400 for 2 adults
Clothing................................ 40
Petrol/diesel........................... 160
Road tax................................ 9 is it this low?
Car Insurance........................... 30
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 130 what are these? you have no child mentioned above.
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 you need to get some as a priority
Life assurance ......................... 0
Other insurance......................... 10 what is this?
Presents (birthday, christmas etc)...... 30 most OR's won't allow this
Haircuts................................ 10
Entertainment........................... 10 not a hope
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1674

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 450
Other assets............................ 0
Total Assets............................ 450

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 100000...(575)......0
Total secured & HP debts...... 100000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card - barclay..........2000......60........15
Credit Card - Vanquis..........1500......40........32
Total unsecured debts..........3500......100.......-

Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 1,674
Available for debt repayments........... -374
Monthly UNsecured debt repayments....... 100
Amount short for making debt repayments. -474
Personal Balance Sheet Summary
Total assets (things you own)........... 450
Total HP & Secured debt................. -100,000
Total Unsecured debt.................... -3,500
Net Assets.............................. -103,050
.

Please can you explain a bit more about your circumstances please. You list 2 adults and then mention child expenses. You do not list any utilities etc. There is no contribution from the other adult.

djwmcnae82

Sorry.... yes let me explain.
I bought a house with my ex partner Nov 2008. We split in March 2009 and I moved into my parents house (2 adults.. although should be 3 if include me?). To screw me over, she declared her self bankrupt Aug 2009 meaning i had to take the whole mortgage on myself as she moved out. I can not afford to live in that house on my own and I was already living with my parents (this no gas electric, just that 450 a month)
The mortgage has not been paid since she went BR and the Halifax have been chasing me for it. I am not about to give them the keys for the property and they will then sell the house for around 15-20K NEG equity.
The child in the equation is my daughter from another failed relationship, i pay £120 to her per month.
Contents ins etc is all covered in my £450 as it is my Mums house.

Hope this clears things up.

Mrs_Malaprop

Thanks for the information.

Ok, This is my SoA.... naturally it will be different once gone BR

Does this help answer my question?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300
Monthly Expense Details
Mortgage................................ 575 take this off
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120 £200
Clothing................................ 40 £50
Petrol/diesel........................... 160
Road tax................................ 9
Car Insurance........................... 30 make sure you get fully comprehensive.
Car maintenance (including MOT)......... 20 £30
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 130 is this agreed by the CSA or in line with CSA guidelines?
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 10 what is this
Presents (birthday, christmas etc)...... 30 most OR' will not allow you this. Maybe cut it to £20 and leave it and see.
Haircuts................................ 10
Entertainment........................... 10 definatly not allowed.
Holiday................................. 0 £40
(single person is usually £25ish but you obviously want to be able to take your little girl away on a break. Try it and see what is said.)
Emergency fund.......................... 0
Total monthly expenses.................. 1674

Also make sure you have breakdown cover as well. Believe me it is very useful.

This is how your SoA should look like when you go bankrupt. Someone with more experiance will hopefully make some comments as well.

kerrypn

We need to get your SOA to balance or you will not be able to sustain yourself without further credit.

Mrs_Malaprop

Kerry once the mortgage payment is off then he will have a surplus.

djwmcnae82

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 160
Road tax................................ 9
Car Insurance........................... 30
Car maintenance (including MOT)......... 30
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 130
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 1209

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 450
Other assets............................ 0
Total Assets............................ 450

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Barclays CC....................2000......60........0
Vanquis CC.....................1250......40........32
Total unsecured debts..........3250......100.......-

Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 1,209
Available for debt repayments........... 91
Monthly UNsecured debt repayments....... 100
Amount short for making debt repayments. -9
Personal Balance Sheet Summary
Total assets (things you own)........... 450
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,250
Net Assets.............................. -2,800
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

There, have made the amendments... is this correct?

Oh, and thank you for your help so far :-)