Really confused... Is this the best way?!

alastairq

it IS a fresh start.........?

Mrs_Malaprop

I believe that you will be able to include the arrears in your bankruptcy so you need to put it down as it should be with out the arrears.

Mrs_Malaprop

MeandtheLilUn wrote: »

This is my SOA from the SOA Calc:

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 361.4
Partners monthly income after tax....... 0
Benefits................................ 873.34
Other income............................ 0
Total monthly income.................... 1234.74

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 212
Electricity............................. 86.67
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 11.28
Mobile phone............................ 60 you would add this to land line and put it at £50
TV Licence.............................. 12.12
Satellite/Cable TV...................... 21 not allowed on your Soa, you will have to pay it from your surplus income.
Internet Services....................... 5
Groceries etc. ......................... 220
Clothing................................ 40
Petrol/diesel........................... 150
Road tax................................ 3
Car Insurance........................... 42.29
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 369
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 not allowed normally
Haircuts................................ 0
Entertainment........................... 4.88 not allowed
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1782.24


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Dorothy Perkins................32........1.........29.9
HSBC Loan......................3123.75...124.9.....0
HSBC Mastercard................1022......40........27.9
BCA A/C2.......................25........1.........0
BCA A/C 1......................18........1.........0
HSBC Overdraft.................700.......0.........19
Next...........................435.......41........27
Mothercare.....................624.......1.........29.9
Clydesdale.....................858.......31.11.....0
Barclaycard....................2149......60........13
Virgin (MBNA)..................1267.46...1.........20
Total unsecured debts..........10254.21..302.01....-


Monthly Budget Summary
Total monthly income.................... 1,234.74
Expenses (including HP & secured debts). 1,782.24
Available for debt repayments........... -547.5
Monthly UNsecured debt repayments....... 302.01
Amount short for making debt repayments. -849.51

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,254.21
Net Assets.............................. -8,754.21

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Thanks

Me x

You have a really big problem with your outgoings are far exceding your incomings. The main culprit being your child care. Are you recieving all the benefits that you should be claiming? Check on https://www.entitledto.co.uk

MeandtheLilUn

I've checked on entitled to, and I am receiving everything apart from housing benefit. i have applied for it, but have to wait until the new year to hear from them. They stated 4-5 weeks when i last called them.

I get the child care element of tax credits, but it doesn't cover the whole bill. I'm in arrears with the nursery too at the moment, as I've had such little coming in the tax credits have had to pay the rent! Luckily the manager of the nursery understands my situation, and has put extra provisions in place so DD can retain her place for when I go back to work. I've had people recommend I take her out of nursery while I'm not at work, which I couldn't do, as it will cause some serious problems for me getting her back in when I return to work, which will hopefully be in January (fingers crossed!!)

Me x

Mrs_Malaprop

Can't you get help with the child care through tax credits?

MeandtheLilUn

The child care element is for help with nursery fees, which I already receive. I've been receiving both working tax credits, and child tax credits, and child benefit since my DD was born in June 07. They know of my situation (on SSP, hoping to start back at work in January) and have adjusted the total accordingly. Yet, it hasn't been by much.

I was hoping that by going BR I could reduce my outgoings, and repay the nursery what I owe them (now over £1k). Give myself a fresh start and give my daughter the life I want her to have, and not struggling day to day.

Thanks,

Me x

MeandtheLilUn

Also, another note on the SOA I did through the calculator... a majority of those costs don't get paid as I can't afford them... usually only the ones set up by DD do, and the rest I have to pay when I have money in the bank, or family lend me the money to pay for it.

I checked my credit rating, and it is now in the very poor bracket (a score of 446) this has dropped drastically from 747 (Fair) back in July. So i'm pretty sure it can't get much worse right now.

Thanks,

Me x

Mrs_Malaprop

MeandtheLilUn wrote: »

The child care element is for help with nursery fees, which I already receive. I've been receiving both working tax credits, and child tax credits, and child benefit since my DD was born in June 07. They know of my situation (on SSP, hoping to start back at work in January) and have adjusted the total accordingly. Yet, it hasn't been by much.

I was hoping that by going BR I could reduce my outgoings, and repay the nursery what I owe them (now over £1k). Give myself a fresh start and give my daughter the life I want her to have, and not struggling day to day.

Thanks,


Me x

The nursery fee's that you owe will go ito your bankruptcy.

MeandtheLilUn

I received a letter from CSA yesterday saying that I am owed maintenance payments of £30 per week as of 17th November. Thats good news, as I will have an extra £130(ish) a month :-)

Also I have to go to work and have a meeting sometime this week... not sure what it's about as they didn't put that in the letter. Not sure how I'm going to get there though as I have no fuel in the car, and no money to get any!! And the nursery are wanting weekly payments if possible in order to reduce the amount I owe them, and make sure DDs placement isn't affected.

Thanks,
Me x

curly04

Good luck.