help with SOA?

cocoalush

I'm a student so I've never really had a fixed expenditure budget since I get a student loan and grant which is the only money I get.

I've never had a fixed SOA, if I go bankrupt (which I am likely to) or a DRO, would I need to provide a SOA starting from this month onwards or from the past few months.

Past few months, my expenditure wasn't fixed, bad spending habits etc. So should I do an SOA for this month?

Also is a student loan and grant known as an actual income? Would it be considered as an income if I apply for DRO?

Tixy

Hi cocoa

Its really a good idea to keep a record of your spending etc if you have debts. You presumably try to budget for your loan/grant to last you through the year so whatever 1/12 of the annual amount is you could put in the income side of your SOA.

If you go down the route of bankruptcy you need to provide a SOA of how things will be after you are bankrupt and I presume the same would be true of a DRO.

Are you debts more or less than £15k?

Not sure about the loan/grant situation regards the DRO - maybe ask on the bankruptcy board on MSE.

fatbelly

Hi Cocoalush

I've seen some of your other threads. I think you now have five on the go!

A DRO is a possibility for you. The way they are set up means that you have to go through an 'approved intermediary' so that you get proper advice from someone who can get the whole story from you and work out what is the best way forward.

The majority are being done by the CAB but the other main debt charities can also do them. Have a look at this factsheet:

Factsheet Debt Relief Orders

It may be that a debt management plan will be better suited to you. Your adviser should run through the pros and cons with you.