Starting on the road to Bankruptcy

razz1979

Could you knowledgeable people please have a look over my SOA please?

A little background: I work full time but my partner is on unpaid maternity leave whilst she finishes her studies (end of May-ish). We have a 10 month-old baby. All child related benefits are paid solely to her but she also has her own bills (mobile, catalogue account, etc) to pay. These are not included in here as it will just be me applying for BR. I think the figures are pretty accurate but if I was good with figures I may not be in this mess in the first place

My monthly income is actually around £1315 but the excess in this is paid as taxed expenses to me as I am covering a temporary position which will probably be finished by the time BR comes around.

TIA




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....................

Monthly Income Details
Monthly income after tax................ 1222
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1222

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 244
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 45
Gas..................................... 50
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 450
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 10
Total monthly expenses.................. 1200


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
Personal Loan...........................14500.....0.........0
Credit Card..........................2450......0.........0
Credit Card...........................3300......0.........0
Store card............................200.......0.........0
Store Card...........................150.......0.........0
Credit card............................8000......0.........0
Total unsecured debts..........28600.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,222
Expenses (including HP & secured debts). 1,200
Available for debt repayments........... 22
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 22

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -28,600
Net Assets.............................. -28,600

confused76

razz1979 wrote: »

Could you knowledgeable people please have a look over my SOA please?

A little background: I work full time but my partner is on unpaid maternity leave whilst she finishes her studies (end of May-ish). We have a 10 month-old baby. All child related benefits are paid solely to her but she also has her own bills (mobile, catalogue account, etc) to pay. These are not included in here as it will just be me applying for BR. I think the figures are pretty accurate but if I was good with figures I may not be in this mess in the first place

My monthly income is actually around £1315 but the excess in this is paid as taxed expenses to me as I am covering a temporary position which will probably be finished by the time BR comes around.

TIA




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....................

Monthly Income Details
Monthly income after tax................ 1222
Partners monthly income after tax....... 0no contribution to household at all?
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1222

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 244
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 45
Gas..................................... 50
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 450
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 10 don't think this is allowed add into holiday
Total monthly expenses.................. 1200


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
Personal Loan...........................14500.....0.........0
Credit Card..........................2450......0.........0
Credit Card...........................3300......0.........0
Store card............................200.......0.........0
Store Card...........................150.......0.........0
Credit card............................8000......0.........0
Total unsecured debts..........28600.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,222
Expenses (including HP & secured debts). 1,200
Available for debt repayments........... 22
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 22

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -28,600
Net Assets.............................. -28,600

i added a couple of things but looks good to me

edit - even though you are the only one going br, they will still want to know what your partners contribution is to the household expenses

fiveyearplan

razz1979 wrote: »

Could you knowledgeable people please have a look over my SOA please?

A little background: I work full time but my partner is on unpaid maternity leave whilst she finishes her studies (end of May-ish). We have a 10 month-old baby. All child related benefits are paid solely to her but she also has her own bills (mobile, catalogue account, etc) to pay. These are not included in here as it will just be me applying for BR. I think the figures are pretty accurate but if I was good with figures I may not be in this mess in the first place

You need to put down the benefits she receives but only a proportion of her maternity benefits that she uses for her own expenses.

My monthly income is actually around £1315 but the excess in this is paid as taxed expenses to me as I am covering a temporary position which will probably be finished by the time BR comes around.

TIA




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....................

Monthly Income Details
Monthly income after tax................ 1222
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1222

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 244
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 45
Gas..................................... 50
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 450 500
Clothing................................ 20 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 not allowed
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 10 not allowed
Total monthly expenses.................. 1200


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
Personal Loan...........................14500.....0.........0
Credit Card..........................2450......0.........0
Credit Card...........................3300......0.........0
Store card............................200.......0.........0
Store Card...........................150.......0.........0
Credit card............................8000......0.........0
Total unsecured debts..........28600.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,222
Expenses (including HP & secured debts). 1,200
Available for debt repayments........... 22
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 22

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -28,600
Net Assets.............................. -28,600

Hi and welcome! How much is the extra you get that you will soon be losing?

razz1979

Thanks,

Re-done
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....................

Monthly Income Details
Monthly income after tax................ 1222
Partners monthly income after tax....... 0
Benefits................................ 180
Other income............................ 0
Total monthly income.................... 1402

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 244
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 45
Gas..................................... 50
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 1270


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
Personal loan..................14500.....0.........0
credit card....................8000......0.........0
credit card....................3300......0.........0
store card.....................150.......0.........0
store card.....................200.......0.........0
credit card....................2450......0.........0
Total unsecured debts..........28600.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,402
Expenses (including HP & secured debts). 1,270
Available for debt repayments........... 132
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 132

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -28,600
Net Assets.............................. -28,600



My partner receives no income whatsoever. She gets the child benefit & child tax credits. These are used to pay her bills (:eek:) which aren't included on this SOA. She will be returning to work in May/June but will be self-employed and may take some time to bring a reasonable regular income in.

The extra £ that I currently receive is about £90-95 per month and is likely to be lost in the next 2 months.

Also, are the inevitable rises in outgoings (rent, utilities, Council tax) taken into account by the OR?

I really need to get my head out of the sand & get cracking on this as CapQuest hassling me.

razz1979

Any advice anyone can give me on this? Looking to start doing the forms online tomorrow.

Sunnylooloo

Hi

Good luck - can't help myself but will bump you up

x

confused76

it looks fine to me but hopefully someone else will comment too.

razz1979

bump for the morning crew

Bethankim

Looks fine to me, yes its a small surplus but to be honest id rather see a small one if it is there rather than a perfectly balanced one - simply because i suspect an OR is more likely to be picky but thats just my view.

fiveyearplan

razz1979 wrote: »

Thanks,

Re-done
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....................

Monthly Income Details
Monthly income after tax................ 1222
Partners monthly income after tax....... 0
Benefits................................ 180
Other income............................ 0
Total monthly income.................... 1402

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 244
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 45
Gas..................................... 50
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 1270


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
Personal loan..................14500.....0.........0
credit card....................8000......0.........0
credit card....................3300......0.........0
store card.....................150.......0.........0
store card.....................200.......0.........0
credit card....................2450......0.........0
Total unsecured debts..........28600.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,402
Expenses (including HP & secured debts). 1,270
Available for debt repayments........... 132
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 132

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -28,600
Net Assets.............................. -28,600



My partner receives no income whatsoever. She gets the child benefit & child tax credits. These are used to pay her bills (:eek:) which aren't included on this SOA. She will be returning to work in May/June but will be self-employed and may take some time to bring a reasonable regular income in.

The extra £ that I currently receive is about £90-95 per month and is likely to be lost in the next 2 months.

Also, are the inevitable rises in outgoings (rent, utilities, Council tax) taken into account by the OR?

I really need to get my head out of the sand & get cracking on this as CapQuest hassling me.

If you didn't include child benefit and child tax credit, what are the benefits you listed above. You need to add those to the SOA and also add your wife's expenses however don't add any of her 'debts' just expenses. Then we'll see what it looks like and amend where necessary.

razz1979

fiveyearplan wrote: »

If you didn't include child benefit and child tax credit, what are the benefits you listed above. You need to add those to the SOA and also add your wife's expenses however don't add any of her 'debts' just expenses. Then we'll see what it looks like and amend where necessary.

The child benefit & CTC is included on my amended SOA that you quoted but her personal bills aren't, so with all the money coming into the household we have £132 left which she has to pay her bills out of. She also has a car (value less than £500) which is declared off the road as she is yet to take her test. She will need this when she starts her new job as public transport won't be feasible.