Check my SOA

Gerodie

Hello, I have taken advice from CCCS recently and have been trawling through these very helpful Bankruptcy forum pages to get an idea of what the next 12 months hold for me. I would be grateful if someone could look over my SOA to get another opinion of it , is there anything that is incorrect and I am thinking about moving out of my mortgaged house into rented accomodation before putting in my B/R forms, is this ok to do or must I stay in the house. Hope someone can answer this question on here, thanks in advance.Please see below 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.................... 1
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 1150
Benefits................................ 148
Other income............................ 469
Total monthly income.................... 3517
Monthly Expense Details
Mortgage................................ 638
Secured/HP loan repayments.............. 944
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 114
Electricity............................. 114
Gas..................................... 130
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 70
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 600
Clothing................................ 100
Petrol/diesel........................... 250
Road tax................................ 16
Car Insurance........................... 45
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 65
Childcare/nursery....................... 20
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 25
Buildings insurance..................... 20
Contents insurance...................... 23
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 20
College Fees / Trips.................... 30
Total monthly expenses.................. 3477

Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 110250

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96225....(638)......0
Secured Debt.................. 32191....(324)......0
Hire Purchase (HP) debt ...... 5042.....(157)......0<
Black Horse....................7057.....(190)......0<
Welcome Finance................18123....(273)......0
Total secured & HP debts...... 158638....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
CL Finance.....................3063......15........0
CL Finance.....................2471......12........0
Vanquish/Face to Face..........565.......10........0
Readers Digest.................47........5.........0
Barclaycard/RMA................484.......10........0
Provident......................750.......77........0
Total unsecured debts..........7380......129.......-

Monthly Budget Summary
Total monthly income.................... 3,517
Expenses (including HP & secured debts). 3,477
Available for debt repayments........... 40
Monthly UNsecured debt repayments....... 129
Amount short for making debt repayments. -89
Personal Balance Sheet Summary
Total assets (things you own)........... 110,250
Total HP & Secured debt................. -158,638
Total Unsecured debt.................... -7,380
Net Assets.............................. -55,768

DarkConvict

Gerodie wrote: »

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.................... 1
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 1150
Benefits................................ 148
Other income............................ 469
Total monthly income.................... 3517
Monthly Expense Details
Mortgage................................ 638
Secured/HP loan repayments.............. 944
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 114 - pay over 12 months instead of 10
Electricity............................. 114- Seems High
Gas..................................... 130- Seems High
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 70
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 600 - Very High, should be about 300.
Clothing................................ 100 - Cut to 0, buy only when totally needed, you have to be brutal
Petrol/diesel........................... 250 - That is high for a month, why?
Road tax................................ 16
Car Insurance........................... 45 - Can you get this cheaper
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 65 - Explain?
Childcare/nursery....................... 20
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 25
Buildings insurance..................... 20 - Can you get it cheaper
Contents insurance...................... 23 - Can you get it cheaper
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 80 - Your in debt, cut this out.
Emergency fund.......................... 20 I would cut to 0, debts cost more than interest on savings
College Fees / Trips.................... 30
Total monthly expenses.................. 3477

Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 110250

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96225....(638)......0
Secured Debt.................. 32191....(324)......0
Hire Purchase (HP) debt ...... 5042.....(157)......0<
Black Horse....................7057.....(190)......0<
Welcome Finance................18123....(273)......0
Total secured & HP debts...... 158638....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
CL Finance.....................3063......15........0
CL Finance.....................2471......12........0
Vanquish/Face to Face..........565.......10........0
Readers Digest.................47........5.........0
Barclaycard/RMA................484.......10........0
Provident......................750.......77........0
Total unsecured debts..........7380......129.......-

Monthly Budget Summary
Total monthly income.................... 3,517
Expenses (including HP & secured debts). 3,477
Available for debt repayments........... 40
Monthly UNsecured debt repayments....... 129
Amount short for making debt repayments. -89
Personal Balance Sheet Summary
Total assets (things you own)........... 110,250
Total HP & Secured debt................. -158,638
Total Unsecured debt.................... -7,380
Net Assets.............................. -55,768

Im not good at SOAs but that is what i can see above.

Petrol needs to come down, £250 a month is far to high, that is £3000 a year!

As does the groceries, read this topic - http://forums.moneysavingexpert.com/showthread.html?t=2234113

Shop around for your insurance, i think you can get it cheaper - http://www.moneysavingexpert.com/insurance/

I reckon there is potential £600 a month of savings to be made, but it does depend on your circumstances, i.e. the petrol bill is a must.

talana

Your SOA does seem very wasteful. There's £600-700 of easy savings to be had monthly, more if you really knuckle down to it.
Your unsecured debts could be paid off relatively quickly, within a year even.
It needs you to change your attitude to money though, to be much more frugal and thrifty.

iamana1ias

Absolutely no reason for you to go BR.

As others have said, your SOA is really wasteful.

Pinky15

Gosh your groceries are very high. There are 5 of us in this house and we spend £200 per month on food. This is done by meal planning - go over to the old style board they have some fab ideas.
Also £100 on clothes can be cut, have a sort out and ebay/sell anything you can.
I think something else you need to think about is where all the money has gone/ what has it been spent on. Once you have done this and had your light bulb moment (LBM) then you can seriously sort out you debt.
Your gas & Electric bill is huge, try switching supplier, turn off appliances, light etc

Mimi_Arc_en_ciel

Gerodie wrote: »

Hello, I have taken advice from CCCS recently and have been trawling through these very helpful Bankruptcy forum pages to get an idea of what the next 12 months hold for me. I would be grateful if someone could look over my SOA to get another opinion of it , is there anything that is incorrect and I am thinking about moving out of my mortgaged house into rented accomodation before putting in my B/R forms, is this ok to do or must I stay in the house. Hope someone can answer this question on here, thanks in advance.Please see below 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.................... 1
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 1150
Benefits................................ 148 does this include tax credits etc?
Other income............................ 469
Total monthly income.................... 3517
Monthly Expense Details
Mortgage................................ 638
Secured/HP loan repayments.............. 944
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 114 Pay over 12 months not 10
Electricity............................. 114 This is ridiculous! aim for £40 a month unless it is arrers
Gas..................................... 130 same as above
Oil..................................... 0
Water rates............................. 36 are you on a mater? seems high
Telephone (land line)................... 70 Get rid of this, stop ringing people
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 600 Too high, lower, buy cheaper alternatives, meal plan etc
Clothing................................ 100 You dont need this
Petrol/diesel........................... 250 dont use the car unless necessary
Road tax................................ 16
Car Insurance........................... 45 high - shop around
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 65 What is this?
Childcare/nursery....................... 20
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20 You dont need this - lower to £10 a month
Pet insurance/vet bills................. 25 again, shop around
Buildings insurance..................... 20
Contents insurance...................... 23
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 Lower this to £10 a month
Haircuts................................ 30 This is just silly - change salon / go to college - Level 2 is same as a Toni and Guy hairdresser
Entertainment........................... 0
Holiday................................. 80 Unless already booked, scrap this
Emergency fund.......................... 20
College Fees / Trips.................... 30
Total monthly expenses.................. 3477

Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 110250

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96225....(638)......0
Secured Debt.................. 32191....(324)......0
Hire Purchase (HP) debt ...... 5042.....(157)......0<
Black Horse....................7057.....(190)......0<
Welcome Finance................18123....(273)......0
Total secured & HP debts...... 158638....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
CL Finance.....................3063......15........0
CL Finance.....................2471......12........0
Vanquish/Face to Face..........565.......10........0
Readers Digest.................47........5.........0
Barclaycard/RMA................484.......10........0
Provident......................750.......77........0
Total unsecured debts..........7380......129.......-

Monthly Budget Summary
Total monthly income.................... 3,517
Expenses (including HP & secured debts). 3,477
Available for debt repayments........... 40
Monthly UNsecured debt repayments....... 129
Amount short for making debt repayments. -89
Personal Balance Sheet Summary
Total assets (things you own)........... 110,250
Total HP & Secured debt................. -158,638
Total Unsecured debt.................... -7,380
Net Assets.............................. -55,768

Hiya!

My comments are n pink for you - i hope they help xx

talana

Where the big savings are for you:
Groceries - £300 saving £300 It's possible to push this even more, but more chance of you keeping to it if it's not quite such a major shock to the system.

Gas + Elec - £120 saving £124. You're burning through money here. Switch providers and be more energy conscious and you'll halve this.

Holiday - 0 saving £80. Bottom line is you can't afford it.

Clothing - £30 for essentials only saving £70. Otherwise sell your old clothes before buying new.

Petrol - £150 saving £100. I don't know your circumstances here of course, but your bill is huge. I'm sure you can cut back.

Telephone (land line) - £35 saving £35. Again you seem to be burning money. This could be halved.

Total monthly saving as above £709

Get your insurances cheaper, cut out the emergency fund, cut back on haircuts & presents (a non-essential) and the total could easily be up to £800. Be more brutal still with the above list and savings could be even more.

If you find out the current apr's on your debts, we can do some snowball calculations and convince you that way.

Gerodie

Thanks for all your comments on my SOA , a few things I need to explain are listed below, cna you come back to me after viewing these please :-

1. I am married and have not placed my wifes unsercured debt and monthly payments on this as CCCS told me to do separate SOA's - this puts another £13k total debt which altogether equates to £235 per month.

2. The gas and electric are on pre payment meters which include debt from previous bills = £25pw for Electric and £30pw for Gas.

3. Petrol - my wife has to travel 1.5 hours per day five days a week which she cannot claim back and I have to travel 10 miles per day to get to my work - which actually works out at roughly £50pw.

4. Groceries is probably too high but rather than look at what I actually spend I took this from guidelines from CCCS dealing with debt booklet and this is actually below their top level.

5. One main reason that I am looking at BR is due to the fact that CSA (£469) that my wife gets for her daughter stops in Sept 2010 and this will leave us well below what we need to survive, I have been in a debt management plan for the last 12 months but this is have no effect on the total debt and see BR as our only option otherwise we will be in this situation for the rest of our life.


I would appreciate your comments.

Regards,

Gerodie

DarkConvict

Hi Gerodie.

Ill take into account the above, so your looking at +£235 more debt payments, and -£469 income from CSA. Total loss of ~£700.

If the CSA is stopping and you already have 3 adults, 1 child. I assume you'll have two kids over the age of 18 very soon. Do these pay rent or contribute to the household?

What you should come to understand about BR, is they will take 60-70% of your surplus income (this does not including saving/or much entertainment) for 3 years as standard, and as your soon to be losing the last 'child' now soon to be adult you will likely be forced into a house sale, putting you into rent/house association.

talana

1. I am married and have not placed my wifes unsercured debt and monthly payments on this as CCCS told me to do separate SOA's - this puts another £13k total debt which altogether equates to £235 per month.

You need to include your wife's debts here, as you've included her income and monthly expenses. Or for a separate SOA, take out her income and expenses. But definitely not half and half.

2. The gas and electric are on pre payment meters which include debt from previous bills = £25pw for Electric and £30pw for Gas.

Prepayment meters are a very expensive way to pay. Look to ditch them for regular meters and cut your energy consumption.

3. Petrol - my wife has to travel 1.5 hours per day five days a week which she cannot claim back and I have to travel 10 miles per day to get to my work - which actually works out at roughly £50pw

With just the one car between you?

4. Groceries is probably too high but rather than look at what I actually spend I took this from guidelines from CCCS dealing with debt booklet and this is actually below their top level.

You need to put what you ACTUALLY spend or there's no point. Make it as accurate as possible.

5. One main reason that I am looking at BR is due to the fact that CSA (£469) that my wife gets for her daughter stops in Sept 2010 and this will leave us well below what we need to survive, I have been in a debt management plan for the last 12 months but this is have no effect on the total debt and see BR as our only option otherwise we will be in this situation for the rest of our life.

Even with this fact and your wife's debts, you don't need to go BR

Gerodie

Thanks for getting back to me, please find your answers below :-

Talana

Gas & Electric I am unable to ditch as I have previous unpaid bill in the form of debt attached to my pre-payment meters which is why they are so high.If I just get another supplier I would need to pay the debt and I have not got them oney.

Petrol - We have 2 cars at pesent / I own one car ( old Escort £250 ) and my wife's car is on HP which is to be taken back on 15th Feb by the HP company - I will be buying another 2nd hand car - my car insurance at present is £45 for both cars which I do not think is a bad deal.

Groceries - I have worked out what I actually spend andit is roughly £80 pw which reduces this figure down to £346 per month.

Dark Convict

My wifes daughter is 18 already but we still recieve CSA until she finishes college which is July 2010 - my son is 13 years old and I have put down 3 adults as technically my wifes daughter is an adult. As she attend college we do not ask her for any contribution until she leaves and finds work.

I am not bothered about loosing the house in fact I would like to walk away from it now as I took out secured loans over the previous 5-7 years to do it up and now with the housing market the way it is I find myself 50k in negative equity.


Can you both let me know your thoughts, I think I will speak to CCCS tomorrow again to clarify everything you have highlighted.

Regards

Gerodie.